PBUS vs PRFZ

PBUSAInvesco MSCI USA ETF

PRFZBInvesco RAFI US 1500 Small-Mid ETF

In short

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.

PRFZ Fundamental indexing's small-cap veteran: since 2006, PRFZ has weighted holdings by book value, cash flow, sales and dividends instead of share price. That rulebook costs 0.36% a year, above the typical index wrapper.

Stated mandate

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

PRFZ The fund is a passively managed index fund that seeks to track the investment results of its underlying index before fees and expenses.

Why people hold it

• 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.

• PRFZ Weight follows the business, not the ticker tape: book value, cash flow, sales and dividends set position sizes, and the index is rebuilt once a year.invesco.cominvesco.com 2
• Casts a wide net, holding about 1,500 names picked from the companies ranked 1,001 to 2,500 by fundamental size in a 3,000-stock universe.invesco.com
• Trading since 2006 and now a multi-billion-dollar fund, with Research Affiliates itself taking over as index provider in 2025.sec.gov
• Does what the label says: a passive fund that normally keeps at least 90% of assets in its index constituents, and it sits in the stronger half of its peer group.sec.gov

Worth knowing

• 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.

• PRFZ The rulebook is not cheap: 0.36% a year, no waiver, above the category norm, against 0.03% for a plain cap-weighted tracker like SCHK.
• Weights reset only at the annual reconstitution, so in between the portfolio drifts with prices like any other index fund.invesco.com
• Sizing by fundamentals tilts toward cheaper, dividend-paying companies, so the fund can behave quite differently from a cap-weighted small-cap index.invesco.comlseg.com

Full PBUS profile⁠

Full PRFZ profile⁠