The Market Vectors Russia ETF (NYSEArca: RSX), the largest and most heavily traded Russia ETF, is trading lower by 1.3% today, putting a dent in a run that has seen the ETF climb 10.2% since Aug. 6.

One day does not make a trend, even in the case of RSX and other Russia ETFs, which have spent significant time in the limelight this year for all the wrong reasons. Due to Russia’s conflict with Ukraine, growing fears that it is isolating itself from the West and economic sanctions that have stung a variety of sectors, including energy and financial services, Russia ETFs have come under considerable scrutiny. [Russia ETF Rally Could Just be Starting]

However, there have been recent signs that some traders are banking on big upside going forward for deeply discounted Russian stocks and some of those traders have shown a willingness to make aggressive bets on that thesis.

The Direxion Daily Russia Bull 3x Shares (NYSEArca: RUSL) has taken in nearly $51 million in new assets since the start of the third quarter. To put that into context, RSX has added nearly $110 million in new assets. RUSS attempts to deliver three times the daily performance of the Market Vectors Russia Index, the underlying index for RSX, according to Direxion.

Since the start of August, only the Direxion Daily Retail Bull 3X Shares (NYSEArca: RETL) and the Direxion Daily Brazil Bull 3x Shares (NYSEArca: BRZU) have outpaced RUSL among Direxion’s leveraged bullish offerings, according to issuer data.

RUSL has done a good job of tracking RSX. As was mentioned above, RSX is up 10.2% since Aug. 6 while RUSL has surged 31.6% over that period. [Russia ETFs: Finally Cheap Enough?]

Showing Page 1 of 2