Investors taking the valuation bet on large-cap biotech could find their way to the iShares Nasdaq Biotechnology ETF (NasdaqGS: IBB), which tracks the Nasdaq Biotechnology Index. IBB, the largest biotech ETF by assets, is heavily allocated to the largest biotech names. For example, Amgen (NasdaqGS: AMGN), Gilead Sciences (NasdaqGS: GILD) and Celgene (NasdaqGS: CELG) combine for about a quarter of IBB’s weight.

Related: Resisting Biotech ETFs

IBB, which holds nearly 190 stocks and is a cap-weighted ETF, has a price-to-earnings ratio of just over 21 and a price-to-book ratio of 4.92. The ETF’s three-year standard deviation is just over 25 percent.

“We believe the large cap names in the sector are poised for a robust recovery in the second half, even as political fears persist through year end and beyond,” add the Leerink analysts in the note posted by Barron’s.

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iShares Nasdaq Biotechnology ETF

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