AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Meezan Pakistan Exchange Traded Fund (MP-ETF), listed on the Pakistan Stock Exchange (PSX), witnessed a notable increase in its net assets and Net Asset Value (NAV) during April 2024. The fund’s net assets increased to Rs. 0.08 billion from Rs. 0.078 billion in March 2024, marking a monthly growth of 6.83%. Similarly, the NAV per unit rose from Rs. 12.88 in March to Rs. 13.72 in April, reflecting a growth of 6.48%.
The fund, launched on October 5, 2020, is managed by Al Meezan and adheres to Shariah-compliant investment principles. Its investment objective is to mirror the performance of the Meezan Pakistan Index, which comprises Shariah-compliant equity securities focusing on market capitalization and traded value. MP-ETF trades like a stock and offers investors transparency in holdings, a diversified portfolio, and the ability to buy or sell during market hours.
Meezan Pakistan ETF’s financial management includes a management fee of up to 0.5% per annum, with the actual rate at 0.50%. The fund’s expense ratio for April 2024 was reported at 1.39% on a year-to-date basis, including government levy and SECP fees. Al Meezan has appointed the Central Depository Company Pakistan Limited as the trustee, with auditing services provided by A.F. Ferguson & Company.
In terms of performance, MP-ETF has shown a cumulative return of 75.53% for the fiscal year to date, although trailing behind its benchmark, the Meezan Pakistan Index, which achieved an 82.41% return in the same period. The top ten equity holdings include prominent companies such as The Hub Power Company Limited, Engro Corporation Limited, and Meezan Bank Limited.