Launched on 06/16/2006, the WisdomTree International Equity ETF (DWM) is a smart beta exchange traded fund offering broad exposure to the Broad Developed World ETFs 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.However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.By attempting to pick stocks that have a better chance of risk-return performance, non-cap weighted indexes are based on certain fundamental characteristics, or a combination of such.Methodologies like equal-weighting, one of the simplest options out there, fundamental weighting, and volatility/momentum based weighting are all choices offered to investors in this space, but not all of them can deliver superior returns.Fund Sponsor & IndexDWM is managed by Wisdomtree, and this fund has amassed over $546.55 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 WisdomTree International Equity Index before fees and expenses.The WisdomTree International Equity Index is a fundamentally weighted Index that measures the performance of dividend-paying companies in the industrialized world, excluding Canada and the United States.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 on par with most peer products in the space, this ETF has annual operating expenses of 0.48%.The fund has a 12-month trailing dividend yield of 4.58%.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.When you look at individual holdings, Bhp Group Ltd (BHP) accounts for about 3% of the fund's total assets, followed by Nestle Sa (NESN) and Rio Tinto Plc (RIO).Its top 10 holdings account for approximately 13.94% of DWM's total assets under management.Performance and RiskSo far this year, DWM has lost about -9.68%, and is down about -7.62% in the last one year (as of 12/08/2022). During this past 52-week period, the fund has traded between $39.86 and $55.69.DWM has a beta of 0.80 and standard deviation of 22.43% for the trailing three-year period, which makes the fund a low risk choice in the space. With about 859 holdings, it effectively diversifies company-specific risk.AlternativesWisdomTree International Equity ETF is not a suitable option for investors seeking to outperform the Broad Developed World ETFs segment of the market. Instead, there are other ETFs in the space which investors should consider.IShares MSCI EAFE ETF (EFA) tracks MSCI EAFE Index and the iShares Core MSCI EAFE ETF (IEFA) tracks MSCI EAFE Investable Market Index. IShares MSCI EAFE ETF has $46.26 billion in assets, iShares Core MSCI EAFE ETF has $89.61 billion. EFA has an expense ratio of 0.32% and IEFA charges 0.07%.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 WisdomTree International Equity ETF (DWM): ETF Research Reports BHP Group Limited Sponsored ADR (BHP): Free Stock Analysis Report Rio Tinto PLC (RIO): Free Stock Analysis Report iShares MSCI EAFE ETF (EFA): ETF Research Reports iShares Core MSCI EAFE ETF (IEFA): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research