Frontier markets are typically characterized by limited market accessibility, small company size and low liquidity, while emerging markets are usually expected to provide higher levels of openness, investability and efficiency of the operational framework. However, some characteristics of smaller emerging markets may resemble those of frontier markets. For example, smaller emerging markets typically have few global companies and are less likely to be widely owned and researched, resulting in lower correlation with larger markets.

The MSCI Frontier Emerging Markets APEX Index includes all constituent countries of the MSCI Frontier Emerging Markets Index except those countries with material restrictions related to foreign exchange operations, material capital controls, or countries with very low liquidity in the local market and for which no liquid foreign listing or depository receipts substitutes exist. 

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