If you're interested in broad exposure to the Materials - Broad segment of the equity market, look no further than the Fidelity MSCI Materials Index ETF (FMAT), a passively managed exchange traded fund launched on 10/21/2013.While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Materials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 10, placing it in bottom 38%.Index DetailsThe fund is sponsored by Fidelity. It has amassed assets over $475.65 million, making it one of the average sized ETFs attempting to match the performance of the Materials - Broad segment of the equity market. FMAT seeks to match the performance of the MSCI USA IMI Materials Index before fees and expenses.MSCI USA IMI Materials Index represents the performance of the materials sector in the U.S. equity market.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 0.08%, making it the least expensive product in the space.It has a 12-month trailing dividend yield of 1.57%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation in the Materials sector--about 100% of the portfolio.Looking at individual holdings, Linde Plc Common Stock Eur.001 (LIN) accounts for about 12.17% of total assets, followed by Sherwin Williams Co/the Common Stock Usd1.0 (SHW) and Air Products + Chemicals Inc Common Stock Usd1.0 (APD).The top 10 holdings account for about 48.86% of total assets under management.Performance and RiskSo far this year, FMAT has gained about 15.46%, and it's up approximately 28.27% in the last one year (as of 10/11/2021). During this past 52-week period, the fund has traded between $33.74 and $49.70.The ETF has a beta of 1.14 and standard deviation of 27.19% for the trailing three-year period, making it a medium risk choice in the space. With about 121 holdings, it effectively diversifies company-specific risk.AlternativesFidelity MSCI Materials Index ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FMAT is an excellent option for investors seeking exposure to the Materials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.FlexShares Morningstar Global Upstream Natural Resources ETF (GUNR) tracks Morningstar Global Upstream Natural Resources Index and the Materials Select Sector SPDR ETF (XLB) tracks Materials Select Sector Index. FlexShares Morningstar Global Upstream Natural Resources ETF has $5.85 billion in assets, Materials Select Sector SPDR ETF has $7.56 billion. GUNR has an expense ratio of 0.46% and XLB charges 0.12%.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. Tech IPOs With Massive Profit Potential In the past few years, many popular platforms and like Uber and Airbnb finally made their way to the public markets. But the biggest paydays came from lesser-known names. For example, electric carmaker X Peng shot up +299.4% in just 2 months. Think of it this way… If you had put $5,000 into XPEV at its IPO in September 2020, you could have cashed out with $19,970 in November. With record amounts of cash flooding into IPOs and a record-setting stock market, this year’s lineup could be even more lucrative.See Zacks Hottest Tech IPOs Now >>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 Materials Index ETF (FMAT): ETF Research Reports Air Products and Chemicals, Inc. (APD): Free Stock Analysis Report The SherwinWilliams Company (SHW): Free Stock Analysis Report Materials Select Sector SPDR ETF (XLB): ETF Research Reports Linde plc (LIN): Free Stock Analysis Report FlexShares Morningstar Global Upstream Natural Resources ETF (GUNR): ETF Research Reports To read this article on Zacks.com click here.