Launched on 11/15/2007, the Invesco Fundamental High Yield Corporate Bond ETF (PHB) is a smart beta exchange traded fund offering broad exposure to the High-Yield/Junk Bond ETFs 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.Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.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.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.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 managed by Invesco. PHB has been able to amass assets over $990.20 million, making it one of the larger ETFs in the High-Yield/Junk Bond ETFs. Before fees and expenses, this particular fund seeks to match the performance of the RAFI Bonds US High Yield 1-10 Index.The RAFI Bonds US High Yield 1-10 Index is comprised of US dollar-denominated bonds that are registered with the SEC or that are Rule 144A securities that provide for registration rights and whose issuers are public companies listed on a major US stock exchange.Cost & Other ExpensesCost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.Annual operating expenses for this ETF are 0.50%, making it on par with most peer products in the space.The fund has a 12-month trailing dividend yield of 3.41%.Sector Exposure and Top HoldingsETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.When you look at individual holdings, United Airlines Holdings Inc-4.25%-10-1-2022 (910047AJ8) accounts for about 1.72% of the fund's total assets, followed by Ford Motor Co-4.35%-12-8-2026 (345370CR9) and Ford Motor Co-8.50%-4-21-2023 (345370CV0).Its top 10 holdings account for approximately 13.82% of PHB's total assets under management.Performance and RiskThe ETF has lost about -1.08% and is up roughly 2.08% so far this year and in the past one year (as of 01/11/2022), respectively. PHB has traded between $19.11 and $19.67 during this last 52-week period.PHB has a beta of 0.38 and standard deviation of 8.91% for the trailing three-year period, which makes the fund a high risk choice in the space. With about 183 holdings, it effectively diversifies company-specific risk.AlternativesInvesco Fundamental High Yield Corporate Bond ETF is not a suitable option for investors seeking to outperform the High-Yield/Junk Bond ETFs segment of the market. Instead, there are other ETFs in the space which investors should consider.SPDR Bloomberg High Yield Bond ETF (JNK) tracks Bloomberg Barclays High Yield Very Liquid Index and the iShares iBoxx High Yield Corporate Bond ETF (HYG) tracks Markit iBoxx USD Liquid High Yield Index. SPDR Bloomberg High Yield Bond ETF has $9.29 billion in assets, iShares iBoxx High Yield Corporate Bond ETF has $20.72 billion. JNK has an expense ratio of 0.40% and HYG charges 0.48%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the High-Yield/Junk Bond ETFs.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 Fundamental High Yield Corporate Bond ETF (PHB): ETF Research Reports SPDR Bloomberg High Yield Bond ETF (JNK): ETF Research Reports iShares iBoxx High Yield Corporate Bond ETF (HYG): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research