Launched on 03/29/2011, the iShares Core High Dividend ETF (HDV) 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?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.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.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.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 & IndexThe fund is managed by Blackrock. HDV has been able to amass assets over $7.61 billion, making it one of the larger ETFs in the Style Box - Large Cap Value. Before fees and expenses, HDV seeks to match the performance of the Morningstar Dividend Yield Focus Index.The Morningstar Dividend Yield Focus Index offers exposure to high quality U.S. domiciled companies that have had strong financial health and an ability to sustain above average dividend payouts.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 0.08%, making it one of the least expensive products in the space.The fund has a 12-month trailing dividend yield of 3.42%.Sector Exposure and Top HoldingsIt is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.Representing 21.10% of the portfolio, the fund has heaviest allocation to the Healthcare sector; Energy and Consumer Staples round out the top three.Looking at individual holdings, Exxon Mobil Corp (XOM) accounts for about 9.47% of total assets, followed by At&t Inc (T) and Chevron Corp (CVX).The top 10 holdings account for about 54.67% of total assets under management.Performance and RiskYear-to-date, the iShares Core High Dividend ETF has added about 1.27% so far, and it's up approximately 17.63% over the last 12 months (as of 01/20/2022). HDV has traded between $86.68 and $103.59 in this past 52-week period.The fund has a beta of 0.91 and standard deviation of 21.79% for the trailing three-year period, which makes HDV a medium risk choice in this particular space. With about 81 holdings, it effectively diversifies company-specific risk.AlternativesIShares Core High Dividend ETF is a reasonable option for investors seeking to outperform the Style Box - Large Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.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 $58.40 billion in assets, Vanguard Value ETF has $92.32 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. 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(T): Free Stock Analysis Report Chevron Corporation (CVX): Free Stock Analysis Report Exxon Mobil Corporation (XOM): 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.