Designed to provide broad exposure to the Broad Emerging Market ETFs category of the market, the iShares Emerging Markets Dividend ETF (DVYE) is a smart beta exchange traded fund launched on 02/23/2012.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.A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.If you're the kind of investor who would rather try and beat the market through good stock selection, then smart beta funds are your best choice; this fund class is known for tracking 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.The smart beta space gives investors many different choices, from equal-weighting, one of the simplest strategies, to more complicated ones like fundamental and volatility/momentum based weighting. However, not all of these methodologies have been able to deliver remarkable returns.Fund Sponsor & IndexThe fund is managed by Blackrock, and has been able to amass over $568.89 million, which makes it one of the larger ETFs in the Broad Emerging Market ETFs. This particular fund, before fees and expenses, seeks to match the performance of the Dow Jones Emerging Markets Select Dividend Index.The Dow Jones Emerging Markets Select Dividend Index measures the performance of the companies in emerging market countries that have provided relatively high dividend yields on a consistent basis over time.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.Annual operating expenses for this ETF are 0.49%, making it on par with most peer products in the space.It's 12-month trailing dividend yield comes in at 8.41%.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.Taking into account individual holdings, Gmk Norilskiy Nikel (GMKN) accounts for about 2.38% of the fund's total assets, followed by Astral Foods Ltd (ARL) and Severstal (CHMF).DVYE's top 10 holdings account for about 20.92% of its total assets under management.Performance and RiskThe ETF has lost about -25.03% and is down about -19.90% so far this year and in the past one year (as of 04/28/2020), respectively. DVYE has traded between $25.94 and $41.99 during this last 52-week period.The ETF has a beta of 0.94 and standard deviation of 20.66% for the trailing three-year period, making it a medium risk choice in the space. With about 113 holdings, it effectively diversifies company-specific risk.AlternativesIShares Emerging Markets Dividend ETF is a reasonable option for investors seeking to outperform the Broad Emerging Market ETFs segment of the market. However, there are other ETFs in the space which investors could consider.IShares Core MSCI Emerging Markets ETF (IEMG) tracks MSCI Emerging Markets Investable Market Index and the Vanguard FTSE Emerging Markets ETF (VWO) tracks FTSE Emerging Markets All Cap China A Inclusion Index. IShares Core MSCI Emerging Markets ETF has $45.84 billion in assets, Vanguard FTSE Emerging Markets ETF has $52.69 billion. IEMG has an expense ratio of 0.13% and VWO charges 0.10%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Broad Emerging Market 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 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 iShares Emerging Markets Dividend ETF (DVYE): ETF Research Reports American Realty Investors, Inc. (ARL): Get Free Report iShares Core MSCI Emerging Markets ETF (IEMG): ETF Research Reports Vanguard FTSE Emerging Markets ETF (VWO): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research