Exchange-traded funds listed on the Nigerian Exchange recorded weaker trading activity in May 2026, with the total value of transactions declining to N3.67 billion from N3.71 billion in April.

Data on NGX trading activity showed that total trading volume also slipped marginally month-on-month, falling to 25.92 million units from 26.90 million units, indicating a slight reduction in investor participation across the ETF segment.

Despite the decline in trading activity, market performance was largely positive during the month, as nine of the twelve tracked ETFs recorded gains while only three funds closed lower.

The performance marked a significant reversal from April, when almost the entire ETF market ended the month in negative territory.

ETF price movements on the NGX do not always mirror the underlying value of assets because relatively low liquidity levels can result in notable deviations from net asset value (NAV). As a result, sharp price changes are often driven more by trading activity than by changes in the fundamentals of the underlying assets.

Among the gainers, the SIAML Pension ETF 40 emerged as the best-performing fund, appreciating by 15.63 per cent to close at N6,809 from N5,888.48 recorded at the end of April. Its market capitalisation rose to N43.92 billion from N37.98 billion.

The Vetiva S&P Nigeria Sovereign Bond ETF followed with a gain of 13.15 per cent, closing at N294.20 compared with N260 in April. Its market capitalisation increased to N1.04 billion from N915.29 million.

Meristem Value ETF advanced by 13.05 per cent to close at N158, up from N139.76 in April. Its market capitalisation climbed to N2.11 billion from N1.86 billion.

The Vetiva Consumer Goods ETF gained 11.55 per cent to close at N56, while its market capitalisation increased to N207.48 million from N185.99 million.

Lotus Halal Equity ETF rose by 8.24 per cent to close at N130. Its market capitalisation improved to N4.34 billion from N4.01 billion.

Vetiva Industrial ETF also recorded a positive performance, gaining 6.43 per cent to close at N149. Its market capitalisation increased to N248.21 million from N233.22 million.

Vetiva Griffin 30 ETF appreciated by 5.15 per cent to close at N102. Market capitalisation rose to N14.73 billion from N14.01 billion.

Vetiva Banking ETF posted a gain of 4.21 per cent to close at N25.01, while its market capitalisation increased to N1.59 billion from N1.53 billion.

Stanbic IBTC ETF 30 advanced by 3.54 per cent to close at N4,089.90, compared with N3,950 at the end of April. However, its market capitalisation fell sharply to N13.99 billion from N22.56 billion, representing an estimated 38 per cent decline, likely due to a substantial reduction in units outstanding during the month.

On the losing side, three ETFs ended May in negative territory, namely Greenwich Alpha ETF, NewGold ETF and Meristem Growth ETF.

Greenwich Alpha ETF declined by 3.85 per cent to close at N1,000. Its market capitalisation decreased to N5.74 billion from N5.97 billion.

NewGold Exchange Traded Fund fell by 6.46 per cent to close at N139,379.99, down from N149,000 in April. Market capitalisation also declined to N7.44 billion from N7.96 billion.

Meristem Growth ETF recorded the steepest loss of the month, shedding 25.15 per cent to close at N102.10 from N136.40 in April. Its market capitalisation dropped to N1.37 billion from N1.83 billion.

Trading activity weakened slightly during May, with total volume traded falling to 25.92 million units from 26.90 million units in April.

The total value of transactions declined to N3.67 billion from N3.71 billion, representing a 1.1 per cent reduction in traded value and reflecting softer market participation.

Vetiva Griffin 30 ETF recorded the highest traded value during the month at N679.75 million, supported by a trading volume of 6.47 million units.

Stanbic IBTC ETF 30 followed with transactions worth N590.63 million, while SIAML Pension ETF 40 recorded a traded value of N449.88 million.

In terms of volume, Vetiva Banking ETF led the market with 9.52 million units traded.

Vetiva Griffin 30 ETF ranked second with 6.47 million units exchanged, while Meristem Growth ETF recorded a trading volume of 2.81 million units.

NewGold ETF remained the least traded fund by volume, with only 3,081 units exchanged during the month. Despite the low volume, its high unit price generated transaction value of N447.20 million.

In April 2026, ETF performance on the Nigerian Exchange was broadly negative, with eleven of the twelve tracked ETFs closing the month in the red.

Meristem Growth ETF recorded the sharpest decline in April, plunging 59.29 per cent to close at N136.40.

SIAML Pension ETF 40 followed closely, losing 58.74 per cent to close at N5,888.48.

Vetiva Griffin 30 ETF was the only fund to post a gain in April, rising by 3.24 per cent to close at N97 from N93.96.

Despite the widespread weakness in ETF prices during April, total trading volume stood at 26.90 million units, while total transaction value amounted to N3.71 billion across the twelve tracked funds.

Trading activity during April was led by Vetiva Banking ETF, which recorded the highest volume at 11.76 million units.

Stanbic IBTC ETF 30 posted the highest traded value in April at N709.87 million.