FM ETF

Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) said Thursday that the Zambian Ministry of Mines and Minerals Development has posted a decision indicating that the renewal application for Large Scale Exploration Licence 21509-HQ-LEL, which hosts the Kazhiba Dome, has been rejected. The decision does not impact the company's other two licences that comprise the Solwezi project, or the ongoing Cooperative Exploration Plan with First Quantum Minerals (TSX:FM), aside from the timing of drilling and target focus, the company said in a statement.

The iShares Frontier and Select EM ETF offers exposure to frontier markets, providing a unique layer of global diversification. The ETF's holdings are diversified across various frontier and emerging markets, including Vietnam, Kazakhstan, Egypt, and more. Investing in frontier markets comes with the potential for high returns but also high risks, such as political instability and limited regulatory oversight.

The iShares Frontier and Select EM ETF offers coverage to frontier market stocks and some exposure to emerging markets. FM has outperformed the popular iShares Core MSCI Emerging Markets ETF since its debut in 2012 but there are question marks over its ability to adequately juggle risk. There are promising signs in some of FM's top regional exposures such as Vietnam and Romania whilst the ETF's overall valuations are dirt cheap.

iShares Frontier and Select EM ETF is an actively managed ETF that provides exposure to frontier and select emerging market equities. FM has a high management fee of 0.80% and is highly concentrated in terms of geographic exposure with over 30% of assets invested in Vietnam. FM appears cheap when considering the trailing PE ratio of 9.1x but that does not tell the full story as FM is mostly invested in low valuation sectors.