PXE attempts to pick winners in oil & gas exploration & production by following a complex tiered weighting methodology. The result is a fund that not only has a small-cap tilt, but interestingly, is more conservative than our benchmark. Its underlying index (Intellidex Index) evaluates companies based on investment merit criteria, including price momentum, earnings momentum, quality, management action, and value. PXE's selection universe is broader than our benchmark's, allowing the fund to dip into other industries such as integrated oil & gas. The Fund is rebalanced and reconstituted quarterly. Prior to August 28, 2023, the ETF's name was Invesco Dynamic Energy Exploration & Production ETF.
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