Making its debut on 11/15/2007, smart beta exchange traded fund Invesco Fundamental High Yield Corporate Bond ETF (PHB) provides investors broad exposure to the High-Yield/Junk Bond ETFs category of the market.What Are Smart Beta ETFs?For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.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.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.These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.Fund Sponsor & IndexThe fund is managed by Invesco. PHB has been able to amass assets over $757.76 million, making it one of the larger ETFs in the High-Yield/Junk Bond ETFs. This particular fund, before fees and expenses, 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 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.Annual operating expenses for this ETF are 0.50%, making it on par with most peer products in the space.PHB's 12-month trailing dividend yield is 3.45%.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.Taking into account individual holdings, Centene Corp-4.62%-12-15-2029 accounts for about 2.14% of the fund's total assets, followed by United Airlines Holdings Inc-4.88%-1-15-2025 and Ford Motor Credit Co Llc-3.38%-11-13-2025.PHB's top 10 holdings account for about 16.05% of its total assets under management.Performance and RiskYear-to-date, the Invesco Fundamental High Yield Corporate Bond ETF has lost about -8.86% so far, and is down about -7.91% over the last 12 months (as of 07/21/2022). PHB has traded between $16.74 and $19.67 in this past 52-week period.The fund has a beta of 0.40 and standard deviation of 9.67% for the trailing three-year period, which makes PHB a high risk choice in this particular space. With about 165 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.IShares Broad USD High Yield Corporate Bond ETF (USHY) tracks BofA Merrill Lynch U.S. High Yield Constrained Index and the iShares iBoxx High Yield Corporate Bond ETF (HYG) tracks Markit iBoxx USD Liquid High Yield Index. IShares Broad USD High Yield Corporate Bond ETF has $6.82 billion in assets, iShares iBoxx High Yield Corporate Bond ETF has $13.60 billion. USHY has an expense ratio of 0.15% 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 iShares iBoxx High Yield Corporate Bond ETF (HYG): ETF Research Reports iShares Broad USD High Yield Corporate Bond ETF (USHY): ETF Research Reports To read this article on Zacks.com click here.