The ProShares Russell 2000 Dividend Growers ETF (SMDV) was launched on 02/03/2015, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - Small 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.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.Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other such characteristics.Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.Fund Sponsor & IndexManaged by Proshares, SMDV has amassed assets over $915.93 million, making it one of the average sized ETFs in the Style Box - Small Cap Value. Before fees and expenses, SMDV seeks to match the performance of the Russell 2000 Dividend Growth Index.The Russell 2000 Dividend Growth Index targets companies that are currently members of the Russell 2000 Index and have increased dividend payments each year for at least 10 years.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 SMDV are 0.41%, which makes it one of the more expensive products in the space.SMDV's 12-month trailing dividend yield is 1.77%.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.For SMDV, it has heaviest allocation in the Financials sector --about 27.40% of the portfolio --while Utilities and Industrials round out the top three.Looking at individual holdings, Bryn Mawr Bank Corp (BMTC) accounts for about 1.70% of total assets, followed by International Bancshares Crp (IBOC) and Matthews Intl Corp-Class A (MATW).The top 10 holdings account for about 15.68% of total assets under management.Performance and RiskThe ETF return is roughly 17.35% so far this year and was up about 38.95% in the last one year (as of 05/03/2021). In the past 52-week period, it has traded between $43.79 and $68.31.SMDV has a beta of 0.78 and standard deviation of 27.23% for the trailing three-year period, which makes the fund a medium risk choice in the space. With about 76 holdings, it effectively diversifies company-specific risk.AlternativesProShares Russell 2000 Dividend Growers ETF is a reasonable option for investors seeking to outperform the Style Box - Small Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.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 $18.39 billion in assets, Vanguard Dividend Appreciation ETF has $58.07 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 - Small 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.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 PRO-SH R2000 DG (SMDV): ETF Research Reports International Bancshares Corporation (IBOC): Get Free Report Bryn Mawr Bank Corporation (BMTC): Free Stock Analysis Report ISHRS-CORE DG (DGRO): ETF Research Reports VANGD-DIV APPRC (VIG): ETF Research Reports Matthews International Corporation (MATW): Free Stock Analysis Report To read this article on Zacks.com click here.