At a glance
AFK charges 0.76% a year. It has $99.7M in assets; it paid 1.04% of its price in distributions over the past 12 months, annual. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +27.3% a year. At its worst it fell 40.8% in the 2020 crash (S&P 500: 33.7%) and 31.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 33 months after the lows. Its ten largest positions make up 37.0% of the fund, out of 72 in all.
The short version
VanEck Africa Index ETF (AFK) tracks the MVIS GDP Africa Index, a basket of about 70 stocks of companies based in Africa or earning at least half their revenue there. Most country funds weight by stock market size. This one weights countries by economic size (gross domestic product, or GDP), which gives Morocco, Nigeria and Kenya a real share next to South Africa. It costs 0.76% a year, and its price has swung sharply.
Price history
The interactive chart needs JavaScript.
AFK +10.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AFK official prospectus, to Dec 31, 2025 | — | +68.50% | — | +7.67% | +6.62% | — |
| MSCI ACWI Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| AFK price data to Oct 27, 2026 | -2.5% | +10.1% | +27.3% | +6.2% | +5.2% | 0.0% |
- Over the year to Oct 27, 2026, AFK returned +10.1%.
- Its 5-year annualized return was +6.2% and its 10-year +5.2%.
- In the 2020 COVID crash it fell 40.8% and regained its old high 7.9 months after the low.
- Its worst full calendar year was 2015 (-29.9%); its best was 2025 (+74.7%).
- The deepest fall in its price history was 62.5% (Jul 15, 2008 to Mar 20, 2020), recovered by Dec 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.5% | — |
| 2025 | +74.7% | +68.50% |
| 2024 | +12.1% | +10.76% |
| 2023 | -12.1% | -8.43% |
| 2022 | -17.3% | -18.34% |
| 2021 | +3.0% | +3.69% |
| 2020 | +4.4% | +2.29% |
| 2019 | +9.8% | +8.52% |
| 2018 | -19.5% | -17.70% |
| 2017 | +28.2% | +26.02% |
| 2016 | +14.3% | +13.94% |
| 2015 | -29.9% | — |
| 2014 | -13.6% | — |
| 2013 | +1.4% | — |
| 2012 | +26.0% | — |
| 2011 | -24.1% | — |
| 2010 | +25.2% | — |
| 2009 | +35.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.6% over that stretch · deepest drop along the way 40.8%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.3% over that stretch · deepest drop along the way 31.3%, back to its old high 32.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2700 | -12.9% |
| 2023 | $0.3100 | -46.6% |
| 2022 | $0.5800 | -31.0% |
| 2021 | $0.8400 | +5.0% |
| 2020 | $0.8000 | -38.0% |
| 2019 | $1.2900 | +279.4% |
| 2018 | $0.3400 | -30.6% |
| 2017 | $0.4900 | -7.5% |
| 2016 | $0.5300 | +35.9% |
| 2015 | $0.3900 | -48.7% |
| 2014 | $0.7600 | -8.4% |
| 2013 | $0.8300 | -21.7% |
| 2012 | $1.0600 | +9.3% |
| 2011 | $0.9700 | +155.3% |
| 2010 | $0.3800 | +65.2% |
| 2009 | $0.2300 |
What's inside
As of Jun 30, 2026, the fund held 72 securities; the ten largest made up 37.01% of assets, and 2.17% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Attijariwafa Bank | 5.75% | |
| Endeavour Mining PLC | 4.45% | |
| Anglogold Ashanti Plc | 4.29% | |
| Naspers Ltd | 3.97% | |
| FirstRand Ltd | 3.65% | |
| Ivanhoe Mines Ltd | 3.14% | |
| Banque Centrale Populaire | 3.13% | |
| Safaricom PLC | 2.99% | |
| Gold Fields Ltd | 2.86% | |
| Standard Bank Group Ltd | 2.79% | |
| Societe d'Exploitation des Ports | 2.70% | |
| Capitec Bank Holdings Ltd | 2.68% | |
| IAMGOLD Corp | 2.64% | |
| Barrick Mining Corp | 2.62% | |
| Aradel Holdings PLC | 2.61% |
By country
South Africa 34.36%Canada 16.81%MA 14.6%United Kingdom 13.06%NG 6.48%By asset type
Stocks 100%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $16.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.58%, +2.59%, -6.95%.
How it works
VanEck Africa Index ETF aims to match, before fees, the price and yield performance of the MVIS GDP Africa Index. It does not try to beat the index or move to cash defensively, and it normally keeps at least 80% of its assets in index securities. The index counts two kinds of companies as African: local listings of companies incorporated in Africa, and companies based elsewhere with at least 50% of revenues or related assets in Africa. That second rule is why UK- and Canada-based miners such as Endeavour Mining, AngloGold Ashanti and Ivanhoe Mines rank among the top holdings.
Weighting starts with countries. Each country's share is set by its gross domestic product (GDP, the value of everything an economy produces) relative to the other countries in the index, subject to country and single-company limits. As of December 31, 2025, the index held 65 stocks worth about $1.01 billion to $76.07 billion each. The prospectus lists portfolio turnover, a gauge of trading activity, of 36%.
This is a plain stock fund with no leverage, options or swaps. The June 30, 2026 holdings report listed 72 holdings, no derivatives and about 2% cash. The 10 largest made up 37% of assets, led by Morocco's Attijariwafa Bank at 5.7%. South Africa was 34%, Canada 17%, Morocco 15% and the UK 13%.
What it really costs
- AFK charges 0.76% a year.
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $78 in the first year and $942 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AFK | $78 | $243 | $422 | $942 |
In a retirement portfolio
It holds a narrow group of frontier and emerging market stocks, its losses have been deep and its recoveries slow, so it fits best as a small add-on rather than a foundation.
AFK could add African banks, miners and telecom companies that broad global funds own little of. History shows the price of that exposure. The fund fell 40.8% in the 2020 COVID crash and recovered in about 8 months. In 2022 it dropped 31.3% and took nearly 33 months, until July 2025, to recover. Its deepest fall was 62.5%, from July 2008 to March 2020, and it did not regain that 2008 high until December 2025. Its worst calendar year was 2015, when it lost 29.9%. Anyone who has to sell shares in a bad year could lock in large losses. Income is modest: the trailing yield was 1.04% as of October 27, 2026, paid once a year. Expenses are 0.76%, or $78 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, deliberate slice of African stocks, including Moroccan, Nigerian and Kenyan companies that broad emerging market funds own little of.
- People who like the idea of weighting countries by economic size rather than stock market size, and accept a heavy tilt toward banks and gold miners.
- Long-term holders who can live through 30% to 60% drops and multiyear recoveries without needing to sell shares.
Look elsewhere if
- Retirees who need steady income: the trailing yield was 1.04% as of October 27, 2026, paid once a year.
- Cost-focused investors: the 0.76% expense ratio means $942 over 10 years on $10,000 in the SEC's standard example.
- Anyone seeking a core holding: over the 10 years to December 31, 2025, it returned 6.62% a year versus 11.72% for the MSCI ACWI Index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is AFK good for a retirement portfolio?
AFK makes more sense as a small, high-risk add-on than as a main retirement holding. It fell 62.5% from its July 2008 peak to March 2020 and did not regain that high until December 2025. In the 2022 bear market it dropped 31.3% and took nearly 33 months to recover. Its yield was 1.04% as of October 27, 2026, paid once a year. Investors who may need to sell in a downturn could be hit hard.
Why does the VanEck Africa ETF hold Canadian and UK stocks?
The MVIS GDP Africa Index counts companies listed outside Africa if at least half their revenue or assets are in Africa. That brings in miners such as Endeavour Mining and AngloGold Ashanti, listed in the UK, and Ivanhoe Mines, IAMGOLD and Barrick, listed in Canada. As of June 30, 2026, Canadian listings made up 16.8% of the fund and UK listings 13.1%. Its largest single holding was Morocco's Attijariwafa Bank, at 5.7%.
What is the expense ratio of AFK?
AFK's expense ratio is 0.76% a year, according to its prospectus filed April 29, 2026. That includes a 0.50% management fee, and no fee waiver applies. In the SEC's standard example, $10,000 earning 5% a year would cost about $78 after one year, $422 after five years and $942 after ten. Few funds focus only on Africa, so it is hard to compare this cost with close rivals.
Does AFK pay dividends?
Yes, but only once a year, and the amount is small. Over the 12 months to October 27, 2026, AFK paid about $0.27 per share, a trailing yield of 1.04%. Many of its holdings are banks and miners whose dividends can rise and fall with profits and commodity prices. Payouts are also converted from local currencies, so a stronger US dollar can shrink them.
How has AFK performed compared with global stocks?
Over the long run AFK has trailed global stocks, though it has had standout years. As of December 31, 2025, it returned 6.62% a year over 10 years and 7.67% a year over five years. The MSCI ACWI Index, a broad global stock index, returned 11.72% and 11.19% over the same periods. In 2025 AFK gained 68.5% against 22.34% for the index, but it lost money in 2022 and again in 2023.