Karachi: The Meezan Pakistan Exchange Traded Fund (MPEF), a Shariah-compliant fund focusing on Pakistani equity securities, experienced a 1.97% decline in net asset value as of September 30, 2024, closing at Rs. 1.311 billion.

The fund, which launched in October 2020, is designed to track the performance of the Meezan Pakistan Index, and it aims to provide investors with exposure to Shariah-compliant securities that are constituents of the index. According to information available from the Pakistan Stock Exchange (PSX), the MPEF's performance has seen fluctuations consistent with broader market trends.

As of the end of September, the MPEF held key equity positions in sectors including technology, banking, and power generation, which together constitute over 44% of the total asset allocation. Top equity holdings include Engro Fertilizers Limited and Meezan Bank Limited, prominent in their respective sectors.

The fund's management reported an asset base of Rs. 1.338 billion at the beginning of August, demonstrating a slight month-to-month decrease in value by the end of September. Despite the recent dip, the fund’s cumulative returns over the past year stood at 9.52%, with a 57.46% return noted over the past three years, underscoring a generally positive trend in the longer term.