iShares MSCI Frontier 100 ETF (NYSE:FM) offers investors exposure to 100 of the most liquid equities from countries classified by MSCI as one-development-level below emerging markets, the frontier. The tracked index is cap-weighted with a construction methodology that emphasizes liquidity, investability and replicability with a semi-annual rebalancing. About 45% of the index and ETF is concentrated in the financials; which is consistent with local banks often representing the largest institutions in many of the smaller countries. 41% of the fund is concentrated between Kuwait with a weighting of 24% and Argentina at 17.7%.