However, RUSL is far from a free lunch, particularly when it comes to volatility, a trait often associated with Russian stocks. Among Direxion’s bullish funds, only the Direxion Daily Junior Gold Miners Index Bull 3x Shares (NYSEArca: JNUG) has been more volatile than RUSL over the past 30 days. RUSL’s 30-day realized volatility is almost 78.5.

That is to say RUSL indeed amplifies the volatility of an already volatile trade. RSX has a three-year standard deviation of almost 31% compared to 19.6% on the iShares MSCI Emerging Markets ETF (NYSEArca: EEM).

Direxion Daily Russia Bull 3x Shares

Tom Lydon’s clients own shares of EEM.