Karachi: Meezan Pakistan Exchange Traded Fund (MZNP-ETF), managed by Al Meezan Investment Management Limited, announced a remarkable performance for the fiscal year ended June 30, 2024, with a net asset value (NAV) surge of 85.78% year-on-year. According to information available from the Pakistan Stock Exchange (PSX), the fund's NAV rose from 7.81 to 13.52 during the period.

The Meezan Pakistan Index, which the ETF tracks, also saw significant growth, up 93.94% to close at 16,793 points. The ETF's strong performance reflects a robust gain in the market valuation of its constituent shariah-compliant equity securities.

During FY24, the MZNP-ETF's total income reached Rs. 48 million, a substantial increase from Rs. 1 million in the previous fiscal year. This total included Rs. 13 million in realized gains and Rs. 29 million in unrealized gains on investments. Additionally, dividend income contributed Rs. 6 million, with a minor sum from savings accounts. After accounting for expenses, the fund's net income also stood at Rs. 48 million.

The fund's total distributions for the fiscal year amounted to Rs. 7.2 million, translating to a payout of 1.00 per unit to investors. The net assets of MZNP-ETF increased by 40% to Rs. 97 million, up from Rs. 69 million at the end of the previous year.

Investor interest in the ETF was robust, with a total of 1,060 investors by the end of June 2024. The largest group consisted of small investors owning between 1 and 9,999 units, totaling 929 investors.

In addition to financial performance, the Meezan Pakistan ETF continued its commitment to shariah compliance, with Dr. Muhammad Imran Usmani, the fund's Shariah Advisor, confirming adherence to all necessary shariah guidelines.

Al Meezan Investment Management, with its focus on shariah-compliant investment opportunities, is positioned to capitalize on Pakistan's market potentials, continuing to offer attractive returns to its investors.