Making its debut on 11/08/2005, smart beta exchange traded fund SPDR S&P Insurance ETF (KIE) provides investors broad exposure to the Financials ETFs 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.This kind of index follows this same mindset, as it attempts to pick stocks that have better chances of risk-return performance; non-cap weighted strategies base selection on certain fundamental characteristics, or a mix of such characteristics.Methodologies like equal-weighting, one of the simplest options out there, fundamental weighting, and volatility/momentum based weighting are all choices offered to investors in this space, but not all of them can deliver superior returns.Fund Sponsor & IndexManaged by State Street Global Advisors, KIE has amassed assets over $605.20 million, making it one of the average sized ETFs in the Financials ETFs. This particular fund seeks to match the performance of the S&P Insurance Select Industry Index before fees and expenses.The S&P Insurance Select Industry Index represents the insurance segment of the S&P Total Market Index.Cost & Other ExpensesWhen considering an ETF's total return, expense ratios are an important factor. And, cheaper funds can significantly outperform their more expensive cousins in the long term if all other factors remain equal.Annual operating expenses for KIE are 0.35%, which makes it one of the cheaper products in the space.It has a 12-month trailing dividend yield of 1.69%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation in the Financials sector - about 100% of the portfolio.Looking at individual holdings, Trupanion Inc. (TRUP) accounts for about 2.54% of total assets, followed by Arthur J. Gallagher & Co. (AJG) and Kinsale Capital Group Inc. (KNSL).Its top 10 holdings account for approximately 23.01% of KIE's total assets under management.Performance and RiskSo far this year, KIE return is roughly 6.95%, and was up about 10.96% in the last one year (as of 12/05/2022). During this past 52-week period, the fund has traded between $35.58 and $42.63.KIE has a beta of 0.87 and standard deviation of 30.46% for the trailing three-year period, which makes the fund a medium risk choice in the space. With about 54 holdings, it effectively diversifies company-specific risk.AlternativesSPDR S&P Insurance ETF is an excellent option for investors seeking to outperform the Financials ETFs segment of the market. There are other ETFs in the space which investors could consider as well.Invesco KBW Property & Casualty Insurance ETF (KBWP) tracks KBW Nasdaq Property & Casualty Index and the iShares U.S. Insurance ETF (IAK) tracks Dow Jones U.S. Select Insurance Index. Invesco KBW Property & Casualty Insurance ETF has $340.80 million in assets, iShares U.S. Insurance ETF has $561.03 million. KBWP has an expense ratio of 0.35% and IAK charges 0.39%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Financials 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. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 SPDR S&P Insurance ETF (KIE): ETF Research Reports Arthur J. Gallagher & Co. (AJG): Free Stock Analysis Report Trupanion, Inc. (TRUP): Free Stock Analysis Report iShares U.S. Insurance ETF (IAK): ETF Research Reports Kinsale Capital Group, Inc. (KNSL): Free Stock Analysis Report Invesco KBW Property & Casualty Insurance ETF (KBWP): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research