Launched on 12/13/2016, the Nuveen ESG MidCap Value ETF (NUMV) is a smart beta exchange traded fund offering broad exposure to the Style Box - Mid Cap Value category of the market.What Are Smart Beta ETFs?For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.Market cap weighted indexes work great for investors who believe in market efficiency. They provide a low-cost, convenient and transparent way of replicating market returns.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.Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other such characteristics.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 & IndexThe fund is managed by Nuveen, and has been able to amass over $334.25 million, which makes it one of the average sized ETFs in the Style Box - Mid Cap Value. This particular fund, before fees and expenses, seeks to match the performance of the TIAA ESG USA Mid-Cap Value Index.The TIAA ESG USA Mid-Cap Value Index comprises of equity securities issued by mid- capitalization companies listed on US exchanges. It uses a rules-based methodology that seeks to provide investment exposure that generally replicates mid-cap value benchmarks through a portfolio of securities that adhere to predetermined ESG, controversial business involvement and low-carbon screening criteria.Cost & Other ExpensesExpense ratios are an important factor in the return of an ETF and in the long-term, cheaper funds can significantly outperform their more expensive cousins, other things remaining the same.Operating expenses on an annual basis are 0.30% for NUMV, making it on par with most peer products in the space.It's 12-month trailing dividend yield comes in at 1.49%.Sector Exposure and Top HoldingsMost ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it's still important for investors to research a fund's holdings.Representing 24.30% of the portfolio, the fund has heaviest allocation to the Financials sector; Industrials and Real Estate round out the top three.Taking into account individual holdings, Arthur J Gallagher & Co (AJG) accounts for about 2.77% of the fund's total assets, followed by Carrier Global Corp (CARR) and Oneok Inc (OKE).The top 10 holdings account for about 20.91% of total assets under management.Performance and RiskYear-to-date, the Nuveen ESG MidCap Value ETF has lost about -11.86% so far, and is down about -11.03% over the last 12 months (as of 11/14/2022). NUMV has traded between $28.38 and $39.58 in this past 52-week period.NUMV has a beta of 1.07 and standard deviation of 28.31% for the trailing three-year period. With about 81 holdings, it effectively diversifies company-specific risk.AlternativesNuveen ESG MidCap Value ETF is a reasonable option for investors seeking to outperform the Style Box - Mid Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.IShares ESG Aware MSCI EAFE ETF (ESGD) tracks MSCI EAFE ESG Focus Index and the iShares ESG Aware MSCI USA ETF (ESGU) tracks MSCI USA ESG Focus Index. IShares ESG Aware MSCI EAFE ETF has $6.75 billion in assets, iShares ESG Aware MSCI USA ETF has $20.52 billion. ESGD has an expense ratio of 0.20% and ESGU charges 0.15%.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 - Mid 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. 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 Nuveen ESG MidCap Value ETF (NUMV): ETF Research Reports ONEOK, Inc. (OKE): Free Stock Analysis Report Arthur J. Gallagher & Co. (AJG): Free Stock Analysis Report iShares ESG Aware MSCI EAFE ETF (ESGD): ETF Research Reports iShares ESG Aware MSCI USA ETF (ESGU): ETF Research Reports Carrier Global Corporation (CARR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research