Direct Answer
The MSCI Frontier Markets IMI is a rule-based measurement of large-, mid-, and small-cap equities across frontier market countries worldwide, maintained by MSCI. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The MSCI Frontier Markets IMI covers large-, mid-, and small-cap equities across frontier market countries worldwide, within the Global market. MSCI defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
Constituents are weighted by free float-adjusted market capitalization, scaled by the Foreign Inclusion Factor. A company that fails the liquidity test but is large enough can remain with a 0.5 Liquidity Adjustment Factor on its weight, and is deleted at a later review if it does not meet at least half of the liquidity retention requirements.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
Standard and small cap securities of the frontier markets, with a size floor and Global Minimum Size References taken from the frontier universe itself. The liquidity test is a 12-month ATVR of 2.5%, 5% or 15% by country category, plus 50% 12-month frequency of trading. The Standard segment is not split into Large Cap and Mid Cap for frontier markets, with the MSCI GCC Countries Indexes as the exception.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
How long a listing must exist first
A new issue must have been trading for three months before a review. Existing constituents may remain at lower levels: 12-month ATVR above 1% in very low liquidity markets, or above two thirds of the entry level of 15% and 5% in average and low markets, plus 12-month frequency of trading of at least 10%.
A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.
When the membership is revised
Quarterly reviews in February, May, August and November. Frontier markets are added or removed at the May review, announced at least six months ahead, and a standalone market index can be added no earlier than the May review after its Standard Index is created.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
If a frontier country has no company passing the Standard Index rules, the largest eligible security by free float-adjusted size is still added so the index is not empty. At later reviews, if the Standard Index would again be empty, securities that were in it have their size multiplied by 1.5 in the ranking, which favors stability.
References
- MSCI: MSCI GIMI Methodology: Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes, as published 2026. Every rule described on this page is taken from this document.
Current MSCI Frontier Markets IMI constituents
MSCI publishes and licenses the MSCI Frontier Markets IMI constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Global indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the MSCI Frontier Markets IMI?
MSCI maintains the MSCI Frontier Markets IMI and publishes the methodology document that defines its eligibility and weighting rules.
What does the MSCI Frontier Markets IMI measure?
It measures large-, mid-, and small-cap equities across frontier market countries worldwide. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current MSCI Frontier Markets IMI constituents?
MSCI publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.