Looking for broad exposure to the Mid Cap Growth segment of the US equity market? You should consider the First Trust Mid Cap Growth AlphaDEX ETF (FNY), a passively managed exchange traded fund launched on 04/19/2011.The fund is sponsored by First Trust Advisors. It has amassed assets over $444.46 million, making it one of the average sized ETFs attempting to match the Mid Cap Growth segment of the US equity market.Why Mid Cap GrowthCompared to large and small cap companies, mid cap businesses tend to have higher growth prospects and are less volatile, respectively, with market capitalization between $2 billion and $10 billion. These types of companies, then, have a good balance of stability and growth potential.Qualities of growth stocks include faster growth rates compared to the broader market, as well as higher valuations and higher than average sales and earnings growth rates. Additionally, growth stocks have a greater level of risk associated with them. Compared to value stocks, growth stocks are a safer bet in a strong bull market, but don't perform as strongly in almost all other financial environments.CostsInvestors 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.Annual operating expenses for this ETF are 0.70%, making it one of the most expensive products in the space.It has a 12-month trailing dividend yield of 0.10%.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.This ETF has heaviest allocation to the Information Technology sector--about 19.80% of the portfolio. Healthcare and Consumer Discretionary round out the top three.Looking at individual holdings, Exp World Holdings, Inc. (EXPI) accounts for about 0.92% of total assets, followed by Bath & Body Works, Inc. (BBWI) and Ares Management Corporation (class A) (ARES).The top 10 holdings account for about 8.72% of total assets under management.Performance and RiskFNY seeks to match the performance of the Nasdaq AlphaDEX Mid Cap Growth Index before fees and expenses. The NASDAQ AlphaDEX Mid Cap Growth Index is an enhanced which employs the AlphaDEX stock selection methodology to select stocks from the NASDAQ US 600 Mid Cap Growth Index.The ETF has added about 11.79% so far this year and it's up approximately 27.45% in the last one year (as of 10/11/2021). In the past 52-week period, it has traded between $53.43 and $76.53.The ETF has a beta of 1.13 and standard deviation of 27% for the trailing three-year period, making it a medium risk choice in the space. With about 226 holdings, it effectively diversifies company-specific risk.AlternativesFirst Trust Mid Cap Growth AlphaDEX ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FNY is an excellent option for investors seeking exposure to the Style Box - Mid Cap Growth segment of the market. There are other additional ETFs in the space that investors could consider as well.The Vanguard MidCap Growth ETF (VOT) and the iShares Russell MidCap Growth ETF (IWP) track a similar index. While Vanguard MidCap Growth ETF has $11.47 billion in assets, iShares Russell MidCap Growth ETF has $15.65 billion. VOT has an expense ratio of 0.07% and IWP charges 0.23%.Bottom-LineRetail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.To 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 First Trust Mid Cap Growth AlphaDEX ETF (FNY): ETF Research Reports Ares Management Corporation (ARES): Free Stock Analysis Report iShares Russell MidCap Growth ETF (IWP): ETF Research Reports Vanguard MidCap Growth ETF (VOT): ETF Research Reports Exp World Holdings, Inc. (EXPI): Free Stock Analysis Report Bath & Body Works, Inc. (BBWI): Free Stock Analysis Report To read this article on Zacks.com click here.