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 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.There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.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.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 & IndexManaged by State Street Global Advisors, QEFA has amassed assets over $888.26 million, making it one of the average sized ETFs in the Broad Developed World ETFs. QEFA seeks to match the performance of the MSCI EAFE Factor Mix A-Series Index before fees and expenses.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 ExpensesSince 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 QEFA are 0.30%, which makes it on par with most peer products in the space.The fund has a 12-month trailing dividend yield of 2.48%.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, Roche Holding Ltd (ROG-CH) accounts for about 2.64% of total assets, followed by Nestle S.a. (NESN-CH) and Novo Nordisk A/s Class B (NOVO.B-DK).The top 10 holdings account for about 16.97% of total assets under management.Performance and RiskSo far this year, QEFA has lost about -4.84%, and is up about 4.39% in the last one year (as of 02/14/2022). During this past 52-week period, the fund has traded between $69.84 and $79.35.QEFA has a beta of 0.74 and standard deviation of 19.67% for the trailing three-year period, which makes the fund a medium risk choice in the space. With about 705 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 MSCI EAFE ETF (EFA) tracks MSCI EAFE Index and the iShares Core MSCI EAFE ETF (IEFA) tracks MSCI EAFE Investable Market Index. IShares MSCI EAFE ETF has $54.90 billion in assets, iShares Core MSCI EAFE ETF has $102.39 billion. EFA has an expense ratio of 0.32% and IEFA charges 0.07%.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 key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>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 MSCI EAFE StrategicFactors ETF (QEFA): ETF Research Reports iShares MSCI EAFE ETF (EFA): ETF Research Reports iShares Core MSCI EAFE ETF (IEFA): ETF Research Reports To read this article on Zacks.com click here.