PBUS vs VXF: Grades, Fees and Holdings Compared

Invesco MSCI USA ETF

PBUSACboe

Vanguard Extended Market ETF

VXFANYSE Arca

Overlap

2.5%by weight

Expense ratio

PBUS −0.01pt a year

PBUS0.04%VXF0.05%

Avg volume · 30D

PBUS 1.1×the volume

PBUS433KVXF377K

5Y return · a year

PBUS +6.6pt

PBUS+11.5%VXF+4.9%

PBUS vs VXF Performance

Oct 29, 2021 – Oct 30, 2026

+72.6%PBUS+27.3%VXF

Expense ratio: PBUS 0.04%, better; VXF 0.05%
Fund size: PBUS $10.5B; VXF $91.2B
1Y total return: PBUS +11.5%, better; VXF +10.0%
Yield (12M): PBUS 1.02%; VXF 1.05%, better
Holdings: PBUS 517; VXF 3340
Avg volume (30D): PBUS 433K sh, better; VXF 377K sh
NAV per share: PBUS $75.71; VXF $230.51
52W range

ETF.net Grade

Pillar letters and Scores for PBUS, VXF, with each pillar’s weight
Pillar	PBUS	VXF
Cost30% weight	A98Higher	A91
Mission25% weight	A100Higher	A99
Risk15% weight	B63Higher	D28
Tradability15% weight	A86Higher	B61
Holdings10% weight	C50	A85Higher
Durability5% weight	A74	A94Higher

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. PBUS and VXF 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 VXF 6th 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
Rank 7AIVEiShares S&P 500 Value ETFScore 77

Our read on each fund

ETF.net Research

PBUSAInvesco MSCI USA ETF

VXFAVanguard Extended Market 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.

VXF Everything the S&P 500 leaves out. VXF tracks the S&P Completion Index, roughly 3,400 US mid- and small-cap names, and a company promoted into the 500 gets dropped from here. The classic completion half of a large-cap core.

Stated mandate

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

VXF The fund seeks to track the investment performance of the S&P Completion Index, an unmanaged benchmark representing U.S. mid- and small-capitalization stocks.

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.

VXF Costs 0.05% a year, against a 0.45% median for its index-fund peer group. Vanguard has run it since 2001.
One ticker for the US market outside the S&P 500, about 3,400 stocks. Zero overlap by construction: index rules remove a company from the Completion Index as soon as the S&P 500 adds it.spglobal.com
Index-tracking discipline sits among the strongest in its peer group, and it is a multi-billion-dollar fund with steady daily volume. Distributions land 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.

VXF Mid- and small-cap stocks swing harder than blue chips, and this index reaches well down the size scale. A bumpier ride than an S&P 500 fund.
It owns none of the S&P 500 by design, so on its own it is a slice of the US market rather than the whole thing.spglobal.com
A few funds in the same peer group run cheaper still (SCHK at 0.03%, SPYV at 0.04%), though they track different slices of the market.

Full PBUS profile⁠

Full VXF profile⁠

PBUS vs VXF Holdings

How PBUS and VXF differ

Overlap by weight

2.5%

Shared holdings make up 23.1% of VXF and 2.5% of PBUS.

Level by level

Holdings69 in both2.5%
Sector11 Sectors72.1%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in PBUS and VXF, widest gap first
Sector	More in PBUSMore in VXF	PBUS	VXF
Technology	PBUS +18.3 points	40.2%	21.9%
Industrials	VXF +9.9 points	7.9%	17.8%
Communication	PBUS +7.3 points	9.9%	2.6%
Health Care	VXF +5.8 points	9.3%	15.1%
Real Estate	VXF +3.9 points	1.6%	5.5%
Materials	VXF +3.5 points	1.6%	5.1%
Financials	VXF +3.3 points	11.0%	14.3%
Energy	VXF +1.6 points	3.5%	5.1%
Consumer Staples	PBUS +1.6 points	4.3%	2.7%
Consumer Discretionary	PBUS +0.6 points	8.8%	8.2%
Utilities	PBUS +0.1 points	1.8%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in PBUS and VXF, widest gap first
Country	More in PBUSMore in VXF	PBUS	VXF
United States	VXF +0.8 points	99.2%	100.0%
Other countries (8)	PBUS +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

PBUS36.6%
VXF11.3%

Securities held

PBUS515
VXF3,326

Asset class

PBUS: Equity
VXF: Equity

Holdings

Only in PBUS446
In both69
Only in VXF3,257

Only in PBUS

446 securities, 97.4% of PBUS by weight

Apple Inc7.71%
NVIDIA Corp7.39%
Microsoft Corp5.63%
Amazon.com Inc3.55%
Alphabet Inc2.51%
Broadcom Inc2.35%
Meta Platforms Inc2.06%
Alphabet Inc1.99%
Tesla Inc1.74%
Eli Lilly & Co1.65%
Micron Technology Inc1.59%
Advanced Micro Devices Inc1.39%
JPMorgan Chase & Co1.37%
Berkshire Hathaway Inc1.15%
ExxonMobil Holdings Corp1.14%
Visa Inc1.02%
Johnson & Johnson1.00%
Walmart Inc0.80%
Mastercard Inc0.77%
AbbVie Inc0.77%
Costco Wholesale Corp0.67%
Palantir Technologies Inc0.64%
Cisco Systems Inc0.64%
Chevron Corp0.64%
Intel Corp0.61%
Procter & Gamble Co/The0.56%
UnitedHealth Group Inc0.56%
Merck & Co Inc0.54%
Coca-Cola Co/The0.54%
Applied Materials Inc0.50%
Bank of America Corp0.50%
Home Depot Inc/The0.49%
Philip Morris International Inc0.49%
General Electric Co0.49%
Lam Research Corp0.48%
Palo Alto Networks Inc0.47%
Caterpillar Inc0.45%
Texas Instruments Inc0.43%
Goldman Sachs Group Inc/The0.41%
RTX Corp0.40%
Thermo Fisher Scientific Inc0.40%
Crowdstrike Holdings Inc0.39%
Netflix Inc0.39%
Wells Fargo & Co0.39%
Amgen Inc0.37%
International Business Machines Corp0.36%
Oracle Corp0.36%
GE Vernova Inc0.36%
Linde PLC0.35%
Morgan Stanley0.34%

Only in VXF

3,257 securities, 76.8% of VXF by weight

SLCMT11422.26%
Guardant Health Inc0.29%
Tenet Healthcare Corp0.25%
TD SYNNEX Corp0.25%
Roku Inc0.24%
Royal Gold Inc0.24%
US Foods Holding Corp0.24%
MACOM Technology Solutions Holdings Inc0.24%
Woodward Inc0.23%
Nutanix Inc0.23%
Coupang Inc0.23%
Rubrik Inc0.22%
ITT Inc0.22%
MKS Inc0.22%
Lattice Semiconductor Corp0.22%
IonQ Inc0.21%
Permian Resources Corp0.21%
WESCO International Inc0.21%
East West Bancorp Inc0.20%
Dynatrace Inc0.20%
Semtech Corp0.20%
HF Sinclair Corp0.20%
Reinsurance Group of America Inc0.19%
BitMine Immersion Technologies Inc0.19%
Ovintiv Inc0.19%
RBC Bearings Inc0.19%
Clean Harbors Inc0.19%
Onto Innovation Inc0.18%
SiTime Corp0.18%
RB Global Inc0.18%
Sterling Infrastructure Inc0.18%
Jazz Pharmaceuticals PLC0.18%
API Group Corp0.18%
Unity Software Inc0.18%
James Hardie Industries PLC0.18%
Exelixis Inc0.17%
Lincoln Electric Holdings Inc0.17%
Performance Food Group Co0.17%
Somnigroup International Inc0.17%
Medpace Holdings Inc0.17%
Aramark0.17%
Jones Lang LaSalle Inc0.17%
Omega Healthcare Investors Inc0.17%
Talen Energy Corp0.17%
CACI International Inc0.16%
Mueller Industries Inc0.16%
RenaissanceRe Holdings Ltd0.16%
Equitable Holdings Inc0.16%
DigitalOcean Holdings Inc0.16%
TTM Technologies Inc0.16%

Weight gaps

All 69 Holdings in both funds, largest gap first.

Holding weights in PBUS and VXF, widest gap first
Holding	More in PBUSMore in VXF	PBUS	VXF
Space Exploration Technologies CorpSPCX	VXF +2.37 points	0.13%	2.50%
Snowflake IncSNOW	VXF +1.26 points	0.16%	1.42%
Cloudflare IncNET	VXF +1.20 points	0.15%	1.35%
Natera IncNTRA	VXF +0.63 points	0.09%	0.72%
Strategy IncMSTR	VXF +0.61 points	0.06%	0.67%
Astera Labs IncALAB	VXF +0.61 points	0.06%	0.67%
Cheniere Energy IncLNG	VXF +0.57 points	0.10%	0.67%
Twilio IncTWLO	VXF +0.49 points	0.05%	0.54%
Revolution Medicines IncRVMD	VXF +0.45 points	0.05%	0.50%
Rocket Lab CorpRKLB	VXF +0.41 points	0.05%	0.46%
CoreWeave IncCRWV	VXF +0.38 points	0.03%	0.41%
Okta IncOKTA	VXF +0.36 points	0.06%	0.42%
Alnylam Pharmaceuticals IncALNY	VXF +0.37 points	0.03%	0.40%
Credo Technology Group Holding LtdCRDO	VXF +0.36 points	0.04%	0.40%
Sunbelt Rentals Holdings IncSUNB	VXF +0.31 points	0.05%	0.36%
Atlassian CorpTEAM	VXF +0.30 points	0.05%	0.35%
ROBLOX CorpRBLX	VXF +0.29 points	0.05%	0.34%
MongoDB IncMDB	VXF +0.29 points	0.05%	0.34%
TechnipFMC PLCFTI	VXF +0.28 points	0.04%	0.32%
nVent Electric PLCNVT	VXF +0.28 points	0.03%	0.31%
ATI IncATI	VXF +0.28 points	0.03%	0.31%
Royalty Pharma PLCRPRX	VXF +0.27 points	0.04%	0.31%
Insmed IncINSM	VXF +0.26 points	0.04%	0.30%
LPL Financial Holdings IncLPLA	VXF +0.26 points	0.03%	0.29%
Zoom Communications IncZM	VXF +0.26 points	0.03%	0.29%
Entegris IncENTG	VXF +0.24 points	0.04%	0.28%
United Therapeutics CorpUTHR	VXF +0.25 points	0.03%	0.28%
Liberty Media CorpFWONK	VXF +0.22 points	0.03%	0.25%
Markel Group IncMKL	VXF +0.22 points	0.04%	0.26%
XPO IncXPO	VXF +0.22 points	0.03%	0.25%
Curtiss-Wright CorpCW	VXF +0.21 points	0.03%	0.24%
Affirm Holdings IncAFRM	VXF +0.22 points	0.03%	0.25%
Zscaler IncZS	VXF +0.21 points	0.04%	0.25%
SoFi Technologies IncSOFI	VXF +0.22 points	0.03%	0.25%
Carpenter Technology CorpCRS	VXF +0.21 points	0.02%	0.23%
Roivant Sciences LtdROIV	VXF +0.21 points	0.03%	0.24%
Reliance IncRS	VXF +0.21 points	0.03%	0.24%
Amrize LtdAMRZ	VXF +0.20 points	0.03%	0.23%
Coeur Mining IncCDE	VXF +0.20 points	0.02%	0.22%
AST SpaceMobile IncASTS	VXF +0.19 points	0.02%	0.21%
Medline IncMDLN	VXF +0.19 points	0.02%	0.21%
First Citizens BancShares Inc/NCFCNCA	VXF +0.19 points	0.03%	0.22%
Burlington Stores IncBURL	VXF +0.18 points	0.02%	0.20%
Circle Internet Group IncCRCL	VXF +0.18 points	0.02%	0.20%
FTAI Aviation LtdFTAI	VXF +0.18 points	0.03%	0.21%
HEICO CorpHEI.A	VXF +0.17 points	0.03%	0.20%
FabrinetFN	VXF +0.16 points	0.02%	0.18%
SS&C Technologies Holdings IncSSNC	VXF +0.16 points	0.03%	0.19%
Rivian Automotive IncRIVN	VXF +0.15 points	0.02%	0.17%
Toast IncTOST	VXF +0.16 points	0.02%	0.18%
WP Carey IncWPC	VXF +0.16 points	0.02%	0.18%
SharkNinja IncSN	VXF +0.15 points	0.03%	0.18%
Neurocrine Biosciences IncNBIX	VXF +0.15 points	0.02%	0.17%
Annaly Capital Management IncNLY	VXF +0.15 points	0.02%	0.17%
Samsara IncIOT	VXF +0.15 points	0.02%	0.17%
Pinnacle Financial Partners IncPNFP	VXF +0.15 points	0.02%	0.17%
MasTec IncMTZ	VXF +0.14 points	0.02%	0.16%
Sun Communities IncSUI	VXF +0.14 points	0.02%	0.16%
HEICO CorpHEI	VXF +0.14 points	0.02%	0.16%
TransUnionTRU	VXF +0.12 points	0.02%	0.14%
Rocket Cos IncRKT	VXF +0.12 points	0.02%	0.14%
Tradeweb Markets IncTW	VXF +0.12 points	0.02%	0.14%
Watsco IncWSO	VXF +0.11 points	0.02%	0.13%
Carlyle Group Inc/TheCG	VXF +0.11 points	0.02%	0.13%
Flutter Entertainment PLCFLUT	VXF +0.11 points	0.02%	0.13%
Fidelity National Financial IncFNF	VXF +0.10 points	0.02%	0.12%
Dick's Sporting Goods IncDKS	VXF +0.10 points	0.01%	0.11%
Corebridge Financial IncCRBG	VXF +0.10 points	0.01%	0.11%
Hyatt Hotels CorpH	VXF +0.07 points	0.01%	0.08%

All 515 PBUS holdings⁠All 3,445 VXF 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 VXF Cost

Overpaying VXF vs PBUS

$211

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

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

Amount$10,000

Years30 years

Cost over time

PBUS 0.04%
VXF 0.05%
Overpaying

Year by year

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

Expense ratio

0.04%PBUS, cheaper
0.05%VXF

PBUS0.04%VXF0.05%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 42 funds

VXF 4th cheapest of 42 funds

PBUS vs VXF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PBUS 1.02%; VXF 1.05%, better
Payout (12M): PBUS $0.77; VXF $2.43
Last payment: PBUS $0.19; VXF $0.56
Ex-dividend: PBUS Sep 21, 2026; VXF Sep 23, 2026
Paid on: PBUS Sep 25, 2026; VXF Sep 25, 2026
Frequency: PBUS Quarterly; VXF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PBUSQuarterly · 36 paymentsAll PBUS payments⁠

VXFQuarterly · 39 paymentsAll VXF payments⁠

PBUS vs VXF Risk

Fall from peak · 5 years

PBUS
VXF

Risk facts

VolatilityStd dev, 3 years: PBUS 12.5%, betterVXF 17.6%
Return per unit of riskSharpe ratio, 3 years: PBUS 1.41, betterVXF 0.93
Worst fallMax drawdown, 5 years: PBUS −25.4%, betterVXF −36.4%
Market sensitivityBeta, 5 years: PBUS 1.02VXF 1.15; Market = 1

PBUS and VXF in the news

All news⁠

New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026VXF

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PBUS vs VXF

In short

Stated mandate

Why people hold it

Worth knowing

How PBUS and VXF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PBUS

Only in VXF

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million

How PBUS and VXF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PBUS

Only in VXF

Weight gaps