Pakistan has 7 equity ETFs listed on the PSX - ranging from broad Shariah-compliant indices to a concentrated banking sector bet. They are not created equal, and the differences matter more than most fund factsheets let on.
This section covers every equity ETF with the same analytical framework: what the fund actually holds, how closely it tracks its benchmark, what the all-in cost is (not just the headline management fee), and whether it earns its place in a Pakistani investor's portfolio.
Pakistan's Equity ETFs
Shariah-Compliant Equity ETFs
Pakistan's two Shariah-screened equity ETFs are the most widely held on the PSX and also the most frequently miscompared. The management fee difference between them (0.25%) is often cited as MZNPETF's advantage. The full TER comparison tells a different story.
- MIIETF - Mahaana Islamic Index ETF - Tracks 30 Shariah-compliant PSX stocks via the MII30 index. Pakistan's largest ETF by AUM (PKR 1,817M). Management fee 0.75%, est. full TER ~1.15%.
- MZNPETF - Meezan Pakistan ETF - Tracks 12 Shariah-compliant blue-chips via the MZNPI index. Pakistan's oldest Shariah ETF (since 2020). Management fee 0.50%, est. full TER ~1.41%.
Broad-Market Conventional Equity ETFs
Three funds track broad Pakistani equity markets without a Shariah filter, each with a distinct methodology:
- UBLPETF - UBL Pakistan Enterprise ETF - Deliberately excludes Oil & Gas sector stocks. Best conventional option for investors who want broad equity exposure without energy concentration.
- NBPGETF - NBP Pakistan Growth ETF - Government-affiliated fund manager, broad PSX coverage. Strong recent momentum.
- NITGETF - NIT Pakistan Gateway ETF - Managed by National Investment Trust, Pakistan's oldest fund management institution. Lowest management fee of any equity ETF on the PSX at 0.40%.
Thematic & Sectoral Equity ETFs
Two funds with concentrated, theme-specific mandates - higher risk, but genuine differentiation from the broad-market options:
- ACIETF - Alfalah Consumer Index ETF - The only PSX ETF that excludes banks, oil, and fertilizers. Tracks 20 consumer, cement, auto, and pharmaceutical companies. PKR 74.7M AUM - illiquid, but uniquely differentiated.
- JSGBETF - JS Global Banking Sector ETF - 100% concentration in Pakistani commercial banking stocks. 0.80% management fee - the highest on the PSX by a significant margin.
Smart Beta ETF
- JSMFETF - JS Momentum Factor ETF - Selects the 10 PSX stocks with strongest recent price momentum, rebalanced monthly. At PKR 11.00 per unit, the most accessible ETF by price on the exchange.
Key Metrics at a Glance
| ETF | Type | Mgmt Fee | Est. TER | AUM (PKR M) | Shariah |
|---|---|---|---|---|---|
| MIIETF | Shariah Equity | 0.70% | ~1.15% | 1,989.9 | Yes |
| MZNPETF | Shariah Equity | 0.50% | ~1.41% | 1,463.6 | Yes |
| UBLPETF | Broad Equity | 0.65% | ~0.90% | 539.3 | No |
| NBPGETF | Broad Equity | 0.75% | ~1.10% | 260.7 | No |
| NITGETF | Broad Equity | 0.40% | ~1.00% | 215.3 | No |
| ACIETF | Thematic | 0.50% | ~0.80% | 86.3 | No |
| JSGBETF | Sectoral | 0.80% | ~2.50% | 392.9 | No |
| JSMFETF | Smart Beta | 2.50% | > 2.50% | 1,446.0 | No |
Analytical Framework
Every equity ETF review on this site covers:
- What the fund actually holds - constituent weights, sector breakdown, top 5 concentration
- Tracking quality - lifetime tracking gap vs benchmark, not just 1-year return
- All-in cost - management fee + trustee fee + SECP levy + audit costs (the full TER, not the headline number)
- Liquidity reality - AUM, typical daily volume, and what that means for bid-ask spread
- Portfolio overlap - how much the fund duplicates what another PSX ETF already gives you
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.