ETF - getting exposure from Central and Eastern Europe.

Let's have a look to ETF with some CEE holdings.
details at: http://www.stockweb.blogspot.com/

SPDR S&P Bric 40 ETF (BIK) - It has 25% share kept in Russian stocks (Gazprom, Lukoil), the rest are BRIC countries. Two thirds in energy and financial sectors. ETF is currently traded over net asset value (NAV).

iShares MSCI Emerging Markets Index Fund (EEM) - With 9% Russian stocks. More country (India, Mexico, South Africa, South Korea, Brazil, Taiwan) and sector diversified. Traded at fair value comparing to NAV.

SPDR S&P Emerging Markets ETF (GMM) - More or less the same instrument as EEM issued by State Street Global Advisor traded over NAV.

SPDR S&P Emerging Europe ETF (GUR) - Almost half in energy and quarter in financial shares. Strongly focused on Central and Eastern European countries. 58% in Russia, 14% Poland, 12% Turkey, 8% Hungary, 3% Czech Republic. Major holdings are Gazprom, Lukoil, Surgutneftegaz, MOL, OTP, CEZ. ETF price nowadays over NAV.

Market Vectors TR Russia ETF (RSX) - Purely Russian ETF following Russian stock market sector structure. 39% oil & gas, 19% iron & steel, 17% telecommunications, 8% financial. ETF price over NAV.

All mentioned ETF are marginable, for short selling. Options trade able for all except GUR. If you want to invest only into CEE stock markets with ETF the best and the only one option is GUR. Rather to use Closed End Funds on NYSE or even better investment certificates or other derivatives on EUWAX in Stuttgart or Vienna.