KARACHI: Meezan Pakistan Exchange Traded Fund (ETF), managed by Al Meezan Investment Management Limited, reported net assets of Rs2.50 billion as of September 30, 2026, compared with Rs1.44 billion at the end of June 2026, according to its unaudited financial statements released for the quarter.
The fund’s net assets increased by approximately 73.6% during the quarter, reflecting a significant rise in its overall asset base. Total assets stood at Rs2.50 billion, while total liabilities amounted to Rs5.09 million at the end of September.
Fund Investments Increase Significantly
The fund’s investment portfolio expanded to Rs2.44 billion as of September 30, 2026, compared with Rs1.42 billion at the end of June. Bank balances also increased to Rs60.45 million from Rs22.12 million over the same period.
The number of units in issue rose to 144.07 million from 79.37 million at the end of the previous quarter, indicating an increase in the fund’s outstanding units.
However, the fund’s net asset value (NAV) per unit declined to Rs17.3462 from Rs18.1376 at June 30, 2026. This represents a decrease of approximately 4.36% during the quarter.
Fund Records Quarterly Loss
According to the income statement, Meezan Pakistan ETF recorded a net loss of Rs114.01 million for the quarter ended September 30, 2026, compared with net income of Rs172.40 million in the corresponding quarter of the previous year.
The fund generated Rs20.96 million in dividend income and Rs1.36 million in profit from bank savings accounts. However, it recorded a net unrealised loss of Rs116.79 million on the remeasurement of investments classified at fair value through profit or loss.
Total expenses increased to Rs5.56 million from Rs1.22 million in the same period last year. These expenses included management remuneration, trustee fees, regulatory charges, audit fees and other operating costs.
The decline in the value of investments played a major role in the fund’s quarterly performance, outweighing its dividend and bank income.
Cash Position and Unit Holder Activity
The fund reported cash and cash equivalents of Rs60.45 million at the end of September, compared with Rs22.12 million at June 30, 2026.
During the quarter, the fund received Rs1.21 billion through the issuance of units and made payments of Rs48.37 million against the redemption of units. It also paid Rs277.80 million in dividends.
The increase in unit issuance contributed to the expansion of the fund’s total net assets, although the lower NAV per unit reflected the impact of investment performance during the period.
No Interim Distribution Announced
In its announcement dated October 9, 2026, Al Meezan Investment Management Limited stated that its board of directors had approved the unaudited financial results of several funds for the quarter ended September 30, 2026.
The company confirmed that the interim distribution for Meezan Pakistan Exchange Traded Fund was nil for the quarter. The financial reports were scheduled to be transmitted to the Pakistan Stock Exchange and uploaded to the company’s website.
Outlook
Meezan Pakistan ETF ended the September quarter with a larger asset base and a substantially expanded investment portfolio. Nevertheless, the quarterly loss and decline in NAV per unit highlight the effect that changes in market valuations can have on investment funds.
Investors will likely monitor the fund’s subsequent financial results, portfolio performance and NAV movements to assess its performance in the coming quarters.
