Making its debut on 12/08/2014, smart beta exchange traded fund iShares MSCI ACWI Low Carbon Target ETF (CRBN) provides investors broad exposure to the World ETFs 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 offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.If you're the kind of investor who would rather try and beat the market through good stock selection, then smart beta funds are your best choice; this fund class is known for tracking 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 & IndexCRBN is managed by Blackrock, and this fund has amassed over $515.08 million, which makes it one of the larger ETFs in the World ETFs. This particular fund, before fees and expenses, seeks to match the performance of the MSCI ACWI Low Carbon Target Index.The MSCI ACWI Low Carbon Target Index is designed to address two dimensions of carbon exposure ? carbon emissions and potential carbon emissions from fossil fuel reserves.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 CRBN are 0.20%, which makes it one of the least expensive products in the space.It's 12-month trailing dividend yield comes in at 2.33%.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.Looking at individual holdings, Apple Inc (AAPL) accounts for about 3.25% of total assets, followed by Microsoft Corp (MSFT) and Amazon Com Inc (AMZN).The top 10 holdings account for about 14.96% of total assets under management.Performance and RiskThe ETF has lost about -14.81% so far this year and is down about -6.43% in the last one year (as of 06/10/2020). In the past 52-week period, it has traded between $89.44 and $133.75.The fund has a beta of 0.96 and standard deviation of 19.96% for the trailing three-year period, which makes CRBN a low risk choice in this particular space. With about 1395 holdings, it effectively diversifies company-specific risk.AlternativesIShares MSCI ACWI Low Carbon Target ETF is a reasonable option for investors seeking to outperform the World ETFs segment of the market. However, there are other ETFs in the space which investors could consider.IShares ESG MSCI EM ETF (ESGE) tracks MSCI Emerging Markets ESG Focus Index and the iShares ESG MSCI USA ETF (ESGU) tracks MSCI USA ESG Focus Index. IShares ESG MSCI EM ETF has $3.42 billion in assets, iShares ESG MSCI USA ETF has $7.05 billion. ESGE has an expense ratio of 0.25% and ESGU charges 0.15%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the World 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 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 iShares MSCI ACWI Low Carbon Target ETF (CRBN): ETF Research Reports Microsoft Corporation (MSFT): Free Stock Analysis Report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report iShares ESG MSCI EM ETF (ESGE): ETF Research Reports iShares ESG MSCI USA ETF (ESGU): ETF Research Reports To read this article on Zacks.com click here.