Making its debut on 06/23/2005, smart beta exchange traded fund Invesco Dynamic Pharmaceuticals ETF (PJP) provides investors 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.However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.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.The smart beta space gives investors many different choices, from equal-weighting, one of the simplest strategies, to more complicated ones like fundamental and volatility/momentum based weighting. However, not all of these methodologies have been able to deliver remarkable returns.Fund Sponsor & IndexManaged by Invesco, PJP has amassed assets over $333.50 million, making it one of the average sized ETFs in the Health Care ETFs. PJP, before fees and expenses, seeks to match the performance of the Dynamic Pharmaceutical Intellidex Index.The Dynamic Pharmaceutical Intellidex Index is comprised of stocks of U.S. pharmaceutical companies. It is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.Cost & Other ExpensesExpense ratios are an important factor in the return of an ETF and in the long-term, cheaper funds can significantly outperform their more expensive cousins, other things remaining the same.With on par with most peer products in the space, this ETF has annual operating expenses of 0.56%.PJP's 12-month trailing dividend yield is 0.95%.Sector Exposure and Top HoldingsIt is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that 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, Enanta Pharmaceuticals Inc (ENTA) accounts for about 5.74% of the fund's total assets, followed by Eli Lilly & Co (LLY) and Gilead Sciences Inc (GILD).Its top 10 holdings account for approximately 47.95% of PJP's total assets under management.Performance and RiskThe ETF has lost about -0.61% so far this year and is up about 3.61% in the last one year (as of 12/09/2022). In the past 52-week period, it has traded between $69.08 and $83.54.The ETF has a beta of 0.69 and standard deviation of 22.33% for the trailing three-year period, making it a high risk choice in the space. With about 27 holdings, it has more concentrated exposure than peers.AlternativesInvesco Dynamic Pharmaceuticals 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.IShares U.S. Pharmaceuticals ETF (IHE) tracks Dow Jones U.S. Select Pharmaceuticals Index and the VanEck Pharmaceutical ETF (PPH) tracks MVIS US Listed Pharmaceutical 25 Index. IShares U.S. Pharmaceuticals ETF has $421.85 million in assets, VanEck Pharmaceutical ETF has $593.69 million. IHE has an expense ratio of 0.39% and PPH charges 0.35%.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. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Invesco Dynamic Pharmaceuticals ETF (PJP): ETF Research Reports Eli Lilly and Company (LLY): Free Stock Analysis Report Gilead Sciences, Inc. (GILD): Free Stock Analysis Report Enanta Pharmaceuticals, Inc. (ENTA): Free Stock Analysis Report iShares U.S. Pharmaceuticals ETF (IHE): ETF Research Reports VanEck Pharmaceutical ETF (PPH): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research