Russia ETF Draws Meme Stock-Like Trading Frenzy

The battered shares of Van Eck's Russia ETF have attracted a surge of trader interest and drawn comparisons to last year's so-called meme stock frenzy, as investors seek ways to capitalise on market gyrations caused by the Ukraine crisis. Designed to track the performance of the MVIS Russia Index, the ETF has tumbled nearly 70 percent over the last two weeks as Russia's invasion of Ukraine and Western sanctions stir massive swings in assets linked to the country. Van Eck said in an SEC filing on Wednesday the ETF would temporarily suspend the creation of new shares until further notice, citing "significant declines" in the value of Russian securities and the rouble.

The ETF's tumble has been a boon for bearish investors. RSX shorts are up $299 million (roughly Rs. 2,271 crore) in year-to-date mark-to-market profits, according to financial analytics firm S3 Partners. At the same time, recent volatility has ramped up trading in the ETF's shares and options, much of it driven by retail investors, analysts said. With the ETF's price swinging wildly — it fell as much as 15 percent before recovering to trade up as high as 6 percent on the day — trading volume in the ETF shares jumped to 27 million by 2:30 p.m. (1930 GMT), or about twice the average daily amount, according to Trade Alert data. The ETF closed down nearly 13 percent on Wednesday.

The battered shares of Van Eck's Russia ETF have attracted a surge of trader interest and drawn comparisons to last year's so-called meme stock frenzy, as investors seek ways to capitalise on market gyrations caused by the Ukraine crisis. Designed to track the performance of the MVIS Russia Index, the ETF has tumbled nearly 70 percent over the last two weeks as Russia's invasion of Ukraine and Western sanctions stir massive swings in assets linked to the country. Van Eck said in an SEC filing on Wednesday the ETF would temporarily suspend the creation of new shares until further notice, citing "significant declines" in the value of Russian securities and the rouble.

The ETF's tumble has been a boon for bearish investors. RSX shorts are up $299 million (roughly Rs. 2,271 crore) in year-to-date mark-to-market profits, according to financial analytics firm S3 Partners. At the same time, recent volatility has ramped up trading in the ETF's shares and options, much of it driven by retail investors, analysts said. With the ETF's price swinging wildly — it fell as much as 15 percent before recovering to trade up as high as 6 percent on the day — trading volume in the ETF shares jumped to 27 million by 2:30 p.m. (1930 GMT), or about twice the average daily amount, according to Trade Alert data. The ETF closed down nearly 13 percent on Wednesday.

The battered shares of Van Eck's Russia ETF have attracted a surge of trader interest and drawn comparisons to last year's so-called meme stock frenzy, as investors seek ways to capitalise on market gyrations caused by the Ukraine crisis. Designed to track the performance of the MVIS Russia Index, the ETF has tumbled nearly 70 percent over the last two weeks as Russia's invasion of Ukraine and Western sanctions stir massive swings in assets linked to the country. Van Eck said in an SEC filing on Wednesday the ETF would temporarily suspend the creation of new shares until further notice, citing "significant declines" in the value of Russian securities and the rouble.

The ETF's tumble has been a boon for bearish investors. RSX shorts are up $299 million (roughly Rs. 2,271 crore) in year-to-date mark-to-market profits, according to financial analytics firm S3 Partners. At the same time, recent volatility has ramped up trading in the ETF's shares and options, much of it driven by retail investors, analysts said. With the ETF's price swinging wildly — it fell as much as 15 percent before recovering to trade up as high as 6 percent on the day — trading volume in the ETF shares jumped to 27 million by 2:30 p.m. (1930 GMT), or about twice the average daily amount, according to Trade Alert data. The ETF closed down nearly 13 percent on Wednesday.

The battered shares of Van Eck's Russia ETF have attracted a surge of trader interest and drawn comparisons to last year's so-called meme stock frenzy, as investors seek ways to capitalise on market gyrations caused by the Ukraine crisis. Designed to track the performance of the MVIS Russia Index, the ETF has tumbled nearly 70 percent over the last two weeks as Russia's invasion of Ukraine and Western sanctions stir massive swings in assets linked to the country. Van Eck said in an SEC filing on Wednesday the ETF would temporarily suspend the creation of new shares until further notice, citing "significant declines" in the value of Russian securities and the rouble.

The ETF's tumble has been a boon for bearish investors. RSX shorts are up $299 million (roughly Rs. 2,271 crore) in year-to-date mark-to-market profits, according to financial analytics firm S3 Partners. At the same time, recent volatility has ramped up trading in the ETF's shares and options, much of it driven by retail investors, analysts said. With the ETF's price swinging wildly — it fell as much as 15 percent before recovering to trade up as high as 6 percent on the day — trading volume in the ETF shares jumped to 27 million by 2:30 p.m. (1930 GMT), or about twice the average daily amount, according to Trade Alert data. The ETF closed down nearly 13 percent on Wednesday.

The battered shares of Van Eck's Russia ETF have attracted a surge of trader interest and drawn comparisons to last year's so-called meme stock frenzy, as investors seek ways to capitalise on market gyrations caused by the Ukraine crisis. Designed to track the performance of the MVIS Russia Index, the ETF has tumbled nearly 70 percent over the last two weeks as Russia's invasion of Ukraine and Western sanctions stir massive swings in assets linked to the country. Van Eck said in an SEC filing on Wednesday the ETF would temporarily suspend the creation of new shares until further notice, citing "significant declines" in the value of Russian securities and the rouble.

The ETF's tumble has been a boon for bearish investors. RSX shorts are up $299 million (roughly Rs. 2,271 crore) in year-to-date mark-to-market profits, according to financial analytics firm S3 Partners. At the same time, recent volatility has ramped up trading in the ETF's shares and options, much of it driven by retail investors, analysts said. With the ETF's price swinging wildly — it fell as much as 15 percent before recovering to trade up as high as 6 percent on the day — trading volume in the ETF shares jumped to 27 million by 2:30 p.m. (1930 GMT), or about twice the average daily amount, according to Trade Alert data. The ETF closed down nearly 13 percent on Wednesday.

The battered shares of Van Eck's Russia ETF have attracted a surge of trader interest and drawn comparisons to last year's so-called meme stock frenzy, as investors seek ways to capitalise on market gyrations caused by the Ukraine crisis. Designed to track the performance of the MVIS Russia Index, the ETF has tumbled nearly 70 percent over the last two weeks as Russia's invasion of Ukraine and Western sanctions stir massive swings in assets linked to the country. Van Eck said in an SEC filing on Wednesday the ETF would temporarily suspend the creation of new shares until further notice, citing "significant declines" in the value of Russian securities and the rouble.

The ETF's tumble has been a boon for bearish investors. RSX shorts are up $299 million (roughly Rs. 2,271 crore) in year-to-date mark-to-market profits, according to financial analytics firm S3 Partners. At the same time, recent volatility has ramped up trading in the ETF's shares and options, much of it driven by retail investors, analysts said. With the ETF's price swinging wildly — it fell as much as 15 percent before recovering to trade up as high as 6 percent on the day — trading volume in the ETF shares jumped to 27 million by 2:30 p.m. (1930 GMT), or about twice the average daily amount, according to Trade Alert data. The ETF closed down nearly 13 percent on Wednesday.