What it boils down to is that those interested in South Africa have a better option with the iShares MSCI South Africa ETF (NYSEArca:EZA), which has 3.5 times as many assets as GAF and has far greater trading volume. Guggenheim's website shows that BNY Mellon classifies its countries according to GDP, per capita income, inflation rates, privatization of infrastructure, and social inequalities. FRN also strictly holds depositary receipts in its portfolio, which can limit the fund's ability to gain exposure to many companies that are only listed locally in their respective markets.