To RSX’s credit, the ETF closed Friday’s traditional trading hours with a slight gaining, extending its 2015 surge to almost 23%. Not only is that a new bull market for RSX, but that performance is good enough to make the fund 2015’s best-performing non-leveraged ETF less than two months after finished 2014 as one of that year’s worst ETFs.

Some traders could be caught off guard by the Moody’s news as highlighted by Thursday inflows of $8.1 million into the Direxion Daily Russia Bull 3x Shares (NYSE: RUSL), the triple-leveraged equivalent to RSX. That was good for the third-best one-day creation activity among all triple-leveraged Direxion ETFs. [To Russia With Leverage]

Heading into Friday, RUSL was Direxion’s leading bullish leveraged ETF this month, but also the most volatile over the past 30 days, according to issuer data.

“The negative outlook on the Ba1 rating reflects Moody’s view that the balance of economic, financial and political risks in Russia is slanted to the downside, with scenarios incorporating either an escalation of the Ukraine crisis and/or damage caused by recent shocks being greater than in Moody’s baseline scenario. Essentially, the probabilities associated with the downside scenarios are higher than those associated with an upside scenario in which the recession is shorter and shallower than Moody’s baseline,” added Moody’s.

Market Vectors Russia ETF