ERUS from iShares has a very respectable $248 million while the SPDR S&P Russia ETF ( RBL)languishes with just $34 million. A third fund would seem unlikely to get off the ground. And every large and medium-sized ETF provider already has a broad-based fund like EMDR.

I believe it will be very difficult for these funds to find an audience.

At the time of publication, Nusbaum had no positions in securities mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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