Launched on 09/12/2016, the Fidelity High Dividend ETF (FDVV) is a smart beta exchange traded fund offering broad exposure to the Style Box - All Cap Value category of the market.What Are Smart Beta ETFs?Market cap weighted indexes were created to reflect the market, or a specific segment of the market, and the ETF industry has traditionally been dominated by products based on this strategy.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.This kind of index follows this same mindset, as it attempts to pick stocks that have better chances of risk-return performance; non-cap weighted strategies base selection on certain fundamental characteristics, or a mix of such characteristics.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 & IndexFDVV is managed by Fidelity, and this fund has amassed over $1.12 billion, which makes it one of the largest ETFs in the Style Box - All Cap Value. This particular fund seeks to match the performance of the Fidelity Core Dividend Index before fees and expenses.The Fidelity Core Dividend Index is designed to reflect the performance of stocks of large and mid-capitalization dividend-paying companies that are expected to continue to pay and grow their dividends.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.Operating expenses on an annual basis are 0.29% for this ETF, which makes it on par with most peer products in the space.It's 12-month trailing dividend yield comes in at 2.92%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.Representing 21.30% of the portfolio, the fund has heaviest allocation to the Information Technology sector; Financials and Real Estate round out the top three.Looking at individual holdings, Apple Inc Common Stock Usd.00001 (AAPL) accounts for about 4.76% of total assets, followed by Microsoft Corp Common Stock Usd.00000625 (MSFT) and Jpmorgan Chase + Co Common Stock Usd1.0 (JPM).FDVV's top 10 holdings account for about 26.38% of its total assets under management.Performance and RiskYear-to-date, the Fidelity High Dividend ETF has gained about 22.54% so far, and it's up approximately 36.12% over the last 12 months (as of 10/11/2021). FDVV has traded between $26.81 and $38.84 in this past 52-week period.The ETF has a beta of 1.05 and standard deviation of 22.91% for the trailing three-year period. With about 123 holdings, it effectively diversifies company-specific risk.AlternativesFidelity High Dividend ETF is a reasonable option for investors seeking to outperform the Style Box - All Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.Dimensional U.S. Targeted Value ETF (DFAT) tracks ---------------------------------------- and the iShares Core S&P U.S. Value ETF (IUSV) tracks S&P 900 Value Index. Dimensional U.S. Targeted Value ETF has $6.25 billion in assets, iShares Core S&P U.S. Value ETF has $10.77 billion. DFAT has an expense ratio of 0.34% and IUSV 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 - All 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. Tech IPOs With Massive Profit Potential In the past few years, many popular platforms and like Uber and Airbnb finally made their way to the public markets. But the biggest paydays came from lesser-known names. For example, electric carmaker X Peng shot up +299.4% in just 2 months. Think of it this way… If you had put $5,000 into XPEV at its IPO in September 2020, you could have cashed out with $19,970 in November. With record amounts of cash flooding into IPOs and a record-setting stock market, this year’s lineup could be even more lucrative.See Zacks Hottest Tech IPOs Now >>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 Fidelity High Dividend ETF (FDVV): ETF Research Reports JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Microsoft Corporation (MSFT): Free Stock Analysis Report iShares Core S&P U.S. Value ETF (IUSV): ETF Research Reports Dimensional U.S. Targeted Value ETF (DFAT): ETF Research Reports To read this article on Zacks.com click here.