Making its debut on 05/16/2017, smart beta exchange traded fund IQ Chaikin U.S. Small Cap ETF (CSML) provides investors broad exposure to the Style Box - Small Cap Blend category of the market.What Are Smart Beta ETFs?Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry.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.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.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 managed by New York Life Investments. CSML has been able to amass assets over $215.70 million, making it one of the average sized ETFs in the Style Box - Small Cap Blend. CSML, before fees and expenses, seeks to match the performance of the NASDAQ Chaikin Power US Small Cap Index.The NASDAQ Chaikin Power US Small Cap Index is a rules-based, quantitative index designed to enhance the NASDAQ US 1500 Index, by selecting stocks with the highest Chaikin Power Gauge rating.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 0.35%.It's 12-month trailing dividend yield comes in at 1.43%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.Representing 22.70% of the portfolio, the fund has heaviest allocation to the Financials sector; Industrials and Healthcare round out the top three.When you look at individual holdings, Array Technologies Inc (ARRY) accounts for about 0.39% of the fund's total assets, followed by H&r Block Inc (HRB) and Super Micro Computer Inc (SMCI).The top 10 holdings account for about 3.45% of total assets under management.Performance and RiskSo far this year, CSML has lost about -16.87%, and is down about -12.89% in the last one year (as of 10/06/2022). During this past 52-week period, the fund has traded between $28.77 and $38.36.The ETF has a beta of 1.21 and standard deviation of 31.62% for the trailing three-year period. With about 498 holdings, it effectively diversifies company-specific risk.AlternativesIQ Chaikin U.S. Small Cap ETF is a reasonable option for investors seeking to outperform the Style Box - Small Cap Blend segment of the market. However, there are other ETFs in the space which investors could consider.IShares Russell 2000 ETF (IWM) tracks Russell 2000 Index and the iShares Core S&P SmallCap ETF (IJR) tracks S&P SmallCap 600 Index. IShares Russell 2000 ETF has $50.44 billion in assets, iShares Core S&P SmallCap ETF has $62.14 billion. IWM has an expense ratio of 0.19% and IJR 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 Blend.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 IQ Chaikin U.S. Small Cap ETF (CSML): ETF Research Reports H&R Block, Inc. (HRB): Free Stock Analysis Report Super Micro Computer, Inc. (SMCI): Free Stock Analysis Report Array Technologies, Inc. (ARRY): Free Stock Analysis Report iShares Russell 2000 ETF (IWM): ETF Research Reports iShares Core S&P SmallCap ETF (IJR): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research