RSX sports a paltry P/E ratio of 5.44 and a price-to-book ratio of 0.7. ERUS allocates a combined 38% of its weight to Gazprom, Lukoil and Mobile Telesystems, stocks that earlier this month traded at an average discount of 40% to their 10-year average P/E ratios. [Russia ETFs Hold Some Really Cheap Stocks]

Deeply discounted Russian small-caps have also caught investors’ attention. The Market Vectors Russia Small-Cap ETF (NYSEArca: RSXJ) has just $51.1 million in assets under management, but $9.6 million of that has come into the fund this month.

Over the past month, only four non-leveraged ETFs have outpaced the 16.2% gain delivered by RSXJ. The small-cap offering, which devotes 76.4% of its weight to companies with market values of $1 billion to $5 billion, has a P/E of just 5.6 and a price-to-book ratio of 0.47. [Big Risk, Reward With Russia Small-Cap ETF]

Market Vectors Russia ETF

Tom Lydon’s clients own shares of EEM.