The risks of betting against rebounding Russia exchange traded funds as chastened bears are leaving their short bets in droves, indicating financial markets expect Russian equities to rise some more.

“Traders have scaled back bets on declines in the Market Vectors Russia ETF (NYSEArca: RSX) to 5 percent of outstanding shares from a record high 21 percent on March 3, report Ksenia Galouchko and Nikolaj Gammeltoft for Bloomberg.

The retreat in short sales against the Russia ETF pushed the measure of investor bearishness to a nine-month low on April 1, Bloomberg reported, citing market data firm Markit.

Although the U.S. and Western European nations have pushed for strict economic sanctions against Russia in the wake of the country’s invasion of Ukraine and subsequent annexation of Crimea, Russia ETFs have recently soared, catching investors’ attention along the way. RSX, the largest Russia ETF by assets, has been the most searched ETF of any type on ETF Trends for two consecutive weeks. [Most Searched ETFs of the Week]

Since March 19, a day after President Obama’s press secretary, Jay Carney, said the only thing to do with Russia stocks was to be short, RSX has jumped 4.6%. RSX has taken in nearly $290 million in new assets since March 18. [White Houses Gives Poor ETF Advice]

The rival iShares MSCI Russia Capped ETF (NYSEArca: ERUS) has added $53.4 million over that time and is higher by more than 6% since March 19. Investors have also added more than $5 million to the Direxion Daily Russia Bull 3x Shares (NYSEArca: RUSL) since March 18.