A smart beta exchange traded fund, the Franklin U.S. Large Cap Multifactor Index ETF (FLQL) debuted on 04/26/2017, and offers broad exposure to the Style Box - Large Cap Blend category of the market. What Are Smart Beta ETFs? Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry. Because market cap weighted indexes provide a low-cost, convenient, and transparent way of ...