The Invesco S&P SmallCap 600 Pure Value ETF (RZV) was launched on 03/01/2006, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - Small Cap Value 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.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.However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.By attempting to pick stocks that have a better chance of risk-return performance, non-cap weighted indexes are based on certain fundamental characteristics, or a combination of such.Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.Fund Sponsor & IndexBecause the fund has amassed over $294.11 million, this makes it one of the average sized ETFs in the Style Box - Small Cap Value. RZV is managed by Invesco. RZV seeks to match the performance of the S&P SmallCap 600 Pure Value Index before fees and expenses.The S&P SmallCap 600 Pure Value Index measures the performance of securities that exhibit strong value characteristics in the S&P SmallCap 600 Index.Cost & Other ExpensesFor ETF investors, expense ratios are an important factor when considering a fund's return; in the long-term, cheaper funds actually have the ability to outperform their more expensive cousins if all other things remain the same.Annual operating expenses for RZV are 0.35%, which makes it on par with most peer products in the space.It's 12-month trailing dividend yield comes in at 0.87%.Sector Exposure and Top HoldingsIt is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation in the Financials sector - about 21.50% of the portfolio. Industrials and Consumer Discretionary round out the top three.Taking into account individual holdings, Veritiv Corp (VRTV) accounts for about 4.37% of the fund's total assets, followed by Consol Energy Inc (CEIX) and Domtar Corp (UFS).RZV's top 10 holdings account for about 19.02% of its total assets under management.Performance and RiskSo far this year, RZV has lost about -2.67%, and is up roughly 14.88% in the last one year (as of 03/07/2022). During this past 52-week period, the fund has traded between $84.03 and $105.17.The fund has a beta of 1.56 and standard deviation of 35.72% for the trailing three-year period, which makes RZV a high risk choice in this particular space. With about 166 holdings, it effectively diversifies company-specific risk.AlternativesInvesco S&P SmallCap 600 Pure Value ETF is a reasonable option for investors seeking to outperform the Style Box - Small Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.IShares Russell 2000 Value ETF (IWN) tracks Russell 2000 Value Index and the Vanguard SmallCap Value ETF (VBR) tracks CRSP U.S. Small Cap Value Index. IShares Russell 2000 Value ETF has $14.66 billion in assets, Vanguard SmallCap Value ETF has $26.20 billion. IWN has an expense ratio of 0.24% and VBR 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 Style Box - Small Cap Value.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. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>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 Invesco S&P SmallCap 600 Pure Value ETF (RZV): ETF Research Reports Veritiv Corporation (VRTV): Free Stock Analysis Report Vanguard SmallCap Value ETF (VBR): ETF Research Reports iShares Russell 2000 Value ETF (IWN): ETF Research Reports Consol Energy Inc. (CEIX): Free Stock Analysis Report To read this article on Zacks.com click here.