The Fidelity High Dividend ETF (FDVV) made its debut on 09/12/2016, and is a smart beta exchange traded fund that provides 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.There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.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.While this space offers a number of choices to investors, including simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies, not all these strategies have been able to deliver superior results.Fund Sponsor & IndexThe fund is sponsored by Fidelity. It has amassed assets over $670.96 million, making it one of the largest ETFs in the Style Box - All Cap Value. FDVV 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 ExpensesSince cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.With on par with most peer products in the space, this ETF has annual operating expenses of 0.29%.It has a 12-month trailing dividend yield of 3.12%.Sector Exposure and Top HoldingsWhile ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.When you look at individual holdings, Apple Inc (AAPL) accounts for about 6.46% of the fund's total assets, followed by Microsoft Corp (MSFT) and Procter + Gamble Co/the (PG).The top 10 holdings account for about 30.48% of total assets under management.Performance and RiskThe ETF has gained about 3.95% and is up about 4.26% so far this year and in the past one year (as of 01/11/2021), respectively. FDVV has traded between $19.70 and $33.45 during this last 52-week period.The fund has a beta of 1.06 and standard deviation of 22.86% for the trailing three-year period. With about 118 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.Invesco High Yield Equity Dividend Achievers ETF (PEY) tracks NASDAQ US Dividend Achievers 50 Index and the iShares Core S&P U.S. Value ETF (IUSV) tracks S&P 900 Value Index. Invesco High Yield Equity Dividend Achievers ETF has $757.50 million in assets, iShares Core S&P U.S. Value ETF has $7.86 billion. PEY has an expense ratio of 0.52% 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.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 Microsoft Corporation (MSFT): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Procter & Gamble Company The (PG): Free Stock Analysis Report Invesco High Yield Equity Dividend Achievers ETF (PEY): ETF Research Reports iShares Core S&P U.S. Value ETF (IUSV): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research