⚡ Flash Summary

UBL Fund Managers Limited announced the upcoming re-constitution of the UBL Pakistan Enterprise Exchange Traded Fund (UBLP-ETF), effective from Tuesday, November 04, 2025. This action is in accordance with regulatory requirements outlined in the Securities Act, 2015 and PSX regulations. The re-constitution means the UBL Pakistan Enterprise Index (UPP9) will consider changes to its portfolio. During this process, the indicative Net Asset Value (iNAV) will continue to be disseminated but may not accurately reflect the true value of the underlying basket.

📌 Key Takeaways

• 📅 Re-constitution Date: UBLP-ETF will re-constitute its portfolio effective November 04, 2025.
• 📜 Regulatory Compliance: The re-constitution adheres to the Securities Act, 2015 and PSX regulations.
• 📊 Index Consideration: UBL Pakistan Enterprise Index (UPP9) will review its portfolio components.
• ⚠️ iNAV Discrepancy: iNAV will be disseminated but might not represent the true underlying asset value during re-constitution.
• 📢 Notification: TRE Certificate Holders of the Exchange will be informed accordingly.
• 💼 Fund Manager: UBL Fund Managers Limited is overseeing the re-constitution process.
• 🏢 Regulatory Body: Securities & Exchange Commission of Pakistan (SECP) is copied on the notification.
• 📍 Location: The announcement originates from Karachi, Pakistan.
• 📧 Contact Information: Inquiries can be directed to info@ublfunds.com.
• 🌐 Website: Further details can be found at www.ublfunds.com.
• 📱 Contact Number: UBL Fund Managers Limited can be reached at +92 21 111 825 262.

🎯 Investment Thesis

HOLD. Given the absence of concrete financial impact information, maintaining a HOLD position is prudent. The re-constitution process itself does not warrant a change in investment strategy. Monitor the performance of the re-constituted portfolio and any announcements regarding specific changes to the fund’s composition before making any adjustments.