At a glance
PBUS charges 0.04% a year, below the 0.09% average of the 8 funds most like it (the 5th cheapest of 9). It has $11.67B in assets, the 3rd largest of that group; it paid 1.0% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.1% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +24.9% a year. At its worst it fell 25.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 36.9% of the fund, out of 526 in all.
The short version
Invesco MSCI USA ETF (PBUS) is an index fund that owns about 540 large and mid-sized US companies in the MSCI USA Index, led by NVIDIA, Apple and Microsoft. Its expense ratio, the yearly fee taken from fund assets, is a low 0.04%. Several funds with nearly the same holdings charge even less, though, including Vanguard S&P 500 ETF (VOO) at 0.03% and JPMorgan BetaBuilders U.S. Equity ETF (BBUS) at 0.02%.
Price history
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PBUS +13.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PBUS official prospectus, to Dec 31, 2024 | — | +25.01% | — | +14.52% | — | +14.32% |
| PBUS price data to Oct 27, 2026 | +13.6% | +13.1% | +24.9% | +12.2% | — | +17.1% |
- Over the year to Oct 27, 2026, PBUS returned +13.1%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +12.2%.
- Its worst full calendar year was 2022 (-19.6%); its best was 2023 (+27.3%).
- The deepest fall in its price history was 25.4% (Dec 27, 2021 to Oct 14, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.6% | — |
| 2025 | +17.6% | — |
| 2024 | +25.0% | +25.01% |
| 2023 | +27.3% | +27.06% |
| 2022 | -19.6% | -19.47% |
| 2021 | +26.8% | +26.90% |
| 2020 | — | +21.32% |
| 2019 | — | +31.28% |
| 2018 | — | -4.54% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.2% over that stretch · deepest drop along the way 25.2%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5900 | |
| 2025 | $0.7100 | +1.4% |
| 2024 | $0.7000 | +7.7% |
| 2023 | $0.6500 | 0.0% |
| 2022 | $0.6500 | +38.3% |
| 2021 | $0.4700 |
What's inside
As of Aug 31, 2026, the fund held 526 securities; the ten largest made up 36.86% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 7.70% | |
| Apple Inc. | 7.03% | |
| Microsoft Corp. | 5.40% | |
| Amazon.com, Inc. | 3.80% | |
| Alphabet Inc. Class A | 2.98% | |
| Broadcom Inc. | 2.52% | |
| Alphabet Inc. Class C | 2.34% | |
| Meta Platforms, Inc. | 1.90% | |
| Micron Technology, Inc. | 1.63% | |
| Tesla, Inc. | 1.56% | |
| JPMorgan Chase & Co. | 1.44% | |
| Eli Lilly and Co. | 1.40% | |
| Advanced Micro Devices, Inc. | 1.16% | |
| Berkshire Hathaway Inc. | 1.06% | |
| ExxonMobil Holdings Corp. | 1.01% |
By country
United States 96.73%Ireland 1.94%Switzerland 0.3%Curaçao 0.14%Netherlands 0.13%By asset type
Stocks 99.87%By sector
Sectors of the companies held, for the 89.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $38.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.88%, -0.05%, +2.74%.
How it works
PBUS aims to match the returns of the MSCI USA Index, before fees. MSCI builds the index to cover the large- and mid-sized part of the US stock market, about 85% of the value of US shares that are freely available to investors. Each company is weighted by its free float-adjusted market capitalization. That is its stock market value, counting only shares that trade freely. Bigger companies get bigger slices. As of October 31, 2025, the index held 545 stocks, worth between $5.8 billion and $4.9 trillion each.
Invesco uses full replication. This means the fund owns nearly every stock in the index, in the same proportions. It must keep at least 90% of its assets in index stocks. The fund doesn't try to beat the index. It generally adds or drops a stock only when MSCI does, even if that stock is lagging. The prospectus reports portfolio turnover of 3%, a sign of very little trading. The fund held no derivatives as of May 31, 2026.
Weighting by size means the largest companies matter most. As of May 31, 2026, the top 10 holdings made up 38% of assets, led by NVIDIA (7.8%), Apple (6.9%) and Microsoft (4.8%). Technology was about 36% of the fund. The fund counts as "diversified" under federal fund rules. It could lose that status, without a shareholder vote, if a few giant companies grow large enough within the index.
What it really costs
- PBUS charges 0.04% a year, versus an average of 0.09% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $4 in the first year and $52 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PBUS | $4 | $13 | $23 | $52 |
In a retirement portfolio
It offers broad, low-cost exposure to about 540 large and mid-sized US companies in a single fund.
PBUS could be the core of a portfolio's US stock holdings at little cost. The SEC's standard $10,000 example puts expenses at $4 after one year and $52 after 10 years. Income is modest: the yield was 1% as of October 27, 2026, paid quarterly. Over the year to that date, the fund moved almost in step with the broad market (a beta of 1.01). The fund launched in 2017, so it has no record from 2008. It lost 19.59% in the quarter ending March 31, 2020, during the COVID crash. Its worst calendar year was 2022, down 19.47%. Its deepest drop was 25.4%, from December 2021 to October 2022, and it took 14 months to recover. Anyone who had to take money out during that slide would have locked in losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund covering about 540 large and mid-sized US companies for a 0.04% yearly expense ratio.
- Long-term holders comfortable with size-based weighting: NVIDIA, Apple and Microsoft made up about 19.5% of assets as of May 31, 2026.
- People building a simple core who prefer full replication of the MSCI USA Index and low trading (3% turnover) over active stock picking.
Look elsewhere if
- Cost-focused investors: BKLC (0%), BBUS (0.02%), and VOO, IVV and USPX (0.03%) charge less for 92–93% overlapping holdings.
- Income seekers: the yield was just 1% as of October 27, 2026, paid quarterly.
- Investors uneasy with drops like the 25.4% fall from December 2021 to October 2022, which took 14 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PBUS this fund | — | 0.04% | $11.67B | +13.1% | +24.9% |
| ONOF Global X Adaptive U.S. Risk Management ETF | 96% | 0.39% | $141.7M | +9.4% | +15.9% |
| GSUS Goldman Sachs MarketBeta U.S. Equity ETF | 96% | 0.07% | $3.33B | +13.1% | +25.2% |
| VOTE TCW Transform 500 ETF | 96% | 0.05% | $1.10B | +13.5% | +25.2% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 96% | 0% | $5.47B | +13.4% | +25.4% |
| BBUS JPMorgan BetaBuilders U.S. Equity ETF | 95% | 0.02% | $8.89B | +13.0% | +24.8% |
| USPX Franklin U.S. Equity Index ETF | 91% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPY SPDR S&P 500 ETF Trust | 91% | 0.0945% | $781.19B | +11.5% | +21.9% |
Questions investors ask
What does PBUS invest in?
PBUS holds the stocks in the MSCI USA Index, which covers large and mid-sized US companies, about 85% of the freely traded US stock market. As of May 31, 2026, it held 537 companies. Its largest holdings were NVIDIA (7.8%), Apple (6.9%), Microsoft (4.8%), Amazon (3.9%) and Alphabet's two share classes (about 6.1% combined). The top 10 made up 38% of assets, and technology was about 36%.
What is the PBUS expense ratio?
PBUS charges 0.04% a year. In the SEC's standard example, with $10,000 invested and 5% annual returns, that comes to $4 after one year and $52 after 10 years. The fee equals the average of similar funds but ranks 6th of 9 on cost. BKLC lists 0%, BBUS 0.02%, and VOO, IVV and USPX 0.03%. SPY costs more, at 0.0945%.
What's the difference between PBUS and VOO?
The two are very similar, with about 93% holdings overlap based on the latest N-PORT reports. PBUS tracks the MSCI USA Index of large and mid-sized companies. VOO, as its name says, tracks the S&P 500. VOO costs 0.03% a year versus 0.04% for PBUS. It is also far larger: about $1.67 trillion in net assets as of June 30, 2026, versus $11.5 billion for PBUS as of May 31, 2026. Both returned 24.9% a year over three years through late October 2026.
Does PBUS pay dividends?
Yes, PBUS pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.77 per share, a yield of about 1%. That income comes from the dividends of the companies it owns. Many of its largest holdings are technology firms that pay small dividends or none, so the fund's yield is modest. It's a stock fund built mainly for growth, not a steady income stream.
How much has PBUS returned since it launched?
From its September 2017 launch through December 31, 2024, PBUS returned an average of 14.32% a year, according to its prospectus. Over the five years to that date, it averaged 14.52% a year, and in 2024 it gained 25.01%. The path wasn't smooth: it lost 4.54% in 2018 and 19.47% in 2022. Based on share prices, it returned an average of 24.9% a year over the three years to October 27, 2026.