Launched on 10/21/2013, the Fidelity MSCI Utilities Index ETF (FUTY) is a passively managed exchange traded fund designed to provide a broad exposure to the Utilities - Broad segment of the equity market.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.Investor-friendly, sector ETFs provide many options to gain low risk and diversified exposure to a broad group of companies in particular sectors. Utilities - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 11, placing it in bottom 31%.Index DetailsThe fund is sponsored by Fidelity. It has amassed assets over $756.07 M, making it one of the average sized ETFs attempting to match the performance of the Utilities - Broad segment of the equity market. FUTY seeks to match the performance of the MSCI USA IMI Utilities Index before fees and expenses.MSCI USA IMI Utilities Index represents the performance of the utilities sector in the U.S. equity market.CostsWhen considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.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 2.78%.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 Utilities sector--about 99.70% of the portfolio.Looking at individual holdings, Nextera Energy Inc (NEE) accounts for about 10.71% of total assets, followed by Duke Energy Corp (DUK) and Dominion Energy Inc (D).The top 10 holdings account for about 52.64% of total assets under management.Performance and RiskYear-to-date, the Fidelity MSCI Utilities Index ETF has added roughly 16.69% so far, and is up about 16.72% over the last 12 months (as of 08/16/2019). FUTY has traded between $33.93 and $40.26 in this past 52-week period.The ETF has a beta of 0.25 and standard deviation of 13.19% for the trailing three-year period, making it a medium risk choice in the space. With about 70 holdings, it effectively diversifies company-specific risk.AlternativesFidelity MSCI Utilities 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, FUTY is a good option for those seeking exposure to the Utilities/Infrastructure ETFs area of the market. Investors might also want to consider some other ETF options in the space.Vanguard Utilities ETF (VPU) tracks MSCI US Investable Market Utilities 25/50 Index and the Utilities Select Sector SPDR Fund (XLU) tracks Utilities Select Sector Index. Vanguard Utilities ETF has $3.89 B in assets, Utilities Select Sector SPDR Fund has $11.13 B. VPU has an expense ratio of 0.10% and XLU 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 Utilities Index ETF (FUTY): ETF Research Reports Dominion Energy Inc. (D): Free Stock Analysis Report Duke Energy Corporation (DUK): Free Stock Analysis Report NextEra Energy, Inc. (NEE): Free Stock Analysis Report Utilities Select Sector SPDR Fund (XLU): ETF Research Reports Vanguard Utilities ETF (VPU): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research