“With Russian macroeconomic statistics improving every month there is little standing in the way of a rate cut here to further stimulate domestic activity without overheating the economy. In fact, the bigger worry would be large capital inflows through year-end if the interest-rate arbitrage between Russia and Europe/U.S. real rates remain this high, if not higher,” according to Seeking Alpha.

Related: 5 Russia ETFs Looking to Rebound

Alternatives to RSX, also the most heavily traded Russia ETF, include the iShares MSCI Russia Capped ETF (NYSEArca: ERUS) and the VanEck Vectors Russia Small-Cap ETF (NYSEArca: RSXJ).

Aggressive, risk-tolerant traders can consider the Direxion Daily Russia Bull 3x Shares (NYSE: RUSL), which attempts to deliver triple the daily returns of the same index tracked by RSX. The Direxion Daily Russia Bear 3x Shares (NYSEArca: RUSS) looks to deliver triple the daily inverse returns of that index on a daily basis.

For more news on Russia ETFs, visit our Russia category.