Market Vectors Russia ETF RSX – Long Jan 2016 Calls

By Jon Clements Market Vectors Russia ETF (NYSE:RSX) | LONG | Leap Calls 15 Jan 2016 Investment Thesis RSX is a Russian large-cap ETF holding 48 companies with an average mkt cap of $31B. Top 15 holdings = 76.6%, exposure to energy sector = 42.5%, and holdings outside of Russia = 11.5%. Over the past year, RSX has suffered downward pressure from to geopolitical and military actions in the region. I believe the Russian market in total is undervalued and buying RSX leap calls provide an attractive risk/return profile.   Catalysts Relative Valuation. 12M Fwd P/E: Russia (4.2), emerging markets,…