Designed to provide broad exposure to the Consumer Staples - Broad segment of the equity market, the Consumer Staples Select Sector SPDR ETF (XLP) is a passively managed exchange traded fund launched on 12/16/1998.An increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.Investor-friendly, sector ETFs provide many options to gain low risk and diversified exposure to a broad group of companies in particular sectors. Consumer Staples - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 15, placing it in bottom 6%.Index DetailsThe fund is sponsored by State Street Global Advisors. It has amassed assets over $13.94 billion, making it the largest ETF attempting to match the performance of the Consumer Staples - Broad segment of the equity market. XLP seeks to match the performance of the Consumer Staples Select Sector Index before fees and expenses.The Consumer Staples Select Sector Index seeks to provide an effective representation of the consumer staples sector of the S&P 500 Index.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 0.12%, making it one of the cheaper products in the space.It has a 12-month trailing dividend yield of 2.29%.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 Consumer Staples sector--about 100% of the portfolio.Looking at individual holdings, Procter & Gamble Company (PG) accounts for about 15.80% of total assets, followed by Pepsico Inc. (PEP) and Coca-Cola Company (KO).The top 10 holdings account for about 70.96% of total assets under management.Performance and RiskThe ETF has lost about -0.49% and is up roughly 18.31% so far this year and in the past one year (as of 01/12/2022), respectively. XLP has traded between $63.30 and $77.62 during this last 52-week period.The ETF has a beta of 0.66 and standard deviation of 18.33% for the trailing three-year period, making it a medium risk choice in the space. With about 34 holdings, it has more concentrated exposure than peers.AlternativesConsumer Staples Select Sector SPDR ETF sports a Zacks ETF Rank of 4 (Sell), which is based on expected asset class return, expense ratio, and momentum, among other factors. XLP, then, is not a great choice for investors seeking exposure to the Consumer Staples ETFs segment of the market. However, there are better ETFs in the space to consider.IShares Global Consumer Staples ETF (KXI) tracks S&P Global 1200 Consumer Staples Sector Index and the Vanguard Consumer Staples ETF (VDC) tracks MSCI US Investable Market Consumer Staples 25/50 Index. IShares Global Consumer Staples ETF has $1.07 billion in assets, Vanguard Consumer Staples ETF has $6.53 billion. KXI has an expense ratio of 0.43% and VDC charges 0.10%.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 Consumer Staples Select Sector SPDR ETF (XLP): ETF Research Reports CocaCola Company The (KO): Free Stock Analysis Report Procter & Gamble Company The (PG): Free Stock Analysis Report PepsiCo, Inc. (PEP): Free Stock Analysis Report Vanguard Consumer Staples ETF (VDC): ETF Research Reports iShares Global Consumer Staples ETF (KXI): ETF Research Reports To read this article on Zacks.com click here.