ETF Research Center

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
Category	Emerging Market Equities
Fund Sponsor	Van Eck Associates Corp
Website	www.vaneck.com
Inception date	Jul 14, 2008
Assets (mns)	$54
Currency	USD
Expense ratio	78 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	84
Wgt avg mkt cap (mns)	$10,804
Large cap (>$10bn)	33.2%
Mid cap ($2-10bn)	45.8%
Small cap (<$2bn)	21.0%
Developed mkts	19.2%
Emerging mkts	80.8%

TOP TEN HOLDINGS
Total	45.0 %
NASPERS LTD-N SHS	6.8 %
SAFARICOM PLC	6.1 %
GUARANTY TRUST BANK	6.0 %
ATTIJARIWAFA BANK	4.7 %
COMMERCIAL INTL BANK-SP GDR	4.4 %
ZENITH BANK LTD	3.7 %
MAROC TELECOM SA	3.6 %
EQUITY BANK LTD	3.4 %
FIRST QUANTUM MINERALS LTD	3.2 %
BANQUE CENTRALE POPULAIRE	3.1 %

TOP COUNTRY EXPOSURE
	SOUTH AFRICA	32.1 %
	MOROCCO	14.2 %
	NIGERIA	11.9 %
	KENYA	11.2 %
	CANADA	6.9 %
	BRITAIN	6.8 %
	EGYPT	4.4 %
	CHINA	2.1 %
	UNITED STATES	1.7 %
	GERMANY	1.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.2%	2.7%	-5.1%	-1.1%	-4.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.66	29%
MSCI EAFE	0.99	56%
MSCI Emg. Mkts.	0.89	73%

Technical Indicators
Recent close	$20.67
30d moving avg.	$20.44
Annualized volatility	14.8%
Short interest (ETF)	0.1%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.2%
Bid/Ask (% of price)	0.37%
ADV underlying (mns)	$1,663

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the VanEck Vectors Africa ETF based on the alternatives' overlap in portfolio holdings with AFK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AFK

Expense:

78 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AFK
Ticker	Fund Name	Overlap¹ vs AFK (%)	Expense ratio (bp)	Savings vs AFK (bp)	ALTAR Score™ (%)	ALTAR vs AFK (%)
FLZA	Franklin FTSE South Africa	28.9	19	59	9.2	+1.7
EZA	iShares MSCI South Africa	27.4	59	19	9.6	+2.1
FRN	Invesco Frontier Markets	25.1	70	8	11.4	+3.9
FM	iShares MSCI Frontier 100	21.0	81	-3	9.2	+1.7
EMFM	Global X MSCI Next Emerging & Frontier	12.4	55	23	7.8	+0.3
NGE	Global X Nigeria	11.9	88	-10	20.0	+12.6
EMDV	ProShares MSCI Emerging Markets Dividend Growers	9.4	60	18	8.2	+0.8
EDIV	SPDR S&P Emerging Markets Dividend	8.2	49	29	10.8	+3.3
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	7.6	20	58	8.3	+0.8
FRDM	Freedom 100 Emerging Markets ETF	7.4	49	29	8.0	+0.5
FDNI	First Trust Dow Jones International Internet	6.8	65	13	4.7	-2.8
CEZ	Victory CEMP Emerging Market Volatility Weighted	6.5	50	28	9.2	+1.7
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	6.5	45	33	8.8	+1.3
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	6.3	50	28	13.4	+5.9
EMXC	iShares MSCI Emerging Markets ex China	6.1	49	29	8.6	+1.2
KEMX	KraneShares MSCI Emerging Markets EX China Index	6.1	49	29	8.7	+1.2
DEM	WisdomTree Emerg Mkts High Yield Equity	5.8	63	15	12.5	+5.0
PXH	Invesco FTSE-RAFI Emerging Markets	5.8	50	28	12.5	+5.0
EMEM	Virtus Glovista Emerging Markets	5.5	67	11	9.2	+1.7
PICK	iShares MSCI Global Select Metals & Mining	5.3	39	39	7.5	+0.0

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	VanEck Vectors Africa
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.0	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	78	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.49

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.