Pakistan's equity market continued its strong momentum in May 2026 and Meezan Pakistan Exchange Traded Fund (PSX:MZNPETF) reflected that strength with a solid 6.9% monthly return, taking its NAV from Rs. 19.72 to Rs. 21.08. The fund's net assets also grew by nearly 13% during the month, reaching Rs. 1.61 billion, showing increasing investor interest in Pakistan's first Shariah compliant ETF.
The portfolio remains concentrated in some of the strongest names on the PSX. Engro Holdings, Fauji Fertilizer, HUBCO, Lucky Cement, OGDC, Mari Energies and PPL are among its largest holdings. Sector wise, Oil & Gas Exploration remains the biggest allocation at around 26%, followed by Cement, Investment Companies, Fertilizer and Power. This positioning allows investors to gain diversified exposure to key sectors of Pakistan's economy through a single listed instrument.
What stands out is the long term performance. MZNPETF has generated a 36.75% return over the last 12 months, while FY25 delivered 31.76% and FY24 produced an exceptional 85.78% return. Since inception, the fund has delivered a cumulative return of 190.23%, translating into a CAGR of 20.73%. While the fund slightly trailed its benchmark in May, it continues to remains one of the simplest ways for investors to gain broad based exposure to Pakistan's equity market.