The Invesco S&P 500 Equal Weight Energy ETF (RYE) made its debut on 11/01/2006, and is a smart beta exchange traded fund that provides broad exposure to the Energy ETFs category of the market.What Are Smart Beta ETFs?The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.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.By attempting to pick stocks that have a better chance of risk-return performance, non-cap weighted indexes are based on certain fundamental characteristics, or a combination of such.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 & IndexThe fund is managed by Invesco. RYE has been able to amass assets over $520.44 million, making it one of the average sized ETFs in the Energy ETFs. RYE, before fees and expenses, seeks to match the performance of the S&P 500 Equal Weight Energy Index.The S&P 500 Equal Weight Energy Index equally weights stocks in the energy sector of the S&P 500 Index.Cost & Other ExpensesCost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.Operating expenses on an annual basis are 0.40% for RYE, making it one of the cheaper products in the space.The fund has a 12-month trailing dividend yield of 1.73%.Sector Exposure and Top HoldingsWhile ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation in the Energy sector - about 100% of the portfolio.Taking into account individual holdings, Marathon Oil Corp (MRO) accounts for about 5.47% of the fund's total assets, followed by Diamondback Energy Inc (FANG) and Devon Energy Corp (DVN).The top 10 holdings account for about 50.34% of total assets under management.Performance and RiskThe ETF has added roughly 32.08% so far this year and was up about 49.96% in the last one year (as of 03/14/2022). In the past 52-week period, it has traded between $37.22 and $66.13.The fund has a beta of 1.79 and standard deviation of 46.65% for the trailing three-year period, which makes RYE a high risk choice in this particular space. With about 24 holdings, it has more concentrated exposure than peers.AlternativesInvesco S&P 500 Equal Weight Energy ETF is a reasonable option for investors seeking to outperform the Energy ETFs segment of the market. However, there are other ETFs in the space which investors could consider.Vanguard Energy ETF (VDE) tracks MSCI US Investable Market Energy 25/50 Index and the Energy Select Sector SPDR ETF (XLE) tracks Energy Select Sector Index. Vanguard Energy ETF has $8.24 billion in assets, Energy Select Sector SPDR ETF has $39.15 billion. VDE has an expense ratio of 0.10% and XLE charges 0.10%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Energy 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. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>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 S&P 500 Equal Weight Energy ETF (RYE): ETF Research Reports Devon Energy Corporation (DVN): Free Stock Analysis Report Marathon Oil Corporation (MRO): Free Stock Analysis Report Energy Select Sector SPDR ETF (XLE): ETF Research Reports Diamondback Energy, Inc. (FANG): Free Stock Analysis Report Vanguard Energy ETF (VDE): ETF Research Reports To read this article on Zacks.com click here.