FRN ETF — Holdings & Analysis

For informational purposes only. Not financial advice.

Quick Answer

The Invesco Frontier Markets ETF (FRN) seeks to replicate the S&P/BNY Mellon New Frontier Index (USD), focusing on liquid American depositary receipts (ADRs), global depositary receipts (GDRs), and ordinary shares in Frontier Market countries.

As of 2026-03-15, FRN offers a dividend yield of 3.19%.

Invesco Frontier Markets ETF (FRN) ETF — Price, Holdings & Analysis

ETF Overview

The investment seeks to track the investment results (before fees and expenses) of the S&P/BNY Mellon New Frontier Index (USD) (the "underlying index"). The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index is comprised of liquid American depositary receipts ("ADRs") listed on a U.S. exchange, global depositary receipts ("GDRs") traded on the London Stock Exchange, and ordinary share classes of equity securities listed on exchanges in Frontier Market countries that meet certain trading volume and free-float market capitalization criteria. The fund is non-diversified.

The Invesco Frontier Markets ETF (FRN) aims to mirror the performance of the S&P/BNY Mellon New Frontier Index (USD), providing exposure to frontier markets through a concentrated portfolio. The fund invests primarily in liquid American depositary receipts (ADRs), global depositary receipts (GDRs), and ordinary shares of companies listed on exchanges within Frontier Market countries. FRN is non-diversified and generally invests at least 90% of its total assets in securities that comprise the underlying index. The fund's top holdings include MercadoLibre Inc (MELI.SA) at 10.65%, Ahli United Bank BSC (AUB) at 8.59%, and Copa Holdings SA Class A (CPA) at 7.56%. Sector allocation is heavily weighted towards Financial Services at 44.5%, followed by Consumer Cyclical at 12.6% and Communication Services at 10.5%. This ETF may appeal to investors seeking targeted exposure to frontier markets with a focus on liquidity and index replication.

Risk Metrics

FRN's introduces significant concentration risk, as a few companies heavily influence its performance. The fund's sector allocation further amplifies risk, with Financial Services comprising 44.5% of the portfolio. A downturn in this sector could disproportionately impact FRN's returns. With a 3-year beta of 0.75, FRN exhibits less volatility than the broader market. Past performance does not guarantee future results. Their risk tolerance and conduct thorough research before investing in FRN may be worth researching.

What does FRN hold?

Holding	Weight
MercadoLibre Inc (MELI.SA)	10.65%
Ahli United Bank BSC (AUB)	8.59%
Copa Holdings SA Class A (CPA)	7.56%
BankMuscat (SAOG) (BKMB)	5.10%
Safaricom PLC (SCOM)	4.95%
Banca Transilva SA (TLV)	4.50%
Guaranty Trust Bank PLC (GTB)	4.31%
KAZ Minerals PLC (KAZ.L)	4.31%
Attijariwafa Bank SA (ATW)	3.54%
Zenith Bank PLC (ZENITH)	2.91%

How Is the Fund Allocated?

Sector	Weight
Financial Services	44.5%
Consumer Cyclical	12.6%
Communication Services	10.5%
Industrials	9.3%
Basic Materials	7.9%
Consumer Defensive	5.2%
Energy	4.9%
Real Estate	4.6%
Utilities	0.5%

Dividend Yield

3.19%

iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
ARK Innovation ETF (ARKK) — 0.75% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR S&P 500 ETF (SPY) — 0.09% expense ratio

Invesco QQQ Trust, Series 1 (QQQ) (Equity) — 0.18% expense ratio
Invesco Russell 2000 Dynamic Multifactor ETF (OMFS) (Equity) — 0.39% expense ratio
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (Equity) — 0.47% expense ratio
Invesco Taxable Municipal Bond ETF (BAB) (Fixed Income) — 0.28% expense ratio
Invesco ESG S&P 500 Equal Weight ETF (RSPE) (Equity) — 0.20% expense ratio
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) (Equity) — 0.60% expense ratio

Risk Metrics

Beta: 0.75

Questions & Answers

What is FRN and what does it track?

The Invesco Frontier Markets ETF (FRN) seeks to replicate the investment results of the S&P/BNY Mellon New Frontier Index (USD).

This index comprises liquid American depositary receipts (ADRs), global depositary receipts (GDRs), and ordinary share classes of equity securities listed on exchanges in Frontier Market countries.

What are the top holdings in FRN?

The top holdings in the Invesco Frontier Markets ETF (FRN) are: MercadoLibre Inc (MELI.SA) at 10.65%, Ahli United Bank BSC (AUB) at 8.59%, and Copa Holdings SA Class A (CPA) at 7.56%.

These top holdings represent a significant portion of the fund's assets, indicating a concentrated portfolio. Investors should analyze these holdings to understand the key drivers of FRN's performance and potential risks.

Is FRN a good long-term investment?

Evaluating FRN as a long-term investment requires careful consideration of its investment strategy, risk profile, and market context. FRN's concentration in frontier markets and specific sectors like Financial Services introduces both opportunities and risks.

The fund's 3-year beta of 0.75 suggests lower volatility compared to the broader market, but past performance does not guarantee future results.

How does FRN compare to similar ETFs?

Comparing FRN to similar ETFs requires analyzing factors such as expense ratios, asset size, and investment strategy. FRN focuses on frontier markets through a concentrated portfolio of liquid ADRs, GDRs, and local shares.

Other frontier market ETFs may have different approaches, such as broader diversification or different sector allocations.

Does FRN pay dividends?

Yes, the Invesco Frontier Markets ETF (FRN) pays dividends. As of 2026-03-15, FRN has a dividend yield of 3.19%. This yield represents the annual dividend payment as a percentage of the fund's share price.

Investors seeking income may find FRN's dividend yield attractive, but it's important to remember that dividend yields can fluctuate and are not guaranteed.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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