Gazprom is the largest holding in all three large cap-focused Russia ETFs with the iShares MSCI Russia Capped ETF (NYSEArca: ERUS) featuring the largest weight to the energy giant at nearly 21%.

Noting that Russian banks are not overly levered and are growing loans much more rapidly than U.S. counterparts, Iben told Barron’s Sberbank could see its shares double over the next five years. Despite some reluctance to comply with government demands to boost its dividend to at least 25% of net income, Sberbank yields 3%. [Russia Looks to be a Dividend Player]

Sberbank is the third-largest holding in the Russia ETFs with ERUS allocating almost 11% to the stock. RusHydro, a provider of electric power, could triple over five years, Iben told Barron’s. The stock accounts for 2.2% of ERUS and 1.4% of RSX.

The SPDR S&P Russia ETF (NYSEArca: RBL) allocates about 29% of its combined weight to the aforementioned stocks. That ETF is up 13.4% since March 13. [The Case of Russia ETF Flows]

Market Vectors Russia ETF