The SPDR MSCI EAFE StrategicFactors ETF (QEFA) was launched on 06/04/2014, and is a smart beta exchange traded fund designed to offer broad exposure to the Broad Developed World ETFs category of the U.S. equity market.What Are Smart Beta ETFs?The ETF industry has long been dominated by products based on market cap weighted indexes, a strategy created to reflect the market or a particular market segment.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.However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.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.The smart beta space gives investors many different choices, from equal-weighting, one of the simplest strategies, to more complicated ones like fundamental and volatility/momentum based weighting. However, not all of these methodologies have been able to deliver remarkable returns.Fund Sponsor & IndexThe fund is sponsored by State Street Global Advisors. It has amassed assets over $250.85 M, making it one of the average sized ETFs in the Broad Developed World ETFs. Before fees and expenses, this particular fund seeks to match the performance of the MSCI EAFE Factor Mix A-Series Index.The MSCI EAFE Factor Mix A-Series Index captures large and mid-cap representation across 22 developed market Europe, Australasia, and Far East countries and aims to represent the performance of value, low volatility, and quality factor strategies.Cost & Other ExpensesCost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.With one of the least expensive products in the space, this ETF has annual operating expenses of 0.30%.The fund has a 12-month trailing dividend yield of 2.33%.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, Nestle S.a. (NESN-CH) accounts for about 2.18% of the fund's total assets, followed by Roche Holding Ltd Genusssch. (ROG-CH) and Astrazeneca Plc (AZN-GB).The top 10 holdings account for about 12.03% of total assets under management.Performance and RiskThe fund's year-to-date return has added about 0.21%, and was up about 7.63% in the last one year (as of 05/28/2018). QEFA has traded between $60.37 and $68.89 in the past 52-week period.QEFA has a beta of 0.73 and standard deviation of 13.87% for the trailing three-year period, which makes the fund a medium choice in the space. With about 577 holdings, it effectively diversifies company-specific risk.AlternativesSPDR MSCI EAFE StrategicFactors ETF is a reasonable option for investors seeking to outperform the Broad Developed World ETFs segment of the market. However, there are other ETFs in the space which investors could consider.IShares Core MSCI EAFE ETF (IEFA) tracks MSCI EAFE Investable Market Index and the iShares MSCI EAFE ETF (EFA) tracks MSCI EAFE Index. IShares Core MSCI EAFE ETF has $58.33 B in assets, iShares MSCI EAFE ETF has $77.52 B. IEFA has an expense ratio of 0.08% and EFA charges 0.32%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Broad Developed 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 SPDR-MS EA SF (QEFA): ETF Research Reports EMG MKT FREE AS (EFA): ETF Research Reports ISHARS-CR MS EA (IEFA): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research