The Invesco Russell 1000 Equal Weight ETF (EQAL) was launched on 12/23/2014, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - Large Cap Blend category of the market.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.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.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.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.Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.Fund Sponsor & IndexEQAL is managed by Invesco, and this fund has amassed over $695.90 million, which makes it one of the larger ETFs in the Style Box - Large Cap Blend. Before fees and expenses, EQAL seeks to match the performance of the Russell 1000 Equal Weight Index.The Russell 1000 Equal Weight Index is composed of securities in the Russell 1000 Index and is equally weighted across nine sector groups with each security within the sector receiving equal weight.Cost & Other ExpensesExpense ratios are an important factor in the return of an ETF and in the long-term, cheaper funds can significantly outperform their more expensive cousins, other things remaining the same.Operating expenses on an annual basis are 0.20% for EQAL, making it one of the cheaper products in the space.EQAL's 12-month trailing dividend yield is 1.32%.Sector Exposure and Top HoldingsMost ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it's still important for investors to research a fund's holdings.This ETF has heaviest allocation in the Information Technology sector - about 14.10% of the portfolio. Industrials and Materials round out the top three.When you look at individual holdings, Coterra Energy Inc (CTRA) accounts for about 0.56% of the fund's total assets, followed by Viasat Inc (VSAT) and Arista Networks Inc (ANET).Its top 10 holdings account for approximately 4.69% of EQAL's total assets under management.Performance and RiskSo far this year, EQAL has added roughly 0%, and was up about 23.02% in the last one year (as of 01/03/2022). During this past 52-week period, the fund has traded between $38.39 and $48.05.The fund has a beta of 1.16 and standard deviation of 24.33% for the trailing three-year period, which makes EQAL a medium risk choice in this particular space. With about 1013 holdings, it effectively diversifies company-specific risk.AlternativesInvesco Russell 1000 Equal Weight ETF is a reasonable option for investors seeking to outperform the Style Box - Large Cap Blend segment of the market. However, there are other ETFs in the space which investors could consider.IShares Core S&P 500 ETF (IVV) tracks S&P 500 Index and the SPDR S&P 500 ETF (SPY) tracks S&P 500 Index. IShares Core S&P 500 ETF has $334.79 billion in assets, SPDR S&P 500 ETF has $448.69 billion. IVV has an expense ratio of 0.03% and SPY charges 0.09%.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 Blend.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 Russell 1000 Equal Weight ETF (EQAL): ETF Research Reports Viasat Inc. (VSAT): Free Stock Analysis Report SPDR S&P 500 ETF (SPY): ETF Research Reports Arista Networks, Inc. (ANET): Free Stock Analysis Report iShares Core S&P 500 ETF (IVV): ETF Research Reports Coterra Energy Inc. (CTRA): Free Stock Analysis Report To read this article on Zacks.com click here.