ONEQ vs PBUS

ONEQBFidelity Nasdaq Composite Index ETF

PBUSAInvesco MSCI USA ETF

In short

ONEQ Most "Nasdaq" funds mean the 100 biggest names. This one goes for the whole exchange: roughly a thousand Nasdaq-listed stocks, giants down through small caps, in a single wrapper Fidelity has run since 2003.

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

ONEQ The fund seeks to closely match the price and yield performance of the Nasdaq Composite Index. It uses statistical sampling and normally invests at least 80% of assets in securities included in that 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

• ONEQ The Composite reaches far past the famous 100, covering essentially every Nasdaq-listed company, so you get the mid- and small-cap Nasdaq names that top-100 funds skip.nasdaq.com
• 0.21% a year is well under half the typical fee among the broad index funds we grade, and it buys roughly a thousand stocks.
• Fidelity samples the index instead of buying every line, and returns have hugged the Composite tightly: one of the closer tracking records in its peer group.
• Trading since 2003, now a multi-billion-dollar fund, with distributions paid quarterly.

• 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

• ONEQ Breadth here is count, not balance. The Nasdaq's largest companies carry most of the weight, so it acts more like a mega-cap tech fund than a thousand-name list suggests.
• Nasdaq listings only, so NYSE-listed bank, energy and industrial giants are never eligible. A big slice of the US market, not the whole of it.nasdaq.com
• Cheap for its cohort, not the floor: broad index rivals like SCHK (0.03%) and VT (0.06%) charge a fraction of the fee for different exposures.

• 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 ONEQ profile⁠

Full PBUS profile⁠