Hi Ankit,

The definition of a frontier country varies. Standard & Poor's, Russell and MSCI have different methodologies for determining which markets are classified as "frontier," but there is considerable overlap in the constituents of their respective frontier indices. The common criteria (besides not being already classified as developed or emerging) seem to include accessibility to foreign investors, economic and political stability, and some minimum level of liquidity.

The websites of each of these index providers have more details on their respective index construction methodologies.

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Dave