The ProShares Russell 2000 Dividend Growers ETF (SMDV) made its debut on 02/03/2015, and is a smart beta exchange traded fund that provides broad exposure to the Style Box - Small 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 offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.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.Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.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 Proshares, and has been able to amass over $768.71 million, which makes it one of the average sized ETFs in the Style Box - Small Cap Value. Before fees and expenses, this particular fund seeks to match the performance of the Russell 2000 Dividend Growth Index.The Russell 2000 Dividend Growth Index targets companies that are currently members of the Russell 2000 Index and have increased dividend payments each year for at least 10 years.Cost & Other ExpensesSince 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.Operating expenses on an annual basis are 0.40% for SMDV, making it one of the more expensive products in the space.It's 12-month trailing dividend yield comes in at 2.47%.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.This ETF has heaviest allocation in the Financials sector - about 32.70% of the portfolio. Industrials and Utilities round out the top three.When you look at individual holdings, Lindsay Corp (LNN) accounts for about 1.27% of the fund's total assets, followed by Badger Meter Inc (BMI) and Franklin Electric Co Inc (FELE).SMDV's top 10 holdings account for about 11.69% of its total assets under management.Performance and RiskThe ETF has lost about -10.71% and is down about -6% so far this year and in the past one year (as of 10/24/2022), respectively. SMDV has traded between $55.50 and $67.71 during this last 52-week period.The fund has a beta of 0.74 and standard deviation of 28.62% for the trailing three-year period, which makes SMDV a medium risk choice in this particular space. With about 100 holdings, it effectively diversifies company-specific risk.AlternativesProShares Russell 2000 Dividend Growers 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 Core Dividend Growth ETF (DGRO) tracks Morningstar US Dividend Growth Index and the Vanguard Dividend Appreciation ETF (VIG) tracks NASDAQ US Dividend Achievers Select Index. IShares Core Dividend Growth ETF has $22.47 billion in assets, Vanguard Dividend Appreciation ETF has $59.58 billion. DGRO has an expense ratio of 0.08% and VIG charges 0.06%.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. 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 ProShares Russell 2000 Dividend Growers ETF (SMDV): ETF Research Reports Badger Meter, Inc. (BMI): Free Stock Analysis Report Lindsay Corporation (LNN): Free Stock Analysis Report Franklin Electric Co., Inc. (FELE): Free Stock Analysis Report Vanguard Dividend Appreciation ETF (VIG): ETF Research Reports iShares Core Dividend Growth ETF (DGRO): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research