The First Trust Morningstar Dividend Leaders ETF (FDL) was launched on 03/09/2006, and is a passively managed exchange traded fund designed to offer broad exposure to the Large Cap Value segment of the US equity market.The fund is sponsored by First Trust Advisors. It has amassed assets over $4.28 billion, making it one of the average sized ETFs attempting to match the Large Cap Value segment of the US equity market.Why Large Cap ValueLarge cap companies typically have a market capitalization above $10 billion. Overall, they are usually a stable option, with less risk and more sure-fire cash flows than mid and small cap companies.Value stocks are known for their lower than average price-to-earnings and price-to-book ratios, but investors should also note their lower than average sales and earnings growth rates. When you look at long-term performance, value stocks have outperformed growth stocks in nearly all markets. But in strong bull markets, growth stocks are more likely to be winners.CostsCost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are the same.Annual operating expenses for this ETF are 0.45%, putting it on par with most peer products in the space.It has a 12-month trailing dividend yield of 4.53%.Sector Exposure and Top HoldingsEven 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.This ETF has heaviest allocation to the Energy sector--about 21.70% of the portfolio. Financials and Consumer Staples round out the top three.Looking at individual holdings, Exxon Mobil Corporation (XOM) accounts for about 9.10% of total assets, followed by Abbvie Inc. (ABBV) and Verizon Communications Inc. (VZ).The top 10 holdings account for about 53.74% of total assets under management.Performance and RiskFDL seeks to match the performance of the Morningstar Dividend Leaders Index before fees and expenses. The Morningstar Dividend Leaders Index consists of stocks listed on one of the three major exchanges, NYSE, NYSE Amex or Nasdaq, that have shown dividend consistency and dividend sustainability.The ETF has gained about 7.13% so far this year and it's up approximately 13.55% in the last one year (as of 11/16/2022). In the past 52-week period, it has traded between $32.13 and $39.18.The ETF has a beta of 0.88 and standard deviation of 24.88% for the trailing three-year period, making it a medium risk choice in the space. With about 101 holdings, it effectively diversifies company-specific risk.AlternativesFirst Trust Morningstar Dividend Leaders ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FDL is an excellent option for investors seeking exposure to the Style Box - Large Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.The iShares Russell 1000 Value ETF (IWD) and the Vanguard Value ETF (VTV) track a similar index. While iShares Russell 1000 Value ETF has $54.86 billion in assets, Vanguard Value ETF has $103.84 billion. IWD has an expense ratio of 0.18% and VTV charges 0.04%.Bottom-LineAn increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.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. 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Click to get this free report First Trust Morningstar Dividend Leaders ETF (FDL): ETF Research Reports Exxon Mobil Corporation (XOM): Free Stock Analysis Report Verizon Communications Inc. (VZ): Free Stock Analysis Report AbbVie Inc. (ABBV): Free Stock Analysis Report Vanguard Value ETF (VTV): ETF Research Reports iShares Russell 1000 Value ETF (IWD): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research