The closely-watched Van Eck Market Vectors Egypt Index (NYSEArca: EGPT) exchange traded fund (ETF) is powering ahead today, but it’s too soon to expect a smooth ride to more gains.

Rodrigo Campos for Reuters reports that the prospect of such volatility hasn’t deterred investors yet. In fact, EGPT has attracted tons of new interest, with trading volume hitting a record 1.58 million shares Friday.

The increased interest resulted in more than $10 million in new cash which has not yet been used to create new shares because Egypt’s stock market has been closed for several weeks. It’s anticipated to reopen, and when it does, Vito J. Racanelli for Barron’s reports that Mubarak’s exit could have a major effect and push stock prices sharply higher. EGPT traders will be paying a premium to the portfolio’s last-traded net asset value (NAV) in the meantime. [5 ETFs to Watch as Egypt Protests Intensify.]

If you’re someone who wants to buy this ETF, be on the alert for wild swings. The hard work for Egypt is just beginning. Jonathon Burton for The Wall Street Journal agrees: Many investors with a contrarian mindset who will enter this market now will have to have a high risk tolerance. If that doesn’t describe you, it may be better to take a wait-and-see approach.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.