Ukraine Shrugged Off as Russia ETF Swells to Record

As oil fell into a bear market, the ruble traded at record lows and NATO said President Vladimir Putin is stoking conflict in Ukraine, bets on the biggest exchange-traded fund tracking Russian stocks surged to a record.

Demand for shares in the Market Vectors Russia ETF has held up as investors look beyond the Ukraine conflict and position themselves for a rebound in stocks trading at the cheapest valuations in emerging markets. Investors began piling in about four months ago amid signs the crisis was moving toward a resolution, easing concern that the U.S. and its allies, who say Russia’s helping rebels in the former Soviet republic, may toughen sanctions that have pushed the economy toward a recession.