Designed to provide broad exposure to the Style Box - Large Cap Blend category of the market, the Vanguard Dividend Appreciation ETF (VIG) is a smart beta exchange traded fund launched on 04/21/2006.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.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.But, there are some investors who would rather invest in smart beta funds; these funds track non-cap weighted strategies, and are a strong option for those who prefer choosing great stocks in order to beat the market.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 & IndexThe fund is managed by Vanguard. VIG has been able to amass assets over $65.47 billion, making it one of the largest ETFs in the Style Box - Large Cap Blend. This particular fund seeks to match the performance of the NASDAQ US Dividend Achievers Select Index before fees and expenses.The S&P U.S. Dividend Growers Index consists of common stocks of companies that have a record of increasing dividends over time.Cost & Other ExpensesExpense ratios are an important factor in the return of an ETF and in the long-term, cheaper funds can significantly outperform their more expensive cousins, other things remaining the same.Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.It has a 12-month trailing dividend yield of 1.86%.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.This ETF has heaviest allocation in the Information Technology sector - about 23% of the portfolio. Healthcare and Financials round out the top three.Taking into account individual holdings, Unitedhealth Group Inc. (UNH) accounts for about 4.16% of the fund's total assets, followed by Microsoft Corp. (MSFT) and Johnson & Johnson (JNJ).Performance and RiskThe ETF has lost about -8.42% and is down about -5.09% so far this year and in the past one year (as of 12/07/2022), respectively. VIG has traded between $135.16 and $172.21 during this last 52-week period.The fund has a beta of 0.86 and standard deviation of 22.79% for the trailing three-year period, which makes VIG a medium risk choice in this particular space. With about 291 holdings, it effectively diversifies company-specific risk.AlternativesVanguard Dividend Appreciation ETF is an excellent option for investors seeking to outperform the Style Box - Large Cap Blend segment of the market. There are other ETFs in the space which investors could consider as well.ProShares S&P 500 Dividend Aristocrats ETF (NOBL) tracks S&P 500 DividendAristocrats Index and the iShares Core Dividend Growth ETF (DGRO) tracks Morningstar US Dividend Growth Index. ProShares S&P 500 Dividend Aristocrats ETF has $11.24 billion in assets, iShares Core Dividend Growth ETF has $24.46 billion. NOBL has an expense ratio of 0.35% and DGRO charges 0.08%.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 - Large 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 Vanguard Dividend Appreciation ETF (VIG): ETF Research Reports Microsoft Corporation (MSFT): Free Stock Analysis Report UnitedHealth Group Incorporated (UNH): Free Stock Analysis Report Johnson & Johnson (JNJ): Free Stock Analysis Report ProShares S&P 500 Dividend Aristocrats ETF (NOBL): ETF Research Reports iShares Core Dividend Growth ETF (DGRO): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research