KARACHI: The JS Global Banking Sector Exchange Traded Fund (ETF) reported a net loss of Rs54.74 million for the period ended March 31, 2026, compared with a net profit of Rs10.16 million recorded in the corresponding period last year.
According to the fund’s unaudited financial statements, the loss was primarily driven by a significant decline in the value of its investments. The fund recorded a net unrealized loss of Rs79.93 million on the remeasurement of investments classified as fair value through profit or loss, while gains on the sale of investments amounted to Rs20.96 million. Dividend income stood at nearly Rs10 million, compared with Rs4.35 million a year earlier.
The fund’s operating expenses increased to approximately Rs1.27 million, against Rs735.75 million? Wait—correction: the financial statement reports expenses of Rs1.27 million, compared with Rs735,747 in the same period last year. These included management company remuneration, trustee remuneration, regulatory fees, brokerage and other charges.
Despite the loss, the fund’s total assets increased to Rs296.53 million as of March 31, 2026, from Rs273.53 million at the end of December 2025. Investments amounted to Rs275.17 million, while cash and bank balances stood at Rs13.39 million.
The fund also recorded a rise in the number of units in issue, reaching 8.48 million units, compared with 5.97 million units at December 31, 2025. However, the net asset value (NAV) per unit fell to Rs33.7532 from Rs45.1111.
During the period, the fund issued 2.62 million units, generating proceeds of Rs114.13 million, while 110,000 units were redeemed. The fund also recorded a Rs41.58 million final distribution for the year.
Cash flow figures showed that the fund used Rs64.22 million in operating activities, while financing activities generated net cash of Rs68.56 million. As a result, cash and cash equivalents increased to Rs13.39 million by March 31, 2026, from Rs9.06 million at the beginning of the period.
The results highlight the impact of market valuation movements on the performance of the banking-sector-focused ETF during the reporting period. The fund did not announce any cash dividend, bonus shares, right shares or other corporate action alongside the financial results.
