PBUS vs RWL: Grades, Fees and Holdings Compared

Invesco MSCI USA ETF

PBUSACboe

Invesco S&P 500 Revenue ETF

RWLBNYSE Arca

Overlap

56.4%by weight

Expense ratio

PBUS −0.35pt a year

PBUS0.04%RWL0.39%

Avg volume · 30D

PBUS 1.2×the volume

PBUS349KRWL280K

5Y return · a year

RWL +2.2pt

PBUS+11.1%RWL+13.3%

PBUS vs RWL Performance

Nov 9, 2021 – Nov 9, 2026

+68.9%PBUS+86.6%RWL

Expense ratio: PBUS 0.04%, better; RWL 0.39%
Fund size: PBUS $10.2B; RWL $10.3B
1Y total return: PBUS +12.9%; RWL +23.0%, better
Yield (12M): PBUS 1.02%; RWL 1.18%, better
Holdings: PBUS 516; RWL 503
Avg volume (30D): PBUS 349K sh, better; RWL 280K sh
NAV per share: PBUS $73.60; RWL $133.48
52W range

ETF.net Grade

Pillar letters and Scores for PBUS, RWL, with each pillar’s weight
Pillar	PBUS	RWL
Cost30% weight	A98Higher	D37
Mission25% weight	A100	Not scored
Risk15% weight	B61	A96Higher
Tradability15% weight	A77	A90Higher
Holdings10% weight	C52	A71Higher
Durability5% weight	A74	A81Higher

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. PBUS and RWL are both graded against the same 41 Other Major Indexes funds, so their Grades compare head to head.

Other Major Indexes⁠

Category · 41 funds

See all 41 ›

PBUS ranks 3rd and RWL 14th of 41 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 83
Rank 4AVOOVVanguard S&P 500 Value ETFScore 80
Rank 13BIVOVVanguard S&P Mid-Cap 400 Value ETFScore 68
Rank 14BRWLInvesco S&P 500 Revenue ETFScore 66
Rank 14BXJRiShares ESG Select Screened S&P Small-Cap ETFScore 66

Our read on each fund

ETF.net Research

PBUSAInvesco MSCI USA ETF

RWLBInvesco S&P 500 Revenue 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.

RWL Same 500 companies as the S&P 500, sized by sales instead of share price. Revenue weighting with a 5% cap per name shifts weight toward the biggest top lines and away from the crowd sitting at the top of the cap-weighted index.

Stated mandate

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

RWL The Fund is based on the S&P 500 Revenue-Weighted Index and uses revenue-based constituent weighting. It invests at least 90% of total assets in securities comprising the Index.

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.

RWL Reweights the S&P 500 by company revenue and caps any single name at 5% at each quarterly rebalance, a different concentration profile than the cap-weighted original.invesco.com
Costs 0.39% a year, below the median fee in its index-wrapper peer group, and keeps at least 90% of assets in the index's own constituents.
Live since 2008 and now a multi-billion-dollar fund holding roughly 500 stocks, paying quarterly. That is a long runway for a rules-based tilt.
Sits in the upper tier of the plain index wrappers we track, helped by a steady risk profile and easy trading.

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.

RWL 0.39% is a real step up from bare-bones S&P 500 trackers like SPYV at 0.04% or SCHK at 0.03%. That gap is what the reweighting costs.
Revenue sets the weights, so a high-sales, thin-margin business can outrank a far more profitable one. A genuine departure from the benchmark most people watch.invesco.com
Snapping back to revenue weights every quarter means more portfolio turnover than a set-and-forget cap-weighted fund.invesco.com

Full PBUS profile⁠

Full RWL profile⁠

PBUS vs RWL Holdings

How PBUS and RWL differ

Overlap by weight

56.4%

Shared holdings make up 97.5% of RWL and 97.3% of PBUS.

Level by level

Holdings441 in both56.4%
Sector11 Sectors73.8%
Asset classStocks100%
Countryby domicile99.7%

Sector

Sector weights in PBUS and RWL, widest gap first
Sector	Gap	PBUS	RWL
Technology	PBUS +23.3 points	36.4%	13.1%
Health Care	RWL +9.5 points	10.6%	20.1%
Consumer Staples	RWL +7.1 points	5.0%	12.1%
Energy	RWL +2.9 points	3.6%	6.5%
Consumer Discretionary	RWL +2.8 points	9.8%	12.6%
Financials	RWL +2.3 points	12.3%	14.6%
Communication	PBUS +2.0 points	8.9%	6.9%
Real Estate	PBUS +0.9 points	1.8%	0.9%
Industrials	RWL +0.8 points	7.9%	8.7%
Utilities	RWL +0.4 points	2.1%	2.5%
Materials	RWL +0.2 points	1.7%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in PBUS and RWL, widest gap first
Country	Gap	PBUS	RWL
United States	PBUS +0.1 points	99.2%	99.1%
Switzerland	RWL +0.1 points	0.3%	0.4%
Ireland	RWL +0.2 points	0.0%	0.2%
United Kingdom	Same weight	0.1%	0.1%
Brazil	PBUS +0.1 points	0.1%	0.0%
China	Same weight	0.1%	0.1%
Mexico	RWL +0.1 points	0.0%	0.1%
Canada	PBUS +0.1 points	0.1%	0.0%
Australia	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

PBUS36.8%
RWL24.8%

Securities held

PBUS514
RWL502

Asset class

PBUS: Stocks
RWL: Stocks

Holdings

Only in PBUS73
In both441
Only in RWL61

Only in PBUS

73 securities, 2.7% of PBUS by weight

Snowflake Inc0.14%
Cloudflare Inc0.13%
Space Exploration Technologies Corp0.13%
MercadoLibre Inc0.11%
Cheniere Energy Inc0.09%
Waste Connections Inc0.08%
Natera Inc0.07%
Strategy Inc0.05%
Revolution Medicines Inc0.05%
Sunbelt Rentals Holdings Inc0.05%
ROBLOX Corp0.05%
Twilio Inc0.05%
Rocket Lab Corp0.04%
Okta Inc0.04%
Royalty Pharma PLC0.04%
Markel Group Inc0.04%
Astera Labs Inc0.04%
TechnipFMC PLC0.04%
MongoDB Inc0.04%
Atlassian Corp0.04%
Insmed Inc0.04%
LPL Financial Holdings Inc0.04%
ATI Inc0.04%
Liberty Media Corp0.04%
Reliance Inc0.03%
United Therapeutics Corp0.03%
Zoom Communications Inc0.03%
Amrize Ltd0.03%
Zscaler Inc0.03%
SoFi Technologies Inc0.03%
Alnylam Pharmaceuticals Inc0.03%
XPO Inc0.03%
Roivant Sciences Ltd0.03%
Credo Technology Group Holding Ltd0.03%
Entegris Inc0.03%
SharkNinja Inc0.03%
HEICO Corp0.03%
Affirm Holdings Inc0.03%
First Citizens BancShares Inc/NC0.03%
FTAI Aviation Ltd0.03%
Curtiss-Wright Corp0.03%
nVent Electric PLC0.03%
Toast Inc0.03%
SS&C Technologies Holdings Inc0.03%
Coeur Mining Inc0.03%
Neurocrine Biosciences Inc0.02%
TransUnion0.02%
Burlington Stores Inc0.02%
Pinnacle Financial Partners Inc0.02%
Tradeweb Markets Inc0.02%

Only in RWL

61 securities, 2.5% of RWL by weight

Southwest Airlines Co0.17%
Skydance Corp0.11%
Universal Health Services Inc0.10%
Stanley Black & Decker Inc0.09%
Viatris Inc0.09%
Aptiv PLC0.08%
Assurant Inc0.07%
DaVita Inc0.07%
MGM Resorts International0.07%
Huntington Ingalls Industries Inc0.07%
Henry Schein Inc0.07%
AES Corp/The0.06%
Hormel Foods Corp0.06%
Lululemon Athletica Inc0.06%
Norwegian Cruise Line Holdings Ltd0.06%
Baxter International Inc0.06%
Mosaic Co/The0.05%
Avery Dennison Corp0.05%
J M Smucker Co/The0.05%
Ralph Lauren Corp0.05%
Franklin Templeton Inc0.05%
APA Corp0.04%
Solventum Corp0.04%
Clorox Co/The0.04%
Gartner Inc0.04%
Host Hotels & Resorts Inc0.03%
Wynn Resorts Ltd0.03%
Hasbro Inc0.03%
GoDaddy Inc0.03%
Invesco Ltd0.03%
Pinnacle West Capital Corp0.03%
Globe Life Inc0.03%
Zebra Technologies Corp0.03%
TKO Group Holdings Inc0.03%
Domino's Pizza Inc0.03%
Allegion plc0.03%
Charles River Laboratories International Inc0.02%
Pentair PLC0.02%
Brown-Forman Corp0.02%
Albemarle Corp0.02%
Erie Indemnity Co0.02%
Align Technology Inc0.02%
Moderna Inc0.02%
A O Smith Corp0.02%
Generac Holdings Inc0.02%
News Corp0.02%
CoStar Group Inc0.02%
Revvity Inc0.02%
BXP Inc0.02%
Trimble Inc0.02%

Weight gaps

The 100 widest of 441 Holdings in both funds.

Holding weights in PBUS and RWL, widest gap first
Holding	Gap	PBUS	RWL
NVIDIA CorpNVDA	PBUS +5.50 points	6.76%	1.26%
Apple IncAAPL	PBUS +5.39 points	7.92%	2.53%
Microsoft CorpMSFT	PBUS +4.11 points	5.90%	1.79%
Walmart IncWMT	RWL +3.49 points	0.86%	4.35%
McKesson CorpMCK	RWL +2.24 points	0.20%	2.44%
Broadcom IncAVGO	PBUS +1.73 points	2.09%	0.36%
UnitedHealth Group IncUNH	RWL +1.69 points	0.56%	2.25%
Alphabet IncGOOGL	PBUS +1.67 points	2.63%	0.96%
CVS Health CorpCVS	RWL +1.65 points	0.17%	1.82%
Cencora IncCOR	RWL +1.61 points	0.10%	1.71%
Cigna Group/TheCI	RWL +1.37 points	0.12%	1.49%
Cardinal Health IncCAH	RWL +1.34 points	0.10%	1.44%
Eli Lilly & CoLLY	PBUS +1.23 points	1.71%	0.48%
Alphabet IncGOOG	PBUS +1.13 points	2.09%	0.96%
Tesla IncTSLA	PBUS +1.12 points	1.62%	0.50%
Meta Platforms IncMETA	PBUS +1.05 points	2.11%	1.06%
Centene CorpCNC	RWL +1.05 points	0.05%	1.10%
Advanced Micro Devices IncAMD	PBUS +0.97 points	1.15%	0.18%
Costco Wholesale CorpCOST	RWL +0.97 points	0.74%	1.71%
Elevance Health IncANTM	RWL +0.93 points	0.15%	1.08%
Micron Technology IncMU	PBUS +0.93 points	1.23%	0.30%
Berkshire Hathaway IncBRK.B	RWL +0.89 points	1.27%	2.16%
Visa IncV	PBUS +0.86 points	1.11%	0.25%
Kroger Co/TheKR	RWL +0.83 points	0.06%	0.89%
General Motors CoGM	RWL +0.83 points	0.12%	0.95%
Ford Motor CoF	RWL +0.79 points	0.08%	0.87%
ExxonMobil Holdings CorpXOM	RWL +0.75 points	1.08%	1.83%
Humana IncHUM	RWL +0.71 points	0.08%	0.79%
Mastercard IncMA	PBUS +0.63 points	0.83%	0.20%
Phillips 66PSX	RWL +0.57 points	0.15%	0.72%
Johnson & JohnsonJNJ	PBUS +0.55 points	1.05%	0.50%
Marathon Petroleum CorpMPC	RWL +0.54 points	0.17%	0.71%
Palantir Technologies IncPLTR	PBUS +0.52 points	0.55%	0.03%
Comcast CorpCMCSA	RWL +0.48 points	0.14%	0.62%
Valero Energy CorpVLO	RWL +0.46 points	0.16%	0.62%
Citigroup IncC	RWL +0.44 points	0.32%	0.76%
AbbVie IncABBV	PBUS +0.44 points	0.81%	0.37%
Chevron CorpCVX	RWL +0.43 points	0.62%	1.05%
Target CorpTGT	RWL +0.43 points	0.11%	0.54%
Home Depot Inc/TheHD	RWL +0.39 points	0.54%	0.93%
FedEx CorpFDX	RWL +0.36 points	0.11%	0.47%
United Parcel Service IncUPS	RWL +0.36 points	0.13%	0.49%
Delta Air Lines IncDAL	RWL +0.36 points	0.02%	0.38%
Palo Alto Networks IncPANW	PBUS +0.35 points	0.40%	0.05%
Bunge Global SABG	RWL +0.35 points	0.02%	0.37%
Sysco CorpSYY	RWL +0.34 points	0.06%	0.40%
Verizon Communications IncVZ	RWL +0.34 points	0.30%	0.64%
HCA Healthcare IncHCA	RWL +0.34 points	0.12%	0.46%
MetLife IncMET	RWL +0.33 points	0.08%	0.41%
Lam Research CorpLRCX	PBUS +0.32 points	0.39%	0.07%
United Airlines Holdings IncUAL	RWL +0.32 points	0.01%	0.33%
Lowe's Cos IncLOW	RWL +0.31 points	0.20%	0.51%
Crowdstrike Holdings IncCRWD	PBUS +0.31 points	0.34%	0.03%
Cisco Systems IncCSCO	PBUS +0.31 points	0.58%	0.27%
AT&T IncT	RWL +0.31 points	0.24%	0.55%
Dell Technologies IncDELL	RWL +0.30 points	0.15%	0.46%
Coca-Cola Co/TheKO	PBUS +0.30 points	0.58%	0.28%
Applied Materials IncAMAT	PBUS +0.31 points	0.42%	0.11%
T-Mobile US IncTMUS	RWL +0.30 points	0.12%	0.42%
Texas Instruments IncTXN	PBUS +0.30 points	0.40%	0.10%
Tyson Foods IncTSN	RWL +0.29 points	0.03%	0.32%
Accenture PLCACN	RWL +0.29 points	0.25%	0.54%
Archer-Daniels-Midland CoADM	RWL +0.28 points	0.05%	0.33%
General Electric CoGE	PBUS +0.28 points	0.53%	0.25%
Progressive Corp/ThePGR	RWL +0.27 points	0.21%	0.48%
Bank of America CorpBAC	RWL +0.27 points	0.50%	0.77%
Prudential Financial IncPRU	RWL +0.26 points	0.07%	0.33%
Philip Morris International IncPM	PBUS +0.26 points	0.49%	0.23%
Allstate Corp/TheALL	RWL +0.25 points	0.10%	0.35%
Arista Networks IncANET	PBUS +0.24 points	0.29%	0.05%
Merck & Co IncMRK	PBUS +0.24 points	0.57%	0.33%
Intel CorpINTC	PBUS +0.24 points	0.39%	0.15%
Walt Disney Co/TheDIS	RWL +0.23 points	0.32%	0.55%
KLA CorpKLAC	PBUS +0.23 points	0.28%	0.05%
Lockheed Martin CorpLMT	RWL +0.23 points	0.19%	0.42%
HP IncHPQ	RWL +0.22 points	0.04%	0.26%
Charter Communications IncCHTR	RWL +0.22 points	0.02%	0.24%
Netflix IncNFLX	PBUS +0.22 points	0.42%	0.20%
Analog Devices IncADI	PBUS +0.21 points	0.28%	0.07%
Welltower IncWELL	PBUS +0.20 points	0.27%	0.07%
Best Buy Co IncBBY	RWL +0.21 points	0.03%	0.24%
Morgan StanleyMS	RWL +0.20 points	0.34%	0.54%
Wells Fargo & CoWFC	RWL +0.20 points	0.40%	0.60%
PepsiCo IncPEP	RWL +0.20 points	0.30%	0.50%
Boeing Co/TheBA	RWL +0.19 points	0.20%	0.39%
Dollar General CorpDG	RWL +0.18 points	0.05%	0.23%
Dow IncDOW	RWL +0.18 points	0.04%	0.22%
Intuitive Surgical IncISRG	PBUS +0.18 points	0.25%	0.07%
Linde PLCLIN	PBUS +0.18 points	0.38%	0.20%
Capital One Financial CorpCOF	RWL +0.17 points	0.19%	0.36%
Goldman Sachs Group Inc/TheGS	RWL +0.17 points	0.40%	0.57%
Amgen IncAMGN	PBUS +0.17 points	0.39%	0.22%
NIKE IncNKE	RWL +0.17 points	0.07%	0.24%
Marvell Technology IncMRVL	PBUS +0.16 points	0.19%	0.03%
GE Vernova IncGEV	PBUS +0.16 points	0.33%	0.17%
McDonald's CorpMCD	PBUS +0.16 points	0.31%	0.15%
Amphenol CorpAPH	PBUS +0.16 points	0.29%	0.13%
Vertex Pharmaceuticals IncVRTX	PBUS +0.15 points	0.22%	0.07%
Gilead Sciences IncGILD	PBUS +0.16 points	0.33%	0.17%
Lennar CorpLEN	RWL +0.15 points	0.03%	0.18%

All 514 PBUS holdings⁠All 502 RWL 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 RWL Cost

Overpaying RWL vs PBUS

$7,049

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

PBUS 0.04%
$849
RWL 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

PBUS 0.04%
RWL 0.39%
Overpaying

Year by year

Year	PBUS	RWL	Overpaying
10	$73	$705	$632
20	$288	$2,725	$2,437
30	$849	$7,898	$7,049

Expense ratio

0.04%PBUS, cheaper
0.39%RWL

PBUS0.04%RWL0.39%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 41 funds

RWL 26th cheapest of 41 funds

PBUS vs RWL Dividends

Last 12 months to Nov 9, 2026

Yield (12M): PBUS 1.02%; RWL 1.18%, better
Payout (12M): PBUS $0.77; RWL $1.61
Last payment: PBUS $0.19; RWL $0.40
Ex-dividend: PBUS Sep 21, 2026; RWL Sep 21, 2026
Paid on: PBUS Sep 25, 2026; RWL Sep 25, 2026
Frequency: PBUS Quarterly; RWL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PBUSQuarterly · 36 paymentsAll PBUS payments⁠

RWLQuarterly · 39 paymentsAll RWL payments⁠

PBUS vs RWL Risk

Fall from peak · 5 years

PBUS
RWL

Risk facts

VolatilityStd dev, 3 years: PBUS 12.5%RWL 11.4%, better
Return per unit of riskSharpe ratio, 3 years: PBUS 1.41RWL 1.46, better
Worst fallMax drawdown, 5 years: PBUS −25.4%RWL −17.5%, better
Market sensitivityBeta, 5 years: PBUS 1.02RWL 0.78; Market = 1

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