They provide a low-cost, convenient and transparent way of replicating market returns.īut, there are some investors who would rather invest in smart beta funds these funds track non-cap weighted strategies, and are a strong option for those who prefer choosing great stocks in order to beat the market. Market cap weighted indexes work great for investors who believe in market efficiency. 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. Launched on, the Vanguard High Dividend Yield ETF (VYM) is a smart beta exchange traded fund offering broad exposure to the Style Box - Large Cap Value category of the market.
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