BUYO vs PSP

BUYOBKraneShares Man Buyout Beta Index ETF

PSPCInvesco 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.

PSP Public stock in the private-equity business. PSP has tracked a global index of buyout firms, alternative asset managers and BDCs since 2006, at an all-in 1.75% that is mostly fees passed through from the vehicles it holds.

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.

PSP The fund seeks exposure to listed private-equity companies through an index of publicly traded securities, ADRs and GDRs. Eligible companies invest in, lend to, or provide services to privately held businesses.

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.

• PSP Listed since 2006, it is the long-standing option on the listed-private-markets shelf: roughly 70 global names, non-US firms included via ADRs and GDRs.
• Wide net by design. The index takes companies that invest in, lend to, or provide services to privately held businesses, so buyout shops, alt managers and BDCs ride in one ticker.sec.gov
• Most of the 1.75% headline is acquired fund fees, indirect costs passed through from the listed vehicles it holds, not Invesco's own advisory fee.sec.gov
• Income-heavy underlying holdings, and the fund distributes quarterly.

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.

• PSP Headline cost runs above index-style peers such as GPZ (0.40%) and GTPE (0.50%), even though it sits below the category median, which some BDC funds drag higher.
• A smaller, thinly traded fund, so spreads can be wider than on a mainstream ETF and large orders need more care.
• Holdings are leveraged, cyclical financials whose shares can swing harder than broad global equity through credit and deal cycles.sec.gov

Full BUYO profile⁠

Full PSP profile⁠