A smart beta exchange traded fund, the FlexShares High Yield ValueScored Bond ETF (HYGV) debuted on 07/17/2018, and offers broad exposure to the High-Yield/Junk Bond ETFs 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.Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.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.This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.Fund Sponsor & IndexBecause the fund has amassed over $857.39 million, this makes it one of the larger ETFs in the High-Yield/Junk Bond ETFs. HYGV is managed by Flexshares. This particular fund, before fees and expenses, seeks to match the performance of the NORTHERN TRUST HY VLU-SCRD US CORP BD ID.The Northern Trust High Yield Value-Scored US Corporate Bond Index measures the performance of a diversified universe of high yield, US-dollar denominated bonds of companies exhibiting favorable fundamental qualities, market valuations and liquidity.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 0.37% for this ETF, which makes it on par with most peer products in the space.HYGV's 12-month trailing dividend yield is 7.19%.Sector Exposure and Top HoldingsETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.When you look at individual holdings, Altice France Sa (france)-5.12%-7-15-2029 accounts for about 0.69% of the fund's total assets, followed by Csc Holdings Llc-5.75%-1-15-2030 (BKFH0Y9) and Staples Inc-7.50%-4-15-2026.HYGV's top 10 holdings account for about 5.65% of its total assets under management.Performance and RiskThe ETF has lost about -13.41% so far this year and is down about -11.03% in the last one year (as of 06/27/2022). In the past 52-week period, it has traded between $40.59 and $50.17.The ETF has a beta of 0.45 and standard deviation of 11.95% for the trailing three-year period. With about 879 holdings, it effectively diversifies company-specific risk.AlternativesFlexShares High Yield ValueScored Bond ETF is not a suitable option for investors seeking to outperform the High-Yield/Junk Bond ETFs segment of the market. Instead, there are other ETFs in the space which investors should consider.IShares Broad USD High Yield Corporate Bond ETF (USHY) tracks BofA Merrill Lynch U.S. High Yield Constrained Index and the iShares iBoxx High Yield Corporate Bond ETF (HYG) tracks Markit iBoxx USD Liquid High Yield Index. IShares Broad USD High Yield Corporate Bond ETF has $6.47 billion in assets, iShares iBoxx High Yield Corporate Bond ETF has $13.40 billion. USHY has an expense ratio of 0.15% and HYG charges 0.48%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the High-Yield/Junk Bond 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 FlexShares High Yield ValueScored Bond ETF (HYGV): ETF Research Reports iShares iBoxx High Yield Corporate Bond ETF (HYG): ETF Research Reports iShares Broad USD High Yield Corporate Bond ETF (USHY): ETF Research Reports To read this article on Zacks.com click here.