Making its debut on 09/12/2016, smart beta exchange traded fund Fidelity High Dividend ETF (FDVV) provides investors broad exposure to the Style Box - All Cap Value category of the market.What Are Smart Beta ETFs?Market cap weighted indexes were created to reflect the market, or a specific segment of the market, and the ETF industry has traditionally been dominated by products based on this strategy.A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.If you're the kind of investor who would rather try and beat the market through good stock selection, then smart beta funds are your best choice; this fund class is known for tracking non-cap weighted strategies.This kind of index follows this same mindset, as it attempts to pick stocks that have better chances of risk-return performance; non-cap weighted strategies base selection on certain fundamental characteristics, or a mix of 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 sponsored by Fidelity. It has amassed assets over $275.56 M, making it one of the average sized ETFs in the Style Box - All Cap Value. This particular fund seeks to match the performance of the Fidelity Core Dividend Index before fees and expenses.The Fidelity Core Dividend Index is designed to reflect the performance of stocks of large and mid-capitalization dividend-paying companies that are expected to continue to pay and grow their dividends.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.With on par with most peer products in the space, this ETF has annual operating expenses of 0.29%.The fund has a 12-month trailing dividend yield of 3.73%.Sector Exposure and Top HoldingsETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.Looking at individual holdings, Verizon Communications Inc (VZ) accounts for about 3.47% of total assets, followed by Apple Inc (AAPL) and Microsoft Corp (MSFT).The top 10 holdings account for about 27.18% of total assets under management.Performance and RiskThe ETF has gained about 8.61% and is up roughly 7.17% so far this year and in the past one year (as of 02/14/2019), respectively. FDVV has traded between $26 and $31.10 during this last 52-week period.The ETF has a beta of 0.83 and standard deviation of 11.08% for the trailing three-year period. With about 110 holdings, it effectively diversifies company-specific risk.AlternativesFidelity High Dividend ETF is a reasonable option for investors seeking to outperform the Style Box - All Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.Invesco High Yield Equity Dividend Achievers ETF (PEY) tracks NASDAQ US Dividend Achievers 50 Index and the iShares Core S&P U.S. Value ETF (IUSV) tracks S&P 900 Value Index. Invesco High Yield Equity Dividend Achievers ETF has $762.13 M in assets, iShares Core S&P U.S. Value ETF has $5.02 B. PEY has an expense ratio of 0.54% and IUSV charges 0.04%.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 - All 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 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 High Dividend ETF (FDVV): ETF Research Reports Verizon Communications Inc. (VZ): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Microsoft Corporation (MSFT): Free Stock Analysis Report iShares Core S&P U.S. Value ETF (IUSV): ETF Research Reports Invesco High Yield Equity Dividend Achievers ETF (PEY): ETF Research Reports To read this article on Zacks.com click here.