Press Release
VIS Reaffirms Fund Stability Rating of HBL Total Treasury Exchange Traded Funds
Karachi, December 29, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of ‘AA- (f)’ (Double A Minus (f)) to HBL Total Treasury Exchange Traded Funds (‘HBL TTETF’ or ‘Fund’). The medium to long-term rating of ‘AA- (f)’ denotes high degree of stability in Net Assets Value. Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on March 28, 2025.
HBL TTETF is an open-ended scheme launched on September 12, 2022, and is traded on the Pakistan Stock Exchange, with the aim to track the performance of HBL Total Treasury Index (HBLTTI), its benchmark index.
The assigned rating reflects the Fund’s credit asset allocation strategy, which remains aligned with the guidelines set out in the offering document. These parameters emphasize investments in government-backed instruments such as T-bills, cash placements, and PIBs, with a primary focus on government securities. The rating also incorporates the Fund’s credit quality, with the majority of exposures held in Government Securities/AAA-rated instruments and the remainder in AA-rated avenues, demonstrating strong credit quality and adherence to the mandate.
The offering document caps the weighted average time to maturity (WAM) at four years; the Fund has maintained its WAM below one year, indicating full compliance with stipulated limits. The liquidity profile is assessed as sound, supported by a substantial allocation to government securities.
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/Methodologies-2025/FSR-Methodology-Jan-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf