Among international equity exchange traded funds, the iShares MSCI Frontier 100 ETF (NYSEArca: FM) can go overlooked, but the largest frontier markets ETF is enjoying a solid 2018. FM is up about 4%, outpacing domestic and emerging markets benchmarks.

Frontier markets include those less advanced capital markets from the developing world with an investable stock market that is less established than those in the emerging markets. Consequently, frontier market stocks are consider much riskier than other global markets and are not for the faint of heart.

Related: India ETFs Among Worst 2018 Performing Markets

Frontier markets are not as connected to each other as emerging and developed markets, which are more closely tied to the global economy – the MSCI Frontier Market Index has exhibited a low correlation to both the MSCI Emerging Markets Index and the MSCI World Index. Some data points suggest some frontier markets are poised for growth this year.

Compelling Details for Frontier Markets

“Over half of the frontier EMs on JP Morgan’s Next Generation Market Index (NEXGEM) have seen an improvement in merchandise export growth since the January 2018 edition of the chart pack, over two thirds have seen an increase in FX reserves and three-quarters have seen a fall in consumer price inflation,” said Fitch Ratings in a note out Friday.

The $780.3 million FM follows the MSCI Frontier Markets 100 Index and holds 118 stocks. Argentina and Vietnam combine for nearly 40% of the fund’s geographic exposure. Vietnam is one home to one of this year’s best-performing frontier equity markets.

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