The SPDR Russell 1000 Low Volatility Focus ETF (ONEV) was launched on 12/02/2015, 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?Market cap weighted indexes were created to reflect the market, or a specific segment of the market, and the ETF industry has traditionally been dominated by products based on this strategy.Market cap weighted indexes work great for investors who believe in market efficiency. They provide 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.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 sponsored by State Street Global Advisors. It has amassed assets over $603.74 million, making it one of the average sized ETFs in the Style Box - Large Cap Blend. ONEV seeks to match the performance of the Russell 1000 Low Volatility Focused Factor Index before fees and expenses.The Russell 1000 Low Volatility Focused Factor Index reflects the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors high value, high quality, and low size characteristics, with a focus factor comprising low volatility characteristics.Cost & Other ExpensesSince 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 ONEV are 0.20%, which makes it one of the cheaper products in the space.It's 12-month trailing dividend yield comes in at 1.53%.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.For ONEV, it has heaviest allocation in the Information Technology sector --about 18.40% of the portfolio --while Industrials and Financials round out the top three.Taking into account individual holdings, Cognizant Technology Solutions Corporation Class A (CTSH) accounts for about 1.27% of the fund's total assets, followed by Progressive Corporation (PGR) and Dollar General Corporation (DG).Its top 10 holdings account for approximately 7.61% of ONEV's total assets under management.Performance and RiskSo far this year, ONEV has lost about -5%, and is up about 18.46% in the last one year (as of 01/25/2022). During this past 52-week period, the fund has traded between $88.98 and $114.25.ONEV has a beta of 1 and standard deviation of 23.08% for the trailing three-year period. With about 437 holdings, it effectively diversifies company-specific risk.AlternativesSPDR Russell 1000 Low Volatility Focus 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 $307.89 billion in assets, SPDR S&P 500 ETF has $413.48 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. 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Click to get this free report SPDR Russell 1000 Low Volatility Focus ETF (ONEV): ETF Research Reports Dollar General Corporation (DG): Free Stock Analysis Report Cognizant Technology Solutions Corporation (CTSH): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report SPDR S&P 500 ETF (SPY): ETF Research Reports iShares Core S&P 500 ETF (IVV): ETF Research Reports To read this article on Zacks.com click here.