KEMQ vs PBUS

KEMQDKraneShares Public-Private Emerging Markets Internet and Technology ETF

PBUSAInvesco MSCI USA ETF

In short

KEMQ Launched in 2017 as an emerging-markets internet index fund, KEMQ was rebuilt in August 2026 into a public-private hybrid: it now seeks growth of capital and intends to put roughly 10% of net assets into privately offered EM tech alongside listed names.

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

KEMQ The fund seeks to track, before fees and expenses, the price and yield performance of the Solactive Emerging Markets Consumer Technology Index.

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

• KEMQ Rare wrapper: the fund intends to invest about 10% of net assets in privately offered securities at the time of purchase, a listed route into pre-IPO emerging markets tech.kraneshares.com
• Spread by design: at least 80% tracks the Solactive EM Technology Index, which caps any one name at 3% and any one country at 40% at rebalance, across 26 eligible countries.kraneshares.comkraneshares.com 2
• Not a brand-new launch: the public-private mandate was layered onto a fund trading since 2017, holding roughly 60 positions in e-commerce, fintech and chip names.kraneshares.com

• 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

• KEMQ Costs 0.49% net of a waiver through August 1, 2028, against a 0.79% gross fee, above the category median; the waived slice returns if that waiver lapses.
• A small fund that trades lightly, so bid-ask spreads and premium-to-discount swings matter more here than in a mega-cap index ETF.
• The 40% country cap cuts both ways: one emerging market can drive much of the result. Payouts land once or twice a year, not monthly.kraneshares.com

• 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 KEMQ profile⁠

Full PBUS profile⁠