The SIAML Pension ETF 40 recorded the steepest decline among Exchange Traded Funds listed on the Nigerian Exchange in August 2026, falling 43.86% to lead a broad pullback across the segment, with ten of the twelve tracked funds recording losses and only two closing the month in positive territory. Nairametrics Research analysis of NGX trading data shows that August generated total trading volume of 9.81 million units, with total transaction value reaching N2.10 billion across all twelve funds. Price performance was broadly negative, with ten funds declining and only two advancing, representing a sharp reversal of the recovery recorded in July 2026. Trading activity also moderated relative to the prior month.
It is important to note that ETF price movements on the NGX may not fully reflect underlying asset values, as relatively thin liquidity can cause significant deviations from net asset value (NAV). Consequently, sharp price swings are often influenced more by trading activity than by changes in the fundamentals of the underlying assets. What the data is saying Price performance across the ETF segment was broadly negative in August 2026, with ten decliners and only two gainers. The Vetiva Banking ETF and the Vetiva Griffin 30 ETF both recorded gains of 2.83% for the month, the only two funds to close August higher. The Vetiva Banking ETF closed at N31.94 from N31.06 at the end of July, with market capitalization rising to N2.03 billion from N1.98 billion. The Vetiva Griffin 30 ETF closed at N109.00 from N106.00, with market capitalization increasing to N15.74 billion from N15.31 billion, retaining its position as the largest ETF by market capitalization.
On the losing side, ten ETFs closed August in negative territory. The Meristem Value Exchange Traded Fund recorded the most modest decline of the month, falling 0.64% to close at N139.10 from N140.00, with market capitalization easing to N1.85 billion from N1.87 billion. The Lotus Halal Equity ETF fell 3.77% to close at N125.10 from N130.00, while its market capitalization declined to N4.18 billion from N4.34 billion. The NewGold Exchange Traded Fund declined 6.36% to close at N103,000.00 from N110,000.00, with market capitalization falling to N5.50 billion from N5.87 billion. The Vetiva Industrial ETF fell 12.44% to close at N118.99 from N135.90, with market capitalization declining to N198.22 million from N226.39 million. The Meristem Growth Exchange Traded Fund declined 13.33% to close at N130.00 from N149.99, with market capitalization falling to N1.74 billion from N2.01 billion, partially reversing the partial recovery recorded in July.
The Vetiva Consumer Goods ETF fell 13.79% to close at N50.00 from N58.00, while its market capitalization declined to N185.25 million from N214.89 million. The Vetiva S&P Nigeria Sovereign Bond ETF declined 15.62% to close at N210.10 from N249.00, with market capitalization falling to N739.63 million from N876.57 million. The Greenwich Alpha ETF, which led the July recovery with a 30.41% gain, gave back a significant portion of those gains in August, declining 17.21% to close at N760.00 from N917.98, with market capitalization falling to N4.37 billion from N5.27 billion. The Stanbic IBTC ETF 30 recorded the second steepest decline of the month, falling 41.07% to close at N1,650.00 from N2,800.00. Its market capitalization dropped to N5.64 billion from N9.58 billion. The SIAML Pension ETF 40 recorded the steepest loss of the month, falling 43.86% to close at N1,742.00 from N3,103.00.
Its market capitalization dropped to N11.24 billion from N20.01 billion, ceding the N20 billion threshold it had crossed in July for the first time. More insights Total ETF trading volume in August stood at 9.81 million units, with total transaction value reaching N2.10 billion, representing a 23.0% decline in volume and a 12.3% decline in transaction value compared with July’s 12.74 million units and N2.39 billion respectively. The decline in activity coincided with the broad price correction across the segment, as falling prices reduced the naira value of transactions even where unit volumes held up. The Stanbic IBTC ETF 30 recorded the highest traded value at N1.02 billion, despite trading only 515,905 units, a reflection of its high unit price. The SIAML Pension ETF 40 followed with N289.20 million in transaction value, while the Vetiva Griffin 30 ETF recorded N175.62 million. In terms of volume, the Vetiva Banking ETF led the market with 5.12 million units traded. The Vetiva Griffin 30 ETF followed with 1.65 million units, while the Vetiva Consumer Goods ETF recorded 927,552 units.
The NewGold Exchange Traded Fund remained the least traded by volume in August, with just 1,599 units exchanged. Its high unit price, however, meant it still generated N162.64 million in transaction value during the month. What you should know In an earlier article published by Nairametrics, the July 2026 performance of NGX-listed ETFs was reported, covering price returns from July 1 to July 31, 2026. The Greenwich Alpha ETF led the July 2026 ranking with a 30.41% gain, closing at N917.98 from N703.92 at the start of the month, before giving back a significant portion of those gains in August with a 17.21% decline. Nine of the twelve tracked ETFs recorded gains in July 2026, with the SIAML Pension ETF 40 crossing the N20 billion market capitalization threshold for the first time. Both milestones were reversed in August, as the broader ETF segment experienced a sharp correction that erased much of the prior month’s recovery.
