This week, one new exchange traded fund (ETF) aimed at Russia launched, while PIMCO filed its plans to launch an actively managed inflation-linked bond ETF.

iShares MSCI Russia (NYSEArca: ERUS) is the latest addition to iShares‘ formidable lineup of single-country emerging market ETFs. The fund tracks the MSCI Russia 25/50 Index and has an expense ratio of 0.65%.

ERUS joins two other Russia-focused ETFs: Market Vectors Russia (NYSEArca: RSX) and SPDR S&P Russia ETF (NYSEArca: RBL). All three ETFs have their heaviest weightings in Russia’s energy sector, which is the dominant sector in the country. Financials and materials are also well-represented in all three ETFs, so it will be interesting to see if any one of them can break away from the pack.

The launch of ERUS is well-timed. Russia’s economy is forecast to grow next quarter at the fastest pace since 2008 as government spending, rebounding consumer demand and bank lending spur recovery. GDP is expected to grow up to 5.3% in the first half of 2011 as well, reports Paul Abelsky for Bloomberg BusinessWeek. [More Pain Ahead for the Russian Ruble?]

Meanwhile, PIMCO filed with the Securities and Exchange Commission (SEC) for an actively-managed ETF called the PIMCO Global Advantage Inflation-Linked Bond Strategy Fund, says Shishir Nigam for Active ETFs.