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.Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.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 4, placing it in top 25%.Index DetailsThe fund is sponsored by Fidelity. It has amassed assets over $2.31 billion, making it one of the larger 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.The 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 2.43%.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.This ETF has heaviest allocation in the Utilities sector--about 99.50% of the portfolio.Looking at individual holdings, Nextera Energy Inc Common Stock Usd.01 (NEE) accounts for about 13.78% of total assets, followed by Duke Energy Corp Common Stock Usd.001 (DUK) and Southern Co/the Common Stock Usd5.0 (SO).The top 10 holdings account for about 54.56% of total assets under management.Performance and RiskThe ETF return is roughly 9.98% so far this year and was up about 15.38% in the last one year (as of 08/16/2022). In that past 52-week period, it has traded between $40.99 and $49.88.The ETF has a beta of 0.49 and standard deviation of 25.52% 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 reasonable 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 ETF (XLU) tracks Utilities Select Sector Index. Vanguard Utilities ETF has $6.15 billion in assets, Utilities Select Sector SPDR ETF has $17.59 billion. VPU has an expense ratio of 0.10% and XLU charges 0.10%.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 NextEra Energy, Inc. (NEE): Free Stock Analysis Report Southern Company The (SO): Free Stock Analysis Report Duke Energy Corporation (DUK): Free Stock Analysis Report Utilities Select Sector SPDR ETF (XLU): ETF Research Reports Vanguard Utilities ETF (VPU): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research