A smart beta exchange traded fund, the Nuveen ESG International Developed Markets Equity ETF (NUDM) debuted on 06/07/2017, and offers broad exposure to the Broad Developed World ETFs category of the market.What Are Smart Beta ETFs?Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry.Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.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.These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.While this space offers a number of choices to investors, including simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies, not all these strategies have been able to deliver superior results.Fund Sponsor & IndexNUDM is managed by Nuveen, and this fund has amassed over $257.18 million, which makes it one of the average sized ETFs in the Broad Developed World ETFs. This particular fund seeks to match the performance of the TIAA ESG International Developed Markets Equity Index before fees and expenses.The TIAA ESG International Developed Markets Equity Index uses a rules-based methodology to arrive at a diversified portfolio of equity securities issued by companies located in countries with developed markets, excluding the U.S. and Canada, that adhere to predetermined ESG, controversial business involvement and low-carbon criteria.Cost & Other ExpensesSince cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.Annual operating expenses for this ETF are 0.30%, making it on par with most peer products in the space.NUDM's 12-month trailing dividend yield is 3.76%.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.Looking at individual holdings, Nestle Sa-Reg /chf/ accounts for about 3.76% of total assets, followed by Asml Holding Nv /eur/ and Sony Group Corp /jpy/.The top 10 holdings account for about 14.5% of total assets under management.Performance and RiskSo far this year, NUDM has lost about -25.06%, and is down about -21.24% in the last one year (as of 10/06/2022). During this past 52-week period, the fund has traded between $22.30 and $33.19.NUDM has a beta of 0.84 and standard deviation of 22.45% for the trailing three-year period. With about 160 holdings, it effectively diversifies company-specific risk.AlternativesNuveen ESG International Developed Markets Equity ETF is a reasonable option for investors seeking to outperform the Broad Developed World ETFs segment of the market. However, there are other ETFs in the space which investors could consider.IShares ESG Aware MSCI EAFE ETF (ESGD) tracks MSCI EAFE ESG Focus Index and the iShares ESG Aware MSCI USA ETF (ESGU) tracks MSCI USA ESG Focus Index. IShares ESG Aware MSCI EAFE ETF has $6.09 billion in assets, iShares ESG Aware MSCI USA ETF has $21.15 billion. ESGD has an expense ratio of 0.20% and ESGU charges 0.15%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Broad Developed World 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 Nuveen ESG International Developed Markets Equity ETF (NUDM): ETF Research Reports iShares ESG Aware MSCI EAFE ETF (ESGD): ETF Research Reports iShares ESG Aware MSCI USA ETF (ESGU): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research