Launched on 11/03/2003, the iShares Select Dividend ETF (DVY) is a smart beta exchange traded fund offering broad exposure to the Style Box - Large 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.Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.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.While this space offers a number of choices to investors, including simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies, not all these strategies have been able to deliver superior results.Fund Sponsor & IndexThe fund is managed by Blackrock, and has been able to amass over $22.41 billion, which makes it one of the largest ETFs in the Style Box - Large Cap Value. This particular fund seeks to match the performance of the Dow Jones U.S. Select Dividend Index before fees and expenses.The Dow Jones U.S. Select Dividend Index measures the performance of a selected group of equity securities issued by companies that have provided relatively high dividend yields on a consistent basis over time.Cost & Other ExpensesWhen considering an ETF's total return, expense ratios are an important factor. And, cheaper funds can significantly outperform their more expensive cousins in the long term if all other factors remain equal.Operating expenses on an annual basis are 0.38% for this ETF, which makes it on par with most peer products in the space.It has a 12-month trailing dividend yield of 3.22%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.Representing 25.20% of the portfolio, the fund has heaviest allocation to the Utilities sector; Financials and Consumer Staples round out the top three.When you look at individual holdings, Altria Group Inc (MO) accounts for about 2.11% of the fund's total assets, followed by Valero Energy Corp (VLO) and International Business Machines Co (IBM).Its top 10 holdings account for approximately 13.28% of DVY's total assets under management.Performance and RiskThe ETF return is roughly 1.72% and is up about 3.95% so far this year and in the past one year (as of 11/16/2022), respectively. DVY has traded between $107.22 and $132.14 during this last 52-week period.The ETF has a beta of 0.88 and standard deviation of 26.64% for the trailing three-year period, making it a medium risk choice in the space. With about 105 holdings, it effectively diversifies company-specific risk.AlternativesIShares Select Dividend ETF is an excellent option for investors seeking to outperform the Style Box - Large Cap Value segment of the market. There are other ETFs in the space which investors could consider as well.IShares Russell 1000 Value ETF (IWD) tracks Russell 1000 Value Index and the Vanguard Value ETF (VTV) tracks CRSP U.S. Large Cap Value Index. IShares Russell 1000 Value ETF has $54.86 billion in assets, Vanguard Value ETF has $103.84 billion. IWD has an expense ratio of 0.18% and VTV 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 - Large 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. 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Click to get this free report iShares Select Dividend ETF (DVY): ETF Research Reports International Business Machines Corporation (IBM): Free Stock Analysis Report Altria Group, Inc. (MO): Free Stock Analysis Report Valero Energy Corporation (VLO): Free Stock Analysis Report Vanguard Value ETF (VTV): ETF Research Reports iShares Russell 1000 Value ETF (IWD): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research