The iShares MSCI Emerging Markets Multifactor ETF (EMGF) made its debut on 12/08/2015, and is a smart beta exchange traded fund that provides broad exposure to the Broad Emerging Market 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.A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.But, there are some investors who would rather invest in smart beta funds; these funds track non-cap weighted strategies, and are a strong option for those who prefer choosing great stocks in order to beat the market.Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.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 & IndexBecause the fund has amassed over $549.57 million, this makes it one of the average sized ETFs in the Broad Emerging Market ETFs. EMGF is managed by Blackrock. This particular fund seeks to match the performance of the MSCI Emerging Markets Diversified Multiple-Factor Index before fees and expenses.The MSCI Emerging Markets Diversified Multiple Factor Index is composed of stocks of large and mid-capitalization companies in emerging markets that have favourable exposure to target style factors subject to constraints.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.Operating expenses on an annual basis are 0.45% for this ETF, which makes it on par with most peer products in the space.EMGF's 12-month trailing dividend yield is 2.62%.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.When you look at individual holdings, Alibaba Group Holding Adr Represen (BABA) accounts for about 6.11% of the fund's total assets, followed by Tencent Holdings Ltd and Taiwan Semiconductor Manufacturing.Its top 10 holdings account for approximately 27.56% of EMGF's total assets under management.Performance and RiskYear-to-date, the iShares MSCI Emerging Markets Multifactor ETF has lost about -1.80% so far, and is up roughly 10.93% over the last 12 months (as of 10/06/2020). EMGF has traded between $30.50 and $46.67 in this past 52-week period.EMGF has a beta of 0.91 and standard deviation of 23.76% for the trailing three-year period. With about 263 holdings, it effectively diversifies company-specific risk.AlternativesIShares MSCI Emerging Markets Multifactor ETF is not a suitable option for investors seeking to outperform the Broad Emerging Market ETFs segment of the market. Instead, there are other ETFs in the space which investors should consider.IShares Core MSCI Emerging Markets ETF (IEMG) tracks MSCI Emerging Markets Investable Market Index and the Vanguard FTSE Emerging Markets ETF (VWO) tracks FTSE Emerging Markets All Cap China A Inclusion Index. IShares Core MSCI Emerging Markets ETF has $54.35 billion in assets, Vanguard FTSE Emerging Markets ETF has $61.08 billion. IEMG has an expense ratio of 0.13% and VWO charges 0.10%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Broad Emerging Market 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 iShares MSCI Emerging Markets Multifactor ETF (EMGF): ETF Research Reports Alibaba Group Holding Limited (BABA): Free Stock Analysis Report iShares Core MSCI Emerging Markets ETF (IEMG): ETF Research Reports Vanguard FTSE Emerging Markets ETF (VWO): ETF Research Reports To read this article on Zacks.com click here.