PBE is not a pure-play biotech fund, it goes beyond the scope of pure biotech firms and includes companies that benefit significantly from advances in biotech and genetic engineering. This causes PBE to differ from other biotech ETFs, therefore, it is important to note the funds portfolio before investing. Moreover, far from a plain-vanilla approach, PBE's underlying index uses a multifactor system (price momentum, earnings momentum, quality: ROE, asset turnover, FCF margin), management action, and value) to select 30 US stocks and weights them in tiers. The tiered weighting scheme creates a small-cap tilt. Top-ranked larger stocks receive 40% of index weight while the top-ranked smaller stocks are given 60%. The approach produces a unique portfolio of biotech and peripheral-industry companies. The fund is rebalanced and reconstituted quarterly starting each February. Prior to August 28, 2023, the fund traded under the name Invesco Dynamic Biotechnology & Genome ETF.