ETF Filings
Vanguard files for a U.S. small-mid cap active ETF after last year’s three reached $161 million
Invesco Zacks Mid-Cap ETF
$120.39+0.12 (+0.10%)
- 0.69%
- $172M
- +14.4%
- 1.43%
- 0M sh
- $120.06
- low $106.87high $127.85
The ETF.net CZA Grade
C
Score 43 out of 100
- 11 of 13
Score 43 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F18 out of 100Rank 11 of 13Mission
Whether the fund did what it promised, tested against its stated mandate.A77 out of 100Rank 11 of 11Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C52 out of 100Rank 6 of 13Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D39 out of 100Rank 8 of 13Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D35 out of 100Rank 11 of 13Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C43 out of 100Rank 10 of 13
Our read on CZA
CA stock picker in index clothing: about 100 mid-caps chosen by a Zacks quant screen instead of the whole segment. Running since 2007, and the 0.69% fee is the price of that opinion.
The fund seeks to track the Zacks Mid-Cap Core Index by investing at least 90% of its assets in securities included in that index.
Why people hold it
- Rules-based but opinionated. The Zacks Mid-Cap Core Index screens down to roughly 100 names, so the basket genuinely looks different from a cap-weighted mid-cap fund.invesco.com
- The mandate is tight: at least 90% of assets sit in the named index, so this is a quant screen in an index wrapper, not open-ended manager discretion.invesco.com
- Launched in 2007 under Invesco, it has run the same strategy through the financial crisis and every market since. Long track records are rare among rules-based screens.invesco.com
- It stays close to the index it advertises, so what you read in the methodology is broadly what you own.
Worth knowing
- Cost is the headline trade-off. At 0.69%, this sits far above plain mid-cap trackers such as VO and SCHM at 0.03%. That gap comes out of returns every year, screen or no screen.
- Thinly traded and modest in size, so bid-ask spreads are a bigger slice of your real cost here than with the giant mid-cap funds.
- About 100 holdings means individual names swing the fund more than in a broad index holding several hundred. Concentration cuts both directions.
CZA Holdings
- Stocks
- 103
- 20%
- WAT
Sectors
- Financials25.4%
- Industrials19.9%
- Health Care16.7%
- Real Estate7.9%
- Technology7.7%
- Utilities5.5%
- Consumer Discretionary5.5%
- Materials5.2%
- Energy3.5%
- Consumer Staples2.7%
Geography
- United States86.82%
- Canada4.00%
- Peru2.12%
- United Kingdom1.38%
- Singapore1.28%
- Ireland1.17%
- China1.16%
- Switzerland1.04%
- 1.02%
CZA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
CZA$11,437
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CZA |
|---|---|
| Year to date | +8.6% |
| 1 month | −1.8% |
| 3 months | −2.7% |
| 1 year | +14.4% |
| 3 years | +14.3% |
| 5 years | +7.3% |
| 10 years | +10.2% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CZA |
|---|---|---|
| 2026 YTD | +8.6% | |
| 2025 | +8.3% | |
| 2024 | +12.1% | |
| 2023 | +7.0% | |
| 2022 | −5.9% | |
| 2021 | +27.4% | |
| 2020 | +0.4% |
CZA in the news
CZA Dividends
- 1.43%
- $1.73
- $1.73 per share
- Annual
Distribution history
CZA Risk
- 13.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.64
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −18.9%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.82
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CZA Cost
0.69%
CZA0.69%
- The middle half of US Mid-Cap funds
- Median 0.15%
10 of the 13 US Mid-Cap funds charge less.
Other funds in US Mid-Cap
- BQQQJInvesco NASDAQ Next Gen 100 ETFExpense ratio 0.15%1 year return +28.4%
- CEZMWisdomTree U.S. MidCap FundExpense ratio 0.38%1 year return +16.2%
- CFMDEFidelity Enhanced Mid Cap ETFExpense ratio 0.23%1 year return +19.7%
- CFNYFirst Trust Mid Cap Growth AlphaDEX FundExpense ratio 0.73%1 year return +10.2%
- FSMCPSMART Mid Cap ETFExpense ratio 0.79%1 year return —