Launched on 11/01/2017, the First Trust SMID Cap Rising Dividend Achievers ETF (SDVY) is a smart beta exchange traded fund offering broad exposure to the Style Box - Mid Cap Value category of the market.What Are Smart Beta ETFs?The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as 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.Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.Fund Sponsor & IndexThe fund is sponsored by First Trust Advisors. It has amassed assets over $797.83 million, making it one of the average sized ETFs in the Style Box - Mid Cap Value. This particular fund, before fees and expenses, seeks to match the performance of the NASDAQ US Small Mid Cap Rising Dividend Achievers Index.The NASDAQ US Small Mid Cap Rising Dividend Achievers Index is composed of the securities of 100 small and mid-cap companies with a history of raising their dividends and exhibit the characteristics to continue to do so in the future.Cost & Other ExpensesWhen considering an ETF's total return, expense ratios are an important factor. And, cheaper funds can significantly outperform their more expensive cousins in the long term if all other factors remain equal.Annual operating expenses for this ETF are 0.60%, making it one of the most expensive products in the space.SDVY's 12-month trailing dividend yield is 1.80%.Sector Exposure and Top HoldingsMost ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it's still important for investors to research a fund's holdings.For SDVY, it has heaviest allocation in the Financials sector --about 31.50% of the portfolio --while Consumer Discretionary and Industrials round out the top three.Taking into account individual holdings, Agco Corporation (AGCO) accounts for about 1.04% of the fund's total assets, followed by Genco Shipping & Trading Ltd (GNK) and Magnolia Oil & Gas Corporation (MGY).The top 10 holdings account for about 10.3% of total assets under management.Performance and RiskYear-to-date, the First Trust SMID Cap Rising Dividend Achievers ETF has lost about -19.92% so far, and is down about -15.83% over the last 12 months (as of 07/05/2022). SDVY has traded between $23.62 and $30.89 in this past 52-week period.The ETF has a beta of 1.17 and standard deviation of 32.50% for the trailing three-year period. With about 101 holdings, it effectively diversifies company-specific risk.AlternativesFirst Trust SMID Cap Rising Dividend Achievers 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 Russell MidCap Value ETF (IWS) tracks Russell MidCap Value Index and the Vanguard MidCap Value ETF (VOE) tracks CRSP U.S. Mid Cap Value Index. IShares Russell MidCap Value ETF has $12.57 billion in assets, Vanguard MidCap Value ETF has $15.03 billion. IWS has an expense ratio of 0.23% and VOE 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 - 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. 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 First Trust SMID Cap Rising Dividend Achievers ETF (SDVY): ETF Research Reports AGCO Corporation (AGCO): Free Stock Analysis Report Genco Shipping & Trading Limited (GNK): Free Stock Analysis Report Vanguard MidCap Value ETF (VOE): ETF Research Reports iShares Russell MidCap Value ETF (IWS): ETF Research Reports Magnolia Oil & Gas Corp (MGY): Free Stock Analysis Report To read this article on Zacks.com click here.