MIIETF

Mahaana Islamic Index ETF

By PSX Investors Zone · Updated October 20, 2026

Mahaana Islamic Index ETF company profile

Mahaana Islamic Index ETF (MIIETF) is a Shariah-compliant equity ETF listed on the Pakistan Stock Exchange. Managed by Mahaana Wealth Limited, it aims to track the Mahaana Islamic Index (MII30), which selects 30 Shariah-compliant companies using free-float market capitalisation and traded-value criteria. MIIETF gives investors exposure to a diversified basket of Pakistani equities through a single exchange-traded instrument. Its market price, portfolio holdings, NAV and performance can change with market conditions. Investors should check the latest official fund documents before investing.

Overview

Mahaana Islamic Index ETF (MIIETF) is an open-ended exchange-traded fund listed on the Pakistan Stock Exchange (PSX). It aims to track the Mahaana Islamic Index (MII30) by investing in a basket of 30 Shariah-compliant equity securities.

The fund was launched on March 11, 2024. Mahaana Wealth Limited is the fund manager, and the Central Depository Company of Pakistan Limited acts as trustee.

Official sources: PSX MIIETF profile | Mahaana MIIETF website

How MIIETF Works

An ETF trades on the stock exchange like a listed share, but each unit represents an interest in a fund portfolio rather than ownership in a single operating company.

MIIETF aims to track the Mahaana Islamic Index (MII30). The index selects 30 Shariah-compliant companies from the KMI All Share Index using free-float market capitalisation and traded-value criteria. Portfolio constituents and weights can change when the index is rebalanced or recomposed.

Source: Official PSX MIIETF profile and termsheet

Fund Facts

ItemDetails
PSX symbolMIIETF
Fund managerMahaana Wealth Limited
BenchmarkMahaana Islamic Index (MII30)
TrusteeCentral Depository Company of Pakistan Limited
Launch dateMarch 11, 2024
Fiscal year endJune 30
Risk level in termsheetHigh
Management feeUp to 0.70% per annum of net assets
AuditorBDO Ebrahim & Co.

The management fee is the maximum stated in the termsheet; review the latest offering document and fee disclosures for the current charges applicable to investors.

Source: PSX MIIETF profile

Latest Market Information

The PSX profile displayed the following information around October 20, 2026:

MetricDisplayed value
Market price referenceRs. 15.79
Indicative NAV (iNAV)Rs. 15.75
52-week price rangeRs. 14.40–20.83
Fund size / AUMApproximately Rs. 2.017 billion
Outstanding units128.05 million

The displayed market-price reference was dated October 19, 2026, at 3:43 PM, while the iNAV was updated on October 20, 2026. These are time-specific figures, not guaranteed current prices.

Market price and iNAV are different measures. The market price reflects exchange trading, while iNAV is an indicative estimate of the fund's net asset value per unit. Check the latest PSX data before publishing.

Source: Official PSX MIIETF quote and ETF statistics

Portfolio Holdings

The PSX profile publishes an underlying basket for 10,000 ETF units. The basket displayed for October 19, 2026 included companies such as:

  • Attock Refinery Limited (ATRL)
  • Cherat Cement Company Limited (CHCC)
  • Engro Fertilizers Limited (EFERT)
  • Fauji Fertilizer Company Limited (FFC)
  • Fauji Cement Company Limited (FCCL)
  • Meezan Bank Limited (MEBL)
  • Mari Energies Limited (MARI)
  • Oil & Gas Development Company Limited (OGDC)
  • Pakistan Petroleum Limited (PPL)
  • Systems Limited (SYS)

These are examples from the displayed basket, not a permanent list. Holdings and quantities may change following portfolio adjustments and index rebalancing. Consult the latest basket and fund factsheet before relying on the list.

Source: PSX MIIETF profile — underlying basket

Shariah-Compliant Investment Approach

MIIETF is designed around the Mahaana Islamic Index (MII30), which selects Shariah-compliant companies from the KMI All Share Index under its stated methodology.

Shariah compliance at fund level does not mean that its holdings will never change. Screening outcomes and eligible constituents may be updated as company financials and index rules change. Investors should review the latest fund disclosures and index information before investing.

Official reference: PSX MIIETF profile and index details

Dividend Policy

According to the fund termsheet displayed on PSX, the fund may distribute profits to unit holders as cash dividends or bonus units. The stated policy provides for distribution of at least 90% of accounting income, excluding unrealised capital gains and after expenses.

Actual distributions, entitlement dates and payment details depend on official fund announcements. Do not treat the stated policy as a guarantee of a dividend in every period.

Source: PSX MIIETF profile and termsheet

Key Metrics to Monitor

  • Market price: The price at which units trade on PSX.
  • NAV and iNAV: Measures of the value of the underlying fund assets per unit.
  • Premium or discount to NAV: Indicates whether the market price is above or below NAV.
  • Portfolio holdings: Shows which companies and sectors influence the fund.
  • Management fee and expenses: Costs that may affect returns over time.
  • Trading volume and bid–ask spread: Indicators of trading activity and transaction costs.
  • Tracking performance: Compare the fund and its benchmark over the same period, accounting for fees and distributions.

Key Investment Risks

  • Equity-market risk: The value of the fund can decline when its underlying shares fall.
  • Concentration risk: A limited number of companies or sectors may have a substantial effect on performance.
  • Liquidity risk: Low trading activity or wide bid–ask spreads may increase transaction costs.
  • Price-to-NAV difference: The market price can trade above or below NAV.
  • Tracking risk: Fund performance may differ from the benchmark because of fees, portfolio adjustments and trading conditions.
  • Shariah-screening changes: Eligible constituents may change when screening or index composition is updated.

PSX categorises the fund's risk level as high in the displayed termsheet. Investors should review the current offering document and assess their own risk tolerance.

Investor Research Checklist

Before investing in MIIETF, review:

  1. The latest fund factsheet and offering document.
  2. Current market price, iNAV and premium or discount to NAV.
  3. The latest portfolio holdings and index composition.
  4. Fund expenses, management fees and transaction costs.
  5. Historical performance compared with MII30 over matching periods.
  6. Official dividend and other fund announcements.
  7. The latest Shariah-related disclosures.

Official References

Disclaimer

This page is for educational and informational purposes only. It is not a recommendation to buy or sell MIIETF and does not guarantee returns. ETF prices and distributions can fluctuate, and investors may lose capital. Verify current official fund documents, market data, fees and Shariah disclosures before making investment decisions.

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This profile is for educational purposes and is not a recommendation to buy or sell any security.

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