Index Factsheet

MSCI Frontier Markets Index (USD)The MSCI Frontier Markets Index captures large and mid cap representation across 28 Frontier Markets (FM) countries*. The indexincludes 213 constituents, covering about 85% of the free ﬂoat-adjusted market capitalization in each country.
For a complete description of the index methodology, please see Index methodology - MSCI.

CUMULATIVE INDEX PERFORMANCE — NET RETURNS (USD)(AUG 2009 – AUG 2024)

ANNUAL PERFORMANCE (%)
ACWI
Frontier MSCI
Year MSCI+ FrontierMarkets
Markets

MSCI Frontier Markets
400405.04MSCI ACWI + Frontier Markets

404.19MSCI ACWI

300

200
171.96100
50
Aug 09Nov 10Feb 12

May 13

Aug 14

Nov 15

Feb 17May 18

Aug 19Nov 20Feb 22

May 23

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010

11.63
-26.34
19.73
1.43
17.99
-16.4131.86
2.66-14.46
6.84
25.89
8.85
-18.7323.75

MSCI ACWI

22.18-18.38
18.54
16.22
26.58
-9.43
23.99
7.85
-2.40
4.19
22.81
16.10
-7.40
12.72

22.20
-18.36
18.54
16.25
26.60
-9.41
23.97
7.86
-2.36
4.16
22.80
16.13
-7.35
12.67

Aug 24INDEX PERFORMANCE — NET RETURNS (%) (AUG 30, 2024)

FUNDAMENTALS (AUG 30, 2024)
ANNUALIZED

1 Mo

3 Mo

1 Yr

YTD

3 Yr

5 Yr

10 Yr MaySince
31, 2002

MSCI Frontier Markets

1.99

3.87

10.08

10.05

-2.67

2.81

1.02

MSCI ACWI + Frontier Markets

2.54

6.51

23.42

15.96

5.75

12.12

MSCI ACWI

2.54

6.51

23.44

15.97

5.77

12.14

Div Yld (%)

P/EP/E Fwd

P/BV

6.58

4.18

10.59

na

1.52

8.76

7.93

1.87

21.40

na

3.13

8.78

7.96

1.87

21.43

17.72

3.14

INDEX RISK AND RETURN CHARACTERISTICS (AUG 30, 2024)
ANNUALIZED STD DEV (%) 2

SHARPE RATIO 2 , 310 Yr(%)

Period YYYY-MM-DD

0.12

0.03

0.36

67.47

2008-01-15—2009-03-03

0.62

0.53

0.46

58.34

2007-10-31—2009-03-09

0.62

0.53

0.46

58.38

2007-10-31—2009-03-09

3 Yr

5 Yr

10 Yr

3 Yr

5 Yr

MSCI Frontier Markets

33.31

13.43

16.50

14.22

-0.39

MSCI ACWI + Frontier Markets

2.43

16.77

17.36

14.82

0.22

MSCI ACWI

2.41

16.78

17.37

14.83

0.22

1

Last 12 months

2Based on monthly net returns data

3MAXIMUM DRAWDOWN

Since
May 31,2002

Turnover(%) 1

Based on NY FED Overnight SOFR from Sep 1 2021 & on ICE LIBOR 1M prior that date

* Frontier Markets countries include: Bahrain, Bangladesh, Benin, Burkina Faso, Croatia, Estonia, Guinea-Bissau, Iceland, Ivory Coast, Jordan, Kazakhstan, Kenya, Latvia, Lithuania,Mauritius, Morocco, Mali, Niger, Oman, Pakistan, Romania, Senegal, Serbia, Slovenia, Sri Lanka, Togo ,Tunisia and Vietnam.
The MSCI Frontier Markets Index was launched on Dec 18, 2007. Data prior to the launch date is back-tested test (i.e. calculations of how the index might have performed overthat time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or
back-tested -- is no indication or guarantee of future performance.

MSCI Frontier Markets Index (USD) | msci.com

AUG 30, 2024

Index Factsheet

INDEX CHARACTERISTICS

TOP 10 CONSTITUENTSMSCI Frontier Markets

Number ofConstituentsCountry213
KASPI.KZ ADSBANCA TRANSILVANIAKRKA
HOA PHAT GROUP JSCOMV PETROMATTIJARIWAFA BANKVINHOMES JSC
HIDROELECTRICA
KAZATOMPROM GDR
VIETNAM DAIRY PRODUCT
Total

Mkt Cap ( USD Millions)

Index
LargestSmallest
Average
Median123,463.66
7,836.16
45.67
579.64300.58

KZ
ROSI
VN
RO
MAVN
RO
KZ
VN

Float Adj Mkt
Cap( USD Billions)

Index
Wt. (%)

Sector

6.35
3.80
2.84
2.60
2.54
2.43
2.06
1.99
1.92
1.76
28.29

Financials
Financials
Health Care
Materials
EnergyFinancials
Real Estate
Utilities
EnergyCons Staples

7.84
4.69
3.51
3.21
3.14
3.00
2.542.45
2.38
2.17
34.93

FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURNMSCI FACTOR BOX
UNDERWEIGHTMSCI FaCS
NEUTRAL

VALUE
Relatively Inexpensive Stocks

OVERWEIGHTLOW SIZE
Smaller Companies
MOMENTUM
Rising Stocks
QUALITY
Sound Balance Sheet Stocks
YIELD
Cash Flow Paid Out
LOW VOLATILITY
Lower Risk Stocks<-1.50MSCI Frontier Markets

MSCI FaCS provides absolute factor exposuresrelative to abroad global index - MSCI ACWI IMI.

+1.5<MSCI ACWI + Frontier Markets

Neutral factor exposure (FaCS = 0) represents
MSCI ACWI IMI.

SECTOR WEIGHTS

COUNTRY WEIGHTS
7.6%

7.85%

6.57%

7.92%

5.86%
8.61%

32.28%

7.32%
9.69%

5.36%
1.82%

8.68%

11.4%

0.43%
25.87%
39.29%

Financials 39.29%

Real Estate 8.68%

Materials 7.85%

Consumer Staples 7.6%

Health Care 5.86%

Utilities 5.36%

Energy 8.61%

Industrials 7.92%

Communication Services 6.57%

13.45%

Vietnam 25.87%
Iceland 7.32%

Romania 13.45%

Morocco 11.4%

Kazakhstan 9.69%

Other 32.28%

Consumer Discretionary 1.82%

Information Technology 0.43%

MSCI Frontier Markets Index (USD) | msci.com

AUG 30, 2024

Index Factsheet

MSCI FACTOR BOX AND FaCS FRAMEWORK (Please refer to complete description of the MSCI FaCS methodology here)
MSCI FaCS is a standard method for evaluating and reporting the Factor characteristics of equity portfolios. MSCI FaCS consistsof Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic
literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructedby aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta)from the latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use.
The MSCI Factor Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposuresof funds/indexes and their benchmarks along 6 Factor Groups that have historically demonstrated excess market returns overthe long run.

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MSCI Frontier Markets Index (USD) | msci.com