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PZU Group Introduces Its First Polish Large and Mid-cap ETF to GPW

The PZU ETF WIG20 TR + mWIG40 TR Portfelowy FIZ, managed by TFI PZU, has been newly listed on the Warsaw Stock Exchange. It is the first-ever ETF from a Polish issuer to provide exposure to large and mid-caps listed on the GPW Main Market within a single instrument. The new listing represents an expansion of the range of domestic passive funds and marks the next stage in the development of the ETF market on GPW.

The new ETF from TFI PZU tracks a benchmark comprised 50% of the WIG20 TR index and 50% of the mWIG40 TR index. The indices cover a total of 60 of the largest and mid-cap companies listed on the Warsaw Stock Exchange, while their Total Return formula takes into account changes in stock prices and reinvested dividends. The investment objective of the new ETFPZUW20M40 is to replicate as closely as possible the composition of the securities portfolio that forms the basis for determining the value of the benchmark index.

“This is a listing we have been waiting for a very long time: the first ETF issued by TFI PZU. It is an important milestone in the development of the ETF market in Poland. This segment is critical to us. ETFs are one of the pillars of the Warsaw Stock Exchange’s development strategy, under which we aim to reach a wide range of retail investors. We are delighted that such a strong partner as the PZU Group is supporting us in our development,” said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.

The ETF is a closed-end investment fund, which allows investment certificates to be listed on the exchange and purchased via standard brokerage accounts, including IKE and IKZE pension accounts. Dom Maklerski BOŚ is the market maker.

“The new listing of the first ETF from TFI PZU is an important step for the PZU Group and the entire capital market. The ETF invests in the stock of companies listed on GPW, ensuring that capital remains in Poland: it goes to Polish firms, effectively supporting the growth of the national economy and strengthening the domestic component. Capital that remains in Poland and is put to work here creates lasting value for investors, entrepreneurs, and society as a whole,” said Bogdan Benczak, President of the Management Board of PZU.

The total value of assets in funds managed by TFI PZU as at the end of January 2026 stood at PLN 52.3 billion; according to figures published by the Polish Chamber of Funds and Asset Management (IZFiA), this put the company in second place among all investment fund management companies (TFI) operating on the Polish market.

“Entering the ETF segment is a natural step of our development, and it addresses the needs of a new generation of investors who expect modern, transparent and low-cost investment solutions. To start with, we have chosen a fund investing in the stock of companies listed on GPW. This decision is based on our positive assessment of the fundamentals of the Polish economy and represents a further step in strengthening the domestic capital market,” said Artur Trela, CEO of TFI PZU.

The launch of the new instrument is part of the steady growth of the passive product segment on the GPW markets. Currently, 17 ETFs, 1 ETC and 4 ETNs are listed on the Main Market of the Warsaw Stock Exchange, and a further 6 ETFs are available on GlobalConnect. The expansion of this offering confirms the growing importance of diversified and transparent instruments for investors and contributes to the development of a modern and competitive capital market in Poland.