Those inflows could be a sign that investors are content with the mostly gloomy outlook for Russia’s economy and focusing more on valuation. RSX has a 7.47 price-to-earnings ratio. A strengthening ruble currency may also bolster Russia ETF gains as the ETFs hold ruble-denominated assets, so a stronger ruble translates to a improved U.S. dollar-denominated return. [Russia, Turkey ETFs Offer EM Opportunity]

While offering robust dividend yields, “stocks on the Micex Index sell for an average 6.7 times estimated earnings, the lowest multiple among emerging-market benchmarks,” according to Bloomberg.

RSX has a trailing 12-month dividend yield of 3.5%, nearly 140 basis points above that of the MSCI Emerging Markets Index.

Market Vectors Russia ETF