Launched on 05/08/2007, the First Trust Consumer Discretionary AlphaDEX Fund (FXD) is a passively managed exchange traded fund designed to provide a broad exposure to the Consumer Discretionary - Broad segment of the equity market.Retail 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.Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Consumer Discretionary - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 10, placing it in bottom 38%.Index DetailsThe fund is sponsored by First Trust Advisors. It has amassed assets over $413.88 M, making it one of the larger ETFs attempting to match the performance of the Consumer Discretionary - Broad segment of the equity market. FXD seeks to match the performance of the StrataQuant Consumer Discretionary Index before fees and expenses.The StrataQuant Consumer Discretionary Index employs the AlphaDEX stock selection methodology to select stocks from the Russell 1000 Index.CostsExpense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.Annual operating expenses for this ETF are 0.63%, making it on par with most peer products in the space.It has a 12-month trailing dividend yield of 0.90%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation in the Consumer Discretionary sector--about 94.60% of the portfolio.Looking at individual holdings, Lululemon Athletica Inc. (LULU) accounts for about 1.88% of total assets, followed by Amazon.com, Inc. (AMZN) and The Tjx Companies, Inc. (TJX).The top 10 holdings account for about 17.44% of total assets under management.Performance and RiskThe ETF has added roughly 4.67% so far this year and it's up approximately 17.34% in the last one year (as of 09/24/2018). In that past 52-week period, it has traded between $37.94 and $45.22.The ETF has a beta of 1.01 and standard deviation of 14.18% for the trailing three-year period, making it a medium risk choice in the space. With about 109 holdings, it effectively diversifies company-specific risk.AlternativesFirst Trust Consumer Discretionary AlphaDEX Fund 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, FXD is an excellent option for investors seeking exposure to the Consumer Discretionary ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.Vanguard Consumer Discretionary ETF (VCR) tracks MSCI US Investable Market Consumer Discretionary 25/50 Index and the Consumer Discretionary Select Sector SPDR Fund (XLY) tracks Consumer Discretionary Select Sector Index. Vanguard Consumer Discretionary ETF has $3.20 B in assets, Consumer Discretionary Select Sector SPDR Fund has $15.87 B. VCR has an expense ratio of 0.10% and XLY charges 0.13%.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 FT-CONSUMR DIS (FXD): ETF Research Reports Amazon.com, Inc. (AMZN): Free Stock Analysis Report SPDR-CONS DISCR (XLY): ETF Research Reports VIPERS-CONS DIS (VCR): ETF Research Reports lululemon athletica inc. (LULU): Free Stock Analysis Report The TJX Companies, Inc. (TJX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research