Making its debut on 02/03/2015, smart beta exchange traded fund ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) provides investors broad exposure to the Style Box - Mid Cap Value 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.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.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 & IndexManaged by Proshares, REGL has amassed assets over $1.54 billion, making it one of the average sized ETFs in the Style Box - Mid Cap Value. REGL, before fees and expenses, seeks to match the performance of the S&P MidCap 400 Dividend Aristocrats Index.The S&P MidCap 400 Dividend Aristocrats Index targets companies that are currently members of the S&P MidCap 400 Index and have increased dividend payments each year for at least 15 years.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.With one of the more expensive products in the space, this ETF has annual operating expenses of 0.40%.REGL's 12-month trailing dividend yield is 2.34%.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 27.70% of the portfolio, the fund has heaviest allocation to the Financials sector; Industrials and Utilities round out the top three.When you look at individual holdings, Williams-Sonoma Inc (WSM) accounts for about 2.38% of the fund's total assets, followed by Regal Rexnord Corp (RRX) and Mdu Resources Group Inc (MDU).Its top 10 holdings account for approximately 22.49% of REGL's total assets under management.Performance and RiskThe ETF has gained about 1.11% so far this year and was up about 2.80% in the last one year (as of 12/09/2022). In the past 52-week period, it has traded between $64.43 and $75.15.The ETF has a beta of 0.84 and standard deviation of 26.11% for the trailing three-year period, making it a medium risk choice in the space. With about 49 holdings, it has more concentrated exposure than peers.AlternativesProShares S&P MidCap 400 Dividend Aristocrats ETF is a reasonable option for investors seeking to outperform the Style Box - Mid Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.IShares Core Dividend Growth ETF (DGRO) tracks Morningstar US Dividend Growth Index and the Vanguard Dividend Appreciation ETF (VIG) tracks NASDAQ US Dividend Achievers Select Index. IShares Core Dividend Growth ETF has $24.66 billion in assets, Vanguard Dividend Appreciation ETF has $66.03 billion. DGRO has an expense ratio of 0.08% and VIG charges 0.06%.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 - Mid 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. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL): ETF Research Reports WilliamsSonoma, Inc. (WSM): Free Stock Analysis Report MDU Resources Group, Inc. (MDU): Free Stock Analysis Report Vanguard Dividend Appreciation ETF (VIG): ETF Research Reports iShares Core Dividend Growth ETF (DGRO): ETF Research Reports Regal Rexnord Corporation (RRX): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research