PBUS vs VOTE: Grades, Fees and Holdings Compared

Invesco MSCI USA ETF

PBUSACboe

TCW Transform 500 ETF

VOTEANasdaq

Overlap

96.2%by weight

Expense ratio

PBUS −0.01pt a year

PBUS0.04%VOTE0.05%

Avg volume · 30D

PBUS 18.5×the volume

PBUS433KVOTE23.4K

5Y return · a year

VOTE +0.2pt

PBUS+11.5%VOTE+11.7%

PBUS vs VOTE Performance

Oct 29, 2021 – Oct 30, 2026

+72.6%PBUS+74.0%VOTE

Expense ratio: PBUS 0.04%, better; VOTE 0.05%
Fund size: PBUS $10.5B; VOTE $1.11B
1Y total return: PBUS +11.5%; VOTE +11.8%, better
Yield (12M): PBUS 1.02%, better; VOTE 0.94%
Holdings: PBUS 517; VOTE 506
Avg volume (30D): PBUS 433K sh, better; VOTE 23.4K sh
NAV per share: PBUS $75.71; VOTE $89.00
52W range

ETF.net Grade

Pillar letters and Scores for PBUS, VOTE, with each pillar’s weight
Pillar	PBUS	VOTE
Cost30% weight	A98Higher	A91
Mission25% weight	A100	A100
Risk15% weight	B63	B63
Tradability15% weight	A86Higher	B66
Holdings10% weight	C50Higher	C49
Durability5% weight	A74Higher	B56

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. PBUS and VOTE 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 VOTE 4th 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 4AVOTETCW Transform 500 ETFScore 79
Rank 6AVXFVanguard Extended Market ETFScore 78

Our read on each fund

ETF.net Research

PBUSAInvesco MSCI USA ETF

VOTEATCW Transform 500 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.

VOTE An index fund with a second job. VOTE holds roughly 500 of the largest US companies at a 0.05% fee, then uses its proxy ballots and meetings with management to push for change instead of screening companies out.

Stated mandate

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

VOTE The fund seeks to track a market-cap-weighted index of the 500 largest U.S. public companies. It is designed as low-cost core U.S. market exposure, with proxy voting and company engagement intended to encourage transformational change.

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.

VOTE 0.05% a year for core large-cap US exposure, a fraction of what the typical fund in its index-tracking peer group charges.
No ESG exclusions. You own the big-company lineup like any core index fund, and the activism happens through voting and dialogue with management, not by dropping names.tcw.com
Launched in 2021 and run by TCW, with a dedicated active-ownership team behind the proxy voting and engagement program.tcw.com
Among the strongest implementations in its cohort of plain index wrappers: the portfolio delivers the exposure printed on the label.

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.

VOTE Thinly traded next to the household-name large-cap funds, so spreads can widen. Patient limit orders matter more here.
It tracks its own index of the 500 largest US companies, not the S&P 500, so names and weights won't line up with S&P-based funds one for one.
The difference is stewardship, not the holdings. Engagement results depend on how other shareholders vote, and the portfolio itself looks like standard large-cap core.tcw.com

Full PBUS profile⁠

Full VOTE profile⁠

PBUS vs VOTE Holdings

How PBUS and VOTE differ

Overlap by weight

96.2%

Shared holdings make up 97.5% of VOTE and 97.1% of PBUS.

Level by level

Holdings469 in both96.2%
Sector11 Sectors97.3%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in PBUS and VOTE, widest gap first
Sector	More in PBUSMore in VOTE	PBUS	VOTE
Technology	PBUS +1.2 points	40.2%	39.0%
Communication	PBUS +0.8 points	9.9%	9.1%
Financials	VOTE +0.8 points	11.0%	11.8%
Industrials	PBUS +0.6 points	7.9%	7.3%
Health Care	VOTE +0.6 points	9.3%	9.9%
Consumer Staples	VOTE +0.4 points	4.3%	4.7%
Energy	VOTE +0.4 points	3.5%	3.9%
Materials	VOTE +0.4 points	1.6%	2.0%
Utilities	VOTE +0.1 points	1.8%	1.9%
Consumer Discretionary	VOTE +0.1 points	8.8%	8.9%
Real Estate	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in PBUS and VOTE, widest gap first
Country	More in PBUSMore in VOTE	PBUS	VOTE
United States	VOTE +0.2 points	99.2%	99.3%
Switzerland	Same weight	0.3%	0.3%
Brazil	Same weight	0.1%	0.1%
United Kingdom	Same weight	0.1%	0.1%
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%
VOTE36.8%

Securities held

PBUS515
VOTE505

Asset class

PBUS: Equity
VOTE: Equity

Holdings

Only in PBUS46
In both469
Only in VOTE36

Only in PBUS

46 securities, 2.8% of PBUS by weight

Linde PLC0.35%
Eaton Corp PLC0.23%
Accenture PLC0.23%
Chubb Ltd0.19%
Medtronic PLC0.19%
Johnson Controls International plc0.14%
Space Exploration Technologies Corp0.13%
SLB Ltd0.12%
Royal Caribbean Cruises Ltd0.12%
NXP Semiconductors NV0.10%
Crh PLC0.09%
Honeywell Aerospace Inc0.08%
Waste Connections Inc0.07%
Carnival Corp Ltd0.05%
Cboe Global Markets Inc0.05%
Willis Towers Watson PLC0.05%
Entegris Inc0.04%
Smurfit Westrock PLC0.03%
Amrize Ltd0.03%
Skyworks Solutions Inc0.03%
FTAI Aviation Ltd0.03%
Alliant Energy Corp0.03%
SharkNinja Inc0.03%
LyondellBasell Industries NV0.03%
Nordson Corp0.03%
Kimco Realty Corp0.02%
Everest Group Ltd0.02%
Pinnacle Financial Partners Inc0.02%
Invesco Government & Agency Portfolio0.02%
Samsara Inc0.02%
Tradeweb Markets Inc0.02%
Neurocrine Biosciences Inc0.02%
Annaly Capital Management Inc0.02%
EchoStar Corp0.02%
Fedex Freight Holding Co Inc0.02%
Regency Centers Corp0.02%
McCormick & Co Inc/MD0.02%
Cooper Cos Inc/The0.02%
Deckers Outdoor Corp0.02%
Flutter Entertainment PLC0.02%
Watsco Inc0.02%
Fidelity National Financial Inc0.02%
IREN Ltd0.01%
Corebridge Financial Inc0.01%
Dick's Sporting Goods Inc0.01%
Hyatt Hotels Corp0.01%

Only in VOTE

36 securities, 2.5% of VOTE by weight

Linde PLC0.35%
Eaton Corp PLC0.23%
Accenture Plc-Cl A0.23%
Chubb Ltd0.19%
Medtronic PLC0.19%
Johnson Controls Internation0.14%
Slb Ltd0.12%
Moderna Inc0.12%
Royal Caribbean Cruises Ltd0.12%
Nxp Semiconductors NV0.10%
Crh PLC0.09%
Carnival Corp Ltd0.06%
Willis Towers Watson PLC0.04%
Us Foods Holding Corp0.03%
Smurfit Westrock PLC0.03%
Tenet Healthcare Corp0.03%
Southwest Airlines Co0.03%
Royal Gold Inc0.03%
Southern Copper Corp0.03%
Coupang Inc0.03%
Woodward Inc0.03%
Macom Technology Solutions0.03%
Lyondellbasell Indu-Cl A0.03%
Tyler Technologies Inc0.02%
Trimble Inc0.02%
Carlisle Cos Inc0.02%
Akamai Technologies Inc0.02%
Ionq Inc0.02%
Everest Group Ltd0.02%
Sterling Infrastructure Inc0.02%
Flutter Entertainment Plc-Di0.02%
Albemarle Corp0.02%
Costar Group Inc0.02%
Lululemon Athletica Inc0.02%
Cashusd0.01%
News Corp - Class B<0.01%

Weight gaps

The 100 widest of 469 Holdings in both funds.

Holding weights in PBUS and VOTE, widest gap first
Holding	More in PBUSMore in VOTE	PBUS	VOTE
Berkshire Hathaway IncBRK.B	VOTE +0.34 points	1.15%	1.49%
Microsoft CorpMSFT	VOTE +0.26 points	5.63%	5.89%
Apple IncAAPL	PBUS +0.10 points	7.71%	7.61%
Broadcom IncAVGO	VOTE +0.06 points	2.35%	2.41%
Delta Air Lines IncDAL	VOTE +0.06 points	0.02%	0.08%
Vivmark ResidentialEQR	PBUS +0.06 points	0.07%	0.01%
NVIDIA CorpNVDA	VOTE +0.05 points	7.39%	7.44%
Amazon.com IncAMZN	VOTE +0.05 points	3.55%	3.60%
United Airlines Holdings IncUAL	VOTE +0.04 points	0.01%	0.05%
Intel CorpINTC	VOTE +0.03 points	0.61%	0.64%
Tesla IncTSLA	PBUS +0.04 points	1.74%	1.70%
Alphabet IncGOOG	VOTE +0.02 points	1.99%	2.01%
Visa IncV	VOTE +0.03 points	1.02%	1.05%
Strategy IncMSTR	VOTE +0.02 points	0.06%	0.08%
Alphabet IncGOOGL	PBUS +0.02 points	2.51%	2.49%
Blackrock IncBLK	PBUS +0.02 points	0.26%	0.24%
Uber Technologies IncUBER	VOTE +0.01 points	0.18%	0.19%
ExxonMobil Holdings CorpXOM	PBUS +0.01 points	1.14%	1.13%
AppLovin CorpAPP	VOTE +0.01 points	0.09%	0.10%
Eli Lilly & CoLLY	PBUS +0.01 points	1.65%	1.64%
Lumentum Holdings IncLITE	VOTE +0.01 points	0.11%	0.12%
Lockheed Martin CorpLMT	PBUS +0.01 points	0.20%	0.19%
Arista Networks IncANET	PBUS +0.02 points	0.30%	0.28%
eBay IncEBAY	VOTE +0.01 points	0.07%	0.08%
Dell Technologies IncDELL	PBUS +0.01 points	0.21%	0.20%
Waste Management IncWM	PBUS +0.01 points	0.14%	0.13%
UnitedHealth Group IncUNH	PBUS +0.01 points	0.56%	0.55%
Micron Technology IncMU	PBUS +0.01 points	1.59%	1.58%
Mastercard IncMA	PBUS +0.01 points	0.77%	0.76%
Boeing Co/TheBA	VOTE +0.01 points	0.19%	0.20%
Constellation Energy CorpCEG	VOTE +0.01 points	0.12%	0.13%
Marathon Petroleum CorpMPC	PBUS +0.01 points	0.19%	0.18%
Advanced Micro Devices IncAMD	PBUS +0.01 points	1.39%	1.38%
Sandisk CorpSNDK	PBUS +0.01 points	0.30%	0.29%
JPMorgan Chase & CoJPM	PBUS +0.01 points	1.37%	1.36%
Revolution Medicines IncRVMD	VOTE +0.01 points	0.05%	0.06%
Palantir Technologies IncPLTR	VOTE +0.01 points	0.64%	0.65%
Western Digital CorpWDC	VOTE +0.01 points	0.20%	0.21%
KKR & Co IncKKR	VOTE +0.01 points	0.09%	0.10%
Astera Labs IncALAB	VOTE +0.01 points	0.06%	0.07%
Capital One Financial CorpCOF	VOTE +0.01 points	0.18%	0.19%
Stryker CorpSYK	VOTE +0.01 points	0.16%	0.17%
Diamondback Energy IncFANG	Same weight	0.06%	0.06%
AutoZone IncAZO	Same weight	0.08%	0.08%
Citigroup IncC	Same weight	0.32%	0.32%
HCA Healthcare IncHCA	Same weight	0.11%	0.10%
General Dynamics CorpGD	Same weight	0.13%	0.13%
Oracle CorpORCL	Same weight	0.36%	0.36%
Booking Holdings IncBKNG	PBUS +0.01 points	0.18%	0.17%
Carvana CoCVNA	Same weight	0.07%	0.07%
Chevron CorpCVX	VOTE +0.01 points	0.64%	0.65%
W R Berkley CorpWRB	VOTE +0.01 points	0.02%	0.03%
Parker-Hannifin CorpPH	Same weight	0.17%	0.17%
Elevance Health IncANTM	PBUS +0.01 points	0.14%	0.13%
S&P Global IncSPGI	PBUS +0.01 points	0.21%	0.20%
Regeneron Pharmaceuticals IncREGN	PBUS +0.01 points	0.13%	0.12%
Datadog IncDDOG	Same weight	0.13%	0.13%
Goldman Sachs Group Inc/TheGS	PBUS +0.01 points	0.41%	0.40%
Valero Energy CorpVLO	Same weight	0.17%	0.17%
Kenvue IncKVUE	PBUS +0.01 points	0.06%	0.05%
Vylor IncVYLR	PBUS +0.01 points	0.08%	0.07%
PACCAR IncPCAR	Same weight	0.08%	0.08%
Bloom Energy CorpBE	VOTE +0.01 points	0.09%	0.10%
ConocoPhillipsCOP	Same weight	0.27%	0.27%
Synopsys IncSNPS	VOTE +0.01 points	0.13%	0.14%
Northrop Grumman CorpNOC	VOTE +0.01 points	0.11%	0.12%
Johnson & JohnsonJNJ	PBUS +0.01 points	1.00%	0.99%
Colgate-Palmolive CoCL	Same weight	0.11%	0.11%
Reddit IncRDDT	VOTE +0.01 points	0.02%	0.03%
Vertiv Holdings CoVRT	VOTE +0.01 points	0.13%	0.14%
Simon Property Group IncSPG	PBUS +0.01 points	0.11%	0.10%
Cigna Group/TheCI	PBUS +0.01 points	0.12%	0.11%
Charles Schwab Corp/TheSCHW	Same weight	0.22%	0.22%
Dominion Energy IncD	PBUS +0.01 points	0.09%	0.08%
Marvell Technology IncMRVL	Same weight	0.28%	0.28%
American International Group IncAIG	PBUS +0.01 points	0.07%	0.06%
Airbnb IncABNB	Same weight	0.10%	0.10%
Royalty Pharma PLCRPRX	Same weight	0.04%	0.04%
Hilton Worldwide Holdings IncHLT	Same weight	0.12%	0.12%
Snowflake IncSNOW	VOTE +0.01 points	0.16%	0.17%
Amphenol CorpAPH	Same weight	0.30%	0.30%
Marriott International Inc/MDMAR	Same weight	0.13%	0.13%
AT&T IncT	PBUS +0.01 points	0.22%	0.21%
Illinois Tool Works IncITW	Same weight	0.12%	0.12%
Monster Beverage CorpMNST	PBUS +0.01 points	0.10%	0.09%
Deere & CoDE	Same weight	0.24%	0.24%
IDEXX Laboratories IncIDXX	Same weight	0.07%	0.07%
General Motors CoGM	PBUS +0.01 points	0.12%	0.11%
Fastenal CoFAST	Same weight	0.09%	0.09%
Aon PLCAON	Same weight	0.10%	0.10%
GE Vernova IncGEV	PBUS +0.01 points	0.36%	0.35%
Markel Group IncMKL	PBUS +0.01 points	0.04%	0.03%
Procter & Gamble Co/ThePG	Same weight	0.56%	0.56%
Costco Wholesale CorpCOST	PBUS +0.01 points	0.67%	0.66%
Archer-Daniels-Midland CoADM	PBUS +0.01 points	0.06%	0.05%
Welltower IncWELL	Same weight	0.25%	0.25%
Live Nation Entertainment IncLYV	Same weight	0.04%	0.04%
Abbott LaboratoriesABT	Same weight	0.27%	0.27%
Philip Morris International IncPM	Same weight	0.49%	0.48%
Intuit IncINTU	PBUS +0.01 points	0.14%	0.13%

All 515 PBUS holdings⁠All 506 VOTE 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 VOTE Cost

Overpaying VOTE vs PBUS

$211

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

PBUS 0.04%
$849
VOTE 0.05%
$1,060

Amount$10,000

Years30 years

Cost over time

PBUS 0.04%
VOTE 0.05%
Overpaying

Year by year

Year	PBUS	VOTE	Overpaying
10	$73	$92	$19
20	$288	$360	$72
30	$849	$1,060	$211

Expense ratio

0.04%PBUS, cheaper
0.05%VOTE

PBUS0.04%VOTE0.05%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 42 funds

VOTE 4th cheapest of 42 funds

PBUS vs VOTE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PBUS 1.02%, better; VOTE 0.94%
Payout (12M): PBUS $0.77; VOTE $0.83
Last payment: PBUS $0.19; VOTE $0.23
Ex-dividend: PBUS Sep 21, 2026; VOTE Sep 22, 2026
Paid on: PBUS Sep 25, 2026; VOTE Sep 24, 2026
Frequency: PBUS Quarterly; VOTE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PBUSQuarterly · 36 paymentsAll PBUS payments⁠

VOTEQuarterly · 21 paymentsAll VOTE payments⁠

PBUS vs VOTE Risk

Fall from peak · 5 years

PBUS
VOTE

Risk facts

VolatilityStd dev, 3 years: PBUS 12.5%, betterVOTE 12.7%
Return per unit of riskSharpe ratio, 3 years: PBUS 1.41, betterVOTE 1.40
Worst fallMax drawdown, 5 years: PBUS −25.4%, betterVOTE −25.7%
Market sensitivityBeta, 5 years: PBUS 1.02VOTE 1.02; Market = 1

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