MSCI Frontier Emerging Markets APEX Index
A tradable proxy index reflecting investment opportunities within the frontier markets and lower size spectrum of the emerging markets

The MSCI Frontier Emerging Markets APEX Index is designed to serve as a liquid proxy to the broader MSCI Frontier Emerging Markets Index¹, and covers all countries from the MSCI Frontier Markets Index and some countries from the lower size spectrum of the MSCI Emerging Markets Index, all of which tend to be less correlated with developed markets.

Frontier markets are typically characterized by limited market accessibility, small company size and low liquidity, while emerging markets are usually expected to provide higher levels of openness, investability and efficiency of the operational framework. However, some characteristics of smaller emerging markets may resemble those of frontier markets. For example, smaller emerging markets typically have few global companies and are less likely to be widely owned and researched, resulting in lower correlation with larger markets

The MSCI Frontier Emerging Markets APEX Index includes all constituent countries of the MSCI Frontier Emerging Markets Index except those countries with material restrictions related to foreign exchange operations, material capital controls, or countries with very low liquidity in the local market and for which no liquid foreign listing or depository receipts substitutes exist.

MSCI Frontier Emerging Markets APEX Index
Argentina	Lithuania
Bahrain	Morocco
Bulgaria	Nigeria
Colombia	Oman
Croatia	Peru
Egypt	Philippines
Estonia	Qatar
Jordan	Romania
Kazakhstan	Serbia
Kenya	Slovenia
Kuwait	Tunisia
Lebanon	United Arab Emirates

The MSCI Frontier Emerging Markets APEX Index is designed to serve as the basis for index-linked investment vehicles such as listed and OTC derivatives, ETFs, ETNs and institutional and retail funds.

¹ Includes all countries within the MSCI Frontier Emerging Markets APEX Index plus Mauritius, Pakistan, Sri Lanka, Ukraine and Vietnam.