CAUV ETF: what CAUV.TO is, what it holds, and how it works

Short answer: CAUV.TO is the Avantis CIBC U.S. Small Cap Value ETF. It listed on the TSX on February 20, 2026, at a 0.35% management fee. It holds small, cheap, profitable U.S. companies and is the Canadian-listed equivalent of the well-known U.S.-listed AVUV. The full MER isn’t published yet because of the first-year reporting rule.

If you’ve followed the Avantis story, CAUV is the one a lot of Canadians were actually waiting for: a Canadian-listed wrapper for the U.S. small-cap value strategy that AVUV made famous, without a USD account.

This is not financial advice. I’m sharing what I’ve learned from my own research, and your situation might differ. Fund details change, so always check the latest disclosures before deciding.

What CAUV actually is

CAUV.TO is an ETF listed on the TSX in Canadian dollars. CIBC handles the wrapper; Avantis runs the strategy. It concentrates on U.S. small-capitalization companies that are cheap on fundamentals and reliably profitable. Its direct U.S.-listed equivalent is AVUV, the Avantis U.S. Small Cap Value ETF.

CAUV fund facts

Attribute	Value
Ticker	CAUV (TSX)
Full name	Avantis CIBC U.S. Small Cap Value ETF
Inception	February 20, 2026
Strategy	U.S. small-cap value, factor-tilted
Management fee	0.35%
MER	Not yet published (first-year rule)
Currency	CAD (no USD conversion needed)
U.S.-listed equivalent	AVUV (0.25% expense ratio)
Manager	CIBC, sub-advised by Avantis Investors

What CAUV holds

CAUV holds U.S. small-cap companies screened hard for value and profitability. This is the most concentrated, highest-tracking-error tilt in the U.S. part of the lineup. It deliberately excludes large-caps and growth. It is a single-factor satellite, not a complete portfolio.

CIBC hasn’t published a full top-holdings breakdown yet. The mandate is clear: U.S. small-cap value, Avantis methodology, the same approach as AVUV.

CAUV vs AVUV: the real question

This is the comparison most people are actually searching for.

• AVUV is the U.S.-listed original, in USD, with a 0.25% expense ratio and a long, well-documented track record.
• CAUV is the Canadian-listed equivalent, in CAD, at a 0.35% management fee, with no track record yet.

CAUV vs AVUV: headline cost

AVUV (U.S.-listed, USD) 0.25%

CAUV (Canadian-listed, CAD) 0.35%

AVUV is cheaper on the headline. But for a Canadian, AVUV also means converting CAD to USD (a markup unless you use Norbert’s Gambit), running a USD account, possible T1135 reporting, and possible U.S. estate-tax exposure. CAUV removes all of that by being Canadian-listed. The all-in comparison is much closer than 0.25% versus 0.35% suggests. The same trade-off, in detail, is covered in the CASV vs AVUV guide (CASV is the global version; CAUV is the U.S.-only one).

How CAUV fits with the rest of the lineup

CAUV is a satellite tilt, typically sized at 5% to 15% on top of a diversified core (XEQT, VEQT, or CAGE). Holding it alone would leave you with no large-cap, growth, or broad-market exposure. Full lineup in the Avantis CIBC ETFs guide.

Frequently asked questions

What is CAUV.TO?

The Avantis CIBC U.S. Small Cap Value ETF, managed by CIBC with Avantis as sub-advisor. Listed February 20, 2026, CAD-denominated, holding small, cheap, profitable U.S. companies. It is the Canadian-listed equivalent of AVUV.

Is CAUV the Canadian version of AVUV?

Yes, this is the closest match in the lineup. Same Avantis U.S. small-cap value methodology, CAD-denominated, no USD conversion. AVUV has a long track record; CAUV launched February 2026. CASV is the global small-cap value version; CAUV is U.S.-only.

What is CAUV’s MER?

Management fee 0.35%. Full MER not published yet (first-year rule). The U.S.-listed AVUV is 0.25%, but carries USD conversion and account friction for a Canadian.

Can I hold CAUV in a TFSA or RRSP?

Yes, in any standard Canadian registered or non-registered account. Being Canadian-listed, no currency conversion is needed.

Bottom line

CAUV is the Canadian-listed home for the AVUV strategy. It’s a deliberate satellite tilt for investors with real conviction in U.S. small-cap value and the patience to hold through long lean stretches. If you don’t have that conviction, a broad fund like CAUS or the all-in-one CAGE is the simpler choice.