Single-country exchange-traded funds (ETF) have been all the rage this year as 32 new offerings have come to market year to date. These funds span the globe, covering every continent except Antarctica. But many have failed to catch on because they were either latecomers or tracked countries in which investors have little interest.

But two new single-country funds launched last Wednesday might buck the trend: iShares MSCI Russia Capped Index Fund (NYSE: ERUS) and Global X FTSE Norway 30 ETF (NYSE: NORW).

iShares MSCI Russia Capped Index Fund will use a 25/50 index, under which no single issuer will represent more than 25 percent of the index weighting. Furthermore, all stocks that individually represent more than 5 percent of the index weighting will not in aggregate account for more than 50 percent of the weight of the index.

The central issue for potential Russia investors is the dearth of liquid investment opportunities in the market. With this structure, the iShares offering endeavors to capture the market’s full spectrum without running afoul of US regulations that require a minimum level of diversification.

This makes the ETF one of the most accurate proxies for the Russian market as compared to the MICEX Index compiled by the Russian stock exchange.

Those seeking to add Russian exposure should remember that despite the massive reforms undertaken since the fall of the Soviet Union, the government holds sway in the country’s energy sector and has occasionally used that influence to achieve political goals. Given that energy resources account for about half of Russia’s economy–and stock market–that’s a significant risk.

The fund’s concentration raises another red flag. With heavy weightings toward energy and basic materials, the fund will perform in lockstep with commodities markets.

If you can stomach these risks, iShares MSCI Russia Capped Index Fund is a solid choice. Nonetheless, the fund has its work cut out for it in making headway against Market Vectors Russia ETF (NYSE: RSX). That fund offers a slightly lower expense ratio of 0.62 percent, compared to 0.65 percent for the iShares offering. I would wait to see if iShares MSCI Russia Capped Index Fund is able to build volume before considering it as an investment candidate.

Global X FTSE Norway 30 ETF is the first ETF to offer pure Norwegian exposure. Much like Russia, the Norwegian economy is extremely reliant on natural resources. Norway is the world’s third-largest exporter of natural gas and the fifth-largest oil exporter. The Norwegian government also maintains a heavy interest in the country’s energy sector and is the largest shareholder in Norway’s leading energy company, Statoil. However, Norway hasn’t demonstrated a desire to wield its energy resources to advance political interests.

There’s much for investors to like about Norway. It’s a developed country with one of the world’s highest standards of living. Furthermore, it has remained independent of the European Union and consequently maintained full control of its economic policies.