Greenwich Alpha ETF

Greenwich Alpha ETF is listed on the Nigerian Exchange (NGX) under the ticker symbol GREENWETF. It is managed by Greenwich Asset Management Limited and is designed to track the performance of the NGX 30 Index — a basket of the 30 most liquid and largest-capitalisation companies on the Nigerian Exchange. Listed in 2019, GREENWETF offers investors an alternative vehicle for accessing NGX 30 Index exposure, alongside the more widely traded STANBICETF30. The two funds track the same index but differ in manager, trading volume, and liquidity profile.

The fund seeks to replicate the performance of the NGX 30 Index by holding a portfolio that mirrors the 30 most liquid and largest-capitalisation stocks listed on the Nigerian Exchange, weighted by market capitalisation, aiming to deliver capital appreciation and dividend income over time.

GREENWETF is a passive index fund. The fund manager does not select which companies to buy based on individual analysis — the fund holds the companies in the NGX 30 Index at their prescribed market-cap weights. The aim is to deliver the return of the index, minus costs. If the NGX 30 rises 15%, the fund is designed to rise approximately 15% before costs. If it falls 20%, the fund falls approximately 20%. There is no active strategy designed to outperform or protect against the index.

The NGX 30 Index holds the 30 most liquid and largest-capitalisation companies listed on the Nigerian Exchange. Together these companies represent roughly 80% of the total value of all NGX-listed stocks, meaning when Nigeria's largest corporate names move, this ETF moves with them. The index is market-cap weighted — larger companies receive a proportionally larger portfolio weight. It is reviewed and rebalanced quarterly: if a company's market cap falls out of the top 30, it is replaced by the next qualifying name. This keeps the portfolio representative of the actual current reality of the Nigerian large-cap market.

GREENWETF tracks the same NGX 30 Index as STANBICETF30, which is managed by Stanbic IBTC Asset Management. Because they track the same benchmark, their underlying holdings and long-run performance should be very similar. The critical practical difference is trading volume. STANBICETF30 is Nigeria's most actively traded equity ETF and consistently records much higher daily transaction volumes. GREENWETF trades at considerably lower volumes. For an investor, this means a wider gap between the best available buy price and the best available sell price (the bid-ask spread), and potentially more difficulty executing larger orders at a specific target price. This does not make GREENWETF unsuitable — but the liquidity dimension must be understood before buying.

Because GREENWETF tracks the NGX 30 Index, the portfolio is concentrated in the sectors that dominate Nigerian large-cap equities: banking, telecommunications, and consumer goods and industrials. Due to the cap weighting, a handful of companies — such as MTN Nigeria, Dangote Cement, Zenith Bank, GTCO, and Airtel Africa — account for a disproportionate share of the fund. This sector and name concentration is a characteristic of any cap-weighted Nigerian large-cap index product, not a deficiency unique to GREENWETF.

GREENWETF may be relevant to investors who want broad NGX 30 Index exposure through a different fund manager than Stanbic IBTC, or who are evaluating all available NGX 30 tracking vehicles before deciding. It may also suit investors who already understand the NGX 30 Index from researching STANBICETF30 and want to compare the two options side by side.

• Confirm the official NGX listing for GREENWETF and read any fund documents Greenwich Asset Management has published about the investment objective and current NGX 30 Index composition.
• Compare the trading volume and bid-ask spread of GREENWETF against STANBICETF30 before buying — both track the same index but differ significantly in daily trading activity, which affects ease of entry and exit.
• Always compare the current market price against the fund's Net Asset Value (NAV) before buying. Buying at a significant premium to NAV means you are overpaying for the underlying assets.

• Market risk — GREENWETF tracks 30 Nigerian equities and will fall significantly during broad NGX market downturns.
• Liquidity risk — GREENWETF trades at considerably lower volumes than STANBICETF30 despite tracking the same index. Lower liquidity means wider bid-ask spreads and potentially greater difficulty executing orders at your target price, especially for larger transaction sizes.
• NAV premium risk — ETF prices can diverge from the underlying Net Asset Value during periods of demand imbalance. Always compare the market price to the NAV before placing an order.
• Concentration risk — because the NGX 30 Index is market-cap weighted, the top 5 to 8 companies dominate the portfolio. Your return is heavily influenced by a small number of Nigeria's largest companies.
• Sector concentration — the NGX 30 Index is weighted toward banking, telecommunications, and consumer goods, reflecting the structure of the Nigerian economy rather than a diversified cross-sector allocation.
• Currency and macroeconomic risk — Nigeria's largest companies are exposed to naira exchange rate movements, CBN policy, and oil price dynamics, all of which can affect the whole ETF simultaneously.

Greenwich Alpha ETF is managed by Greenwich Asset Management Limited, the asset management arm of the Greenwich Group — a Nigerian financial services conglomerate that includes Greenwich Securities, Greenwich Merchant Bank, and related companies. Greenwich Asset Management is regulated by the Securities and Exchange Commission (SEC) of Nigeria. The launch of GREENWETF in 2019 extended the group's offering into the listed ETF market on the NGX, providing an additional vehicle for investors seeking systematic Nigerian large-cap equity exposure.

• Alternative core Nigerian equity holding: GREENWETF provides the same broad NGX 30 Index exposure as STANBICETF30 through a different fund manager. It can fulfil the same core portfolio role — diversified exposure to Nigeria's 30 largest companies — for investors who have a specific reason to use this vehicle, provided the liquidity difference is factored into the decision.
• Manager-diversified NGX 30 pairing: Investors who want to hold NGX 30 Index exposure split across two different fund managers and two separate fund structures may combine GREENWETF with STANBICETF30. Both track the same index but operate as entirely separate products with separate NAVs, separate pricing history, and separate liquidity profiles.

ETF units trade on the NGX like shares. Open a free account, pick Greenwich Alpha ETF and an amount from ₦10,000 a month; we buy through a SEC-regulated broker and register the units in your name at the CSCS.