The WisdomTree Europe Hedged Equity ETF (HEDJ) was launched on 01/04/2010, and is a smart beta exchange traded fund designed to offer broad exposure to the European Equity ETFs category of the market.What Are Smart Beta ETFs?For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.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.Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other 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 & IndexBecause the fund has amassed over $1.77 billion, this makes it one of the largest ETFs in the European Equity ETFs. HEDJ is managed by Wisdomtree. Before fees and expenses, this particular fund seeks to match the performance of the WisdomTree Europe Hedged Equity Index.The WisdomTree Europe Hedged Equity Index is designed to provide exposure to European equities while at the same time neutralizing exposure to fluctuations between the Euro and the U.S. dollar.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.Annual operating expenses for HEDJ are 0.58%, which makes it on par with most peer products in the space.The fund has a 12-month trailing dividend yield of 2.52%.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.When you look at individual holdings, Linde Plc (LIN) accounts for about 4.85% of the fund's total assets, followed by Sanofi Sa (SAN) and Banco Bilbao Vizcaya Argentaria Sa (BBVA).Its top 10 holdings account for approximately 36.23% of HEDJ's total assets under management.Performance and RiskThe ETF has lost about -18.56% so far this year and is down about -0.49% in the last one year (as of 03/08/2022). In the past 52-week period, it has traded between $66.23 and $82.19.The fund has a beta of 0.88 and standard deviation of 23.17% for the trailing three-year period, which makes HEDJ a medium risk choice in this particular space. With about 137 holdings, it effectively diversifies company-specific risk.AlternativesWisdomTree Europe Hedged Equity ETF is a reasonable option for investors seeking to outperform the European Equity ETFs segment of the market. However, there are other ETFs in the space which investors could consider.JPMorgan BetaBuilders Europe ETF (BBEU) tracks MORNINGSTAR DEV EUROPE TARGET MKT EXP ID and the Vanguard FTSE Europe ETF (VGK) tracks FTSE Developed Europe All Cap Index. JPMorgan BetaBuilders Europe ETF has $8.32 billion in assets, Vanguard FTSE Europe ETF has $18.54 billion. BBEU has an expense ratio of 0.09% and VGK charges 0.08%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the European Equity 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. 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 WisdomTree Europe Hedged Equity ETF (HEDJ): ETF Research Reports Banco Bilbao Viscaya Argentaria S.A. (BBVA): Free Stock Analysis Report Banco Santander, S.A. (SAN): Free Stock Analysis Report Linde plc (LIN): Free Stock Analysis Report Vanguard FTSE Europe ETF (VGK): ETF Research Reports JPMorgan BetaBuilders Europe ETF (BBEU): ETF Research Reports To read this article on Zacks.com click here.