SIAML Pension ETF 40 plunges 44% in August as NGX ETFs slide broadly
SIAML Pension ETF 40 fell 43.86% to close at N1,742.00 from N3,103.00 in August 2026, leading a broad decline across NGX‑listed ETFs where ten of twelve funds lost value and only the Vetiva Banking ETF and Vetiva Griffin 30 ETF gained 2.83% each. Total ETF trading volume dropped to 9.81 million units with transaction value of N2.10 billion, down 23% and 12% respectively from July, as price corrections reduced naira‑denominated trade size.
The downturn highlights how thin liquidity on the NGX can cause ETF prices to deviate sharply from net asset value, meaning investor losses may reflect trading activity more than underlying asset fundamentals. Notable losers included the Stanbic IBTC ETF 30 (−41.07% to N1,650), Greenwich Alpha ETF (−17.21% to N760), NewGold ETF (−6.36% to N103,000), and several Vetiva and Meristem funds, with many shedding hundreds of millions in market capitalization; SIAML’s market cap slipped to N11.24 billion from N20.01 billion, breaking the N20bn threshold it had crossed in July.
With price swings driven more by trading flows than asset changes, investors should consider whether to reassess ETF allocations, prioritize net asset value over market price, or explore less‑volatile, more liquid alternatives for their portfolios.