Launched on 06/23/2005, the Invesco Dynamic Biotechnology & Genome ETF (PBE) is a smart beta exchange traded fund offering broad exposure to the Health Care ETFs category of the market.What Are Smart Beta ETFs?Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry.Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.If you're the kind of investor who would rather try and beat the market through good stock selection, then smart beta funds are your best choice; this fund class is known for tracking non-cap weighted strategies.Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.While this space offers a number of choices to investors, including simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies, not all these strategies have been able to deliver superior results.Fund Sponsor & IndexPBE is managed by Invesco, and this fund has amassed over $248.07 million, which makes it one of the average sized ETFs in the Health Care ETFs. This particular fund, before fees and expenses, seeks to match the performance of the Dynamic Biotechnology & Genome Intellidex Index.The Dynamic Biotech & Genome Intellidex Index seeks to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including price momentum, earnings momentum, quality, management action, and value.Cost & Other ExpensesSince cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.Annual operating expenses for PBE are 0.59%, which makes it on par with most peer products in the space.The fund has a 12-month trailing dividend yield of 0%.Sector Exposure and Top HoldingsETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.Representing 100% of the portfolio, the fund has heaviest allocation to the Healthcare sector.When you look at individual holdings, Catalent Inc (CTLT) accounts for about 5.59% of the fund's total assets, followed by Repligen Corp (RGEN) and Bio-Techne Corp (TECH).PBE's top 10 holdings account for about 45.98% of its total assets under management.Performance and RiskSo far this year, PBE has lost about -10.48%, and is down about -16.12% in the last one year (as of 01/17/2022). During this past 52-week period, the fund has traded between $63 and $83.81.The ETF has a beta of 0.97 and standard deviation of 28.36% for the trailing three-year period, making it a high risk choice in the space. With about 31 holdings, it has more concentrated exposure than peers.AlternativesInvesco Dynamic Biotechnology & Genome ETF is a reasonable option for investors seeking to outperform the Health Care ETFs segment of the market. However, there are other ETFs in the space which investors could consider.SPDR S&P Biotech ETF (XBI) tracks S&P Biotechnology Select Industry Index and the iShares Biotechnology ETF (IBB) tracks Nasdaq Biotechnology Index. SPDR S&P Biotech ETF has $5.93 billion in assets, iShares Biotechnology ETF has $9.26 billion. XBI has an expense ratio of 0.35% and IBB charges 0.45%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Health Care ETFs.Bottom LineTo learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center. 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Click to get this free report Invesco Dynamic Biotechnology & Genome ETF (PBE): ETF Research Reports iShares Biotechnology ETF (IBB): ETF Research Reports Repligen Corporation (RGEN): Free Stock Analysis Report BioTechne Corp (TECH): Free Stock Analysis Report Catalent, Inc. (CTLT): Free Stock Analysis Report SPDR S&P Biotech ETF (XBI): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research