Making its debut on 03/01/2006, smart beta exchange traded fund Invesco S&P SmallCap 600 Pure Value ETF (RZV) provides investors broad exposure to the Style Box - Small 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.Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.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.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.This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.Fund Sponsor & IndexBecause the fund has amassed over $306.10 million, this makes it one of the average sized ETFs in the Style Box - Small Cap Value. RZV is managed by Invesco. RZV, before fees and expenses, seeks to match the performance of the S&P SmallCap 600 Pure Value Index.The S&P SmallCap 600 Pure Value Index measures the performance of securities that exhibit strong value characteristics in the S&P SmallCap 600 Index.Cost & Other ExpensesExpense ratios are an important factor in the return of an ETF and in the long-term, cheaper funds can significantly outperform their more expensive cousins, other things remaining the same.Operating expenses on an annual basis are 0.35% for RZV, making it on par with most peer products in the space.It has a 12-month trailing dividend yield of 0.84%.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.This ETF has heaviest allocation in the Financials sector - about 21.50% of the portfolio. Industrials and Consumer Discretionary round out the top three.Taking into account individual holdings, Veritiv Corp (VRTV) accounts for about 4.37% of the fund's total assets, followed by Consol Energy Inc (CEIX) and Domtar Corp (UFS).RZV's top 10 holdings account for about 19.02% of its total assets under management.Performance and RiskYear-to-date, the Invesco S&P SmallCap 600 Pure Value ETF has added roughly 0% so far, and is up about 48.71% over the last 12 months (as of 01/04/2022). RZV has traded between $68.06 and $105.17 in this past 52-week period.The fund has a beta of 1.61 and standard deviation of 35.71% for the trailing three-year period, which makes RZV a high risk choice in this particular space. With about 166 holdings, it effectively diversifies company-specific risk.AlternativesInvesco S&P SmallCap 600 Pure Value ETF is a reasonable option for investors seeking to outperform the Style Box - Small Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.IShares Russell 2000 Value ETF (IWN) tracks Russell 2000 Value Index and the Vanguard SmallCap Value ETF (VBR) tracks CRSP U.S. Small Cap Value Index. IShares Russell 2000 Value ETF has $16.13 billion in assets, Vanguard SmallCap Value ETF has $26.82 billion. IWN has an expense ratio of 0.24% and VBR 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 Style Box - Small 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 Invesco S&P SmallCap 600 Pure Value ETF (RZV): ETF Research Reports Veritiv Corporation (VRTV): Free Stock Analysis Report Vanguard SmallCap Value ETF (VBR): ETF Research Reports iShares Russell 2000 Value ETF (IWN): ETF Research Reports Consol Energy Inc. (CEIX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research