Russia ETF draws meme stock-like trading frenzy

A trader works on the trading floor on the last day of trading before Christmas at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 23, 2021. REUTERS/Andrew Kelly

NEW YORK (Reuters) -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 capitalize on market gyrations caused by the Ukraine crisis.

Designed to track the performance of the MVIS Russia Index, the ETF has tumbled nearly 70% over the last two weeks as Russia's invasion of Ukraine and Western sanctions stir massive swings in assets linked to the country.