AFK
VanEck Africa Index ETF
VanEck Vectors Africa Index ETF seeks investment results that correspond to the price and yield performance of the Dow Jones Africa Titans 50 Index.
Fund Basics
| Fund sponsor | Van Eck Associates Corp |
| Category | Emerging Market Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 10, 2008 |
| Assets (mns) | $46 |
| Expense ratio | 77 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| MTN NIGERIA COMMUNICATIONS PLC | 5.6 % |
| ATTIJARIWAFA BANK | 4.3 % |
| AIRTEL AFRICA PLC | 4.3 % |
| GUARANTY TRUST HOLDING COMPANY PLC | 3.8 % |
| COMMERCIAL INTL BANK-SP GDR | 3.8 % |
| IVANHOE MINES LTD. CLASS A | 3.7 % |
| ANGLO AMERICAN PLC | 3.7 % |
| SAFARICOM PLC | 3.6 % |
| ZENITH BANK LTD | 3.6 % |
| EQUITY BANK LTD | 2.9 % |
Constituent Breakdown
| Number of holdings | 81 |
| Herfindahl-Hirschman Index | 264 |
| Wgt avg mkt cap (mns) | $5,359 |
| Large cap (>$10bn) | 15.4% |
| Mid cap ($2-10bn) | 49.3% |
| Small cap (<$2bn) | 24.8% |
| Developed mkts. | 28.8% |
| Emerging mkts. | 71.2% |
Country Exposure
 |
SOUTH AFRICA | 28.0 % |
 |
NIGERIA | 14.4 % |
 |
BRITAIN | 12.6 % |
 |
MOROCCO | 12.3 % |
 |
KENYA | 8.1 % |
 |
CANADA | 7.5 % |
 |
AUSTRALIA | 5.2 % |
 |
EGYPT | 3.8 % |
 |
UNITED STATES | 3.3 % |
 |
CHINA | 1.6 % |
Historical Performance
Standardized Annual Returns (as of 02/28/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 1.2% | -20.9% | -8.5% | 1.3% | -5.1% | -3.0% | -3.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.04 | 66% |
| MSCI EAFE | 1.14 | 77% |
| MSCI Emg Mkts | 1.07 | 79% |
Liquidity Measures
| Avg. volume (000) | 12 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.44% |
| ADV of underlying (mns) | $1,079 |
Technical Indicators
| Recent close | $15.02 |
| 30d moving avg. | $16.25 |
| Annualized volatility | 26.8% |
| Relative strength (RSI) | 24 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. AFK |
Expenses vs. AFK |
ALTAR Score™ vs. AFK |
|---|---|---|---|---|
| FLZA | Franklin FTSE South Africa ETF | 22.8% | -58 bp | -1.2% |
| EZA | iShares MSCI South Africa ETF | 21.3% | -20 bp | -0.5% |
| NGE | Global X MSCI Nigeria ETF | 14.4% | +14 bp | +14.5% |
Risk and Returns: AFK vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 3/17/2023
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
AFK
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
AFK
11.0%
Cat. Avg
8.5%
Fund Category: Emerging Market Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 11.0% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
Category Overview
There are 185 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 8.5% and a standard deviation of
4.4%. AFK's ALTAR Score™ is approximately
0.6 standard deviations
above
the category average. This places AFK in the 72nd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
AFK
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| AFK | 77.0 | 44.2 | 121.2 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .