There is a chance that FM’s Pakistan exposure could increase this year, but that scenario could be a double-edged sword. Qatar and the United Arab Emirates, currently a combined 33% of FM’s weight and primary drivers of the ETF’s 2013 upside, will depart for the MSCI Emerging Markets Index in the second quarter. [Frontier Markets Could See Increased Volatility]

That could mean a modest increase in Pakistan’s weight in FM, but some global investors and frontier markets observers have already expressed concern about what impact the loss of Qatar and UAE will have on the frontier markets indices that currently feature large weights to those countries. An oft-cited concern is increased exposure to more volatile countries such as Argentina, Nigeria and yes, Pakistan. [Frontier Markets Losing Some Shine]

With a combine market value of $52 billion, according to the Journal, or barely more than twice the size of LinkedIn (NYSE: LNKD), Pakistan’s equity market is still small. That means it could have plenty of room to run, but it is also means it will be a while before Pakistan represents a noteworthy chunk of FM’s weight.

Pakistan also accounts for 1.2% of the Global X Next Emerging & Frontier ETF’s (NYSEArca: EMFM) weight. EMFM debuted two months ago and has $14.3 million in assets under management.

iShares MSCI Frontier 100 ETF