Question 1

What is PZW?

Accepted Answer

PZW — CI Invesco RAFI Global Small-Mid ETF — is a Canadian-listed ETF trading on the TSX. NA

Question 2

What is the PZW ETF price today?

Accepted Answer

PZW last traded at $48.71 CAD on the TSX. See the price chart above for recent performance.

Question 3

What is the PZW MER (management expense ratio)?

Accepted Answer

PZW has a management expense ratio (MER) of 0% per year. This fee is automatically deducted from the fund's assets, so you never pay it directly — but it does reduce your net returns over time. At 0%, PZW is considered a low-cost ETF.

Question 4

What are PZW annualised returns?

Accepted Answer

PZW historical returns: YTD: +17.23%, 1-year: +27.55%, 3-year annualised: +20.86%, 5-year annualised: +11.31%, 10-year annualised: +11.00%. Past performance is not a guarantee of future results. The 3-year Sharpe ratio is 1.06, which measures risk-adjusted return.

Question 5

Does PZW pay dividends or distributions?

Accepted Answer

Yes, PZW distributes income to unitholders. The current distribution yield is approximately 1.68%, paid quarterly. Distributions may include dividends, interest, capital gains, or return of capital depending on the fund's holdings. In a TFSA or RRSP, distributions are sheltered from tax.

Question 6

What does PZW invest in?

Accepted Answer

PZW's top holdings include Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN, 50.2%), Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ, 49.4%). See the full Top 10 Holdings table above for a complete breakdown. The fund tracks the Morningstar Gbl SMID GR CAD.

Question 7

What sectors does PZW invest in?

Accepted Answer

PZW's largest sector exposures are Industrials (19.0%), Financial Services (14.0%), Technology (13.3%). The full sector breakdown is shown in the Sector Weights table on this page.

Question 8

How large is PZW? (Assets under management)

Accepted Answer

PZW has approximately $26M in assets under management (AUM). Larger AUM generally means better liquidity, tighter bid-ask spreads, and a lower risk of the fund being wound down.

Question 9

When was PZW launched?

Accepted Answer

PZW was launched on May 6, 2015, giving it a 11-year track record. A longer history makes it easier to evaluate how the ETF performs across different market cycles.

Question 10

How do I buy PZW in Canada?

Accepted Answer

PZW trades on the TSX under the ticker PZW. You can buy it through any Canadian brokerage, including Wealthsimple Trade (commission-free), Questrade, TD Direct Investing, RBC Direct, and CIBC Investor's Edge. It can be held in a TFSA, RRSP, FHSA, or taxable account.

Question 11

How risky is PZW?

Accepted Answer

PZW has a 1-year volatility of 11.54% and a beta of 1.03 (roughly in line with the broad market). Its 3-year Sharpe ratio of 1.06 indicates solid risk-adjusted returns. As with all market-linked investments, past volatility does not predict future risk.

Date	Open	High	Low	Close	Adj Close	Volume
2026-08-20	$48.71	$48.71	$48.71	$48.71	$48.71	0
2026-08-19	$48.80	$48.80	$48.80	$48.80	$48.80	0
2026-08-17	$49.27	$49.27	$49.27	$49.27	$49.27	201
2026-08-14	$49.56	$49.56	$49.56	$49.56	$49.56	0
2026-08-13	$49.35	$49.35	$49.35	$49.35	$49.35	0
2026-08-12	$49.04	$49.04	$49.04	$49.04	$49.04	0
2026-08-11	$48.98	$48.98	$48.98	$48.98	$48.98	0
2026-08-10	$49.25	$49.25	$49.25	$49.25	$49.25	0
2026-08-07	$48.84	$48.84	$48.84	$48.84	$48.84	0
2026-08-06	$49.00	$49.00	$49.00	$49.00	$49.00	0

Sector	Weight
Industrials	18.97%
Financial Services	14.03%
Technology	13.28%
Healthcare	12.10%
Consumer Cyclicals	12.03%
Real Estate	8.12%
Basic Materials	6.33%
Energy	4.84%
Consumer Defensive	4.46%
Communication Services	3.87%
Utilities	1.97%

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CIBC Investor's Edge

CI Invesco RAFI Global Small-Mid ETF (PZW : TSX)

Price Chart (30 Days)

Key Statistics

Recent Price History

Annualised Returns

Top 10 Holdings

Sector Weights

About CI Invesco RAFI Global Small-Mid ETF

ETF Details

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Compare PZW

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Frequently Asked Questions — PZW