Launched on 02/03/2015, the ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) 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?The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.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.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.By attempting to pick stocks that have a better chance of risk-return performance, non-cap weighted indexes are based on certain fundamental characteristics, or a combination of such.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 Proshares, REGL has amassed assets over $1.04 billion, making it one of the average sized ETFs in the Style Box - Mid Cap Value. This particular fund seeks to match the performance of the S&P MidCap 400 Dividend Aristocrats Index before fees and expenses.The S&P MidCap 400 Dividend Aristocrats Index targets companies that are currently members of the S&P MidCap 400 Index and have increased dividend payments each year for at least 15 years.Cost & Other ExpensesInvestors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.Operating expenses on an annual basis are 0.41% for this ETF, which makes it one of the more expensive products in the space.It has a 12-month trailing dividend yield of 2.62%.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.REGL's heaviest allocation is in the Financials sector, which is about 27.80% of the portfolio. Its Industrials and Utilities round out the top three.Looking at individual holdings, Cullen/frost Bankers Inc (CFR) accounts for about 2.36% of total assets, followed by Factset Research Systems Inc (FDS) and Ryder System Inc (R).The top 10 holdings account for about 22.02% of total assets under management.Performance and RiskThe ETF has lost about -3.95% and it's up approximately 11.55% so far this year and in the past one year (as of 01/26/2022), respectively. REGL has traded between $62.78 and $74.76 during this last 52-week period.The fund has a beta of 0.88 and standard deviation of 24.74% for the trailing three-year period, which makes REGL a medium risk choice in this particular space. With about 54 holdings, it effectively diversifies company-specific risk.AlternativesProShares S&P MidCap 400 Dividend Aristocrats ETF is an excellent option for investors seeking to outperform the Style Box - Mid Cap Value segment of the market. There are other ETFs in the space which investors could consider as well.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 $22.33 billion in assets, Vanguard Dividend Appreciation ETF has $64.63 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 - 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. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>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 S&P MidCap 400 Dividend Aristocrats ETF (REGL): ETF Research Reports Ryder System, Inc. (R): Free Stock Analysis Report FactSet Research Systems Inc. (FDS): Free Stock Analysis Report CullenFrost Bankers, Inc. (CFR): 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