Russian stocks have just been obliterated... The net asset value of the Templeton Russia Fund (TRF) is down more than 70% in less than a year. The average stock in the fund is selling for less than four times earnings – that's practically a giveaway price. But since its March lows, the stock price of the Templeton Russia Fund has doubled... it's in a clear uptrend. In short, Russia is now thecheapest stock market in the world... It's absolutely hatedand ignored by investors, who are terrified of risk right now... And it is in a rip-roaringuptrend. You should consider getting in... But you shouldn't buy the Templeton Russia Fund. You see, the fund is trading at a ridiculous 50% premium to the stocks it holds. Why would anyone pay a premium for this fund? Why does this premium exist? The Templeton Russia Fund is what's called a closed-end fund. The fund can actually trade at a premium or discount to the shares it holds. There are only a fixed number of shares outstanding. So if more people want to buy it than sell it one day, the fund's price will rise – even if the value of the underlying stocks the fund holds stays the same. It's ridiculous to pay a huge premium to own Russian stocks when you don't have to... Other closed-end funds out there have at least half of their portfolios in Russian stocks. And right now, they trade at double-digit discounts to their net asset values... Shares of the Morgan Stanly Eastern Europe Fund (RNE) sell at a 9% discount. The Central Europe and Russia Fund (CEE) goes for a 14% discount. So if you want to buy the world's cheapest market, you're better off buying it at a double-digit discount through CEE or RNE than paying 50% more than you should to get into the Templeton Russia Fund. If CEE returns to net asset value, you'll make a double-digit profit on top of whatever gains you get from the underlying stocks. You don't have to get too crafty with a strategy like this, and there are huge profits to be had... In my newsletter, True Wealth, we took advantage of a ridiculous discount on a closed-end fund just a couple months ago. We bought it at a discount near 40%... In less than 90 days, it went to a 50% premium. It was quite an extraordinary gain – particularly when the underlying value of the fund actually went down during that time. I typically just buy closed-end funds holding stocks I want to own anyway, waiting until they sell at a larger-than-average discount. If that's getting too fancy, then you can just buy something you already want to buy, at a cheaper price, through a closed-end fund. Like I showed you above, you can get exposure to Russia – the world's cheapest stock market – at a double-digit discount through shares of CEE. Good investing, Steve  P.S. The easiest way to find funds trading at significant discounts or premiums is through www.ETFconnect.com. Click on Fund Sorter, and then sort by premium or discount. You'll amazed at the size of the discounts and premiums it'll uncover...  Editor's note: Steve Sjuggerud is a regular contributor to DailyWealth, a free investment newsletter focused on the world's best contrarian opportunities. We write with a simple belief in mind: You don't have to take big risks to make big money with your investments.  Sign up today to read more investment ideas from Steve Sjuggerud.