PBUS vs SPYV: Grades, Fees and Holdings Compared

Invesco MSCI USA ETF

PBUSACboe

State Street SPDR Portfolio S&P 500 Value ETF

SPYVANYSE Arca

Overlap

58.4%by weight

Expense ratio

PBUS0.04%SPYV0.04%

Avg volume · 30D

SPYV 4.9×the volume

PBUS433KSPYV2.1M

5Y return · a year

SPYV +0.2pt

PBUS+11.5%SPYV+11.7%

PBUS vs SPYV Performance

Oct 29, 2021 – Oct 30, 2026

+72.6%PBUS+74.1%SPYV

Expense ratio: PBUS 0.04%; SPYV 0.04%
Fund size: PBUS $10.5B; SPYV $39.2B
1Y total return: PBUS +11.5%; SPYV +16.6%, better
Yield (12M): PBUS 1.02%; SPYV 1.65%, better
Holdings: PBUS 517; SPYV 437
Avg volume (30D): PBUS 433K sh; SPYV 2.1M sh, better
NAV per share: PBUS $75.71; SPYV $64.64
52W range

ETF.net Grade

Pillar letters and Scores for PBUS, SPYV, with each pillar’s weight
Pillar	PBUS	SPYV
Cost30% weight	A98	A98
Mission25% weight	A100Higher	A86
Risk15% weight	B63	A82Higher
Tradability15% weight	A86	A97Higher
Holdings10% weight	C50	A71Higher
Durability5% weight	A74	A86Higher

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. PBUS and SPYV 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 ›

SPYV ranks 1st and PBUS 3rd 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

Our read on each fund

ETF.net Research

PBUSAInvesco MSCI USA ETF

SPYVAState Street SPDR Portfolio S&P 500 Value 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.

SPYV The value side of the S&P 500, tracked since 2000 for four basis points. It does one thing: hold the index names that screen cheap, and charge close to nothing for the privilege.

Stated mandate

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

SPYV The fund seeks to track, before fees and expenses, the total return of the S&P 500 Value 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.

SPYV 0.04% a year. VOOV tracks the identical S&P 500 Value Index and charges 0.07%, so this is the same exposure at a lower fee.
Trading since 2000 and now a multi-billion-dollar fund that changes hands actively, so the plumbing is well worn.
No stock picking, no factor secret sauce: it aims to match the S&P 500 Value Index before fees, and it is one of the cleaner implementations in its peer group.ssga.com

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.

SPYV This is one style slice, roughly 400 value-screened names, not the whole S&P 500. It will move differently from the full index.
Value goes through long stretches in and out of favor. The fund follows the index rules either way, with no manager stepping in.
Distributions land quarterly, not monthly.

Full PBUS profile⁠

Full SPYV profile⁠

PBUS vs SPYV Holdings

How PBUS and SPYV differ

Overlap by weight

58.4%

Shared holdings make up 96.7% of SPYV and 60.4% of PBUS.

Level by level

Holdings371 in both58.4%
Sector11 Sectors73.2%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in PBUS and SPYV, widest gap first
Sector	More in PBUSMore in SPYV	PBUS	SPYV
Technology	PBUS +19.4 points	40.2%	20.8%
Communication	PBUS +7.4 points	9.9%	2.5%
Consumer Staples	SPYV +4.7 points	4.3%	9.0%
Energy	SPYV +4.7 points	3.5%	8.2%
Financials	SPYV +4.2 points	11.0%	15.2%
Health Care	SPYV +4.0 points	9.3%	13.3%
Industrials	SPYV +2.9 points	7.9%	10.8%
Utilities	SPYV +2.2 points	1.8%	4.0%
Materials	SPYV +1.7 points	1.6%	3.3%
Real Estate	SPYV +1.5 points	1.6%	3.1%
Consumer Discretionary	SPYV +1.0 points	8.8%	9.8%

Country, concentration and asset class

Country by domicile

Country weights in PBUS and SPYV, widest gap first
Country	More in PBUSMore in SPYV	PBUS	SPYV
United States	Same weight	99.2%	99.2%
Switzerland	SPYV +0.3 points	0.3%	0.6%
Brazil	PBUS +0.1 points	0.1%	0.0%
China	Same weight	0.1%	0.1%
United Kingdom	Same weight	0.1%	0.1%
Canada	PBUS +0.1 points	0.1%	0.0%
Ireland	SPYV +0.1 points	0.0%	0.1%
Mexico	PBUS +0.1 points	0.1%	0.0%
Australia	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

PBUS36.6%
SPYV24.4%

Securities held

PBUS515
SPYV435

Asset class

PBUS: Equity
SPYV: Equity

Holdings

Only in PBUS144
In both371
Only in SPYV64

Only in PBUS

144 securities, 39.6% of PBUS by weight

NVIDIA Corp7.39%
Microsoft Corp5.63%
Alphabet Inc2.51%
Broadcom Inc2.35%
Meta Platforms Inc2.06%
Alphabet Inc1.99%
Eli Lilly & Co1.65%
Micron Technology Inc1.59%
Advanced Micro Devices Inc1.39%
Berkshire Hathaway Inc1.15%
Palantir Technologies Inc0.64%
Applied Materials Inc0.50%
Lam Research Corp0.48%
Caterpillar Inc0.45%
RTX Corp0.40%
Crowdstrike Holdings Inc0.39%
Netflix Inc0.39%
GE Vernova Inc0.36%
KLA Corp0.33%
Amphenol Corp0.30%
Sandisk Corp0.30%
Arista Networks Inc0.30%
Welltower Inc0.25%
Intuitive Surgical Inc0.24%
Newmont Corp0.18%
Uber Technologies Inc0.18%
Booking Holdings Inc0.18%
Snowflake Inc0.16%
Cloudflare Inc0.15%
Quanta Services Inc0.14%
Elevance Health Inc0.14%
Vertiv Holdings Co0.13%
Marriott International Inc/MD0.13%
Space Exploration Technologies Corp0.13%
Datadog Inc0.13%
Howmet Aerospace Inc0.12%
Hilton Worldwide Holdings Inc0.12%
Royal Caribbean Cruises Ltd0.12%
MercadoLibre Inc0.12%
HCA Healthcare Inc0.11%
O'Reilly Automotive Inc0.11%
Lumentum Holdings Inc0.11%
Robinhood Markets Inc0.10%
TransDigm Group Inc0.10%
DoorDash Inc0.10%
Monster Beverage Corp0.10%
Cheniere Energy Inc0.10%
Bloom Energy Corp0.09%
Natera Inc0.09%
AppLovin Corp0.09%

Only in SPYV

64 securities, 3.3% of SPYV by weight

Elevance Health Inc0.30%
Moderna Inc0.27%
Becton Dickinson and Co0.18%
Vivmark Residential0.14%
Block Inc0.14%
Fiserv Inc0.08%
Viatris Inc0.07%
Southwest Airlines Co0.07%
Revvity Inc0.06%
Apa Corp0.06%
Charles River Laboratories0.06%
Zebra Technologies Corp Class A0.06%
Host Hotels & Resorts Inc0.06%
Ball Corp0.06%
Hasbro Inc0.05%
Stanley Black & Decker Inc0.05%
Trimble Inc0.05%
Assurant Inc0.05%
Akamai Technologies Inc0.05%
Tyler Technologies Inc0.05%
Gartner Inc0.05%
Avery Dennison Corp0.04%
Jm Smucker Co/The0.04%
Godaddy Inc Class A0.04%
Healthpeak Properties Inc0.04%
Pinnacle West Capital0.04%
Invesco Ltd0.04%
Huntington Ingalls Industrie0.04%
Globe Life Inc0.04%
Solventum Corp0.04%
Baxter International Inc0.04%
Generac Holdings Inc0.04%
Lululemon Athletica Inc0.04%
Factset Research Systems Inc0.04%
Jack Henry & Associates Inc0.04%
Costar Group Inc0.04%
Bio Techne Corp0.04%
Albemarle Corp0.04%
Clorox Company0.04%
Aes Corp0.03%
Pentair PLC0.03%
Domino’s Pizza Inc0.03%
Udr Inc0.03%
Camden Property Trust0.03%
Align Technology Inc0.03%
Bxp Inc0.03%
Franklin Templeton Inc0.03%
Aptiv PLC0.03%
Universal Health Services B0.03%
Federal Realty Invs Trust0.03%

Weight gaps

The 100 widest of 371 Holdings in both funds.

Holding weights in PBUS and SPYV, widest gap first
Holding	More in PBUSMore in SPYV	PBUS	SPYV
ExxonMobil Holdings CorpXOM	SPYV +1.32 points	1.14%	2.46%
Walmart IncWMT	SPYV +0.96 points	0.80%	1.76%
Intel CorpINTC	SPYV +0.88 points	0.61%	1.49%
Chevron CorpCVX	SPYV +0.85 points	0.64%	1.49%
Costco Wholesale CorpCOST	SPYV +0.77 points	0.67%	1.44%
Procter & Gamble Co/ThePG	SPYV +0.66 points	0.56%	1.22%
UnitedHealth Group IncUNH	SPYV +0.64 points	0.56%	1.20%
Merck & Co IncMRK	SPYV +0.64 points	0.54%	1.18%
Apple IncAAPL	SPYV +0.59 points	7.71%	8.30%
Bank of America CorpBAC	SPYV +0.58 points	0.50%	1.08%
Home Depot Inc/TheHD	SPYV +0.58 points	0.49%	1.07%
Texas Instruments IncTXN	SPYV +0.50 points	0.43%	0.93%
Thermo Fisher Scientific IncTMO	SPYV +0.45 points	0.40%	0.85%
Wells Fargo & CoWFC	SPYV +0.45 points	0.39%	0.84%
JPMorgan Chase & CoJPM	PBUS +0.42 points	1.37%	0.95%
Linde PLCLIN	SPYV +0.41 points	0.35%	0.76%
Analog Devices IncADI	SPYV +0.37 points	0.32%	0.69%
Citigroup IncC	SPYV +0.37 points	0.32%	0.69%
QUALCOMM IncQCOM	SPYV +0.36 points	0.29%	0.65%
Salesforce IncCRM	SPYV +0.34 points	0.28%	0.62%
Walt Disney Co/TheDIS	SPYV +0.33 points	0.29%	0.62%
Tesla IncTSLA	PBUS +0.33 points	1.74%	1.41%
PepsiCo IncPEP	SPYV +0.32 points	0.27%	0.59%
Verizon Communications IncVZ	SPYV +0.32 points	0.27%	0.59%
Abbott LaboratoriesABT	SPYV +0.32 points	0.27%	0.59%
Union Pacific CorpUNP	SPYV +0.31 points	0.27%	0.58%
ConocoPhillipsCOP	SPYV +0.32 points	0.27%	0.59%
NextEra Energy IncNEE	SPYV +0.30 points	0.26%	0.56%
Pfizer IncPFE	SPYV +0.30 points	0.26%	0.56%
Deere & CoDE	SPYV +0.30 points	0.24%	0.54%
Blackrock IncBLK	SPYV +0.29 points	0.26%	0.55%
Eaton Corp PLCETN	SPYV +0.27 points	0.23%	0.50%
Accenture PLCACN	SPYV +0.26 points	0.23%	0.49%
Western Digital CorpWDC	SPYV +0.26 points	0.20%	0.46%
Danaher CorpDHR	SPYV +0.25 points	0.23%	0.48%
Dell Technologies IncDELL	SPYV +0.26 points	0.21%	0.47%
Charles Schwab Corp/TheSCHW	SPYV +0.25 points	0.22%	0.47%
AT&T IncT	SPYV +0.25 points	0.22%	0.47%
Vertex Pharmaceuticals IncVRTX	SPYV +0.24 points	0.21%	0.45%
Capital One Financial CorpCOF	SPYV +0.24 points	0.18%	0.42%
Lockheed Martin CorpLMT	SPYV +0.23 points	0.20%	0.43%
Altria Group IncMO	SPYV +0.23 points	0.19%	0.42%
Chubb LtdCB	SPYV +0.22 points	0.19%	0.41%
Mastercard IncMA	PBUS +0.22 points	0.77%	0.55%
Bristol-Myers Squibb CoBMY	SPYV +0.22 points	0.19%	0.41%
Prologis IncPLD	SPYV +0.22 points	0.18%	0.40%
Starbucks CorpSBUX	SPYV +0.21 points	0.18%	0.39%
Marathon Petroleum CorpMPC	SPYV +0.21 points	0.19%	0.40%
Lowe's Cos IncLOW	SPYV +0.21 points	0.17%	0.38%
CVS Health CorpCVS	SPYV +0.21 points	0.17%	0.38%
Medtronic PLCMDT	SPYV +0.20 points	0.19%	0.39%
Automatic Data Processing IncADP	SPYV +0.20 points	0.17%	0.37%
McKesson CorpMCK	SPYV +0.20 points	0.17%	0.37%
Phillips 66PSX	SPYV +0.20 points	0.16%	0.36%
Southern Co/TheSO	SPYV +0.19 points	0.16%	0.35%
Valero Energy CorpVLO	SPYV +0.19 points	0.17%	0.36%
Equinix IncEQIX	SPYV +0.18 points	0.15%	0.33%
Adobe IncADBE	SPYV +0.17 points	0.15%	0.32%
Duke Energy CorpDUK	SPYV +0.17 points	0.15%	0.32%
Synopsys IncSNPS	SPYV +0.18 points	0.13%	0.31%
CSX CorpCSX	SPYV +0.17 points	0.15%	0.32%
Freeport-McMoRan IncFCX	SPYV +0.17 points	0.14%	0.31%
Emerson Electric CoEMR	SPYV +0.17 points	0.14%	0.31%
US BancorpUSB	SPYV +0.17 points	0.14%	0.31%
Marsh & McLennan Cos IncMRSH	SPYV +0.17 points	0.14%	0.31%
PNC Financial Services Group Inc/ThePNC	SPYV +0.16 points	0.14%	0.30%
Williams Cos Inc/TheWMB	SPYV +0.16 points	0.14%	0.30%
Blackstone IncBX	SPYV +0.16 points	0.13%	0.29%
Intercontinental Exchange IncICE	SPYV +0.16 points	0.14%	0.30%
3M CoMMM	SPYV +0.16 points	0.14%	0.30%
American Tower CorpAMT	SPYV +0.15 points	0.13%	0.28%
EOG Resources IncEOG	SPYV +0.15 points	0.13%	0.28%
Travelers Cos Inc/TheTRV	SPYV +0.14 points	0.13%	0.27%
Motorola Solutions IncMSI	SPYV +0.15 points	0.12%	0.27%
United Parcel Service IncUPS	SPYV +0.14 points	0.12%	0.26%
Waste Management IncWM	SPYV +0.14 points	0.14%	0.28%
Mondelez International IncMDLZ	SPYV +0.14 points	0.12%	0.26%
Coca-Cola Co/TheKO	SPYV +0.14 points	0.54%	0.68%
SLB LtdSLB	SPYV +0.14 points	0.12%	0.26%
Cigna Group/TheCI	SPYV +0.14 points	0.12%	0.26%
Delta Air Lines IncDAL	SPYV +0.14 points	0.02%	0.16%
Comcast CorpCMCSA	SPYV +0.14 points	0.12%	0.26%
Hewlett Packard Enterprise CoHPE	SPYV +0.13 points	0.12%	0.25%
Norfolk Southern CorpNSC	SPYV +0.14 points	0.11%	0.25%
Colgate-Palmolive CoCL	SPYV +0.13 points	0.11%	0.24%
Regeneron Pharmaceuticals IncREGN	SPYV +0.13 points	0.13%	0.26%
AbbVie IncABBV	SPYV +0.13 points	0.77%	0.90%
Cintas CorpCTAS	SPYV +0.13 points	0.11%	0.24%
Sherwin-Williams Co/TheSHW	SPYV +0.14 points	0.11%	0.25%
Ecolab IncECL	SPYV +0.13 points	0.12%	0.25%
Northrop Grumman CorpNOC	SPYV +0.13 points	0.11%	0.24%
General Motors CoGM	SPYV +0.12 points	0.12%	0.24%
Aon PLCAON	SPYV +0.12 points	0.10%	0.22%
Air Products and Chemicals IncAPD	SPYV +0.13 points	0.10%	0.23%
T-Mobile US IncTMUS	SPYV +0.12 points	0.11%	0.23%
American Electric Power Co IncAEP	SPYV +0.12 points	0.11%	0.23%
Honeywell International IncHON	SPYV +0.12 points	0.11%	0.23%
Illinois Tool Works IncITW	SPYV +0.12 points	0.12%	0.24%
Target CorpTGT	SPYV +0.12 points	0.10%	0.22%
Kinder Morgan IncKMI	SPYV +0.12 points	0.10%	0.22%

All 515 PBUS holdings⁠All 435 SPYV 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 SPYV Cost

Same expense ratio

$849

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

PBUS 0.04%
$849
SPYV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

PBUS 0.04%
SPYV 0.04%

Year by year

Year	PBUS	SPYV
10	$73	$73
20	$288	$288
30	$849	$849

Expense ratio

0.04%PBUS
0.04%SPYV

PBUS0.04%SPYV0.04%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 42 funds

SPYV 2nd cheapest of 42 funds

PBUS vs SPYV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PBUS 1.02%; SPYV 1.65%, better
Payout (12M): PBUS $0.77; SPYV $1.06
Last payment: PBUS $0.19; SPYV $0.27
Ex-dividend: PBUS Sep 21, 2026; SPYV Sep 21, 2026
Paid on: PBUS Sep 25, 2026; SPYV Sep 23, 2026
Frequency: PBUS Quarterly; SPYV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PBUSQuarterly · 36 paymentsAll PBUS payments⁠

SPYVQuarterly · 39 paymentsAll SPYV payments⁠

PBUS vs SPYV Risk

Fall from peak · 5 years

PBUS
SPYV

Risk facts

VolatilityStd dev, 3 years: PBUS 12.5%SPYV 11.7%, better
Return per unit of riskSharpe ratio, 3 years: PBUS 1.41, betterSPYV 1.17
Worst fallMax drawdown, 5 years: PBUS −25.4%SPYV −17.9%, better
Market sensitivityBeta, 5 years: PBUS 1.02SPYV 0.83; Market = 1

PBUS and SPYV in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026SPYV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026SPYV

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PBUS vs SPYV

In short

Stated mandate

Why people hold it

Worth knowing

How PBUS and SPYV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PBUS

Only in SPYV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

How PBUS and SPYV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PBUS

Only in SPYV

Weight gaps