PBUS vs SPUS: Grades, Fees and Holdings Compared

Invesco MSCI USA ETF

PBUSACboe

SP Funds S&P 500 Sharia Industry Exclusions ETF

SPUSBNYSE Arca

Overlap

57.5%by weight

Expense ratio

PBUS −0.41pt a year

PBUS0.04%SPUS0.45%

Avg volume · 30D

PBUS 1.1×the volume

PBUS433KSPUS409K

5Y return · a year

SPUS +2.4pt

PBUS+11.5%SPUS+13.9%

PBUS vs SPUS Performance

Oct 29, 2021 – Oct 30, 2026

+72.6%PBUS+91.5%SPUS

Expense ratio: PBUS 0.04%, better; SPUS 0.45%
Fund size: PBUS $10.5B; SPUS $3.38B
1Y total return: PBUS +11.5%; SPUS +13.9%, better
Yield (12M): PBUS 1.02%, better; SPUS 0.52%
Holdings: PBUS 517; SPUS 215
Avg volume (30D): PBUS 433K sh, better; SPUS 409K sh
NAV per share: PBUS $75.71; SPUS $59.75
52W range

ETF.net Grade

Pillar letters and Scores for PBUS, SPUS, with each pillar’s weight
Pillar	PBUS	SPUS
Cost30% weight	A98Higher	D33
Mission25% weight	A100Higher	A92
Risk15% weight	B63Higher	C52
Tradability15% weight	A86Higher	A75
Holdings10% weight	C50Higher	F23
Durability5% weight	A74Higher	C51

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. PBUS and SPUS 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 SPUS 20th 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 85
Rank 4AVOOVVanguard S&P 500 Value ETFScore 79
Rank 19BNZACState Street SPDR MSCI ACWI Climate Paris Aligned ETFScore 60
Rank 20BSPUSSP Funds S&P 500 Sharia Industry Exclusions ETFScore 56
Rank 21CRFGInvesco S&P MidCap 400 Pure Growth ETFScore 53

Our read on each fund

ETF.net Research

PBUSAInvesco MSCI USA ETF

SPUSBSP Funds S&P 500 Sharia Industry Exclusions 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.

SPUS The S&P 500 run through a Sharia rulebook: no banks or insurers, no alcohol, tobacco or gambling, and defense and payment processors screened out too. What's left is a debt-light slice of US large caps.

Stated mandate

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

SPUS The Fund seeks to track, before fees and expenses, the performance of an index composed of Sharia-compliant S&P 500 constituents subject to specified industry exclusions.

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.

SPUS The rulebook isn't in-house: S&P and its Shariah screening partner run business-activity and debt-to-market-cap tests, and the fund passively tracks the resulting index.spglobal.com sp-funds.com
Size and volume are real for a niche screen. It's a multi-billion-dollar fund and moderately traded, so the rules cost you the fee, not a punishing spread.
Distributions land monthly, not the quarterly rhythm most S&P 500 trackers keep.

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.

SPUS 0.45% is the toll for the screen. Plain index wrappers like SCHK (0.03%) and SPYV (0.04%) charge a sliver of that.
With conventional finance stripped out and leverage capped, the portfolio is non-diversified and leans harder on technology than the parent index.sp-funds.com spglobal.com
Compliance gets rechecked on a set schedule, so names that breach the leverage limit drop out. That means turnover the plain S&P 500 never sees.spglobal.com

Full PBUS profile⁠

Full SPUS profile⁠

PBUS vs SPUS Holdings

How PBUS and SPUS differ

Overlap by weight

57.5%

Shared holdings make up 99.0% of SPUS and 57.5% of PBUS.

Level by level

Holdings194 in both57.5%
Sector11 Sectors75.2%
Asset classEquity100%
Countryby domicile99.5%

Sector

Sector weights in PBUS and SPUS, widest gap first
Sector	More in PBUSMore in SPUS	PBUS	SPUS
Technology	SPUS +20.7 points	40.2%	60.9%
Financials	PBUS +11.0 points	11.0%	0.0%
Communication	PBUS +4.8 points	9.9%	5.1%
Health Care	SPUS +3.0 points	9.3%	12.3%
Consumer Discretionary	PBUS +2.6 points	8.8%	6.2%
Industrials	PBUS +1.9 points	7.9%	6.0%
Utilities	PBUS +1.6 points	1.8%	0.2%
Consumer Staples	PBUS +1.6 points	4.3%	2.7%
Materials	SPUS +1.2 points	1.6%	2.8%
Real Estate	PBUS +0.9 points	1.6%	0.7%
Energy	PBUS +0.3 points	3.5%	3.2%

Country, concentration and asset class

Country by domicile

Country weights in PBUS and SPUS, widest gap first
Country	More in PBUSMore in SPUS	PBUS	SPUS
United States	SPUS +0.4 points	99.2%	99.6%
Switzerland	PBUS +0.2 points	0.3%	0.1%
China	SPUS +0.1 points	0.1%	0.2%
Brazil	PBUS +0.1 points	0.1%	0.0%
United Kingdom	PBUS +0.1 points	0.1%	0.0%
Mexico	Same weight	0.1%	0.1%
Canada	PBUS +0.1 points	0.1%	0.0%
Ireland	Same weight	0.0%	0.0%
Australia	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

PBUS36.6%
SPUS57.2%

Securities held

PBUS515
SPUS214

Asset class

PBUS: Equity
SPUS: Equity

Holdings

Only in PBUS321
In both194
Only in SPUS20

Only in PBUS

321 securities, 42.4% of PBUS by weight

Amazon.com Inc3.55%
Meta Platforms Inc2.06%
Alphabet Inc1.99%
JPMorgan Chase & Co1.37%
Berkshire Hathaway Inc1.15%
Visa Inc1.02%
Walmart Inc0.80%
Mastercard Inc0.77%
Costco Wholesale Corp0.67%
Palantir Technologies Inc0.64%
Chevron Corp0.64%
Intel Corp0.61%
UnitedHealth Group Inc0.56%
Coca-Cola Co/The0.54%
Bank of America Corp0.50%
Philip Morris International Inc0.49%
General Electric Co0.49%
Caterpillar Inc0.45%
Goldman Sachs Group Inc/The0.41%
RTX Corp0.40%
Netflix Inc0.39%
Wells Fargo & Co0.39%
Amgen Inc0.37%
Morgan Stanley0.34%
Citigroup Inc0.32%
Amphenol Corp0.30%
Walt Disney Co/The0.29%
McDonald's Corp0.27%
Verizon Communications Inc0.27%
Blackrock Inc0.26%
American Express Co0.26%
NextEra Energy Inc0.26%
Pfizer Inc0.26%
Deere & Co0.24%
Eaton Corp PLC0.23%
Charles Schwab Corp/The0.22%
AT&T Inc0.22%
Dell Technologies Inc0.21%
S&P Global Inc0.21%
Western Digital Corp0.20%
Progressive Corp/The0.20%
Lockheed Martin Corp0.20%
Boeing Co/The0.19%
Altria Group Inc0.19%
Marathon Petroleum Corp0.19%
Chubb Ltd0.19%
Bristol-Myers Squibb Co0.19%
Capital One Financial Corp0.18%
Starbucks Corp0.18%
Prologis Inc0.18%

Only in SPUS

20 securities, 0.8% of SPUS by weight

Becton Dickinson & Co0.15%
Gartner Inc0.05%
Revvity Inc0.05%
GoDaddy Inc0.04%
Trimble Inc0.04%
Allegion plc0.04%
Zebra Technologies Corp0.04%
Avery Dennison Corp0.04%
Tyler Technologies Inc0.04%
Charles River Laboratories International Inc0.04%
Ralph Lauren Corp0.04%
CoStar Group Inc0.03%
Lululemon Athletica Inc0.03%
Bio-Techne Corp0.03%
Generac Holdings Inc0.03%
Pentair PLC0.03%
Albemarle Corp0.03%
Insulet Corp0.02%
Align Technology Inc0.02%
A O Smith Corp0.02%

Weight gaps

The 100 widest of 194 Holdings in both funds.

Holding weights in PBUS and SPUS, widest gap first
Holding	More in PBUSMore in SPUS	PBUS	SPUS
NVIDIA CorpNVDA	SPUS +5.54 points	7.39%	12.93%
Apple IncAAPL	SPUS +5.42 points	7.71%	13.13%
Microsoft CorpMSFT	SPUS +4.49 points	5.63%	10.12%
Alphabet IncGOOGL	SPUS +1.78 points	2.51%	4.29%
Broadcom IncAVGO	SPUS +1.70 points	2.35%	4.05%
Eli Lilly & CoLLY	SPUS +1.31 points	1.65%	2.96%
Tesla IncTSLA	SPUS +1.20 points	1.74%	2.94%
Micron Technology IncMU	SPUS +1.02 points	1.59%	2.61%
ExxonMobil Holdings CorpXOM	SPUS +0.87 points	1.14%	2.01%
Advanced Micro Devices IncAMD	SPUS +0.76 points	1.39%	2.15%
Johnson & JohnsonJNJ	SPUS +0.71 points	1.00%	1.71%
AbbVie IncABBV	SPUS +0.59 points	0.77%	1.36%
Cisco Systems IncCSCO	SPUS +0.44 points	0.64%	1.08%
Procter & Gamble Co/ThePG	SPUS +0.43 points	0.56%	0.99%
Merck & Co IncMRK	SPUS +0.42 points	0.54%	0.96%
Home Depot Inc/TheHD	SPUS +0.37 points	0.49%	0.86%
Applied Materials IncAMAT	SPUS +0.31 points	0.50%	0.81%
Palo Alto Networks IncPANW	SPUS +0.30 points	0.47%	0.77%
Lam Research CorpLRCX	SPUS +0.30 points	0.48%	0.78%
Texas Instruments IncTXN	SPUS +0.28 points	0.43%	0.71%
Thermo Fisher Scientific IncTMO	SPUS +0.27 points	0.40%	0.67%
Crowdstrike Holdings IncCRWD	SPUS +0.27 points	0.39%	0.66%
International Business Machines CorpIBM	SPUS +0.26 points	0.36%	0.63%
Linde PLCLIN	SPUS +0.26 points	0.35%	0.61%
Gilead Sciences IncGILD	SPUS +0.24 points	0.31%	0.55%
GE Vernova IncGEV	SPUS +0.24 points	0.36%	0.60%
PepsiCo IncPEP	SPUS +0.22 points	0.27%	0.49%
ConocoPhillipsCOP	SPUS +0.22 points	0.27%	0.49%
Oracle CorpORCL	SPUS +0.21 points	0.36%	0.57%
Analog Devices IncADI	SPUS +0.21 points	0.32%	0.53%
Abbott LaboratoriesABT	SPUS +0.21 points	0.27%	0.48%
Salesforce IncCRM	SPUS +0.20 points	0.28%	0.48%
KLA CorpKLAC	SPUS +0.20 points	0.33%	0.53%
Union Pacific CorpUNP	SPUS +0.20 points	0.27%	0.47%
Accenture PLCACN	SPUS +0.18 points	0.23%	0.41%
Welltower IncWELL	SPUS +0.18 points	0.25%	0.43%
TJX Cos Inc/TheTJX	SPUS +0.17 points	0.23%	0.40%
Uber Technologies IncUBER	SPUS +0.16 points	0.18%	0.34%
Marvell Technology IncMRVL	SPUS +0.17 points	0.28%	0.45%
Intuitive Surgical IncISRG	SPUS +0.16 points	0.24%	0.40%
Vertex Pharmaceuticals IncVRTX	SPUS +0.16 points	0.21%	0.37%
Danaher CorpDHR	SPUS +0.16 points	0.23%	0.39%
Arista Networks IncANET	SPUS +0.15 points	0.30%	0.45%
QUALCOMM IncQCOM	SPUS +0.16 points	0.29%	0.45%
Sandisk CorpSNDK	SPUS +0.14 points	0.30%	0.44%
McKesson CorpMCK	SPUS +0.14 points	0.17%	0.31%
Seagate Technology Holdings PLCSTX	SPUS +0.14 points	0.23%	0.37%
Lowe's Cos IncLOW	SPUS +0.14 points	0.17%	0.31%
Booking Holdings IncBKNG	SPUS +0.12 points	0.18%	0.30%
Medtronic PLCMDT	SPUS +0.12 points	0.19%	0.31%
ServiceNow IncNOW	SPUS +0.12 points	0.17%	0.29%
Kimberly-Clark CorpKMB	SPUS +0.12 points	0.05%	0.17%
Newmont CorpNEM	SPUS +0.12 points	0.18%	0.30%
CSX CorpCSX	SPUS +0.11 points	0.15%	0.26%
Adobe IncADBE	SPUS +0.11 points	0.15%	0.26%
Emerson Electric CoEMR	SPUS +0.11 points	0.14%	0.25%
Regeneron Pharmaceuticals IncREGN	SPUS +0.10 points	0.13%	0.23%
Mondelez International IncMDLZ	SPUS +0.10 points	0.12%	0.22%
Stryker CorpSYK	SPUS +0.10 points	0.16%	0.26%
Corning IncGLW	SPUS +0.10 points	0.15%	0.25%
Vertiv Holdings CoVRT	SPUS +0.10 points	0.13%	0.23%
EOG Resources IncEOG	SPUS +0.10 points	0.13%	0.23%
Colgate-Palmolive CoCL	SPUS +0.09 points	0.11%	0.20%
Fortinet IncFTNT	SPUS +0.10 points	0.13%	0.23%
Freeport-McMoRan IncFCX	SPUS +0.10 points	0.14%	0.24%
3M CoMMM	SPUS +0.10 points	0.14%	0.24%
Johnson Controls International plcJCI	SPUS +0.10 points	0.14%	0.24%
Equinix IncEQIX	SPUS +0.10 points	0.15%	0.25%
Constellation Energy CorpCEG	SPUS +0.10 points	0.12%	0.22%
SLB LtdSLB	SPUS +0.09 points	0.12%	0.21%
Synopsys IncSNPS	SPUS +0.10 points	0.13%	0.23%
Sherwin-Williams Co/TheSHW	SPUS +0.10 points	0.11%	0.21%
Ecolab IncECL	SPUS +0.09 points	0.12%	0.21%
Quanta Services IncPWR	SPUS +0.10 points	0.14%	0.24%
Trane Technologies PLCTT	SPUS +0.10 points	0.14%	0.24%
Cadence Design Systems IncCDNS	SPUS +0.09 points	0.14%	0.23%
United Parcel Service IncUPS	SPUS +0.09 points	0.12%	0.21%
Cintas CorpCTAS	SPUS +0.09 points	0.11%	0.20%
Waste Management IncWM	SPUS +0.09 points	0.14%	0.23%
Ross Stores IncROST	SPUS +0.09 points	0.11%	0.20%
Lumentum Holdings IncLITE	SPUS +0.08 points	0.11%	0.19%
Norfolk Southern CorpNSC	SPUS +0.09 points	0.11%	0.20%
Target CorpTGT	SPUS +0.08 points	0.10%	0.18%
O'Reilly Automotive IncORLY	SPUS +0.08 points	0.11%	0.19%
Illinois Tool Works IncITW	SPUS +0.08 points	0.12%	0.20%
Air Products and Chemicals IncAPD	SPUS +0.08 points	0.10%	0.18%
Monster Beverage CorpMNST	SPUS +0.08 points	0.10%	0.18%
DoorDash IncDASH	SPUS +0.08 points	0.10%	0.18%
Nucor CorpNUE	SPUS +0.08 points	0.09%	0.17%
Cencora IncCOR	SPUS +0.08 points	0.09%	0.17%
United Rentals IncURI	SPUS +0.08 points	0.11%	0.19%
Cummins IncCMI	SPUS +0.07 points	0.11%	0.18%
Boston Scientific CorpBSX	SPUS +0.07 points	0.10%	0.17%
Cardinal Health IncCAH	SPUS +0.07 points	0.09%	0.16%
Crh PLCCRH	SPUS +0.07 points	0.09%	0.16%
NXP Semiconductors NVNXPI	SPUS +0.07 points	0.10%	0.17%
Fastenal CoFAST	SPUS +0.07 points	0.09%	0.16%
TE Connectivity PLCTEL	SPUS +0.07 points	0.10%	0.17%
Bloom Energy CorpBE	SPUS +0.07 points	0.09%	0.16%
Monolithic Power Systems IncMPWR	SPUS +0.06 points	0.09%	0.15%

All 515 PBUS holdings⁠All 200 SPUS 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 SPUS Cost

Overpaying SPUS vs PBUS

$8,192

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

PBUS 0.04%
$849
SPUS 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

PBUS 0.04%
SPUS 0.45%
Overpaying

Year by year

Year	PBUS	SPUS	Overpaying
10	$73	$812	$739
20	$288	$3,128	$2,840
30	$849	$9,041	$8,192

Expense ratio

0.04%PBUS, cheaper
0.45%SPUS

PBUS0.04%SPUS0.45%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 42 funds

SPUS 28th cheapest of 42 funds

PBUS vs SPUS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PBUS 1.02%, better; SPUS 0.52%
Payout (12M): PBUS $0.77; SPUS $0.31
Last payment: PBUS $0.19; SPUS $0.03
Ex-dividend: PBUS Sep 21, 2026; SPUS Oct 27, 2026
Paid on: PBUS Sep 25, 2026; SPUS Oct 28, 2026
Frequency: PBUS Quarterly; SPUS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PBUSQuarterly · 15 paymentsAll PBUS payments⁠

SPUSMonthly · 46 paymentsAll SPUS payments⁠

PBUS vs SPUS Risk

Fall from peak · 5 years

PBUS
SPUS

Risk facts

VolatilityStd dev, 3 years: PBUS 12.5%, betterSPUS 14.8%
Return per unit of riskSharpe ratio, 3 years: PBUS 1.41, betterSPUS 1.33
Worst fallMax drawdown, 5 years: PBUS −25.4%, betterSPUS −28.0%
Market sensitivityBeta, 5 years: PBUS 1.02SPUS 1.09; Market = 1

PBUS and SPUS in the news

All news⁠

ETF Filings
SP Funds Trust files for two Shariah ETFs, U.S. Small Cap and Equity Income
Oct 12, 2026SPUS

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PBUS vs SPUS

In short

Stated mandate

Why people hold it

Worth knowing

How PBUS and SPUS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PBUS

Only in SPUS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

SP Funds Trust files for two Shariah ETFs, U.S. Small Cap and Equity Income

How PBUS and SPUS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PBUS

Only in SPUS

Weight gaps