For example, the Market Vectors Russia ETF (NYSEArca: RSX), the largest Russia ETF, joined BNO as one of 2014’s worst ETFs, but with this year’s Brent rally, RSX has surged 23.4%. That is enough to make RSX the best non-leveraged ETF to this point in 2015. [Bullish on Russia ETFs]

RSX bulls need to monitor BNO and Brent futures because Russia prices its vast oil production in Brent terms. Russia is the largest non-OPEC producer in the world and as such, Moscow is more dependent on oil output as a percentage of government receipts than any other non-OPEC nation.

United States Brent Oil Fund

ETF Trends editorial team contributed to this post.