Launched on 05/08/2007, the First Trust Utilities AlphaDEX ETF (FXU) is a passively managed exchange traded fund designed to provide a broad exposure to the Utilities - Broad segment of the equity market.Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.Investor-friendly, sector ETFs provide many options to gain low risk and diversified exposure to a broad group of companies in particular sectors. Utilities - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 16, placing it in bottom 0%.Index DetailsThe fund is sponsored by First Trust Advisors. It has amassed assets over $203.29 million, making it one of the average sized ETFs attempting to match the performance of the Utilities - Broad segment of the equity market. FXU seeks to match the performance of the StrataQuant Utilities Index before fees and expenses.The StrataQuant Utilities Index is a modified equal-dollar weighted index designed by the AMEX to objectively identify and select stocks from the Russell 1000 Index that may generate positive alpha relative to traditional passive style indices through the use of the AlphaDEX screening methodology.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 0.64%, making it one of the most expensive products in the space.It has a 12-month trailing dividend yield of 2.13%.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.This ETF has heaviest allocation in the Utilities sector--about 94.60% of the portfolio.Looking at individual holdings, Atmos Energy Corporation (ATO) accounts for about 4.45% of total assets, followed by Oge Energy Corp, (OGE) and Entergy Corporation (ETR).The top 10 holdings account for about 40.26% of total assets under management.Performance and RiskSo far this year, FXU has lost about -5.79%, and is up about 10.13% in the last one year (as of 02/16/2022). During this past 52-week period, the fund has traded between $26.71 and $32.69.The ETF has a beta of 0.53 and standard deviation of 23.80% for the trailing three-year period, making it a medium risk choice in the space. With about 41 holdings, it has more concentrated exposure than peers.AlternativesFirst Trust Utilities AlphaDEX ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, FXU is a good option for those seeking exposure to the Utilities/Infrastructure ETFs area of the market. Investors might also want to consider some other ETF options in the space.Vanguard Utilities ETF (VPU) tracks MSCI US Investable Market Utilities 25/50 Index and the Utilities Select Sector SPDR ETF (XLU) tracks Utilities Select Sector Index. Vanguard Utilities ETF has $5.13 billion in assets, Utilities Select Sector SPDR ETF has $13.33 billion. VPU has an expense ratio of 0.10% and XLU charges 0.10%.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 First Trust Utilities AlphaDEX ETF (FXU): ETF Research Reports Entergy Corporation (ETR): Free Stock Analysis Report OGE Energy Corporation (OGE): Free Stock Analysis Report Atmos Energy Corporation (ATO): Free Stock Analysis Report Utilities Select Sector SPDR ETF (XLU): ETF Research Reports Vanguard Utilities ETF (VPU): ETF Research Reports To read this article on Zacks.com click here.