NEW YORK ( TheStreet) -- Last week, BlackRock ( BLK) rolled out the first exchange-traded fund that tracks frontier markets as classified by MSCI. The iShares MSCI Frontier 100 Index Fund ( FM) follows an index consisting of the 100 largest securities within the MSCI Frontier Markets universe. The 20 frontier markets currently included in the MSCI designation are Argentina, Bangladesh, Croatia, Estonia, Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Mauritius, Nigeria, Oman, Pakistan, Qatar, Romania, Serbia, Sri Lanka, Ukraine, the United Arab Emirates and Vietnam. The largest country representations in the underlying index are Kuwait (30.8%), Qatar (15.8%), UAE (11.9%), Nigeria (10.6%), Pakistan (4.8%), Kazakhstan (4.1%) and Argentina (3.4%). The iShares MSCI Frontier 100 Index Fund holds 97 securities. The largest allocations include National Bank of Kuwait (8.0%), Mobile Telecommunications (6.7%), Kuwait Finance House (3.9%), Nigerian Breweries PLC (3.7%) and Kazmunaigas Explora-GDR Regs (3.6%). The current sector breakdown has financials at 56.5%, telecommunications at 15.0%, energy at 9.5%, industrials at 8.5% and consumer staples at 5.2%. The new ETF has an expense ratio of 0.79%, and interested investors can find additional information in the iShares press release and the iShares prospectus for the fund (pdf).