Invesco PowerShares today announced its plans to launch a new frontier markets ETF, which will focus on the Middle East and Africa. The anticipated ticker symbol for the new fund is PMNA, and the fund will be called the PowerShares MENA Frontier Countries Portfolio. The fund will be based on the NASDAQ OMX Middle East North Africa Index, which is comprised of the largest and most liquid securities in Egypt, Morocco, Oman, Lebanon, Jordan, Kuwait, Bahrain, Qatar and the UAE.
This will be an exciting new ETF option, as many investors are looking for a way to cash in on the newly popular frontier markets. The most popular option to date is the T.Rowe Price Africa and Middle East mutual fund (TRAMX) which has been given an endorsement by Fast Money's Tim Seymour, and is up 9.1% for the year as of May 31st.
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