MIIETF is a Shariah-compliant equity index fund that primarily invests in the top 30, free float weighted Islamic stocks that have an annual average turnover of more than PKR 10 million. MIIETF provides investors the long term benefits of equity markets. MIIETF was launched on March 11, 2024. Its gong ceremony took place in the premises of Pakistan Stock Exchange (PSX) in April.
An ETF, or Exchange-Traded Fund, is a type of investment fund that is traded on stock exchanges and holds a variety of financial assets such as stocks, bonds, commodities, or currencies. ETFs provide investors with diversification benefits by offering exposure to a basket of assets in a single investment. Shareholders own a portion of an ETF but do not directly own the underlying assets in the fund. ETFs are structured to track specific indices or asset classes and are designed to trade close to their net asset value. They are traded throughout the trading day on stock exchanges, offering flexibility similar to individual stocks. ETFs have gained popularity due to their lower fees compared to traditional mutual funds and their ability to provide diversified investment options to investors.
Top holdings of the MIIETF encompass…
- Hub Power Energy Company
- Engro Corporation
- Meezan Bank Limited
- Engro Fertilizers Limited
- Oil & Gas Development Company
- Pakistan Petroleum Limited
- Systems Limited
- Lucky Cement Limited
- Mari Petroleum Limited
- Millat Tractors Limited
Sectors covered….
- OIL & GAS EXPLORATION COMPANIES
- FERTILIZER
- CEMENT
- POWER GENERATION & DISTRIBUTION
- COMMERCIAL BANKS
- Others
Mahaana is Pakistan’s first digital-only Asset Management Company licensed by the Securities and Exchange Commission of Pakistan (SECP), and a member of Mutual Funds Association of Pakistan (MUFAP).
The brainchild of certified wealth advisors from Tundra Fonder (Sweden), Mahaana led the successful initiative to introduce digital wealth management models in Pakistan, securing approval from SECP.