Van Eck Global has launched the Market Vectors Russia Small-Cap ETF, a fund that seeks to replicate the Market Vectors Russia Small-Cap Index.

Van Eck notes that of all the major emerging markets nations, the valuation of Russian companies are the least expensive, with a price/earnings ratio of 6.6. Yet, strong commodity prices continue to boost its economy, which is projected to grow 4.3% in 2011.

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