<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001137360</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000022901</seriesId>
        <classId>C000066393</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>VanEck Vectors ETF Trust</regName>
      <regFileNumber>811-10325</regFileNumber>
      <regCik>0001137360</regCik>
      <regLei>549300ZLFKNTXC51ZN76</regLei>
      <regStreet1>666 THIRD AVENUE, 9TH FLOOR</regStreet1>
      <regCity>NEW YORK</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10017</regZipOrPostalCode>
      <regPhone>212-293-2000</regPhone>
      <seriesName>VanEck Vectors Africa Index ETF</seriesName>
      <seriesId>S000022901</seriesId>
      <seriesLei>549300T4XTKM8K058620</seriesLei>
      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>40710143.23</totAssets>
      <totLiabs>1084774.32</totLiabs>
      <netAssets>39625368.91</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>338999.69000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>710435.12000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="278754.90000000" lei="1V8Y6QCX6YMJ2OELII46" name="Credit Suisse Securities (USA) LLC"/>
        <borrower aggrVal="493775.14972500" lei="549300BLWPABP1VNME36" name="Scotia Capital (USA) Inc."/>
        <borrower aggrVal="158254.93210900" lei="MBNUM2BPBDO7JBLYG310" name="Citigroup Global Markets Inc."/>
        <borrower aggrVal="104582.92952900" lei="58PU97L1C0WSRCWADL48" name="Jefferies LLC"/>
        <borrower aggrVal="228749.89390000" lei="AC28XWWI3WIBK2824319" name="Barclays Capital Inc."/>
        <borrower aggrVal="364795.49793200" lei="FOR8UP27PHTHYVLBNG30" name="Goldman Sachs &amp; Co. LLC"/>
        <borrower aggrVal="56534.50000000" lei="T6FIZBDPKLYJKFCRVK44" name="UBS Securities LLC"/>
        <borrower aggrVal="286841.91937500" lei="ZBUT11V806EZRVTWT807" name="J.P. Morgan Securities LLC"/>
        <borrower aggrVal="42482.36000000" lei="571474TGEMMWANRLN572" name="State Street Bank and Trust Company"/>
      </borrowers>
      <aggregateCondition isNonCashCollateral="Y">
        <aggregateInfos>
          <aggregateInfo amt="1276119.33000000" collatrl="1494899.93000000">
            <invstCat>UST</invstCat>
          </aggregateInfo>
        </aggregateInfos>
      </aggregateCondition>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000066393" rtn1="15.36000000" rtn2="3.58000000" rtn3="7.56000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="106914.46000000" netUnrealizedAppr="4999261.75000000"/>
        <othMon2 netRealizedGain="422.06000000" netUnrealizedAppr="1030464.10000000"/>
        <othMon3 netRealizedGain="-1718813.92000000" netUnrealizedAppr="4110096.90000000"/>
      </returnInfo>
      <mon1Flow redemption="696293.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Nedbank Group Ltd</name>
        <lei>N/A</lei>
        <title>Nedbank Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000004875"/>
        </identifiers>
        <balance>19842.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>116190.83000000</valUSD>
        <pctVal>0.293223339482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maroc Telecom</name>
        <lei>254900LH0G1ZIZ78Y462</lei>
        <title>Maroc Telecom</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MA0000011488"/>
        </identifiers>
        <balance>144014.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.70950000"/>
        <valUSD>2054369.67000000</valUSD>
        <pctVal>5.184480867966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MakeMyTrip Ltd</name>
        <lei>529900DNT8HNJ7RYUO60</lei>
        <title>MakeMyTrip Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MU0295S00016"/>
        </identifiers>
        <balance>51847.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>794296.04000000</valUSD>
        <pctVal>2.004513930972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="42482.36000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Molybdenum Co Ltd</name>
        <lei>2549008KG3638J59U652</lei>
        <title>China Molybdenum Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100000114"/>
        </identifiers>
        <balance>2394000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75045000"/>
        <valUSD>790408.73000000</valUSD>
        <pctVal>1.994703776248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="397178.61292200"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coronation Fund Managers Ltd</name>
        <lei>3789001BC9A294E6FF77</lei>
        <title>Coronation Fund Managers Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000047353"/>
        </identifiers>
        <balance>17737.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>40884.63000000</valUSD>
        <pctVal>0.103177916381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3681.16005900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PSG Group Ltd</name>
        <lei>378900CD0BEE79F35A34</lei>
        <title>PSG Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000013017"/>
        </identifiers>
        <balance>13330.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>121710.29000000</valUSD>
        <pctVal>0.307152446394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sappi Ltd</name>
        <lei>549300SSI7XQH8ESJG95</lei>
        <title>Sappi Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000006284"/>
        </identifiers>
        <balance>23286.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>36371.56000000</valUSD>
        <pctVal>0.091788571313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equity Group Holdings PLC/Kenya</name>
        <lei>N/A</lei>
        <title>Equity Group Holdings PLC/Kenya</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KE0000000554"/>
        </identifiers>
        <balance>2945500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="106.55000000"/>
        <valUSD>959257.16000000</valUSD>
        <pctVal>2.420815720804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tiger Brands Ltd</name>
        <lei>529900C57HAFZAHHBC90</lei>
        <title>Tiger Brands Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000071080"/>
        </identifiers>
        <balance>7926.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>81449.32000000</valUSD>
        <pctVal>0.205548420722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AngloGold Ashanti Ltd</name>
        <lei>378900EF3BA9A5F42A59</lei>
        <title>AngloGold Ashanti Ltd</title>
        <cusip>035128206</cusip>
        <identifiers>
          <isin value="US0351282068"/>
        </identifiers>
        <balance>17703.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>522061.47000000</valUSD>
        <pctVal>1.317493021164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanlam Ltd</name>
        <lei>37890014418406D9FC23</lei>
        <title>Sanlam Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000070660"/>
        </identifiers>
        <balance>114582.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>389266.89000000</valUSD>
        <pctVal>0.982367863587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exxaro Resources Ltd</name>
        <lei>378900BC3D9BFF4E4A37</lei>
        <title>Exxaro Resources Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000084992"/>
        </identifiers>
        <balance>18724.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>141146.11000000</valUSD>
        <pctVal>0.356201377760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Growthpoint Properties Ltd</name>
        <lei>37890019DD1E46632291</lei>
        <title>Growthpoint Properties Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000179420"/>
        </identifiers>
        <balance>180306.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>139116.49000000</valUSD>
        <pctVal>0.351079356045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>Anglo American PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1XZS820"/>
        </identifiers>
        <balance>76228.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80932300"/>
        <valUSD>1752336.31000000</valUSD>
        <pctVal>4.422258664594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American Platinum Ltd</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Anglo American Platinum Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
        </identifiers>
        <balance>4625.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>336160.93000000</valUSD>
        <pctVal>0.848347761161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mr Price Group Ltd</name>
        <lei>378900D3417C35C5D733</lei>
        <title>Mr Price Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000200457"/>
        </identifiers>
        <balance>14567.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>120299.82000000</valUSD>
        <pctVal>0.303592933792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Investec PLC</name>
        <lei>2138007Z3U5GWDN3MY22</lei>
        <title>Investec PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B17BBQ50"/>
        </identifiers>
        <balance>43601.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80932300"/>
        <valUSD>87241.76000000</valUSD>
        <pctVal>0.220166429738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bid Corp Ltd</name>
        <lei>N/A</lei>
        <title>Bid Corp Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000216537"/>
        </identifiers>
        <balance>16757.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>274807.24000000</valUSD>
        <pctVal>0.693513391948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FirstRand Ltd</name>
        <lei>N/A</lei>
        <title>FirstRand Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000066304"/>
        </identifiers>
        <balance>316903.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>695992.42000000</valUSD>
        <pctVal>1.756431395202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kumba Iron Ore Ltd</name>
        <lei>3789006C753402643048</lei>
        <title>Kumba Iron Ore Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000085346"/>
        </identifiers>
        <balance>4083.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>109041.40000000</valUSD>
        <pctVal>0.275180781906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Impala Platinum Holdings Ltd</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
        </identifiers>
        <balance>40516.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>272504.28000000</valUSD>
        <pctVal>0.687701559621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1304.81373600"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Standard Bank Group Ltd</name>
        <lei>2549003PEZXUT7MDBU41</lei>
        <title>Standard Bank Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000109815"/>
        </identifiers>
        <balance>80933.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>487897.63000000</valUSD>
        <pctVal>1.231275931104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Absa Group Ltd</name>
        <lei>2138006IPPRD4N6XLT30</lei>
        <title>Absa Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000255915"/>
        </identifiers>
        <balance>44251.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>218176.82000000</valUSD>
        <pctVal>0.550598836052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scatec Solar ASA</name>
        <lei>5967007LIEEXZXIARK36</lei>
        <title>Scatec Solar ASA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0010715139"/>
        </identifiers>
        <balance>6263.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.64700000"/>
        <valUSD>102132.81000000</valUSD>
        <pctVal>0.257746016780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mediclinic International PLC</name>
        <lei>2138002S5BSBIZTD5I60</lei>
        <title>Mediclinic International PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B8HX8Z88"/>
        </identifiers>
        <balance>25288.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80932300"/>
        <valUSD>82839.26000000</valUSD>
        <pctVal>0.209056123081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centamin PLC</name>
        <lei>213800PDI9G7OUKLPV84</lei>
        <title>Centamin PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JE00B5TT1872"/>
        </identifiers>
        <balance>208699.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80932300"/>
        <valUSD>475046.33000000</valUSD>
        <pctVal>1.198843930207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LR0008862868"/>
        </identifiers>
        <balance>15869.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>798210.70000000</valUSD>
        <pctVal>2.014393107135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>5493008BJIBKQ5KTIF74</lei>
        <title>State Street Navigator Securities Lending Government Money Market Portfolio</title>
        <cusip>857492706</cusip>
        <identifiers>
          <isin value="US8574927062"/>
        </identifiers>
        <balance>593469.60000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>593469.60000000</valUSD>
        <pctVal>1.497701135219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="593469.60000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Life Healthcare Group Holdings Ltd</name>
        <lei>529900NEEWARTDD80135</lei>
        <title>Life Healthcare Group Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000145892"/>
        </identifiers>
        <balance>84252.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>81054.00000000</valUSD>
        <pctVal>0.204550777013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banque Centrale Populaire</name>
        <lei>54930083GPEJRQSDDR70</lei>
        <title>Banque Centrale Populaire</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MA0000011884"/>
        </identifiers>
        <balance>66734.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.70950000"/>
        <valUSD>1510699.13000000</valUSD>
        <pctVal>3.812454423910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sibanye Stillwater Ltd</name>
        <lei>378900F238434B74D281</lei>
        <title>Sibanye Stillwater Ltd</title>
        <cusip>82575P107</cusip>
        <identifiers>
          <isin value="US82575P1075"/>
        </identifiers>
        <balance>33923.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>293433.95000000</valUSD>
        <pctVal>0.740520424343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="278754.90000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clicks Group Ltd</name>
        <lei>378900E967958A677472</lei>
        <title>Clicks Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000134854"/>
        </identifiers>
        <balance>12980.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>157381.47000000</valUSD>
        <pctVal>0.397173513658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fortress REIT Ltd</name>
        <lei>378900FE98E30F24D975</lei>
        <title>Fortress REIT Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000248498"/>
        </identifiers>
        <balance>67530.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>48356.37000000</valUSD>
        <pctVal>0.122033867015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MTN Nigeria Communications PLC</name>
        <lei>0292003626J3K6UG9D04</lei>
        <title>MTN Nigeria Communications PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NGMTNN000002"/>
        </identifiers>
        <balance>3430729.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NGN" exchangeRt="386.58000000"/>
        <valUSD>1042761.28000000</valUSD>
        <pctVal>2.631549708391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MTN Group Ltd</name>
        <lei>2549009JD6Q6XHZS5E05</lei>
        <title>MTN Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000042164"/>
        </identifiers>
        <balance>96950.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>296538.35000000</valUSD>
        <pctVal>0.748354799354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="94473.23295100"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPAR Group Ltd/The</name>
        <lei>N/A</lei>
        <title>SPAR Group Ltd/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000058517"/>
        </identifiers>
        <balance>8904.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>87979.89000000</valUSD>
        <pctVal>0.222029201039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guaranty Trust Bank PLC</name>
        <lei>0292001868F6N5VI5G15</lei>
        <title>Guaranty Trust Bank PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NGGUARANTY06"/>
        </identifiers>
        <balance>23621856.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NGN" exchangeRt="386.58000000"/>
        <valUSD>1367908.57000000</valUSD>
        <pctVal>3.452103053240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Old Mutual Ltd</name>
        <lei>213800MON84ZWWPQCN47</lei>
        <title>Old Mutual Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000255360"/>
        </identifiers>
        <balance>284398.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>197966.82000000</valUSD>
        <pctVal>0.499596156315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pick n Pay Stores Ltd</name>
        <lei>N/A</lei>
        <title>Pick n Pay Stores Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000005443"/>
        </identifiers>
        <balance>23181.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>68136.65000000</valUSD>
        <pctVal>0.171952089972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RMB Holdings Ltd</name>
        <lei>529900RTFEWVDQQ0N866</lei>
        <title>RMB Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000024501"/>
        </identifiers>
        <balance>78951.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>7474.78000000</valUSD>
        <pctVal>0.018863622486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5979.73616000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Redefine Properties Ltd</name>
        <lei>37890061EC026A7DA532</lei>
        <title>Redefine Properties Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000190252"/>
        </identifiers>
        <balance>328310.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>63032.25000000</valUSD>
        <pctVal>0.159070443339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
        </identifiers>
        <balance>269102.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1062952.90000000</valUSD>
        <pctVal>2.682506003702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Discovery Ltd</name>
        <lei>378900245A26169C8132</lei>
        <title>Discovery Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000022331"/>
        </identifiers>
        <balance>26507.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>159919.32000000</valUSD>
        <pctVal>0.403578122801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shoprite Holdings Ltd</name>
        <lei>529900Q4O1EYP6NH5150</lei>
        <title>Shoprite Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000012084"/>
        </identifiers>
        <balance>26898.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>165103.41000000</valUSD>
        <pctVal>0.416660877971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Foschini Group Ltd/The</name>
        <lei>N/A</lei>
        <title>Foschini Group Ltd/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000148466"/>
        </identifiers>
        <balance>12711.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>47185.01000000</valUSD>
        <pctVal>0.119077780972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Quantum Minerals Ltd</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA3359341052"/>
        </identifiers>
        <balance>137034.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36200000"/>
        <valUSD>1088625.46000000</valUSD>
        <pctVal>2.747294195475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delta Corp Ltd/Zimbabwe</name>
        <lei>N/A</lei>
        <title>Delta Corp Ltd/Zimbabwe</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZW0009011199"/>
        </identifiers>
        <balance>15980.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZWD" exchangeRt="57.35820000"/>
        <valUSD>6825.70000000</valUSD>
        <pctVal>0.017225580954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>East African Breweries Ltd</name>
        <lei>N/A</lei>
        <title>East African Breweries Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KE0000000216"/>
        </identifiers>
        <balance>371700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="106.55000000"/>
        <valUSD>566881.75000000</valUSD>
        <pctVal>1.430603084825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Momentum Metropolitan Holdings</name>
        <lei>N/A</lei>
        <title>Momentum Metropolitan Holdings</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000269890"/>
        </identifiers>
        <balance>66998.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>68092.66000000</valUSD>
        <pctVal>0.171841075233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Resilient REIT Ltd</name>
        <lei>378900F37FF47D486C58</lei>
        <title>Resilient REIT Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000209557"/>
        </identifiers>
        <balance>18797.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>46868.29000000</valUSD>
        <pctVal>0.118278495037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVI Ltd</name>
        <lei>378900C2D68805FAAF75</lei>
        <title>AVI Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000049433"/>
        </identifiers>
        <balance>21036.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>85448.65000000</valUSD>
        <pctVal>0.215641273130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nestle Nigeria PLC</name>
        <lei>0292002173F4KD5E5347</lei>
        <title>Nestle Nigeria PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NGNESTLE0006"/>
        </identifiers>
        <balance>216307.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NGN" exchangeRt="386.58000000"/>
        <valUSD>703229.96000000</valUSD>
        <pctVal>1.774696310328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bidvest Group Ltd/The</name>
        <lei>5299002ARE4TRMIRGM72</lei>
        <title>Bidvest Group Ltd/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000117321"/>
        </identifiers>
        <balance>19538.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>160097.95000000</valUSD>
        <pctVal>0.404028919866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivanhoe Mines Ltd</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA46579R1047"/>
        </identifiers>
        <balance>429470.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36200000"/>
        <valUSD>1213993.76000000</valUSD>
        <pctVal>3.063678126902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1065901.46300000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Attijariwafa Bank</name>
        <lei>213800NKX83414QQZ664</lei>
        <title>Attijariwafa Bank</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MA0000011926"/>
        </identifiers>
        <balance>57024.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.70950000"/>
        <valUSD>2082253.11000000</valUSD>
        <pctVal>5.254848515680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capitec Bank Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Capitec Bank Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000035861"/>
        </identifiers>
        <balance>3621.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>179731.50000000</valUSD>
        <pctVal>0.453576849740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Golden Agri-Resources Ltd</name>
        <lei>529900GAK9LTNC3IFY40</lei>
        <title>Golden Agri-Resources Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MU0117U00026"/>
        </identifiers>
        <balance>9783400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.39505000"/>
        <valUSD>1045895.64000000</valUSD>
        <pctVal>2.639459691531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sasol Ltd</name>
        <lei>N/A</lei>
        <title>Sasol Ltd</title>
        <cusip>803866300</cusip>
        <identifiers>
          <isin value="US8038663006"/>
        </identifiers>
        <balance>29877.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>230351.67000000</valUSD>
        <pctVal>0.581323723504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Remgro Ltd</name>
        <lei>N/A</lei>
        <title>Remgro Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000026480"/>
        </identifiers>
        <balance>31570.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>182032.56000000</valUSD>
        <pctVal>0.459383887159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Netcare Ltd</name>
        <lei>N/A</lei>
        <title>Netcare Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000011953"/>
        </identifiers>
        <balance>64386.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>50545.33000000</valUSD>
        <pctVal>0.127558004859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Woolworths Holdings Ltd/South Africa</name>
        <lei>N/A</lei>
        <title>Woolworths Holdings Ltd/South Africa</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000063863"/>
        </identifiers>
        <balance>47696.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>91038.50000000</valUSD>
        <pctVal>0.229748018767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safaricom PLC</name>
        <lei>N/A</lei>
        <title>Safaricom PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KE1000001402"/>
        </identifiers>
        <balance>8884200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="106.55000000"/>
        <valUSD>2391612.47000000</valUSD>
        <pctVal>6.035558875002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Naspers Ltd</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>Naspers Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000015889"/>
        </identifiers>
        <balance>18332.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>3364697.49000000</valUSD>
        <pctVal>8.491271078490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Africa</name>
        <lei>21380047DNBRQ54F9W43</lei>
        <title>Bank of Africa</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MA0000012437"/>
        </identifiers>
        <balance>36844.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.70950000"/>
        <valUSD>531248.78000000</valUSD>
        <pctVal>1.340678445686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rand Merchant Investment Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Rand Merchant Investment Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000210688"/>
        </identifiers>
        <balance>46832.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>78752.33000000</valUSD>
        <pctVal>0.198742200177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="30093.77043200"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northam Platinum Ltd</name>
        <lei>378900EB75D7D2C73323</lei>
        <title>Northam Platinum Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000030912"/>
        </identifiers>
        <balance>11784.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>79374.92000000</valUSD>
        <pctVal>0.200313390596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Truworths International Ltd</name>
        <lei>N/A</lei>
        <title>Truworths International Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000028296"/>
        </identifiers>
        <balance>21800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>42665.14000000</valUSD>
        <pctVal>0.107671275179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ninety One PLC</name>
        <lei>549300G0TJCT3K15ZG14</lei>
        <title>Ninety One PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BJHPLV88"/>
        </identifiers>
        <balance>26000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80932300"/>
        <valUSD>66591.39000000</valUSD>
        <pctVal>0.168052416499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barrick Gold Corp</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp</title>
        <cusip>067901108</cusip>
        <identifiers>
          <isin value="CA0679011084"/>
        </identifiers>
        <balance>72426.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1951156.44000000</valUSD>
        <pctVal>4.924008264583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cosumar</name>
        <lei>N/A</lei>
        <title>Cosumar</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MA0000012247"/>
        </identifiers>
        <balance>35761.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.70950000"/>
        <valUSD>751237.41000000</valUSD>
        <pctVal>1.895849630337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B2Gold Corp</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
        </identifiers>
        <balance>37100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>211099.00000000</valUSD>
        <pctVal>0.532736996037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commercial International Bank Egypt SAE</name>
        <lei>213800FIIXJAMEVRIH48</lei>
        <title>Commercial International Bank Egypt SAE</title>
        <cusip>201712205</cusip>
        <identifiers>
          <isin value="US2017122050"/>
        </identifiers>
        <balance>395868.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1534292.53000000</valUSD>
        <pctVal>3.871995573050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zenith Bank PLC</name>
        <lei>029200268F8M5YI5I629</lei>
        <title>Zenith Bank PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NGZENITHBNK9"/>
        </identifiers>
        <balance>22427327.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NGN" exchangeRt="386.58000000"/>
        <valUSD>950616.93000000</valUSD>
        <pctVal>2.399010926962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MultiChoice Group</name>
        <lei>254900BVQQ7DFBMSVJ81</lei>
        <title>MultiChoice Group</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000265971"/>
        </identifiers>
        <balance>23758.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>145097.06000000</valUSD>
        <pctVal>0.366172136667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gold Fields Ltd</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd</title>
        <cusip>38059T106</cusip>
        <identifiers>
          <isin value="US38059T1060"/>
        </identifiers>
        <balance>48084.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>451989.60000000</valUSD>
        <pctVal>1.140657140698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aspen Pharmacare Holdings Ltd</name>
        <lei>635400ZYSN1IRD5QWQ94</lei>
        <title>Aspen Pharmacare Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000066692"/>
        </identifiers>
        <balance>26889.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>223058.30000000</valUSD>
        <pctVal>0.562917913790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cassava Smartech Zimbabwe Ltd</name>
        <lei>N/A</lei>
        <title>Cassava Smartech Zimbabwe Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZW0009012361"/>
        </identifiers>
        <balance>32900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZWD" exchangeRt="57.35820000"/>
        <valUSD>4703.43000000</valUSD>
        <pctVal>0.011869744381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vodacom Group Ltd</name>
        <lei>37890012A8DC24B8D663</lei>
        <title>Vodacom Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000132577"/>
        </identifiers>
        <balance>27379.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.37500000"/>
        <valUSD>194017.94000000</valUSD>
        <pctVal>0.489630621334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="94922.03331000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Harmony Gold Mining Co Ltd</name>
        <lei>378900986D05F0C29811</lei>
        <title>Harmony Gold Mining Co Ltd</title>
        <cusip>413216300</cusip>
        <identifiers>
          <isin value="US4132163001"/>
        </identifiers>
        <balance>29948.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>124883.16000000</valUSD>
        <pctVal>0.315159614749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-07-24</ncom:dateSigned>
      <ncom:nameOfApplicant>VanEck Vectors ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>James Parker</ncom:signature>
      <ncom:signerName>James Parker</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
