Launched on 11/10/2006, the Vanguard High Dividend Yield ETF (VYM) is a smart beta exchange traded fund offering broad exposure to the Style Box - Large Cap Value category of the market.What Are Smart Beta ETFs?The ETF industry has long been dominated by products based on market cap weighted indexes, a strategy created to reflect the market or a particular market segment.Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.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.Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.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 sponsored by Vanguard. It has amassed assets over $42 billion, making it one of the largest ETFs in the Style Box - Large Cap Value. VYM, before fees and expenses, seeks to match the performance of the FTSE High Dividend Yield Index.The FTSE High Dividend Yield Index which is consists of common stocks of companies that pay dividends that generally are higher than average.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.With one of the least expensive products in the space, this ETF has annual operating expenses of 0.06%.The fund has a 12-month trailing dividend yield of 3.17%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.VYM's heaviest allocation is in the Financials sector, which is about 19.80% of the portfolio. Its Healthcare and Consumer Staples round out the top three.When you look at individual holdings, Johnson & Johnson (JNJ) accounts for about 3.23% of the fund's total assets, followed by Jpmorgan Chase & Co. (JPM) and Home Depot Inc. (HD).Performance and RiskYear-to-date, the Vanguard High Dividend Yield ETF has lost about -9.09% so far, and is down about -0.77% over the last 12 months (as of 07/14/2022). VYM has traded between $99.20 and $115.01 in this past 52-week period.VYM has a beta of 0.86 and standard deviation of 22.80% for the trailing three-year period, which makes the fund a medium risk choice in the space. With about 410 holdings, it effectively diversifies company-specific risk.AlternativesVanguard High Dividend Yield ETF is an excellent option for investors seeking to outperform the Style Box - Large Cap Value segment of the market. There are other ETFs in the space which investors could consider as well.IShares Russell 1000 Value ETF (IWD) tracks Russell 1000 Value Index and the Vanguard Value ETF (VTV) tracks CRSP U.S. Large Cap Value Index. IShares Russell 1000 Value ETF has $50.56 billion in assets, Vanguard Value ETF has $92.75 billion. IWD has an expense ratio of 0.19% and VTV charges 0.04%.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 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 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 High Dividend Yield ETF (VYM): ETF Research Reports JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Johnson & Johnson (JNJ): Free Stock Analysis Report The Home Depot, Inc. (HD): Free Stock Analysis Report Vanguard Value ETF (VTV): ETF Research Reports iShares Russell 1000 Value ETF (IWD): ETF Research Reports To read this article on Zacks.com click here.