FCFY vs PBUS: Grades, Fees and Holdings Compared

First Trust S&P 500 Diversified Free Cash Flow ETF

FCFYDNYSE Arca

Invesco MSCI USA ETF

PBUSACboe

Overlap

7.4%by weight

Expense ratio

PBUS −0.56pt a year

FCFY0.60%PBUS0.04%

Avg volume · 30D

PBUS 378.4×the volume

FCFY1.15KPBUS433K

3Y return · a year

PBUS +3.5pt

FCFY+20.0%PBUS+23.5%

FCFY vs PBUS Performance

Oct 31, 2025 – Oct 30, 2026

+18.0%FCFY+11.5%PBUS

Expense ratio: FCFY 0.60%; PBUS 0.04%, better
Fund size: FCFY $2M; PBUS $10.5B
1Y total return: FCFY +18.0%, better; PBUS +11.5%
Yield (12M): FCFY 1.23%, better; PBUS 1.02%
Holdings: FCFY 101; PBUS 517
Avg volume (30D): FCFY 1.15K sh; PBUS 433K sh, better
NAV per share: FCFY $31.20; PBUS $75.71
52W range

ETF.net Grade

Pillar letters and Scores for FCFY, PBUS, with each pillar’s weight
Pillar	FCFY	PBUS
Cost30% weight	F20	A98Higher
Mission25% weight	C40	A100Higher
Risk15% weight	C44	B63Higher
Tradability15% weight	D36	A86Higher
Holdings10% weight	B58Higher	C50
Durability5% weight	D39	A74Higher

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. FCFY and PBUS are both graded against the same 42 Other Major Indexes funds, so their Grades compare head to head.

Other Major Indexes⁠

Category · 42 funds

See all 42 ›

PBUS ranks 3rd and FCFY 35th of 42 funds in the Other Major Indexes Category.

Rank 1ASPYVState Street SPDR Portfolio S&P 500 Value ETFScore 89
Rank 2ASCHKSchwab 1000 Index ETFScore 86
Rank 3APBUSInvesco MSCI USA ETFScore 85
Rank 4AVOOVVanguard S&P 500 Value ETFScore 79
Rank 33DWDAIPacer S&P World 3AI Top 300 ETFScore 36
Rank 35DFCFYFirst Trust S&P 500 Diversified Free Cash Flow ETFScore 35
Rank 35DSFYFSoFi Social 50 ETFScore 35

Our read on each fund

ETF.net Research

FCFYDFirst Trust S&P 500 Diversified Free Cash Flow ETF

PBUSAInvesco MSCI USA ETF

In short

FCFY Free cash flow screening on the S&P 500, with a twist: the cash-generation ranking runs inside each sector, then sector weights are held near the parent index. A cash-flow tilt that still looks like the market it came from.

PBUS Roughly 500 US stocks for 0.04% a year, benchmarked to the MSCI USA Index instead of the S&P 500. Invesco's rules-based core holding, running since 2017.

Stated mandate

FCFY The Fund seeks to track, before fees and expenses, the price and yield of the S&P 500® Sector-Neutral FCF Index. It normally invests at least 80% of net assets in index securities and generally uses full replication.

PBUS The Fund tracks the MSCI USA Index and commits at least 90% of its assets to securities included in that index.

Why people hold it

FCFY Sector-neutral by construction: the free cash flow screen is applied within sectors, so the portfolio keeps S&P 500-like sector weights instead of piling into whichever corner of the market is cash-rich this year.
Simple plumbing. A standard 1940 Act ETF that generally uses full replication and keeps at least 80% of net assets in index securities. No swaps, no sampling games.
Tighter than a broad index fund at roughly 100 stocks, so the cash-flow screen actually shows up in the portfolio. Distributions come on a quarterly cadence.

PBUS 0.04% a year sits at the floor of its peer group, matching SPYV and a hair above SCHK's 0.03%.invesco.com
Returns have hugged the MSCI USA Index about as tightly as anything in its cohort, so index-level exposure arrives with very little slippage.
A multi-billion-dollar fund trading since 2017, with a real market cycle behind it rather than a launch-window track record.
Roughly 500 names and quarterly distributions: a plain broad-market wrapper with no options overlay, no leverage, no sector tilt bolted on.

Worth knowing

FCFY At 0.60% a year, it runs above the median fee for index-tracking ETFs in its peer group. Plain S&P 500 value funds such as SPYV (0.04%) and VOOV (0.07%) charge a small fraction of that.
A small fund that trades lightly. Spreads can be wider than on mega-cap index ETFs, which makes order type and timing more of a factor than the headline fee.
Launched in 2023, so the live record is short and covers only a narrow slice of market conditions.

PBUS MSCI USA is not the S&P 500. Holdings and results drift from an S&P-benchmarked portfolio, which matters if that is the yardstick you track against.invesco.com
The mandate commits at least 90% of assets to index securities, which leaves a slice of room outside the benchmark.
Moderately traded rather than one of the tape's busiest tickers, so spreads deserve a glance and limit orders earn their keep.

Full FCFY profile⁠

Full PBUS profile⁠

FCFY vs PBUS Holdings

How FCFY and PBUS differ

Overlap by weight

7.4%

Shared holdings make up 79.0% of FCFY and 7.4% of PBUS.

Level by level

Holdings77 in both7.4%
Sector11 Sectors95.8%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in FCFY and PBUS, widest gap first
Sector	More in FCFYMore in PBUS	FCFY	PBUS
Energy	FCFY +2.4 points	5.9%	3.5%
Industrials	PBUS +1.9 points	6.0%	7.9%
Financials	PBUS +1.3 points	9.7%	11.0%
Technology	FCFY +1.3 points	41.5%	40.2%
Communication	PBUS +0.6 points	9.3%	9.9%
Utilities	PBUS +0.2 points	1.6%	1.8%
Materials	FCFY +0.3 points	1.9%	1.6%
Consumer Staples	FCFY +0.1 points	4.4%	4.3%
Health Care	PBUS +0.1 points	9.2%	9.3%
Consumer Discretionary	FCFY +0.1 points	8.9%	8.8%
Real Estate	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in FCFY and PBUS, widest gap first
Country	More in FCFYMore in PBUS	FCFY	PBUS
United States	FCFY +0.8 points	100.0%	99.2%
Other countries (8)	PBUS +0.8 points	0.0%	0.8%

Concentration

Weight in the 10 largest Holdings

FCFY33.9%
PBUS36.6%

Securities held

FCFY100
PBUS515

Asset class

FCFY: Equity
PBUS: Equity

Holdings

Only in FCFY23
In both77
Only in PBUS438

Only in FCFY

23 securities, 20.9% of FCFY by weight

GoDaddy Inc. (Class A)3.91%
Gartner, Inc.3.33%
TKO Group Holdings, Inc. (Class A)2.05%
Aptiv Plc1.40%
lululemon athletica inc.1.07%
APA Corporation0.85%
Hasbro, Inc.0.78%
The J.M. Smucker Company0.74%
A.O. Smith Corporation0.61%
Stanley Black & Decker, Inc.0.58%
Brown-Forman Corporation0.58%
Pentair plc0.58%
Elevance Health Inc.0.57%
Fiserv, Inc.0.56%
Hormel Foods Corporation0.52%
Align Technology, Inc.0.51%
DaVita Inc.0.44%
Invesco Ltd.0.43%
Alexandria Real Estate Equities, Inc.0.36%
Albemarle Corporation0.31%
Avery Dennison Corporation0.29%
UDR, Inc.0.25%
BXP, Inc.0.24%

Only in PBUS

438 securities, 92.6% of PBUS by weight

Apple Inc7.71%
NVIDIA Corp7.39%
Microsoft Corp5.63%
Amazon.com Inc3.55%
Alphabet Inc2.51%
Broadcom Inc2.35%
Meta Platforms Inc2.06%
Alphabet Inc1.99%
Tesla Inc1.74%
Eli Lilly & Co1.65%
Micron Technology Inc1.59%
Advanced Micro Devices Inc1.39%
JPMorgan Chase & Co1.37%
Berkshire Hathaway Inc1.15%
ExxonMobil Holdings Corp1.14%
Visa Inc1.02%
Johnson & Johnson1.00%
Walmart Inc0.80%
Mastercard Inc0.77%
AbbVie Inc0.77%
Costco Wholesale Corp0.67%
Palantir Technologies Inc0.64%
Cisco Systems Inc0.64%
Chevron Corp0.64%
Intel Corp0.61%
Procter & Gamble Co/The0.56%
UnitedHealth Group Inc0.56%
Merck & Co Inc0.54%
Coca-Cola Co/The0.54%
Applied Materials Inc0.50%
Bank of America Corp0.50%
Home Depot Inc/The0.49%
Philip Morris International Inc0.49%
General Electric Co0.49%
Lam Research Corp0.48%
Palo Alto Networks Inc0.47%
Caterpillar Inc0.45%
Texas Instruments Inc0.43%
Goldman Sachs Group Inc/The0.41%
RTX Corp0.40%
Thermo Fisher Scientific Inc0.40%
Crowdstrike Holdings Inc0.39%
Netflix Inc0.39%
Amgen Inc0.37%
Oracle Corp0.36%
GE Vernova Inc0.36%
Linde PLC0.35%
Morgan Stanley0.34%
KLA Corp0.33%
Analog Devices Inc0.32%

Weight gaps

All 77 Holdings in both funds, largest gap first.

Holding weights in FCFY and PBUS, widest gap first
Holding	More in FCFYMore in PBUS	FCFY	PBUS
Intuit Inc.INTU	FCFY +3.60 points	3.74%	0.14%
Comcast Corporation (Class A)CMCSA	FCFY +3.59 points	3.71%	0.12%
Accenture plcACN	FCFY +3.53 points	3.76%	0.23%
Adobe IncorporatedADBE	FCFY +3.36 points	3.51%	0.15%
Cognizant Technology Solutions CorporationCTSH	FCFY +3.13 points	3.17%	0.04%
Centene CorporationCNC	FCFY +3.00 points	3.05%	0.05%
HP Inc.HPQ	FCFY +2.88 points	2.92%	0.04%
Gen Digital Inc.GEN	FCFY +2.79 points	2.81%	0.02%
First Solar, Inc.FSLR	FCFY +2.41 points	2.44%	0.03%
Omnicom Group Inc.OMC	FCFY +2.25 points	2.28%	0.03%
Roper Technologies, Inc.ROP	FCFY +2.05 points	2.12%	0.07%
Workday, Inc. (Class A)WDAY	FCFY +1.88 points	1.94%	0.06%
Autodesk, Inc.ADSK	FCFY +1.84 points	1.92%	0.08%
Salesforce, Inc.CRM	FCFY +1.78 points	2.06%	0.28%
Synchrony FinancialSYF	FCFY +1.50 points	1.54%	0.04%
T-Mobile US, Inc.TMUS	FCFY +1.41 points	1.52%	0.11%
International Business Machines CorporationIBM	FCFY +1.40 points	1.77%	0.36%
QUALCOMM IncorporatedQCOM	FCFY +1.14 points	1.43%	0.29%
Expedia Group, Inc.EXPE	FCFY +1.12 points	1.17%	0.05%
Vistra Corp.VST	FCFY +0.92 points	0.99%	0.07%
Prudential Financial, Inc.PRU	FCFY +0.92 points	0.98%	0.06%
Leidos Holdings, Inc.LDOS	FCFY +0.87 points	0.90%	0.03%
Deckers Outdoor CorporationDECK	FCFY +0.86 points	0.88%	0.02%
Fidelity National Information Services, Inc.FIS	FCFY +0.83 points	0.86%	0.03%
The Kraft Heinz CompanyKHC	FCFY +0.78 points	0.81%	0.03%
Capital One Financial CorporationCOF	FCFY +0.78 points	0.96%	0.18%
Best Buy Co., Inc.BBY	FCFY +0.74 points	0.77%	0.03%
Incyte CorporationINCY	FCFY +0.72 points	0.75%	0.03%
American International Group, Inc.AIG	FCFY +0.71 points	0.78%	0.07%
Expand Energy CorporationEXE	FCFY +0.70 points	0.73%	0.03%
The Allstate CorporationALL	FCFY +0.68 points	0.78%	0.10%
Dollar Tree, Inc.DLTR	FCFY +0.62 points	0.66%	0.04%
EQT CorporationEQT	FCFY +0.59 points	0.64%	0.05%
Las Vegas Sands Corp.LVS	FCFY +0.57 points	0.59%	0.02%
The Cigna GroupCI	FCFY +0.57 points	0.69%	0.12%
General Motors CompanyGM	FCFY +0.56 points	0.68%	0.12%
D.R. Horton, Inc.DHI	FCFY +0.56 points	0.62%	0.06%
Everest Group, Ltd.EG	FCFY +0.56 points	0.58%	0.02%
Constellation Brands, Inc. (Class A)STZ	FCFY +0.53 points	0.56%	0.03%
MetLife, Inc.MET	FCFY +0.52 points	0.60%	0.08%
Masco CorporationMAS	FCFY +0.52 points	0.54%	0.02%
EOG Resources, Inc.EOG	FCFY +0.51 points	0.64%	0.13%
The Hartford Insurance Group, Inc.HIG	FCFY +0.49 points	0.54%	0.05%
PayPal Holdings, Inc.PYPL	FCFY +0.48 points	0.55%	0.07%
Cardinal Health, Inc.CAH	FCFY +0.47 points	0.56%	0.09%
Arch Capital Group Ltd.ACGL	FCFY +0.47 points	0.52%	0.05%
Biogen Inc.BIIB	FCFY +0.46 points	0.52%	0.06%
Zoetis Inc.ZTS	FCFY +0.43 points	0.48%	0.05%
Broadridge Financial Solutions, Inc.BR	FCFY +0.43 points	0.46%	0.03%
Copart, Inc.CPRT	FCFY +0.42 points	0.46%	0.04%
Altria Group, Inc.MO	FCFY +0.42 points	0.61%	0.19%
General Dynamics CorporationGD	FCFY +0.40 points	0.53%	0.13%
Booking Holdings Inc.BKNG	FCFY +0.38 points	0.56%	0.18%
Snap-on IncorporatedSNA	FCFY +0.38 points	0.41%	0.03%
Lockheed Martin CorporationLMT	FCFY +0.37 points	0.57%	0.20%
CF Industries Holdings, Inc.CF	FCFY +0.37 points	0.40%	0.03%
Otis Worldwide CorporationOTIS	FCFY +0.36 points	0.40%	0.04%
Interactive Brokers Group, Inc. (Class A)IBKR	FCFY +0.36 points	0.41%	0.05%
Marathon Petroleum CorporationMPC	FCFY +0.35 points	0.54%	0.19%
L3Harris Technologies, Inc.LHX	FCFY +0.35 points	0.43%	0.08%
Bristol-Myers Squibb CompanyBMY	FCFY +0.33 points	0.52%	0.19%
Paychex, Inc.PAYX	FCFY +0.34 points	0.39%	0.05%
Lennox International Inc.LII	FCFY +0.31 points	0.33%	0.02%
United Parcel Service, Inc. (Class B)UPS	FCFY +0.30 points	0.42%	0.12%
CVS Health CorporationCVS	FCFY +0.30 points	0.47%	0.17%
FedEx CorporationFDX	FCFY +0.28 points	0.38%	0.10%
Uber Technologies, Inc.UBER	FCFY +0.25 points	0.43%	0.18%
LyondellBasell Industries N.V.LYB	FCFY +0.24 points	0.27%	0.03%
NRG Energy, Inc.NRG	FCFY +0.23 points	0.26%	0.03%
Invitation Homes Inc.INVH	FCFY +0.22 points	0.24%	0.02%
VICI Properties Inc.VICI	FCFY +0.21 points	0.25%	0.04%
Eversource EnergyES	FCFY +0.20 points	0.24%	0.04%
Gilead Sciences, Inc.GILD	FCFY +0.19 points	0.50%	0.31%
Simon Property Group, Inc.SPG	FCFY +0.14 points	0.25%	0.11%
Newmont CorporationNEM	FCFY +0.14 points	0.32%	0.18%
Citigroup Inc.C	FCFY +0.13 points	0.45%	0.32%
Wells Fargo & CompanyWFC	FCFY +0.10 points	0.49%	0.39%

All 101 FCFY holdings⁠All 515 PBUS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FCFY vs PBUS Cost

Overpaying FCFY vs PBUS

$10,968

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FCFY 0.60%
$11,817
PBUS 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FCFY 0.60%
PBUS 0.04%
Overpaying

Year by year

Year	FCFY	PBUS	Overpaying
10	$1,076	$73	$1,003
20	$4,116	$288	$3,828
30	$11,817	$849	$10,968

Expense ratio

0.60%FCFY
0.04%PBUS, cheaper

PBUS0.04%FCFY0.60%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 42 funds

FCFY 33rd cheapest of 42 funds

FCFY vs PBUS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FCFY 1.23%, better; PBUS 1.02%
Payout (12M): FCFY $0.38; PBUS $0.77
Last payment: FCFY $0.08; PBUS $0.19
Ex-dividend: FCFY Sep 24, 2026; PBUS Sep 21, 2026
Paid on: FCFY Sep 30, 2026; PBUS Sep 25, 2026
Frequency: FCFY Quarterly; PBUS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FCFYQuarterly · 12 paymentsAll FCFY payments⁠

PBUSQuarterly · 36 paymentsAll PBUS payments⁠

FCFY vs PBUS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FCFY 15.7%PBUS 12.5%, better
Return per unit of riskSharpe ratio, 3 years: FCFY 0.97PBUS 1.41, better
Worst fallMax drawdown, 5 years: FCFY −21.4%since Aug 2023PBUS −25.4%
Market sensitivityBeta, 5 years: FCFY 0.99PBUS 1.02; Market = 1

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