Designed to provide broad exposure to the Style Box - Large Cap Growth category of the market, the Invesco Large Cap Growth ETF (PWB Quick QuotePWB - Free Report) is a smart beta exchange traded fund launched on 03/03/2005.

What Are Smart Beta ETFs?

The ETF industry has long been dominated by products based on market cap weighted indexes, a strategy created to reflect the market or a particular market segment.

Market cap weighted indexes work great for investors who believe in market efficiency. They provide a low-cost, convenient and transparent way of replicating market returns.

There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track 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 & Index

The fund is sponsored by Invesco. It has amassed assets over $1.25 billion, making it one of the average sized ETFs in the Style Box - Large Cap Growth. Before fees and expenses, this particular fund seeks to match the performance of the Dynamic Large Cap Growth Intellidex Index.

The Dynamic Large Cap Growth Intellidex Index is designed to provide capital appreciation while maintaining consistent stylistically accurate exposure.

Cost & Other Expenses

Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.

With on par with most peer products in the space, this ETF has annual operating expenses of 0.53%.

It's 12-month trailing dividend yield comes in at 0.06%.

Sector Exposure and Top Holdings

Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

PWB's heaviest allocation is in the Information Technology sector, which is about 32.2% of the portfolio. Its Financials and Industrials round out the top three.

Looking at individual holdings, Oracle Corp (ORCL) accounts for about 4.54% of total assets, followed by Nvidia Corp (NVDA) and Broadcom Inc (AVGO).

Its top 10 holdings account for approximately 35.24% of PWB's total assets under management.

Performance and Risk

So far this year, PWB has added about 17.63%, and is up roughly 26.67% in the last one year (as of 08/18/2025). During this past 52-week period, the fund has traded between $86.24 and $120.82.

The fund has a beta of 1.12 and standard deviation of 19.09% for the trailing three-year period, which makes PWB a medium risk choice in this particular space. With about 52 holdings, it effectively diversifies company-specific risk .

Alternatives

Invesco Large Cap Growth ETF is an excellent option for investors seeking to outperform the Style Box - Large Cap Growth segment of the market. There are other ETFs in the space which investors could consider as well.

Vanguard Growth ETF (VUG) tracks CRSP U.S. Large Cap Growth Index and the Invesco QQQ (QQQ) tracks NASDAQ-100 Index. Vanguard Growth ETF has $186.18 billion in assets, Invesco QQQ has $368.25 billion. VUG has an expense ratio of 0.04% and QQQ changes 0.20%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Large Cap Growth

Bottom Line

To 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.