Still, a case can be made that some frontier markets’ valuations are not stretched. In fact, Argentina and Vietnam rank among the cheapest equity markets in the world. Argentina is 5.5% of FM’s weight. [Inexpensive Global Markets Delivered This Year]

Other ETFs with solid frontier markets exposure include the newly minted Global X Next Emerging & Frontier ETF (NYSEArca: EMFM), which features allocations to frontier markets Kazakhstan, Argentina and Nigeria, among others. The EGShares Beyond BRICs ETF (NYSEArca: BBRC) can allocate up to 25% of its weight to frontier markets.

Neither ETF is sporting an alarmingly high valuation. EMFM has a P/E ratio of 16.8 while BBRC’s underlying index has a P/E of just under 15, according to issuer data.

iShares MSCI Frontier 100 ETF