PBUS vs XOEX: Grades, Fees and Holdings Compared

Invesco MSCI USA ETF

PBUSACboe

Xtrackers S&P 100 Ex Top 20 ETF

XOEXBCboe

Overlap

22.1%by weight

Expense ratio

PBUS −0.11pt a year

PBUS0.04%XOEX0.15%

Avg volume · 30D

PBUS 6.3×the volume

PBUS433KXOEX68.5K

3Y return · a year

PBUS +3.2pt

PBUS+23.5%XOEX+20.3%

PBUS vs XOEX Performance

Oct 31, 2025 – Oct 30, 2026

+11.5%PBUS+16.1%XOEX

Expense ratio: PBUS 0.04%, better; XOEX 0.15%
Fund size: PBUS $10.5B; XOEX $279M
1Y total return: PBUS +11.5%; XOEX +16.1%, better
Yield (12M): PBUS 1.02%; XOEX 1.46%, better
Holdings: PBUS 517; XOEX 78
Avg volume (30D): PBUS 433K sh, better; XOEX 68.5K sh
NAV per share: PBUS $75.71; XOEX $40.82
52W range

ETF.net Grade

Pillar letters and Scores for PBUS, XOEX, with each pillar’s weight
Pillar	PBUS	XOEX
Cost30% weight	A98Higher	B63
Mission25% weight	A100Higher	A80
Risk15% weight	B63	A79Higher
Tradability15% weight	A86Higher	B60
Holdings10% weight	C50	B63Higher
Durability5% weight	A74Higher	C51

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. PBUS and XOEX 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 XOEX 12th 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 12BFINAFidelity MSCI North American Subset Index ETFScore 68
Rank 12BXOEXXtrackers S&P 100 Ex Top 20 ETFScore 68
Rank 14BIVOVVanguard S&P Mid-Cap 400 Value ETFScore 67

Our read on each fund

ETF.net Research

PBUSAInvesco MSCI USA ETF

XOEXBXtrackers S&P 100 Ex Top 20 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.

XOEX Take the S&P 100 and delete the 20 biggest names. What's left is about 80 blue chips sitting just behind the mega-cap crowd, wrapped at 0.15% a year.

Stated mandate

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

XOEX The fund seeks to provide results that generally correspond, before fees and expenses, to the S&P 100 Ex-Top 20 Select 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.

XOEX One rule, clearly stated: the S&P 100 minus that index's 20 largest members by float-adjusted market cap, leaving roughly 80 large caps to share the weight.indexologyblog.com
Costs 0.15% a year, a third of the typical fee among the plain index wrappers we grade.
Tracks its index closely and sits in the top quartile of its index-wrapper peer group, a strong build for a narrow idea.
Rules-based S&P index, US large-cap stocks only, cash paid out 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.

XOEX Thinly traded and modest in size, so spreads can run wider than in household-name index funds.
Not the cheapest shelf: broad wrappers like SCHK, VXF and VT charge less. The exclusion rule is what the extra buys.
It deliberately owns none of the S&P 100's 20 largest members, so results can diverge from standard large-cap funds in either direction.indexologyblog.com

Full PBUS profile⁠

Full XOEX profile⁠

PBUS vs XOEX Holdings

How PBUS and XOEX differ

Overlap by weight

22.1%

Shared holdings make up 96.3% of XOEX and 22.1% of PBUS.

Level by level

Holdings73 in both22.1%
Sector11 Sectors70.9%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in PBUS and XOEX, widest gap first
Sector	More in PBUSMore in XOEX	PBUS	XOEX
Technology	PBUS +21.6 points	40.2%	18.6%
Health Care	XOEX +10.2 points	9.3%	19.5%
Industrials	XOEX +6.1 points	7.9%	14.0%
Financials	XOEX +6.0 points	11.0%	17.0%
Consumer Staples	XOEX +5.2 points	4.3%	9.5%
Communication	PBUS +3.6 points	9.9%	6.3%
Consumer Discretionary	PBUS +2.8 points	8.8%	6.0%
Real Estate	PBUS +1.0 points	1.6%	0.6%
Energy	XOEX +0.8 points	3.5%	4.3%
Utilities	XOEX +0.7 points	1.8%	2.5%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in PBUS and XOEX, widest gap first
Country	More in PBUSMore in XOEX	PBUS	XOEX
United States	XOEX +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%
XOEX26.7%

Securities held

PBUS515
XOEX77

Asset class

PBUS: Equity
XOEX: Equity

Holdings

Only in PBUS442
In both73
Only in XOEX4

Only in PBUS

442 securities, 77.9% 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%
Costco Wholesale Corp0.67%
Cisco Systems Inc0.64%
Intel Corp0.61%
Palo Alto Networks Inc0.47%
Crowdstrike Holdings Inc0.39%
Linde PLC0.35%
KLA Corp0.33%
Analog Devices Inc0.32%
Amphenol Corp0.30%
Sandisk Corp0.30%
Arista Networks Inc0.30%
Marvell Technology Inc0.28%
Welltower Inc0.25%
TJX Cos Inc/The0.23%
Seagate Technology Holdings PLC0.23%
Eaton Corp PLC0.23%
Accenture PLC0.23%
Dell Technologies Inc0.21%
S&P Global Inc0.21%
Vertex Pharmaceuticals Inc0.21%
Western Digital Corp0.20%
Progressive Corp/The0.20%
Marathon Petroleum Corp0.19%
Chubb Ltd0.19%
Medtronic PLC0.19%
Prologis Inc0.18%
Newmont Corp0.18%
Parker-Hannifin Corp0.17%
McKesson Corp0.17%
Automatic Data Processing Inc0.17%
Valero Energy Corp0.17%
Phillips 660.16%

Only in XOEX

4 securities, 3.5% of XOEX by weight

2226792D1.56%
Accenture Ltd-Cl A1.04%
Medtronic plc0.78%
Defiance Le Cap Ex-Mag 7 Etf0.15%

Weight gaps

All 73 Holdings in both funds, largest gap first.

Holding weights in PBUS and XOEX, widest gap first
Holding	More in PBUSMore in XOEX	PBUS	XOEX
AbbVie IncABBV	XOEX +2.66 points	0.77%	3.43%
Mastercard IncMA	XOEX +2.63 points	0.77%	3.40%
Chevron CorpCVX	XOEX +2.43 points	0.64%	3.07%
Palantir Technologies IncPLTR	XOEX +2.15 points	0.64%	2.79%
Procter & Gamble Co/ThePG	XOEX +1.91 points	0.56%	2.47%
Merck & Co IncMRK	XOEX +1.89 points	0.54%	2.43%
Coca-Cola Co/TheKO	XOEX +1.86 points	0.54%	2.40%
UnitedHealth Group IncUNH	XOEX +1.85 points	0.56%	2.41%
Home Depot Inc/TheHD	XOEX +1.67 points	0.49%	2.16%
Philip Morris International IncPM	XOEX +1.65 points	0.49%	2.14%
Bank of America CorpBAC	XOEX +1.64 points	0.50%	2.14%
General Electric CoGE	XOEX +1.57 points	0.49%	2.06%
Applied Materials IncAMAT	XOEX +1.54 points	0.50%	2.04%
Lam Research CorpLRCX	XOEX +1.49 points	0.48%	1.97%
Caterpillar IncCAT	XOEX +1.44 points	0.45%	1.89%
Texas Instruments IncTXN	XOEX +1.38 points	0.43%	1.81%
RTX CorpRTX	XOEX +1.37 points	0.40%	1.77%
Netflix IncNFLX	XOEX +1.31 points	0.39%	1.70%
Goldman Sachs Group Inc/TheGS	XOEX +1.31 points	0.41%	1.72%
Thermo Fisher Scientific IncTMO	XOEX +1.29 points	0.40%	1.69%
Amgen IncAMGN	XOEX +1.29 points	0.37%	1.66%
Wells Fargo & CoWFC	XOEX +1.27 points	0.39%	1.66%
International Business Machines CorpIBM	XOEX +1.23 points	0.36%	1.60%
GE Vernova IncGEV	XOEX +1.15 points	0.36%	1.51%
Oracle CorpORCL	XOEX +1.13 points	0.36%	1.49%
Morgan StanleyMS	XOEX +1.11 points	0.34%	1.45%
Gilead Sciences IncGILD	XOEX +1.08 points	0.31%	1.39%
Citigroup IncC	XOEX +1.03 points	0.32%	1.35%
Walt Disney Co/TheDIS	XOEX +0.97 points	0.29%	1.26%
PepsiCo IncPEP	XOEX +0.96 points	0.27%	1.23%
Salesforce IncCRM	XOEX +0.95 points	0.28%	1.23%
Verizon Communications IncVZ	XOEX +0.95 points	0.27%	1.22%
ConocoPhillipsCOP	XOEX +0.95 points	0.27%	1.22%
Abbott LaboratoriesABT	XOEX +0.94 points	0.27%	1.21%
McDonald's CorpMCD	XOEX +0.93 points	0.27%	1.20%
Union Pacific CorpUNP	XOEX +0.92 points	0.27%	1.19%
NextEra Energy IncNEE	XOEX +0.89 points	0.26%	1.15%
Pfizer IncPFE	XOEX +0.88 points	0.26%	1.14%
Deere & CoDE	XOEX +0.87 points	0.24%	1.11%
QUALCOMM IncQCOM	XOEX +0.87 points	0.29%	1.16%
American Express CoAXP	XOEX +0.85 points	0.26%	1.11%
Blackrock IncBLK	XOEX +0.83 points	0.26%	1.09%
Intuitive Surgical IncISRG	XOEX +0.77 points	0.24%	1.01%
AT&T IncT	XOEX +0.74 points	0.22%	0.96%
Danaher CorpDHR	XOEX +0.73 points	0.23%	0.96%
Charles Schwab Corp/TheSCHW	XOEX +0.72 points	0.22%	0.94%
Uber Technologies IncUBER	XOEX +0.70 points	0.18%	0.88%
Boeing Co/TheBA	XOEX +0.70 points	0.19%	0.89%
Altria Group IncMO	XOEX +0.67 points	0.19%	0.86%
Lockheed Martin CorpLMT	XOEX +0.65 points	0.20%	0.85%
Bristol-Myers Squibb CoBMY	XOEX +0.65 points	0.19%	0.84%
Capital One Financial CorpCOF	XOEX +0.65 points	0.18%	0.83%
Lowe's Cos IncLOW	XOEX +0.60 points	0.17%	0.77%
Starbucks CorpSBUX	XOEX +0.60 points	0.18%	0.78%
CVS Health CorpCVS	XOEX +0.59 points	0.17%	0.76%
Booking Holdings IncBKNG	XOEX +0.55 points	0.18%	0.73%
Southern Co/TheSO	XOEX +0.55 points	0.16%	0.71%
ServiceNow IncNOW	XOEX +0.55 points	0.17%	0.72%
Duke Energy CorpDUK	XOEX +0.51 points	0.15%	0.66%
Adobe IncADBE	XOEX +0.50 points	0.15%	0.65%
Bank of New York Mellon Corp/TheBNY	XOEX +0.50 points	0.15%	0.65%
General Dynamics CorpGD	XOEX +0.49 points	0.13%	0.62%
Intuit IncINTU	XOEX +0.48 points	0.14%	0.62%
US BancorpUSB	XOEX +0.47 points	0.14%	0.61%
Emerson Electric CoEMR	XOEX +0.46 points	0.14%	0.60%
3M CoMMM	XOEX +0.45 points	0.14%	0.59%
American Tower CorpAMT	XOEX +0.45 points	0.13%	0.58%
Mondelez International IncMDLZ	XOEX +0.42 points	0.12%	0.54%
Comcast CorpCMCSA	XOEX +0.42 points	0.12%	0.54%
United Parcel Service IncUPS	XOEX +0.42 points	0.12%	0.54%
T-Mobile US IncTMUS	XOEX +0.39 points	0.11%	0.50%
General Motors CoGM	XOEX +0.38 points	0.12%	0.50%
FedEx CorpFDX	XOEX +0.36 points	0.10%	0.46%

All 515 PBUS holdings⁠All 78 XOEX 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 XOEX Cost

Overpaying XOEX vs PBUS

$2,288

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

PBUS 0.04%
$849
XOEX 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

PBUS 0.04%
XOEX 0.15%
Overpaying

Year by year

Year	PBUS	XOEX	Overpaying
10	$73	$274	$201
20	$288	$1,071	$783
30	$849	$3,137	$2,288

Expense ratio

0.04%PBUS, cheaper
0.15%XOEX

PBUS0.04%XOEX0.15%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 42 funds

XOEX 15th cheapest of 42 funds

PBUS vs XOEX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PBUS 1.02%; XOEX 1.46%, better
Payout (12M): PBUS $0.77; XOEX $0.59
Last payment: PBUS $0.19; XOEX $0.16
Ex-dividend: PBUS Sep 21, 2026; XOEX Sep 18, 2026
Paid on: PBUS Sep 25, 2026; XOEX Sep 25, 2026
Frequency: PBUS Quarterly; XOEX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PBUSQuarterly · 36 paymentsAll PBUS payments⁠

XOEXQuarterly · 16 paymentsAll XOEX payments⁠

PBUS vs XOEX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PBUS 12.5%, betterXOEX 12.7%
Return per unit of riskSharpe ratio, 3 years: PBUS 1.41, betterXOEX 1.17
Worst fallMax drawdown, 5 years: PBUS −25.4%XOEX −14.7%since Nov 2022
Market sensitivityBeta, 5 years: PBUS 1.02XOEX 0.86; Market = 1

Popular comparisons

PBUSAvsSPYVA
Invesco MSCI USA ETF · State Street SPDR Portfolio S&P 500 Value ETF
Expense ratio
0.04% · 0.04%
Category
XOEXBvsSPYVA
Xtrackers S&P 100 Ex Top 20 ETF · State Street SPDR Portfolio S&P 500 Value ETF
Expense ratio
0.15% · 0.04%
Category
PBUSAvsSCHKA
Invesco MSCI USA ETF · Schwab 1000 Index ETF
Expense ratio
0.04% · 0.03%
Category
XOEXBvsSCHKA
Xtrackers S&P 100 Ex Top 20 ETF · Schwab 1000 Index ETF
Expense ratio
0.15% · 0.03%
Category
PBUSAvsVOOVA
Invesco MSCI USA ETF · Vanguard S&P 500 Value ETF
Expense ratio
0.04% · 0.07%
Category
XOEXBvsVOOVA
Xtrackers S&P 100 Ex Top 20 ETF · Vanguard S&P 500 Value ETF
Expense ratio
0.15% · 0.07%
Category