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Guggenheim Frontier Markets ETF (FRN)

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  • Thu, Apr. 23, 12:27 PM
    • The Global X MSCI Pakistan ETF (Pending:PAK) tracks the MSCI All Pakistan Select 25/50 Index, making it the first ETF to focus on Pakistan's economy.
    • "The broad Pakistan equity universe includes securities that are classified in Pakistan according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Pakistan and carry out the majority of their operations in Pakistan," as stated in PAK's prospectus.
    • Broad frontier market ETFs: FM, FRN, EMFM
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  • Jan. 15, 2014, 12:35 PM
    • You could have made the same bear case against emerging markets 10 years ago and you would have missed a decade of outperformance, says Everest Capital chief Marko Dimitrijevic, rebutting Goldman's recommendation to cut holdings in the sector. "If you reduce or ignore emerging markets, you're going to miss on literally hundreds of companies that are great."
    • Overall, Dimitrijevic overall return estimates are just slightly higher than Goldman's, but the real alpha is to be made in specific sectors - education in Brazil, infrastructure in Mexico, retail, cement, oil and gas in Colombia, and consumer plays in Saudi Arabia.
    • Everest is most bullish on frontier markets, or, as Dimitrijevic calls them, "EM 2.0." "It's a secular opportunity that reminds us very much of what now-mainstream emerging markets were like 15 or 20 years ago."
    • Everest had a big year in 2013, gaining 41.2%. Its dedicated Frontier fund rose 28.8%.
    • Emerging market ETFs: EEM, VWO, DEM, EDC, DGS, EDZ, EEMV, EEB, SCHE, EDIV, IEMG, DVYE, BIK, EWX, EEV, BKF, PIE, CEW, ADRE, HILO, EUM, FNI, EET, GMM, PXH, EEMS, BBRC, EELV, FEMS, EEME, EMDD, BICK, EMCR, DBEM, FEM, EWEM, JEM, EVAL, EMLB, EMBB, EEHB, EGRW, TLTE, FNDE, EMSA, EMHD, EMDR, EMFT
    • Frontier/MENA ETFs: FM, FRN, EMFM, AFK, GULF, GAF, MES, PMNA
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  • Jan. 15, 2014, 4:16 AM
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  • Nov. 14, 2013, 3:33 PM
    • It's the MINT countries whose prospects most excite Jim O'Neill. The coiner of the BRIC acronym (he didn't invent MINT) likes the favorable demographics and economic prospects of Mexico, Indonesia, Nigeria, and Turkey over the next two decades.
    • He notes the optimism in places like Indonesia, where policymakers (and shoppers) are talking about economic growth of 7%, contrasted to Russia, whose economy minister suggested 2.5% growth over the next 20 years.
    • Mexico ETFs: EWW, UMX, SMK
    • Indonesia ETFs: IDX, EIDO, IDXJ
    • Frontier markets ETFs: FM, FRN, EMFM
    • Turkey ETF: TUR
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  • Aug. 28, 2013, 10:52 AM
    • Guggenheim's BRIC ETF (EEB) - never a true BRIC fund because of a small allocation to Russia - will address that issue by changing its underlying index to the BNY Mellon BRIC Select DR Index from the BNY Mellon BRIC Select ADR index. As the new index name suggests, it will track global depositary receipts instead of just ADRs. The change will also allow the fund to own Hong Kong-listed China H-Shares for the first time.
    • The Emerging Global Beyond BRICs ETF (BBRC) will change to a FTSE index which will allow frontier-market holdings for the first time. The year-old fund has had a tough time competing against established emerging market funds EEM and VWO, but the change should allow for a much different approach than those two giants.
    • Other BRIC ETFs: FNI, BKF, BIK, EMDD, BICK.
    • Frontier Market ETFs: FRN, PMNA, FM.
    | 1 Comment
  • Apr. 3, 2013, 1:57 PM
    Today marks Global X's launch of the first ever single country ETF covering Nigeria (NGE). Existing Frontier market funds like FM and FRN currently allocate just a small portion of their holdings to Nigeria. NGE comes with an expense ratio of 0.68% vs. PMNA's 0.95%, EGPT's 0.94%, FM's 0.79% and FRN's 0.65%.
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  • Apr. 11, 2012, 12:53 PM
    Investing in frontier markets is about to get a bit easier as MSCI launches its Frontier Markets 100 index with BlackRock set to launch an ETF to track it. The index has 100 companies across 21 countries,  and with 60% of the value coming from the Middle East.
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  • Apr. 19, 2011, 4:37 PM
    The governing committee in Misrata confirms it has made an official request for foreign troops on the ground to stop Gaddafi forces from killing civilians. NATO and the U.N. have yet to respond. The U.K. is sending military advisers into Libya, but on an unrelated mission.
    | 2 Comments
  • Apr. 19, 2011, 9:59 AM
    Following weeks of protests, Syria lifts its emergency law. The law, in place for nearly 5 decades, effectively suspended constitutional protections for citizens.
    | 4 Comments
  • Apr. 19, 2011, 8:58 AM
    The protests and security force crackdowns continue in Syria, where 20K in Hams were fired at during an overnight sit-in. A government statement saying the demonstrations are the work of Salafist organizations, i.e. al-Qaeda, seemingly gives the green light for an even bloodier crackdown.
    | 1 Comment
  • Apr. 14, 2011, 11:05 AM
    Having made Libya its problem, NATO is warned by opposition groups that a massacre will occur in Misrata if air attacks against Gaddafi forces are not stepped up. Other than France and the U.K., NATO appears to have lost interest.
    | 11 Comments
  • Apr. 13, 2011, 11:45 AM
    Following mass arrests of nearly every male security forces could get their hands on in the Syrian city of Baida, the women of the town protest for their release. In the meantime, the city of Banias, home to one of the country's two oil refineries, remains sealed.
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  • Apr. 11, 2011, 2:12 PM
    A move by the Gulf Cooperation Council to mediate President Saleh's gradual departure from power is called unconstitutional by the country's opposition groups who want his immediate resignation. After similarly rejecting GCC help last week, Saleh now claims to welcome the group's participation.
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  • Apr. 11, 2011, 11:26 AM
    Security forces seal off and cut electricity to the city of Banias after weekend demonstrations in which several pro-democracy protesters were killed. Bashar Assad, sounding ominously like his father before he had thousands killed, blames the unrest on a foreign conspiracy.
    | 1 Comment
  • Apr. 10, 2011, 5:10 PM
    Breaking: South African President Jacob Zuma, in Libya to try to negotiate a ceasefire, says Gaddafi has accepted the roadmap to peace proposed by the African Union.
    | 5 Comments
  • Apr. 8, 2011, 2:18 PM
    The violence continues to escalate in Syria where BBC now reports 23 protesters killed by security forces in Deraa. Following the deaths of demonstrators over the past weeks, demands for political reform have morphed into calls for the regime to be toppled.
    | 2 Comments
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FRN Description
The Guggenheim/BNY Mellon Frontier Markets ETF (NYSE:FRN), the "Fund", seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called The Bank of New York Mellon New Frontier DR Index (the “Frontier Index” or the “Index”). The Fund will normally invest at least 80% of its total assets in American depositary receipts ("ADRs") and global depositary receipts ("GDRs") that comprise the Index. The Fund also will normally invest at least 80% of its total assets in securities of issuers from Frontier Market countries (whether directly or through ADRs or GDRs), as defined by The Bank of New York Mellon, the Fund's index provider (“BNY Mellon” or the “Index Provider”) from time to time in the manner set forth below. Guggenheim Advisors, LLC (the "Investment Adviser") seeks a correlation over time of 0.95 or better between the Fund’s performance and the performance of the Index. A figure of 1.00 would represent perfect correlation. The Fund, using a low cost “passive” or “indexing” investment approach, will seek to replicate, before fees and expenses, the performance of the Frontier Index. The Index tracks the performance of depositary receipts, in ADR or GDR form, that trade on the London Stock Exchange (“LSE”), New York Stock Exchange (“NYSE”), American Stock Exchange (“AMEX”) and Nasdaq Stock Market (“NASDAQ”) of companies from countries that are defined as the “Frontier Market.” The Index Provider defines Frontier Market countries based upon an evaluation of gross domestic product growth, per capita income growth, experienced and expected inflation rates, privatization of infrastructure and social inequalities.
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