BUYO vs PEX

BUYOBKraneShares Man Buyout Beta Index ETF

PEXDProShares Global Listed Private Equity ETF

In short

BUYO Private equity's playbook, run through public stocks. BUYO tracks a Man Group index that screens listed companies for the growth, profitability and value traits buyout funds hunt for, then holds roughly 300 of them in a plain ETF wrapper.

PEX PEX owns the deal-doers, not the fee-collectors: about 30 listed companies that hold private businesses on their own balance sheets. The fee is 2.75% net of a waiver through September 30, 2027, and most of that sits inside the holdings.

Stated mandate

BUYO The fund seeks to track the Man Buyout Beta Index, which provides exposure to public companies displaying characteristics associated with private-equity buyout investments.

PEX The Fund seeks to track, before fees and expenses, the performance of the LPX Direct Listed Private Equity Index.

Why people hold it

• BUYO 0.89% expense ratio, roughly half the median for listed private-markets ETFs and well under the 1.80% charged by the old guard of the group (PSP).
• Buyout-style exposure without private-fund plumbing: a systematic index of listed stocks, bought and sold like any other ETF share.kraneshares.com
• Roughly 300 names screened on growth, profitability and value, so the buyout tilt comes from a broad basket rather than a short list of alternative-asset managers.
• Ranks in the upper half of its listed private-markets peer group, helped by a diversified book and a risk profile milder than most ways to play this theme.

• PEX The index only admits companies where direct private equity stakes, cash and post-IPO holdings top 80% of assets: owners of private businesses, not managers taking fees.sec.govlpx-group.com
• Listed since 2013, one of the longer-running ways to hold global listed private equity in a single ticker, with about 30 names and quarterly distributions.
• Much of the headline cost comes from expenses inside the holdings, not advisory fees; the fund's own operating costs run under a waiver through September 30, 2027.sec.gov

Worth knowing

• BUYO Small asset base and thin trading. Spreads and market impact can add to the cost of getting in and out, on top of the stated fee.
• Launched in October 2024, so the record covers only a short stretch of market weather. Less history to judge than most of its peers offer.
• Cheaper doors into the theme exist (GPZ at 0.40%, GTPE at 0.50%), though each tracks a different slice of the private-markets trade.

• PEX 2.75% net of a waiver through September 30, 2027 (3.98% gross) is above the category median; peers take cheaper routes, with GPZ at 0.40% and BUYO at 0.89%.
• A small fund that trades thinly, so spreads tend to be wider and the share price can wander from the value of the basket more than in a mainstream index ETF.
• Concentrated by design at about 30 names, and because the roster is global, currency moves in the foreign listings ride along with the returns.sec.gov

Full BUYO profile⁠

Full PEX profile⁠