A smart beta exchange traded fund, the iShares MSCI USA Value Factor ETF (VLUE) debuted on 04/16/2013, and offers broad exposure to the Style Box - Large 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.Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.The smart beta space gives investors many different choices, from equal-weighting, one of the simplest strategies, to more complicated ones like fundamental and volatility/momentum based weighting. However, not all of these methodologies have been able to deliver remarkable returns.Fund Sponsor & IndexManaged by Blackrock, VLUE has amassed assets over $8.28 billion, making it one of the larger ETFs in the Style Box - Large Cap Value. This particular fund, before fees and expenses, seeks to match the performance of the MSCI USA Enhanced Value Index.The MSCI USA Enhanced Value Index is based on a traditional market capitalization-weighted parent index, the MSCI USA Index which includes U.S. large and mid capitalization stocks.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.Annual operating expenses for VLUE are 0.15%, which makes it one of the cheaper products in the space.It's 12-month trailing dividend yield comes in at 3%.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 24.80% of the portfolio, the fund has heaviest allocation to the Information Technology sector; Healthcare and Financials round out the top three.When you look at individual holdings, At&t Inc (T) accounts for about 4.81% of the fund's total assets, followed by Intel Corporation Corp (INTC) and Ford Motor Co (F).VLUE's top 10 holdings account for about 27.17% of its total assets under management.Performance and RiskThe ETF has lost about -10.67% and is down about -6.42% so far this year and in the past one year (as of 11/28/2022), respectively. VLUE has traded between $81.86 and $114.92 during this last 52-week period.The ETF has a beta of 1.04 and standard deviation of 27.54% for the trailing three-year period, making it a medium risk choice in the space. With about 155 holdings, it effectively diversifies company-specific risk.AlternativesIShares MSCI USA Value Factor 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 $55.26 billion in assets, Vanguard Value ETF has $107.31 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 MSCI USA Value Factor ETF (VLUE): ETF Research Reports Intel Corporation (INTC): Free Stock Analysis Report Ford Motor Company (F): Free Stock Analysis Report AT&T Inc. (T): Free Stock Analysis Report Vanguard Value ETF (VTV): ETF Research Reports iShares Russell 1000 Value ETF (IWD): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research