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 $47.77 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: +14.97%, 1-year: +25.99%, 3-year annualised: +20.23%, 5-year annualised: +10.56%, 10-year annualised: +10.94%. Past performance is not a guarantee of future results. The 3-year Sharpe ratio is 1.17, 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 1.64%, 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 $27M 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 10.95% and a beta of 1.03 (roughly in line with the broad market). Its 3-year Sharpe ratio of 1.17 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
2026-09-10	$47.77	$47.77	$47.77	$47.77	$47.77
2026-09-09	$48.16	$48.16	$48.16	$48.16	$48.16
2026-09-08	$48.62	$48.62	$48.62	$48.62	$48.62
2026-09-04	$48.39	$48.39	$48.39	$48.39	$48.39
2026-09-02	$48.03	$48.03	$48.03	$48.03	$48.03
2026-09-01	$48.52	$48.52	$48.52	$48.52	$48.52
2026-08-31	$48.85	$48.85	$48.85	$48.85	$48.85
2026-08-27	$48.99	$48.99	$48.99	$48.99	$48.99
2026-08-26	$48.87	$48.87	$48.87	$48.87	$48.87
2026-08-25	$48.62	$48.62	$48.62	$48.62	$48.62

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%

Ticker	Name	Price	1D
OILU		$65.56	+11.27%
HOU	BetaPro Crude Oil Daily Bull ETF	$29.03	+11.14%
SLVD	BetaPro Silver -2x Daily Bear ETF	$31.94	+10.98%
CGMD		$5.11	+10.61%
SOXD		$15.41	+7.69%
AAPU		$43.36	+7.33%
MSTZ		$3.24	+7.28%
GASD		$5.46	+6.64%

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