Designed to provide broad exposure to the Broad Developed World ETFs category of the market, the Nuveen ESG International Developed Markets Equity ETF (NUDM) is a smart beta exchange traded fund launched on 06/07/2017.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.Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: 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.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 & IndexManaged by Nuveen, NUDM has amassed assets over $309.14 million, making it one of the average sized ETFs in the Broad Developed World ETFs. NUDM seeks to match the performance of the TIAA ESG International Developed Markets Equity Index before fees and expenses.The TIAA ESG International Developed Markets Equity Index uses a rules-based methodology to arrive at a diversified portfolio of equity securities issued by companies located in countries with developed markets, excluding the U.S. and Canada, that adhere to predetermined ESG, controversial business involvement and low-carbon criteria.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.With on par with most peer products in the space, this ETF has annual operating expenses of 0.30%.It has a 12-month trailing dividend yield of 3.30%.Sector Exposure and Top HoldingsWhile ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.When you look at individual holdings, Nestle Sa-Reg /chf/ accounts for about 3.76% of the fund's total assets, followed by Asml Holding Nv /eur/ and Sony Group Corp /jpy/.The top 10 holdings account for about 14.5% of total assets under management.Performance and RiskThe ETF has lost about -14.58% so far this year and is down about -10.59% in the last one year (as of 12/07/2022). In the past 52-week period, it has traded between $22.23 and $32.09.The ETF has a beta of 0.87 and standard deviation of 23.12% for the trailing three-year period. With about 160 holdings, it effectively diversifies company-specific risk.AlternativesNuveen ESG International Developed Markets Equity ETF is a reasonable option for investors seeking to outperform the Broad Developed World ETFs segment of the market. However, there are other ETFs in the space which investors could consider.IShares ESG Aware MSCI EAFE ETF (ESGD) tracks MSCI EAFE ESG Focus Index and the iShares ESG Aware MSCI USA ETF (ESGU) tracks MSCI USA ESG Focus Index. IShares ESG Aware MSCI EAFE ETF has $6.79 billion in assets, iShares ESG Aware MSCI USA ETF has $20.10 billion. ESGD has an expense ratio of 0.20% and ESGU charges 0.15%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Broad Developed World ETFs.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 Nuveen ESG International Developed Markets Equity ETF (NUDM): ETF Research Reports iShares ESG Aware MSCI EAFE ETF (ESGD): ETF Research Reports iShares ESG Aware MSCI USA ETF (ESGU): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research