ETFs slump in October as Stanbic IBTC ETF 30 falls 32.66%

Ten of the twelve Exchange Traded Funds listed on the Nigerian Exchange closed October 2026 lower, with Stanbic IBTC ETF 30 recording the steepest monthly decline at 32.66%. 

Nairametrics Research analysis of NGX trading data shows that the combined market capitalization of the twelve ETFs fell 15.61% to N46.51 billion from N55.11 billion, representing a loss of N8.60 billion during the month. 

Trading activity also weakened, with total ETF volume falling 33.75% to 6.73 million units from 10.16 million units in September, while transaction value declined 17.50% to N1.99 billion from N2.41 billion. 

Only Vetiva Industrial ETF and Vetiva S&P Nigeria Sovereign Bond ETF posted gains during October. Returns are calculated from September 30 closing prices to October 30, the final trading day of the month. 

ETF prices on the NGX may deviate significantly from net asset value because of relatively thin market liquidity. 

Stanbic, SIAML lead October losses 

Stanbic IBTC ETF 30 fell 32.66% to N1,000.00 from N1,485.00, while SIAML Pension ETF 40 declined 32.49% to N1,600.00 from N2,370.00. The two funds recorded the sharpest declines among the twelve ETFs tracked during October. 

Together, Stanbic IBTC ETF 30 and SIAML Pension ETF 40 accounted for about 77% of the N8.60 billion decline in combined ETF market capitalization. 

• NewGold ETF declined 15.22% to N78,000.01, while Vetiva Consumer Goods ETF fell 11.22% to N43.50. 

• Meristem Value ETF and Meristem Growth ETF lost 6.22% and 6.18%, respectively, while Vetiva Griffin 30 ETF declined 4.76%. 

• Greenwich Alpha ETF fell 3.46%, Lotus Halal Equity ETF lost 2.59%, and Vetiva Banking ETF declined 2.17%. 

On the gaining side, Vetiva Industrial ETF rose 3.10% to N114.99, while Vetiva S&P Nigeria Sovereign Bond ETF advanced 1.23% to N209.90. 

The selloff also changed the market-capitalization ranking, with Vetiva Griffin 30 ETF moving into first place at N14.01 billion as SIAML Pension ETF 40 fell to N10.32 billion. 

Vetiva Industrial takes YTD lead 

October’s declines reshuffled the year-to-date ETF performance table, with Vetiva Industrial ETF taking the lead at 91.65% since January 2. 

• The fund overtook Greenwich Alpha ETF by less than one percentage point. Greenwich Alpha led at the end of September with a return of 97.63% before closing October at 90.79%. 

• Stanbic IBTC ETF 30 recorded one of the sharpest reversals, with its year-to-date return falling to 3.18% from 53.22% at the end of September and 219.64% at the end of June, when it led the first-half ranking. 

• SIAML Pension ETF 40 moved into negative territory with a year-to-date decline of 9.93%, compared with a gain of 33.42% at the end of September. 

• Vetiva S&P Nigeria Sovereign Bond ETF remained negative for the year, with a decline of 3.05%, despite its positive October performance. 

Eight of the twelve ETFs were positive year to date, down from nine at the end of September, while four were negative, including Meristem Value ETF and Meristem Growth ETF, with declines of 66.04% and 71.30%, respectively. 

The October performance narrowed gains for some of the market’s strongest first-half performers, notably Stanbic IBTC ETF 30, Vetiva Griffin 30 ETF and NewGold ETF, while changing the composition of the year-to-date leaders. 

ETF trading activity weakens in October 

Trading activity weakened in October, with total ETF volume falling 33.75% to 6.73 million units and transaction value declining 17.50% to N1.99 billion. The decline followed September trading volume of 10.16 million units valued at N2.41 billion. 

However, cumulative trading activity for the first ten months of 2026 reached 159.78 million units valued at N27.29 billion, compared with 153.05 million units worth N25.30 billion at the end of September. 

• Stanbic IBTC ETF 30 recorded the highest traded value in October at N1.10 billion, representing about 55% of total ETF transaction value, despite trading only 979,234 units. 

• SIAML Pension ETF 40 followed with N338.11 million in traded value, while NewGold ETF recorded N178.35 million. 

• Vetiva Banking ETF led by volume with 2.63 million units, followed by Stanbic IBTC ETF 30 with 979,234 units and Vetiva Griffin 30 ETF with 892,069 units. 

• NewGold ETF remained the least traded by volume with 2,050 units, although its high unit price generated N178.35 million in transactions. 

Nairametrics had earlier reported that nine of the twelve ETFs were positive at the end of September, led by Greenwich Alpha ETF at 97.63%, highlighting how October’s price movements changed the market’s performance picture.