A smart beta exchange traded fund, the Invesco S&P 500 Equal Weight ETF (RSP) debuted on 04/24/2003, and offers broad exposure to the Style Box - Large Cap Blend category of the market.What Are Smart Beta ETFs?Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry.Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.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.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 Invesco, RSP has amassed assets over $33.45 billion, making it one of the largest ETFs in the Style Box - Large Cap Blend. This particular fund seeks to match the performance of the S&P 500 Equal Weight Index before fees and expenses.The S&P 500 Equal Weight Index equally weights the stocks in the S&P 500 Index.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 this ETF are 0.20%, making it on par with most peer products in the space.It has a 12-month trailing dividend yield of 1.68%.Sector Exposure and Top HoldingsETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.For RSP, it has heaviest allocation in the Industrials sector --about 14.90% of the portfolio --while Information Technology and Financials round out the top three.When you look at individual holdings, Epam Systems Inc (EPAM) accounts for about 0.27% of the fund's total assets, followed by Enphase Energy Inc (ENPH) and Etsy Inc (ETSY).Its top 10 holdings account for approximately 2.54% of RSP's total assets under management.Performance and RiskSo far this year, RSP has lost about -9.56%, and is down about -6.34% in the last one year (as of 11/30/2022). During this past 52-week period, the fund has traded between $127.28 and $164.20.RSP has a beta of 1.05 and standard deviation of 26.45% for the trailing three-year period. With about 504 holdings, it effectively diversifies company-specific risk.AlternativesInvesco S&P 500 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 $301.79 billion in assets, SPDR S&P 500 ETF has $375.66 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. 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 Invesco S&P 500 Equal Weight ETF (RSP): ETF Research Reports EPAM Systems, Inc. (EPAM): Free Stock Analysis Report SPDR S&P 500 ETF (SPY): ETF Research Reports Enphase Energy, Inc. (ENPH): Free Stock Analysis Report Etsy, Inc. (ETSY): Free Stock Analysis Report iShares Core S&P 500 ETF (IVV): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research