Karachi: The Meezan Pakistan Exchange Traded Fund (MZNP-ETF), an open-ended, Shariah-compliant fund listed on the Pakistan Stock Exchange (PSX), reported a notable increase in its net assets for September 2026. The fund, which operates under a high-risk profile, saw its net assets rise from Rs. 2,442 million in August to Rs. 2,499 million in September, marking a 2.36% increase—a classification of a big move.

According to the Fund Manager's Report dated October 15, 2026, the net asset value per unit decreased to Rs. 17.35, down from Rs. 17.90 in the previous month, reflecting a very large or significant move of -3.11%. Despite this, the fund continues to maintain a robust asset allocation, with equity holdings comprising 97.46% of total assets and cash holdings slightly increasing to 2.41%.

The fund's top equity holdings include Fauji Fertilizer Company Limited at 14.63%, Engro Holdings Limited at 12.73%, and Meezan Bank Limited at 12.45%, among others. According to information available from the Pakistan Stock Exchange (PSX), the fund's performance in terms of cumulative returns showed a decline for the 1-month and fiscal year-to-date metrics, both at -4.36%.

Despite the monthly setbacks, the 3-year and 5-year cumulative returns for the fund remain impressive at 188.41% and 185.80%, respectively. However, the fund continues to trail behind its benchmark, the Meezan Pakistan Index (MZNPI), which posted 207.31% and 211.49% over the same periods, with tracking differences noted across various timeframes.

The fund's annual returns also reflect fluctuations, with the most recent fiscal year (FY26) posting a return of 39.59%, slightly below the benchmark's 41.80%. The historical performance of the fund reveals periods of both high growth and declines, highlighting the inherent risks associated with its investment strategy.

The Meezan Pakistan ETF remains under the trusteeship of the Central Depository Company of Pakistan Limited and is audited by A.F. Ferguson & Company. The fund's managers, authorized participants, and rating agencies continue to monitor and evaluate its performance, ensuring adherence to its strategic objectives within the high-risk market category.