Are There ETFs That Track Africa? The Best Options to Know

Can You Invest in Africa Through ETFs?

Yes. Several exchange-traded funds provide exposure to African equities, including the VanEck Africa Index ETF (AFK) and iShares MSCI South Africa ETF (EZA). These products allow eligible investors to obtain exposure to African companies through internationally accessible stock exchanges.

However, there is an important distinction between an ETF that tracks multiple African markets and one that focuses exclusively on a single country.

Investors should examine each fund’s holdings before assuming that it provides broad continental diversification.

What Is an Africa ETF?

An ETF is an investment fund whose shares trade on an exchange.

Most equity ETFs hold a portfolio of stocks selected according to an index or investment methodology.

Instead of purchasing shares in dozens of companies individually, an investor can buy shares in an ETF that already holds a collection of securities.

ETFs can simplify portfolio construction, although they still expose investors to stock market losses.

1. VanEck Africa Index ETF (AFK)

AFK seeks to track the MVIS GDP Africa Index, which includes African-incorporated companies and certain international companies deriving substantial business exposure from Africa.

The fund invests across several African countries and industries, including financial services, mining, telecommunications, and energy.

According to VanEck’s October 31, 2026 portfolio breakdown, its country exposure included approximately 37.4% South Africa, 12.5% Nigeria, 10.2% Morocco, and 5.3% Kenya.

The allocation also included companies domiciled outside Africa that generate significant African business exposure.

This means AFK provides diversified African economic exposure, but not necessarily direct, evenly weighted ownership of companies listed on every African exchange.

VanEck reported a net expense ratio of approximately 0.76% in early November 2026. Fees and holdings can change.

Investors can review the latest information on the official VanEck AFK fund page.

2. iShares MSCI South Africa ETF (EZA)

EZA seeks to track an index composed of South African equities, offering exposure to companies associated with one of Africa’s largest stock markets.

The ETF tracks the MSCI South Africa 25/50 Index.

Its portfolio provides exposure to businesses operating across financial services, mining, consumer industries, and other sectors.

According to BlackRock, the fund had an expense ratio of 0.59% in September 2026.

EZA may be suitable for investors who specifically want South African equities rather than a broader African portfolio.

The official iShares EZA page provides updated holdings, fees, and performance.

How Do These ETFs Compare?

Feature	AFK	EZA
Fund provider	VanEck	iShares
Primary exposure	Multiple African economies	South African equities
US ticker	AFK	EZA
Trading venue	NYSE Arca	NYSE Arca
Main consideration	Country and sector concentration	Single-country concentration

What Are the Limitations of Africa ETFs?

Africa-focused ETFs offer convenience, but their exposure can be uneven.

Some companies may be included because of African operations even though their shares are listed in London, Toronto, or another international financial center.

Smaller exchanges, including the BRVM, may have limited representation.

The result is that an investor holding an Africa ETF may have little or no direct exposure to specific West African companies.

ETFs also charge management expenses and may experience tracking differences, currency losses, and market volatility.

ETFs Versus Direct African Stock Investing

Investors seeking broad exposure may prefer an ETF, while those targeting individual companies may choose direct stock ownership.

For example, a person interested in a particular BRVM-listed telecommunications company may not obtain meaningful exposure through a pan-African ETF.

Daba Capital Markets allows investors to research individual securities across supported African exchanges.

Daba Pro provides additional research for investors evaluating company fundamentals.

The bottom line: Africa ETFs exist and can simplify investment access. AFK offers broader African economic exposure, while EZA focuses on South Africa. Investors seeking specific African companies may need direct market access rather than an ETF alone.