For example, FM is most heavily weighted to Kuwait (26.40%), Qatar (17.65%), and The UAE (13.61%) currently, so notably tilted in terms of equity exposure to the Middle East region while FRN has completely different underlying exposure (Chile 50.68%, Colombia 14.74%, Argentina 9.33% for example).
PMNA is a bit more specialized in that it only offers exposure to the Middle East and North Africa, so it is not as broad as either FM or FRN (81% of the equity exposure is to the Middle East with the
remainder being invested in North African countries). The bottom line is that there has been recent growth in this space in terms of asset inflows and interest in the exposure, and it ultimately will continue as these economies mature and emerge themselves.
iShares MSCI Frontier 100 ETF