Designed to provide broad exposure to the Consumer Discretionary - Broad segment of the equity market, the Fidelity MSCI Consumer Discretionary Index ETF (FDIS) is a passively managed exchange traded fund launched on 10/21/2013.While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.Sector ETFs also provide investors access to a broad group of companies in particular sectors that offer low risk and diversified exposure. Consumer Discretionary - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 8, placing it in top 50%.Index DetailsThe fund is sponsored by Fidelity. It has amassed assets over $639.76 million, making it one of the larger ETFs attempting to match the performance of the Consumer Discretionary - Broad segment of the equity market. FDIS seeks to match the performance of the MSCI USA IMI Consumer Discretionary Index before fees and expenses.MSCI USA IMI Consumer Discretionary Index represents the performance of the consumer discretionary sector in the U.S. equity market.CostsSince cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.Annual operating expenses for this ETF are 0.08%, making it the least expensive product in the space.It has a 12-month trailing dividend yield of 1.19%.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 Consumer Discretionary sector--about 98.90% of the portfolio.Looking at individual holdings, Amazon.com Inc (AMZN) accounts for about 33.83% of total assets, followed by Home Depot Inc (HD) and Mcdonald S Corp (MCD).The top 10 holdings account for about 64.42% of total assets under management.Performance and RiskThe ETF has lost about -7.81% so far this year and is down about -3.33% in the last one year (as of 05/19/2020). In that past 52-week period, it has traded between $33.25 and $52.19.The ETF has a beta of 1.19 and standard deviation of 22.59% for the trailing three-year period, making it a medium risk choice in the space. With about 290 holdings, it effectively diversifies company-specific risk.AlternativesFidelity MSCI Consumer Discretionary Index ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, FDIS is a good option for those seeking exposure to the Consumer Discretionary ETFs area of the market. Investors might also want to consider some other ETF options in the space.Vanguard Consumer Discretionary ETF (VCR) tracks MSCI US Investable Market Consumer Discretionary 25/50 Index and the Consumer Discretionary Select Sector SPDR ETF (XLY) tracks Consumer Discretionary Select Sector Index. Vanguard Consumer Discretionary ETF has $2.69 billion in assets, Consumer Discretionary Select Sector SPDR ETF has $12.19 billion. VCR has an expense ratio of 0.10% and XLY charges 0.13%.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 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 Fidelity MSCI Consumer Discretionary Index ETF (FDIS): ETF Research Reports The Home Depot, Inc. (HD): Free Stock Analysis Report Amazon.com, Inc. (AMZN): Free Stock Analysis Report McDonalds Corporation (MCD): Free Stock Analysis Report Vanguard Consumer Discretionary ETF (VCR): ETF Research Reports Consumer Discretionary Select Sector SPDR ETF (XLY): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research