Launched on 04/26/2017, the Franklin LibertyQ U.S. Equity ETF (FLQL) is a passively managed exchange traded fund designed to provide a broad exposure to the Large Cap Blend segment of the US equity market.The fund is sponsored by Franklin Templeton Investments. It has amassed assets over $384.82 M, making it one of the average sized ETFs attempting to match the Large Cap Blend segment of the US equity market.Why Large Cap BlendCompanies that find themselves in the large cap category typically have a market capitalization above $10 billion. Overall, they are usually a stable option, with less risk and more sure-fire cash flows than mid and small cap companies.Blend ETFs usually hold a mix of growth and value stocks as well as stocks that exhibit both value and growth characteristics.CostsSince cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.Annual operating expenses for this ETF are 0.25%, putting it on par with most peer products in the space.It has a 12-month trailing dividend yield of 1.73%.Sector Exposure and Top HoldingsWhile ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation to the Consumer Discretionary sector--about 21.20% of the portfolio. Information Technology and Consumer Staples round out the top three.Looking at individual holdings, Eli Lilly + Co (LLY) accounts for about 1.15% of total assets, followed by At+t Inc (T) and Apple Inc (AAPL).The top 10 holdings account for about 11.06% of total assets under management.Performance and RiskFLQL seeks to match the performance of the LibertyQ US Large Cap Equity Index before fees and expenses. The U.S. Large Cap Underlying Index seeks to achieve a lower level of risk and higher risk-adjusted performance than the Russell 1000 Index over the long term by applying a multi-factor selection process, which is designed to select equity securities from the Russell 1000 Index that have favorable exposure to four investment style factors quality, value, momentum and low volatility.The ETF has added roughly 8.89% so far this year and was up about 19.51% in the last one year (as of 09/13/2018). In the past 52-week period, it has traded between $26.53 and $31.37.With about 250 holdings, it effectively diversifies company-specific risk.AlternativesFranklin LibertyQ U.S. Equity 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, FLQL is a good option for those seeking exposure to the Large Cap ETFs area of the market. Investors might also want to consider some other ETF options in the space.The iShares Core S&P 500 ETF (IVV) and the SPDR S&P 500 ETF (SPY) track a similar index. While iShares Core S&P 500 ETF has $163.62 B in assets, SPDR S&P 500 ETF has $270.45 B. IVV has an expense ratio of 0.04% and SPY charges 0.09%.Bottom-LineRetail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.To 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 FL-LBTY US EQ (FLQL): ETF Research Reports Eli Lilly and Company (LLY): Free Stock Analysis Report AT&T Inc. (T): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report ISHARS-SP500 (IVV): ETF Research Reports SPDR-SP 500 TR (SPY): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research