Karachi: The UBL Pakistan Enterprise Exchange Traded Fund (UBLP-ETF) has released its Fund Managers Report for September 2026, highlighting a series of performance metrics that underscore the fund's ongoing commitment to tracking its benchmark index. As of the report date, October 14, 2026, the fund's fiscal year-to-date performance stands at 2.90%, while the benchmark index achieved 4.56%. The fund's September performance was recorded at 2.87% in comparison to the benchmark's 2.99%.
The UBLP-ETF, since its inception, has maintained a compound annual growth rate (CAGR) of 30.15%, falling slightly behind the benchmark's 32.71%. The fund's portfolio turnover ratio remains minimal at 0.01%. A beta of 1.06% indicates a slightly higher volatility compared to the benchmark's beta of 1.00%. The total expense ratio for the fiscal year-to-date is reported at 1.43%, with the monthly total expense ratio for September noted at 1.10%.
According to information available from the Pakistan Stock Exchange (PSX), the UBLP-ETF's fund size increased by 1.95% to PKR 792 million in September, up from PKR 777 million in August. However, the net asset value (NAV) experienced a decline of 2.87%, moving from PKR 29.1899 to PKR 28.3513. The asset allocation of the fund indicates a dominant investment in equities at 94.10%, with cash holdings rising to 5.69%.
The sectoral distribution of the fund shows a significant portion of assets invested in commercial banks, accounting for 35.98% of the total assets. Other notable sectors include fertilizer at 20.52% and power generation & distribution at 9.89%. The top equity holdings feature prominent companies such as Fauji Fertilizer Company Limited at 14.98% and United Bank Limited at 14.32%.
The tracking difference over various periods reflects the fund's relative performance against its benchmark. Over a one-month span, a tracking difference of 0.12% was noted, with the UBLP-ETF posting a return of -2.87% against the benchmark's -2.99%. The one-year tracking difference stood at 0.91%, while the since-inception figure showed a discrepancy of -75.63%.
In comparison to the benchmark, the fund's absolute returns over extended periods illustrate a robust performance, with a three-year return of 320.14% and a five-year return of 348.09%. Despite these gains, the fund's since-inception performance trails the benchmark by a considerable margin.
The UBLP-ETF's report provides an in-depth look at the fund's financial health and strategic positioning within the designated market category. Investors are reminded of the inherent market risks associated with mutual fund investments, as past performance is not indicative of future results.