PBUS vs SPXE: Grades, Fees and Holdings Compared

Invesco MSCI USA ETF

PBUSACboe

ProShares S&P 500 Ex-Energy ETF

SPXEBNYSE Arca

Overlap

92.7%by weight

Expense ratio

PBUS −0.05pt a year

PBUS0.04%SPXE0.09%

Avg volume · 30D

PBUS 446.6×the volume

PBUS433KSPXE970

5Y return · a year

PBUS+11.5%SPXE+11.5%

PBUS vs SPXE Performance

Oct 29, 2021 – Oct 30, 2026

+72.6%PBUS+72.7%SPXE

Expense ratio: PBUS 0.04%, better; SPXE 0.09%
Fund size: PBUS $10.5B; SPXE $85M
1Y total return: PBUS +11.5%, better; SPXE +10.6%
Yield (12M): PBUS 1.02%, better; SPXE 0.92%
Holdings: PBUS 517; SPXE 482
Avg volume (30D): PBUS 433K sh, better; SPXE 970 sh
NAV per share: PBUS $75.71; SPXE $80.91
52W range

ETF.net Grade

Pillar letters and Scores for PBUS, SPXE, with each pillar’s weight
Pillar	PBUS	SPXE
Cost30% weight	A98Higher	A79
Mission25% weight	A100	A100
Risk15% weight	B63	B63
Tradability15% weight	A86Higher	D25
Holdings10% weight	C50Higher	C46
Durability5% weight	A74Higher	C52

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. PBUS and SPXE 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 SPXE 11th 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 10AIVOGVanguard S&P Mid-Cap 400 Growth ETFScore 70
Rank 11BSPXEProShares S&P 500 Ex-Energy ETFScore 69
Rank 12BFINAFidelity MSCI North American Subset Index ETFScore 68

Our read on each fund

ETF.net Research

PBUSAInvesco MSCI USA ETF

SPXEBProShares S&P 500 Ex-Energy 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.

SPXE The S&P 500 with the oil and gas names lifted out. Same roughly 500-stock large-cap core, one sector missing, at a fee far below what its index-fund peer group typically charges.

Stated mandate

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

SPXE SPXE is intended to provide exposure to the S&P 500 while excluding companies classified in the energy sector.

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.

SPXE Charges 0.09% a year, a fraction of the 0.45% median for funds in its index-tracking peer group.
One surgical edit, not a rebuild: it holds the S&P 500 and leaves out companies classified in the energy sector. Sector weights and mega-cap shape otherwise stay familiar.
Tracks the S&P 500 Ex-Energy Index very closely, one of the tighter index implementations in its peer group.
Running the same ex-energy mandate since 2015, with distributions paid quarterly.

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.

SPXE Thinly traded for its category. Spreads matter more here than with the household-name S&P 500 trackers, so limit orders are the sane default.
A small fund next to the giant index products, which is worth knowing before sizing a large position.
Dropping a whole sector means returns move away from the full S&P 500 in both directions, and you give up energy's dividends and its inflation-hedge role.

Full PBUS profile⁠

Full SPXE profile⁠

PBUS vs SPXE Holdings

How PBUS and SPXE differ

Overlap by weight

92.7%

Shared holdings make up 98.2% of SPXE and 93.0% of PBUS.

Level by level

Holdings415 in both92.7%
Sector11 Sectors96.5%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in PBUS and SPXE, widest gap first
Sector	More in PBUSMore in SPXE	PBUS	SPXE
Energy	PBUS +3.5 points	3.5%	0.0%
Technology	SPXE +1.7 points	40.2%	41.9%
Financials	SPXE +0.6 points	11.0%	11.6%
Communication	SPXE +0.4 points	9.9%	10.3%
Health Care	SPXE +0.3 points	9.3%	9.6%
Consumer Discretionary	SPXE +0.2 points	8.8%	9.0%
Consumer Staples	SPXE +0.2 points	4.3%	4.5%
Real Estate	SPXE +0.2 points	1.6%	1.8%
Utilities	SPXE +0.1 points	1.8%	1.9%
Industrials	PBUS +0.1 points	7.9%	7.8%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in PBUS and SPXE, widest gap first
Country	More in PBUSMore in SPXE	PBUS	SPXE
United States	SPXE +0.3 points	99.2%	99.5%
Switzerland	Same weight	0.3%	0.3%
Brazil	PBUS +0.1 points	0.1%	0.0%
United Kingdom	PBUS +0.1 points	0.1%	0.0%
China	Same weight	0.1%	0.1%
Canada	PBUS +0.1 points	0.1%	0.0%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
Australia	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

PBUS36.6%
SPXE38.7%

Securities held

PBUS515
SPXE481

Asset class

PBUS: Equity
SPXE: Equity

Holdings

Only in PBUS100
In both415
Only in SPXE66

Only in PBUS

100 securities, 6.9% of PBUS by weight

ExxonMobil Holdings Corp1.14%
Chevron Corp0.64%
ConocoPhillips0.27%
Marathon Petroleum Corp0.19%
Valero Energy Corp0.17%
Phillips 660.16%
Snowflake Inc0.16%
Cloudflare Inc0.15%
Elevance Health Inc0.14%
Williams Cos Inc/The0.14%
Space Exploration Technologies Corp0.13%
EOG Resources Inc0.13%
SLB Ltd0.12%
MercadoLibre Inc0.12%
Targa Resources Corp0.10%
Cheniere Energy Inc0.10%
Kinder Morgan Inc0.10%
ONEOK Inc0.09%
Natera Inc0.09%
Devon Energy Corp0.09%
Becton Dickinson & Co0.08%
Baker Hughes Co0.08%
Occidental Petroleum Corp0.07%
Waste Connections Inc0.07%
Vivmark Residential0.07%
Diamondback Energy Inc0.06%
Astera Labs Inc0.06%
Block Inc0.06%
Kenvue Inc0.06%
Strategy Inc0.06%
Okta Inc0.06%
Sunbelt Rentals Holdings Inc0.05%
EQT Corp0.05%
Atlassian Corp0.05%
Revolution Medicines Inc0.05%
Rocket Lab Corp0.05%
ROBLOX Corp0.05%
MongoDB Inc0.05%
Halliburton Co0.05%
Credo Technology Group Holding Ltd0.04%
Royalty Pharma PLC0.04%
TechnipFMC PLC0.04%
Zscaler Inc0.04%
Fiserv Inc0.04%
Markel Group Inc0.04%
Entegris Inc0.04%
Insmed Inc0.04%
Zoom Communications Inc0.03%
ATI Inc0.03%
Alnylam Pharmaceuticals Inc0.03%

Only in SPXE

66 securities, 1.6% of SPXE by weight

Elevance Health Inc0.14%
Moderna Inc0.13%
Becton Dickinson and Co0.09%
Vivmark Residential0.07%
Block Inc0.07%
Fiserv Inc0.04%
Viatris Inc0.03%
Southwest Airlines Co0.03%
Ball Corp0.03%
Revvity Inc0.03%
Host Hotels & Resorts Inc0.03%
Charles River Laboratories0.03%
Zebra Technologies Corp-Cl A0.03%
Hasbro Inc0.03%
Allegion PLC0.03%
Stanley Black & Decker Inc0.02%
Trimble Inc0.02%
Tyler Technologies Inc0.02%
Ralph Lauren Corp0.02%
Godaddy Inc - Class A0.02%
Assurant Inc0.02%
Gartner Inc0.02%
Jm Smucker Co/The0.02%
Avery Dennison Corp0.02%
Akamai Technologies Inc0.02%
Healthpeak Properties Inc0.02%
Pinnacle West Capital0.02%
Huntington Ingalls Industrie0.02%
Invesco Ltd0.02%
Globe Life Inc0.02%
Costar Group Inc0.02%
Baxter International Inc0.02%
Solventum Corp0.02%
Generac Holdings Inc0.02%
Factset Research Systems Inc0.02%
Jack Henry & Associates Inc0.02%
Bio-Techne Corp0.02%
Lululemon Athletica Inc0.02%
Tko Group Holdings Inc0.02%
Albemarle Corp0.02%
Clorox Company0.02%
Pentair PLC0.02%
Aes Corp0.02%
Domino's Pizza Inc0.02%
Insulet Corp0.02%
Udr Inc0.02%
Camden Property Trust0.02%
Bxp Inc0.02%
Align Technology Inc0.02%
Franklin Templeton Inc0.01%

Weight gaps

The 100 widest of 415 Holdings in both funds.

Holding weights in PBUS and SPXE, widest gap first
Holding	More in PBUSMore in SPXE	PBUS	SPXE
Microsoft CorpMSFT	SPXE +0.54 points	5.63%	6.17%
NVIDIA CorpNVDA	SPXE +0.49 points	7.39%	7.88%
Berkshire Hathaway IncBRK.B	SPXE +0.46 points	1.15%	1.61%
Apple IncAAPL	SPXE +0.29 points	7.71%	8.00%
Amazon.com IncAMZN	SPXE +0.20 points	3.55%	3.75%
Eli Lilly & CoLLY	SPXE +0.16 points	1.65%	1.81%
Broadcom IncAVGO	SPXE +0.12 points	2.35%	2.47%
Alphabet IncGOOG	SPXE +0.11 points	1.99%	2.10%
Alphabet IncGOOGL	SPXE +0.10 points	2.51%	2.61%
Visa IncV	SPXE +0.10 points	1.02%	1.12%
Meta Platforms IncMETA	SPXE +0.10 points	2.06%	2.16%
Intel CorpINTC	PBUS +0.09 points	0.61%	0.52%
Walmart IncWMT	SPXE +0.08 points	0.80%	0.88%
Advanced Micro Devices IncAMD	PBUS +0.08 points	1.39%	1.31%
AbbVie IncABBV	SPXE +0.06 points	0.77%	0.83%
Tesla IncTSLA	SPXE +0.05 points	1.74%	1.79%
Delta Air Lines IncDAL	SPXE +0.06 points	0.02%	0.08%
JPMorgan Chase & CoJPM	SPXE +0.06 points	1.37%	1.43%
Kimberly-Clark CorpKMB	SPXE +0.06 points	0.05%	0.11%
Johnson & JohnsonJNJ	SPXE +0.05 points	1.00%	1.05%
Costco Wholesale CorpCOST	SPXE +0.05 points	0.67%	0.71%
Mastercard IncMA	SPXE +0.05 points	0.77%	0.82%
Merck & Co IncMRK	SPXE +0.05 points	0.54%	0.59%
United Airlines Holdings IncUAL	SPXE +0.04 points	0.01%	0.05%
Coca-Cola Co/TheKO	SPXE +0.04 points	0.54%	0.58%
Uber Technologies IncUBER	SPXE +0.03 points	0.18%	0.21%
Procter & Gamble Co/ThePG	SPXE +0.04 points	0.56%	0.60%
Sandisk CorpSNDK	PBUS +0.03 points	0.30%	0.27%
Palantir Technologies IncPLTR	SPXE +0.03 points	0.64%	0.67%
Philip Morris International IncPM	SPXE +0.03 points	0.49%	0.52%
Home Depot Inc/TheHD	SPXE +0.03 points	0.49%	0.52%
Deere & CoDE	SPXE +0.03 points	0.24%	0.27%
Gilead Sciences IncGILD	SPXE +0.03 points	0.31%	0.34%
Amgen IncAMGN	SPXE +0.03 points	0.37%	0.40%
Linde PLCLIN	SPXE +0.03 points	0.35%	0.38%
RTX CorpRTX	SPXE +0.03 points	0.40%	0.43%
PepsiCo IncPEP	SPXE +0.03 points	0.27%	0.30%
Accenture PLCACN	SPXE +0.02 points	0.23%	0.25%
Netflix IncNFLX	SPXE +0.02 points	0.39%	0.41%
General Dynamics CorpGD	SPXE +0.02 points	0.13%	0.15%
Boeing Co/TheBA	SPXE +0.03 points	0.19%	0.22%
Verizon Communications IncVZ	SPXE +0.03 points	0.27%	0.30%
Salesforce IncCRM	SPXE +0.02 points	0.28%	0.30%
Welltower IncWELL	SPXE +0.02 points	0.25%	0.27%
International Business Machines CorpIBM	SPXE +0.02 points	0.36%	0.39%
NextEra Energy IncNEE	SPXE +0.02 points	0.26%	0.28%
Pfizer IncPFE	SPXE +0.02 points	0.26%	0.28%
UnitedHealth Group IncUNH	SPXE +0.02 points	0.56%	0.58%
Bank of America CorpBAC	SPXE +0.02 points	0.50%	0.52%
Vertex Pharmaceuticals IncVRTX	SPXE +0.02 points	0.21%	0.23%
Abbott LaboratoriesABT	SPXE +0.02 points	0.27%	0.29%
Regeneron Pharmaceuticals IncREGN	SPXE +0.02 points	0.13%	0.15%
Union Pacific CorpUNP	SPXE +0.02 points	0.27%	0.29%
McDonald's CorpMCD	SPXE +0.02 points	0.27%	0.29%
Capital One Financial CorpCOF	SPXE +0.02 points	0.18%	0.20%
Crowdstrike Holdings IncCRWD	SPXE +0.02 points	0.39%	0.41%
Wells Fargo & CoWFC	SPXE +0.01 points	0.39%	0.40%
Walt Disney Co/TheDIS	SPXE +0.01 points	0.29%	0.30%
Thermo Fisher Scientific IncTMO	SPXE +0.01 points	0.40%	0.41%
AT&T IncT	SPXE +0.01 points	0.22%	0.23%
Arista Networks IncANET	PBUS +0.02 points	0.30%	0.28%
S&P Global IncSPGI	SPXE +0.01 points	0.21%	0.22%
Bristol-Myers Squibb CoBMY	SPXE +0.01 points	0.19%	0.20%
Altria Group IncMO	SPXE +0.02 points	0.19%	0.21%
Automatic Data Processing IncADP	SPXE +0.02 points	0.17%	0.19%
Colgate-Palmolive CoCL	SPXE +0.01 points	0.11%	0.12%
Prologis IncPLD	SPXE +0.01 points	0.18%	0.19%
Southern Co/TheSO	SPXE +0.01 points	0.16%	0.17%
Morgan StanleyMS	SPXE +0.01 points	0.34%	0.35%
Chubb LtdCB	SPXE +0.01 points	0.19%	0.20%
Constellation Energy CorpCEG	SPXE +0.02 points	0.12%	0.14%
QUALCOMM IncQCOM	PBUS +0.01 points	0.29%	0.28%
Cisco Systems IncCSCO	SPXE +0.02 points	0.64%	0.66%
KKR & Co IncKKR	SPXE +0.01 points	0.09%	0.10%
Apollo Global Management IncAPO	SPXE +0.02 points	0.07%	0.09%
Intuit IncINTU	SPXE +0.01 points	0.14%	0.15%
T-Mobile US IncTMUS	SPXE +0.01 points	0.11%	0.12%
TJX Cos Inc/TheTJX	SPXE +0.02 points	0.23%	0.25%
Carvana CoCVNA	SPXE +0.01 points	0.07%	0.08%
Progressive Corp/ThePGR	SPXE +0.01 points	0.20%	0.21%
Intercontinental Exchange IncICE	SPXE +0.01 points	0.14%	0.15%
CME Group IncCME	SPXE +0.01 points	0.16%	0.17%
Lowe's Cos IncLOW	SPXE +0.02 points	0.17%	0.19%
Comcast CorpCMCSA	SPXE +0.01 points	0.12%	0.13%
Mondelez International IncMDLZ	SPXE +0.01 points	0.12%	0.13%
AppLovin CorpAPP	SPXE +0.01 points	0.09%	0.10%
Duke Energy CorpDUK	SPXE +0.01 points	0.15%	0.16%
Adobe IncADBE	SPXE +0.01 points	0.15%	0.16%
McKesson CorpMCK	SPXE +0.02 points	0.17%	0.18%
CVS Health CorpCVS	SPXE +0.01 points	0.17%	0.18%
Aon PLCAON	SPXE +0.01 points	0.10%	0.11%
Lumentum Holdings IncLITE	SPXE +0.01 points	0.11%	0.12%
General Electric CoGE	SPXE +0.01 points	0.49%	0.50%
Air Products and Chemicals IncAPD	SPXE +0.01 points	0.10%	0.11%
Dell Technologies IncDELL	PBUS +0.01 points	0.21%	0.20%
Applied Materials IncAMAT	PBUS +0.01 points	0.50%	0.49%
Medtronic PLCMDT	SPXE +0.01 points	0.19%	0.20%
American Express CoAXP	SPXE +0.01 points	0.26%	0.27%
Marsh & McLennan Cos IncMRSH	SPXE +0.01 points	0.14%	0.15%
Palo Alto Networks IncPANW	Same weight	0.47%	0.47%

All 515 PBUS holdings⁠All 484 SPXE 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 SPXE Cost

Overpaying SPXE vs PBUS

$1,049

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

PBUS 0.04%
$849
SPXE 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

PBUS 0.04%
SPXE 0.09%
Overpaying

Year by year

Year	PBUS	SPXE	Overpaying
10	$73	$165	$92
20	$288	$646	$358
30	$849	$1,898	$1,049

Expense ratio

0.04%PBUS, cheaper
0.09%SPXE

PBUS0.04%SPXE0.09%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 42 funds

SPXE 7th cheapest of 42 funds

PBUS vs SPXE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PBUS 1.02%, better; SPXE 0.92%
Payout (12M): PBUS $0.77; SPXE $0.74
Last payment: PBUS $0.19; SPXE $0.18
Ex-dividend: PBUS Sep 21, 2026; SPXE Sep 23, 2026
Paid on: PBUS Sep 25, 2026; SPXE Sep 29, 2026
Frequency: PBUS Quarterly; SPXE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PBUSQuarterly · 36 paymentsAll PBUS payments⁠

SPXEQuarterly · 39 paymentsAll SPXE payments⁠

PBUS vs SPXE Risk

Fall from peak · 5 years

PBUS
SPXE

Risk facts

VolatilityStd dev, 3 years: PBUS 12.5%, betterSPXE 12.9%
Return per unit of riskSharpe ratio, 3 years: PBUS 1.41, betterSPXE 1.37
Worst fallMax drawdown, 5 years: PBUS −25.4%, betterSPXE −26.5%
Market sensitivityBeta, 5 years: PBUS 1.02SPXE 1.03; Market = 1

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