Market Vectors Russia Small-Cap ETF (NYSEArca: RSXJ)
May gain: 15.2%
Comment: RSXJ is the lone Russia small-cap ETF, but it was the best performer of the four single-country Russia ETFs last month. In developed markets, the U.S. in particular, small-caps often trade at premiums to larger stocks.
In Russia, the entire market is deeply discounted to its own historical averages and the broader emerging markets universe. RSXJ, 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]