PBUS vs QQXT: Grades, Fees and Holdings Compared

Invesco MSCI USA ETF

PBUSACboe

First Trust NASDAQ-100 Ex-Technology Sector Index Fund

QQXTCNasdaq

Overlap

11.8%by weight

Expense ratio

PBUS −0.53pt a year

PBUS0.04%QQXT0.57%

Avg volume · 30D

PBUS 62.9×the volume

PBUS414KQQXT6.59K

5Y return · a year

PBUS +7.2pt

PBUS+10.4%QQXT+3.2%

PBUS vs QQXT Performance

Nov 5, 2021 – Nov 5, 2026

+64.0%PBUS+17.3%QQXT

Expense ratio: PBUS 0.04%, better; QQXT 0.57%
Fund size: PBUS $10.7B; QQXT $145M
1Y total return: PBUS +8.8%, better; QQXT +3.7%
Yield (12M): PBUS 1.05%; QQXT 1.27%, better
Holdings: PBUS 516; QQXT 55
Avg volume (30D): PBUS 414K sh, better; QQXT 6.59K sh
NAV per share: PBUS $76.72; QQXT $103.37
52W range

ETF.net Grade

Pillar letters and Scores for PBUS, QQXT, with each pillar’s weight
Pillar	PBUS	QQXT
Cost30% weight	A98Higher	F24
Mission25% weight	A100Higher	C43
Risk15% weight	B62Higher	B58
Tradability15% weight	A85Higher	B61
Holdings10% weight	C50	B63Higher
Durability5% weight	A74Higher	B64

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. PBUS and QQXT 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 QQXT 29th 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 84
Rank 4AVOOVVanguard S&P 500 Value ETFScore 79
Rank 27CWLDRAffinity World Leaders Equity ETFScore 47
Rank 29CQQXTFirst Trust NASDAQ-100 Ex-Technology Sector Index FundScore 45
Rank 30CEXEQWedbush ReturnOnLeadership U.S. Large-Cap ETFScore 40

Our read on each fund

ETF.net Research

PBUSAInvesco MSCI USA ETF

QQXTCFirst Trust NASDAQ-100 Ex-Technology Sector Index Fund

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.

QQXT Take the Nasdaq-100, then delete the technology sector. What's left is roughly 60 Nasdaq names, tracked by an index built for exactly that job since 2007.

Stated mandate

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

QQXT The Fund seeks investment results that generally correspond to the price and yield of the Nasdaq-100 Ex-Tech SectorTM 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.

QQXT A genuinely rare mandate: it tracks the Nasdaq-100 Ex-Tech Sector Index, so you get the exchange's non-tech side without the megacap chip and software names crowding everything out.ftportfolios.com
Live since 2007, a long run for a slice this narrow, with a published index rulebook rather than manager discretion deciding the lineup.
About 60 holdings and a quarterly distribution schedule. It behaves like a plain equity index fund, not a thematic experiment.

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.

QQXT 0.57% a year, above the median for index wrappers. The cheapest funds in its peer group, like SCHK and VOOV, charge a small fraction of that.
Thinly traded, so spreads can widen. Limit orders matter more here than with the headline index funds.
Stripping out the parent index's biggest sector means this tracks a different market from the headline Nasdaq gauge, in both directions.

Full PBUS profile⁠

Full QQXT profile⁠

PBUS vs QQXT Holdings

How PBUS and QQXT differ

Overlap by weight

11.8%

Shared holdings make up 93.5% of QQXT and 13.8% of PBUS.

Level by level

Holdings51 in both11.8%
Sector11 Sectors53.0%
Countryby domicile92.8%
Asset classStocks100%

Sector

Sector weights in PBUS and QQXT, widest gap first
Sector	Gap	PBUS	QQXT
Technology	PBUS +32.8 points	40.2%	7.4%
Industrials	QQXT +12.3 points	7.9%	20.1%
Health Care	QQXT +10.6 points	9.3%	19.9%
Consumer Staples	QQXT +9.7 points	4.3%	14.0%
Financials	PBUS +8.9 points	11.0%	2.1%
Consumer Discretionary	QQXT +7.9 points	8.8%	16.7%
Utilities	QQXT +6.1 points	1.8%	7.9%
Communication	PBUS +3.6 points	9.9%	6.3%
Real Estate	PBUS +1.6 points	1.6%	0.0%
Materials	QQXT +0.4 points	1.6%	2.0%
Energy	QQXT +0.1 points	3.5%	3.6%

Country, concentration and asset class

Country by domicile

Country weights in PBUS and QQXT, widest gap first
Country	Gap	PBUS	QQXT
United States	PBUS +6.5 points	99.2%	92.7%
United Kingdom	QQXT +3.8 points	0.1%	3.9%
Netherlands	QQXT +1.8 points	0.0%	1.8%
Uruguay	QQXT +1.6 points	0.0%	1.6%
Other countries (7)	PBUS +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

PBUS36.8%
QQXT22.4%

Securities held

PBUS514
QQXT54

Asset class

PBUS: Stocks
QQXT: Stocks

Holdings

Only in PBUS463
In both51
Only in QQXT3

Only in PBUS

463 securities, 86.2% of PBUS by weight

Apple Inc7.76%
NVIDIA Corp6.96%
Microsoft Corp5.93%
Alphabet Inc2.56%
Broadcom Inc2.22%
Meta Platforms Inc2.09%
Alphabet Inc2.03%
Eli Lilly & Co1.72%
JPMorgan Chase & Co1.42%
Micron Technology Inc1.36%
Berkshire Hathaway Inc1.24%
Advanced Micro Devices Inc1.21%
Visa Inc1.10%
ExxonMobil Holdings Corp1.06%
Johnson & Johnson1.01%
Mastercard Inc0.82%
AbbVie Inc0.79%
Chevron Corp0.60%
Procter & Gamble Co/The0.59%
Palantir Technologies Inc0.56%
UnitedHealth Group Inc0.56%
Merck & Co Inc0.56%
Coca-Cola Co/The0.56%
Home Depot Inc/The0.54%
General Electric Co0.52%
Bank of America Corp0.51%
Philip Morris International Inc0.50%
Applied Materials Inc0.44%
Texas Instruments Inc0.43%
Palo Alto Networks Inc0.43%
Lam Research Corp0.42%
Goldman Sachs Group Inc/The0.41%
Caterpillar Inc0.41%
RTX Corp0.40%
Wells Fargo & Co0.40%
Thermo Fisher Scientific Inc0.40%
Intel Corp0.39%
International Business Machines Corp0.36%
Crowdstrike Holdings Inc0.36%
Morgan Stanley0.35%
GE Vernova Inc0.34%
Oracle Corp0.32%
Citigroup Inc0.32%
Walt Disney Co/The0.31%
Abbott Laboratories0.30%
McDonald's Corp0.30%
Analog Devices Inc0.30%
KLA Corp0.30%
Amphenol Corp0.29%
Verizon Communications Inc0.29%

Only in QQXT

3 securities, 6.4% of QQXT by weight

Moderna, Inc.2.64%
Coca-Cola European Partners Plc1.95%
Ferrovial NV1.83%

Weight gaps

All 51 Holdings in both funds, largest gap first.

Holding weights in PBUS and QQXT, widest gap first
Holding	Gap	PBUS	QQXT
IDEXX Laboratories IncIDXX	QQXT +2.20 points	0.08%	2.28%
GE HealthCare Technologies IncGEHC	QQXT +2.13 points	0.06%	2.19%
Marriott International Inc/MDMAR	QQXT +2.12 points	0.14%	2.26%
Intuitive Surgical IncISRG	QQXT +2.07 points	0.26%	2.33%
Amazon.com IncAMZN	PBUS +2.03 points	3.89%	1.86%
Keurig Dr Pepper IncKDP	QQXT +2.02 points	0.08%	2.10%
PayPal Holdings IncPYPL	QQXT +2.00 points	0.08%	2.08%
Regeneron Pharmaceuticals IncREGN	QQXT +1.98 points	0.14%	2.12%
Cintas CorpCTAS	QQXT +1.94 points	0.12%	2.06%
Fastenal CoFAST	QQXT +1.87 points	0.09%	1.96%
Xcel Energy IncXEL	QQXT +1.85 points	0.08%	1.93%
Exelon CorpEXC	QQXT +1.85 points	0.07%	1.92%
Mondelez International IncMDLZ	QQXT +1.84 points	0.13%	1.97%
Gilead Sciences IncGILD	QQXT +1.84 points	0.33%	2.17%
Ross Stores IncROST	QQXT +1.83 points	0.12%	1.95%
Honeywell International IncHON	QQXT +1.83 points	0.11%	1.94%
Monster Beverage CorpMNST	QQXT +1.83 points	0.10%	1.93%
American Electric Power Co IncAEP	QQXT +1.81 points	0.11%	1.92%
O'Reilly Automotive IncORLY	QQXT +1.77 points	0.12%	1.89%
Copart IncCPRT	QQXT +1.76 points	0.04%	1.80%
Automatic Data Processing IncADP	QQXT +1.75 points	0.18%	1.93%
CSX CorpCSX	QQXT +1.72 points	0.15%	1.87%
Honeywell Aerospace IncHONA	QQXT +1.72 points	0.08%	1.80%
Dexcom IncDXCM	QQXT +1.72 points	0.05%	1.77%
Starbucks CorpSBUX	QQXT +1.69 points	0.19%	1.88%
Take-Two Interactive Software IncTTWO	QQXT +1.67 points	0.06%	1.73%
Airbnb IncABNB	QQXT +1.64 points	0.11%	1.75%
Paychex IncPAYX	QQXT +1.63 points	0.06%	1.69%
Amgen IncAMGN	QQXT +1.63 points	0.39%	2.02%
Vertex Pharmaceuticals IncVRTX	QQXT +1.62 points	0.21%	1.83%
Diamondback Energy IncFANG	QQXT +1.60 points	0.06%	1.66%
Space Exploration Technologies CorpSPCX	QQXT +1.60 points	0.12%	1.72%
Linde PLCLIN	QQXT +1.58 points	0.37%	1.95%
Old Dominion Freight Line IncODFL	QQXT +1.58 points	0.05%	1.63%
Comcast CorpCMCSA	QQXT +1.57 points	0.13%	1.70%
PepsiCo IncPEP	QQXT +1.55 points	0.29%	1.84%
MercadoLibre IncMELI	QQXT +1.51 points	0.12%	1.63%
Constellation Energy CorpCEG	QQXT +1.51 points	0.12%	1.63%
T-Mobile US IncTMUS	QQXT +1.48 points	0.12%	1.60%
PACCAR IncPCAR	QQXT +1.47 points	0.08%	1.55%
Rocket Lab CorpRKLB	QQXT +1.45 points	0.04%	1.49%
Walmart IncWMT	QQXT +1.39 points	0.85%	2.24%
Booking Holdings IncBKNG	QQXT +1.36 points	0.20%	1.56%
Baker Hughes CoBKR	QQXT +1.36 points	0.07%	1.43%
Costco Wholesale CorpCOST	QQXT +1.31 points	0.70%	2.01%
Axon Enterprise IncAXON	QQXT +1.31 points	0.05%	1.36%
Alnylam Pharmaceuticals IncALNY	QQXT +1.19 points	0.03%	1.22%
Lumentum Holdings IncLITE	QQXT +1.17 points	0.07%	1.24%
Cisco Systems IncCSCO	QQXT +1.08 points	0.62%	1.70%
Netflix IncNFLX	QQXT +1.07 points	0.42%	1.49%
Tesla IncTSLA	QQXT +0.23 points	1.67%	1.90%

All 514 PBUS holdings⁠All 54 QQXT 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.

PBUS vs QQXT Cost

Overpaying QQXT vs PBUS

$10,422

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

PBUS 0.04%
$849
QQXT 0.57%
$11,271

Amount$10,000

Years30 years

Cost over time

PBUS 0.04%
QQXT 0.57%
Overpaying

Year by year

Year	PBUS	QQXT	Overpaying
10	$73	$1,023	$950
20	$288	$3,921	$3,633
30	$849	$11,271	$10,422

Expense ratio

0.04%PBUS, cheaper
0.57%QQXT

PBUS0.04%QQXT0.57%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 42 funds

QQXT 32nd cheapest of 42 funds

PBUS vs QQXT Dividends

Last 12 months to Nov 5, 2026

Yield (12M): PBUS 1.05%; QQXT 1.27%, better
Payout (12M): PBUS $0.77; QQXT $1.27
Last payment: PBUS $0.19; QQXT $0.19
Ex-dividend: PBUS Sep 21, 2026; QQXT Sep 24, 2026
Paid on: PBUS Sep 25, 2026; QQXT Sep 30, 2026
Frequency: PBUS Quarterly; QQXT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PBUSQuarterly · 36 paymentsAll PBUS payments⁠

QQXTQuarterly · 39 paymentsAll QQXT payments⁠

PBUS vs QQXT Risk

Fall from peak · 5 years

PBUS
QQXT

Risk facts

VolatilityStd dev, 3 years: PBUS 12.5%QQXT 11.6%, better
Return per unit of riskSharpe ratio, 3 years: PBUS 1.41, betterQQXT 0.52
Worst fallMax drawdown, 5 years: PBUS −25.4%QQXT −24.3%, better
Market sensitivityBeta, 5 years: PBUS 1.02QQXT 0.67; Market = 1

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