Brazil, Russia, India, China? BRIC is sooooooooooo old school.

Indeed, investors have been feeling less and less comfortable with the "emergers." Year-to-date, resource-rich Brazil has been the chief BRIC component keeping the rest afloat.

Year-to-date, the Claymore BRIC (EEB) fund is down 15%. Yet, that's about half the damage experienced by China (FXI) and India (EPI).

What's a bold explorer of the new worlds supposed to do? Perhaps he/she would consider frontier market investments in the Middle East and/or Africa.

For instance, oil-producing Gulf countries are flooded with cash from consuming nations. Moreover, the population of MENA (Middle East Northern Africa) is younger, suggesting the potential for a vibrant workforce. And, the regional economy has been growing like gangbusters.

Granted, State Street's Emerging Middle East and Africa Fund (GAF) has been around for a bit. However, as I highlighted in June of last year, GAF is essentially an Israel/South Africa investment. True exposure to North African nations like Egypt and Morocco, as well exposure to the Arab Middle Eastern countries like Bahrain and Kuwait, is only now becoming accessible.

Enter the PowerShares MENA Frontier Countries Portfolio (PMNA). The fund tracks an index of 50+ companies from the region, representing Egypt, Morocco, Oman, Lebanon, Jordan, Kuwait, Bahrain, Qatar as well as the emirates of Dubai and Abu Dhabi.

Is PMNA a no-brainer for the look-abroad enthusiast? Well, it's not without unique risks of its own. For instance, 60% of the companies being tracked by PMNA are financial companies. Remembering the worldwide currency crisis of 1998 and living through the U.S. mortgage meltdown of 2008 certainly gives one pause on a MENA financial sector investment.

The PowerShares MENA Frontier Countries Portfolio (PMNA) is also expensive by ETF standards. The .95% expense ratio is nearly double the ETF average, although I've seen that 25 basis points are currently being waived.

Powershares is not alone on the frontier, though. Van Eck's Market Vectors Africa Index Fund (AFK) covers 50 stocks from 11 different markets on the African continent. The net expense is currently .83%. Here, Northern African "faves" Egypt and Morocco account for roughly 25%; Nigeria accounts for another 25%. The Market Vectors Africa Index Fund (AFK) has a 35% exposure to financials.

Vanguard doesn't have a "frontier market ETF" yet. If it did, however, you can be sure that cost-conscious investors might move in that direction. (See why Vanguard's Emerging Market VWO may be preferable to some of the other emerging market ETFs.)

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