State Street Global Advisors has launched the SPDR S&P Russia ETF on NYSE Arca.

The exchange-traded fund is designed to provide investors with access to companies domiciled in Russia, the world's largest producer of natural gas and oil.

The SPDR S&P Russia ETF seeks to track the performance of the S&P BMI Russia Capped Index.

The index includes companies domiciled in Russia with a float-adjusted market cap of USD100m or more and a minimum value traded of USD50m for the last 12 months at the time of annual reconstitution. As of 26 February 2010, the index included 72 stocks.

"The launch of the SPDR S&P Russia ETF provides investors and investment professionals with diversified, convenient access to a country poised for potential growth as the global economy recovers," says Anthony Rochte, senior managing director at State Street Global Advisors. "The driving force behind the development of this new emerging market SPDR ETF was increasing investor demand for more precise exposure to the BRIC countries."

The BRIC economies, which encompass more than 25 per cent of the world's land mass and 40 per cent of the world's population, have posted strong growth in recent years. According to MSCI, BRIC equities have returned 26 per cent per annum versus 18 per cent for the standard emerging markets index over the last seven years ending 30 November 2009.

The fund’s annual expense ratio is 0.59 per cent.