Russian equities have outperformed the S&P 500 by 3% in the last month, so the timing of a new exchange traded fund (ETF) from State Street aimed at the Russian economy seems especially good.

SPDR S&P Russia (NYSEArca: RBL), which competes directly with the popular Market Vectors Russia (NYSEArca: RSX). State Street noted that it created this ETF to give investors the chance to fine-tune their BRIC (Brazil, Russia, India, China) exposure.

Like RSX, RBL’s heaviest weighting is toward the energy sector, at 49%. Other top sectors in the fund are materials (17.9%), financials (11.7%) and telecommunications (8.7%).

Meanwhile, the Russian ruble has been on a tear that, if it continues, could change the economy in some key ways. Owen Vater for TickerSpy says a powerful ruble could lead to interest rate cuts and a further rebound of the country’s largely commodity-tied equity sector. [Russia Diversifies Beyond Oil.]