FRN tracks Chile 40.9%, Argentina 18.2%, Colombia 11.1%, Egypt 10.6%, Nigeria 5.5%, Peru 4.3%, Kazakhstan 4.2%, Lebanon 2.7%, Romania 1.5% and Georgia 0.5%.

Alternatively, investors can pick and choose some markets with country-specific ETFs. For example, some of the larger frontier market ETFs include the iShares MSCI Chile Capped ETF (NYSEArca: ECH), Global X MSCI Argentina ETF (NYSEArca: ARGT), Market Vectors Egypt Index ETF (NYSEArca: EGPT) and Market Vectors Colombia ETF (NYSEArca: COLX).

The Global X Nigeria Index ETF (NYSEArca: NGE) has increased 16.4% over the past three months, reflecting one of the best recent performing markets after the bounce in oil prices supported the energy exporter.

The Market Vectors Vietnam ETF (NYSEArca: VNM) has been trading in a bear market, but observers believe the economy is turning around. [Vietnam ETF Looks to Shine in 2015]

Additionally, retail investors can now access the Pakistani markets through the recently launched Global X MSCI Pakistan ETF (NYSEArca: PAK). [Investing in Pakistan? There’s an ETF for That]

For more information on frontier economies, visit our frontier markets category.

Max Chen contributed to this article.