Press Release

VIS Assigns Initial Fund Stability Rating to HBL Total Treasury Exchange Traded Funds

Karachi, March 28, 2025: VIS Credit Rating Company Limited (VIS) has assigned the initial 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.

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 aligns with the guidelines specified in the offering document. These guidelines emphasize investments in government-backed instruments and cash placements, with a primary focus on government securities. Since its inception, the Fund’s Assets Under Management (AUM) have shown limited growth, with the AUM size recorded at Rs. 146m as of October 2024.

The rating also considers the Fund's credit quality, with the majority of investments held in Govt Sec/AAA-rated issues and a smaller portion in AA-rated issues, reflecting strong credit quality and adherence to its mandate. As per the offering document, the weighted average time to maturity (WAM) is capped at four years; the Fund has maintained a WAM below one year, demonstrating compliance with the stipulated parameters. The Fund’s liquidity profile is deemed sound, as a significant portion of its assets is invested in government securities.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.




Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/docs/-FundstabilityRating.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS , the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2025 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .