While President Vladimir Putin and other Russian politicians argue that the worst is over, the economy is expected to remain in a recession for the year. Russia’s GDP is expected to contract again this year, extending what is becoming a lengthy recession.

Related: Russia Leveraged ETF Punished

RSX is the largest and most heavily traded of the Russia ETFs listed in the U.S. Following a sharp advance on the back of rebounding Brent crowd prices, Russian stocks are still inexpensive relative to broader emerging markets indexes, but some market observers advise caution.

RSX is home to some of the emerging world’s least expensive stocks as highlighted by the ETF’s price-to-earnings ratio of under nine and a price-to-book ratio below one, according to issuer data.

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VanEck Vectors Russia ETF

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