Dividend Payouts
25 Historical EventsETF dividends in Pakistan are not guaranteed and not fixed - they depend on what the underlying portfolio companies distribute to shareholders. This calendar consolidates every ETF distribution across all 9 PSX-listed ETFs in one place so you can plan entries, exits, and tax positions accurately.
Pakistan's 9 ETFs collectively pay out dividends drawn from their underlying equity and fixed-income holdings. Understanding when each fund goes ex-dividend, how much it pays, and what the current yield is allows you to make two specific decisions that most retail investors miss: (1) avoid buying just before the ex-date when the iNAV will mechanically drop, and (2) time your tax year around the most efficient holding period.
This page is updated regularly as new distributions are announced by fund managers on the PSX company announcement portal.
How ETF Dividends Work in Pakistan
When a company inside an ETF's basket declares a dividend, the fund receives that cash. The cash accumulates inside the fund, temporarily creating a small drag on iNAV (the fund holds cash instead of invested assets). When the ETF itself declares a distribution, it:
- Sets an announcement date (when the distribution is declared publicly)
- Sets an ex-dividend date (you must own units before this date to receive the payout)
- Sets a record date (typically T+1 after ex-date on the PSX)
- Sets a payment date (when the cash arrives in your brokerage account)
Tax treatment (2026): ETF dividend distributions are subject to 15% withholding tax for active tax filers in Pakistan. Non-filers face a higher rate. The ETF deducts WHT before distributing net cash to unitholders. The tax is deducted at source - you receive the net amount.
iNAV impact: On the ex-dividend date, the ETF's iNAV drops by approximately the gross dividend per unit. This is not a loss - it represents the cash that was inside the fund moving to your account. Do not be alarmed by the NAV drop on ex-date.
MIIETF Dividend History - Mahaana Islamic Index ETF
MIIETF launched in March 2024 and has paid out dividends reflecting collections from its 30-stock Shariah-compliant basket. As a newer fund with a shorter history, its dividend track record continues to build.
For the complete and most current MIIETF dividend history including all ex-dates, per-unit amounts, and yield calculations, see the dedicated section on the MIIETF review page.
Key facts:
- MIIETF does pay dividends - it distributes cash from its underlying 30 Shariah-compliant stocks
- Dividend frequency: typically 1-2 times per year, aligned with fiscal year end (June 30)
- Shariah-compliant distribution structure with Shariah audit certification
MZNPETF Dividend History - Meezan Pakistan ETF
MZNPETF has one of the longest dividend track records of any PSX ETF, with distributions dating back to 2021. Its 12-stock concentrated basket means dividend events are clustered - when large-cap fertiliser and energy companies (Engro, Fauji, OGDC) declare simultaneously, the cash accumulation before MZNPETF's own distribution creates a brief iNAV drag.
For the complete and most current MZNPETF dividend history, see the dedicated section on the MZNPETF review page.
Key facts:
- MZNPETF pays dividends consistently - 5+ years of payout history since 2020/2021
- Dividend frequency: typically 1-2 times per year
- PKR per unit varies based on collections from underlying holdings
- Shareholders must hold units before the ex-date to qualify
JSMFETF Dividend History - JS Momentum Factor ETF
JSMFETF is Pakistan's only momentum smart-beta ETF and its dividend history reflects the high-performing stocks that momentum selection identifies. The fund's 10-stock rotating basket means its dividend composition changes as monthly rebalancing adds and removes holdings.
For the complete JSMFETF dividend history with all ex-dates, see the dedicated section on the JSMFETF review page.
Key facts:
- JSMFETF has paid dividends since shortly after its launch
- The fund previously paid PKR 9.94 per unit - one of the larger per-unit distributions among PSX ETFs
- Monthly rebalancing means dividend composition varies quarterly as holdings change
JSGBETF Dividend History - JS Global Banking Sector ETF
JSGBETF holds all 8 PSX-listed commercial banks in equal proportions. Banking sector dividends in Pakistan are significant - commercial banks are among the most generous dividend payers on the KSE-100 given their high profitability during the elevated interest rate cycle of 2022-2025.
For the complete JSGBETF dividend history, see the JSGBETF review page.
Key facts:
- JSGBETF paid PKR 5.50 per unit in its most recent distribution
- Banking sector dividends are typically declared following half-year and full-year results (March/September)
- The fund's income character makes it attractive for investors seeking dividend yield alongside capital growth
UBLPETF Dividend History - UBL Pakistan Enterprise ETF
UBLPETF tracks 9 blue-chip companies across major PSX sectors, explicitly excluding Oil & Gas. Its dividend history reflects collections from banking, cement, fertiliser, and consumer sector companies.
For the complete UBLPETF dividend history with all payout dates, see the UBLPETF review page.
Key facts:
- UBLPETF's ex-Oil portfolio means it misses energy-sector dividends (OGDC, PPL) but captures high-yield banking dividends
- Dividend frequency aligns with the June 30 fiscal year-end of most portfolio companies
- WHT applies at standard rates for both filers and non-filers
NITGETF Dividend History - NIT Pakistan Gateway ETF
NITGETF is Pakistan's first ETF, managed by the National Investment Trust. Its 13-stock KSE-100 basket provides broad blue-chip exposure including energy companies that pay significant dividends.
For the complete NITGETF dividend history, see the NITGETF review page.
Key facts:
- NIT has a long institutional history of dividend distribution across its fund family
- The government-backed mandate means distributions follow formal procedural announcement timelines
- NITGETF's 0.40% management fee means less cost drag on dividend income than higher-TER funds
ACIETF Dividend History - Alfalah Consumer Index ETF
ACIETF tracks a consumer-themed basket across auto, cement, oil marketing, and consumer goods sectors. Dividend collection depends heavily on how these cyclical sectors perform.
For the complete ACIETF dividend history, see the ACIETF review page.
NBPGETF Dividend History - NBP Pakistan Growth ETF
NBPGETF holds 15 blue-chip companies across 7 PSX sectors. As a broad-market fund with energy exposure, it collects dividends from oil exploration companies alongside other sectors.
For the complete NBPGETF dividend history, see the NBPGETF review page.
HBLTETF Dividend History - HBL Total Treasury ETF
HBLTETF is Pakistan's only fixed-income ETF and does not pay dividends in the same way as equity ETFs. It tracks the HBLTTI (HBL Total Treasury Index) of government T-Bills and PIBs. Income from T-Bills accrues into the fund's NAV rather than being distributed as a separate dividend - the return is reflected in NAV appreciation rather than cash payouts.
For full details on HBLTETF's income structure, see the HBLTETF review page.
Pakistan ETF Dividend: Key Tax Rules for 2026
| Tax Situation | Withholding Rate | Notes |
|---|---|---|
| Active filer (individual) | 15% | Deducted at source by the fund |
| Non-filer (individual) | Higher rate (verify with FBR) | Higher rates for non-ATL persons |
| Company / corporate | Per applicable slab | Consult your tax advisor |
| Zakat deduction | Applicable at 2.5% of distribution | If not exempt or Shia Muslim |
IMPORTANT Withholding tax on ETF dividends is deducted before the cash reaches your account. The per-unit amount declared by the fund is the gross distribution. Your net cash received will be lower by the WHT rate.
Capital Gains Tax (CGT): Separately from dividend tax, CGT applies on ETF unit price appreciation. The CGT rate in Pakistan is 0% after a 4-year holding period for filers - a significant long-term incentive that equity ETFs fully benefit from.
How to Find ETF Dividend Announcements
New dividend announcements are published on the following official sources as soon as fund managers file them:
- PSX Company Announcements Portal - psx.com.pk/announcements - Filter by ETF ticker (MIIETF, MZNPETF, etc.)
- MUFAP (Mutual Funds Association of Pakistan) - mufap.com.pk - NAV and distribution data for all SECP-registered funds
- Individual fund manager websites - Mahaana Wealth, Al Meezan Investments, JS Global, UBL Fund Managers, NIT, NBP Funds, Alfalah GHP, HBL Asset Management
For an independent analysis of each ETF's performance, tracking quality, and dividend history, see the individual fund review pages linked throughout this calendar.
Seasonal Dividend Pattern for Pakistani ETFs
Understanding when Pakistani ETFs typically pay dividends helps you plan your portfolio entries and avoid the common mistake of buying just before an ex-date.
June/July (Peak Dividend Season):
Pakistan's fiscal year ends June 30. Most KSE-100 companies' annual results are declared in July-September, triggering the largest dividend announcements of the year. ETFs that collect these dividends typically declare their own distributions in the subsequent 30-90 days. This is why the searches for miietf dividend 2026 and mznpetf dividend 2026 spike sharply in June-July.
January/March (Interim Dividends): Some blue-chip companies declare half-year interim dividends. Banking sector companies (HBL, MCB, UBL, Meezan Bank) frequently pay interim dividends reflecting strong half-year results. JSGBETF and the equity ETFs that hold banking stocks see smaller interim distribution events at this time.
Year-round (Staggered): Fertiliser companies (Engro, Fauji Fertilizer), cement companies (Lucky), and energy companies (OGDC, PPL) declare at different points in the fiscal year, creating a staggered dividend collection stream for ETFs.
Planning tip: If you are investing primarily for dividend income, a 50% MIIETF / 50% MZNPETF split distributes your dividend events across both funds' collection cycles, smoothing out the income timeline across the year.
Frequently Asked Questions
Does MIIETF pay dividends? Yes. MIIETF distributes the dividends it collects from its 30 Shariah-compliant stock holdings. The fund pays dividends periodically - typically 1-2 times per year following its fiscal year end. The amount per unit depends on collections from the underlying portfolio.
Does MZNPETF pay dividends? Yes. MZNPETF has a consistent dividend payment history since 2021. As an equity ETF, it distributes the cash it collects from its 12 holdings after deducting applicable fees and withholding tax.
When is the next MIIETF dividend date in 2026? Dividend announcements are made by Mahaana Wealth Limited on the PSX announcements portal. Check the MIIETF review page for the most current confirmed dates, or monitor PSX announcements directly.
When is the next MZNPETF dividend date in 2026? Dividend announcements are made by Al Meezan Investments Limited on the PSX portal. Check the MZNPETF review page for current confirmed dates.
What is the dividend yield of MIIETF in 2026? Dividend yield = (Total distributions per unit in the past 12 months) ÷ (Current market price) x 100. This changes as the price moves and as new distributions are declared. See the current yield on the MIIETF page.
What is the dividend yield of MZNPETF in 2026? See the current trailing 12-month yield on the MZNPETF page.
Is the JSMFETF dividend history available? Yes. JSMFETF has paid dividends since its launch. The complete history with dates and per-unit amounts is on the JSMFETF review page.
Do I need to do anything to receive my ETF dividend? No. As long as you hold your ETF units in a CDC sub-account before the ex-dividend date, the distribution is automatically credited to your brokerage account on the payment date. You do not need to take any action.
What happens to the NAV on ex-dividend date? The ETF's iNAV drops by approximately the gross dividend per unit on the ex-date. This is not a loss - it is the cash leaving the fund and moving to unitholders. The total value (NAV + cash received) remains the same.
Dividend data is updated as announcements are made on PSX. Past dividend distributions are not a guarantee of future payouts. Investment in ETFs carries market risk. This page is for informational purposes only and does not constitute personalised investment or tax advice. For current withholding tax rates, consult the FBR or a qualified tax advisor.
This article is for educational and informational purposes only. It does not constitute investment advice. Always conduct your own due diligence and consult a qualified financial advisor before making any investment decisions. All data sourced from PSX, MUFAP, and fund factsheets. Past performance is not indicative of future results.
Dr. Faisal Shahzad
Chief Investment Strategist
Dr. Faisal Shahzad holds an MBA from Innsbruck, Austria, and has spent over a decade navigating complex financial markets. He specializes in Exchange Traded Funds (ETFs) and brings extensive, practical knowledge of both international markets and the Pakistan Stock Exchange (PSX).
Expertise: 15+ Years of experience in ETFs, both internationally and on the PSX.