Looking for broad exposure to the Mid Cap Value segment of the US equity market? You should consider the First Trust Mid Cap Value AlphaDEX ETF (FNK), a passively managed exchange traded fund launched on 04/19/2011.The fund is sponsored by First Trust Advisors. It has amassed assets over $202.24 million, making it one of the average sized ETFs attempting to match the Mid Cap Value segment of the US equity market.Why Mid Cap ValueMid cap companies, with market capitalization in the range of $2 billion and $10 billion, offer investors many things that small and large companies don't, including less risk and higher growth opportunities. These types of companies, then, have a good balance of stability and growth potential.Value stocks are known for their lower than average price-to-earnings and price-to-book ratios, but investors should also note their lower than average sales and earnings growth rates. While value stocks have outperformed growth stocks in nearly all markets when you consider long-term performance, growth stocks are more likely to outpace value stocks in strong bull markets.CostsCost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are 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 1.72%.Sector Exposure and Top HoldingsETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.This ETF has heaviest allocation to the Financials sector--about 26.70% of the portfolio. Consumer Discretionary and Industrials round out the top three.Looking at individual holdings, The Goodyear Tire & Rubber Company (GT) accounts for about 0.94% of total assets, followed by United States Steel Corporation (X) and Amkor Technology, Inc. (AMKR).The top 10 holdings account for about 8.39% of total assets under management.Performance and RiskFNK seeks to match the performance of the Nasdaq AlphaDEX Mid Cap Value Index before fees and expenses. The NASDAQ AlphaDEX Mid Cap Value Index is an enhanced index which employs the AlphaDEX stock selection methodology to select stocks from the NASDAQ US 600 Mid Cap Value Index.The ETF has lost about -16.06% so far this year and is down about -11.24% in the last one year (as of 10/04/2022). In the past 52-week period, it has traded between $38.16 and $48.46.The ETF has a beta of 1.27 and standard deviation of 33.40% 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 Value 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, FNK is a good option for those seeking exposure to the Style Box - Mid Cap Value area of the market. Investors might also want to consider some other ETF options in the space.The iShares Russell MidCap Value ETF (IWS) and the Vanguard MidCap Value ETF (VOE) track a similar index. While iShares Russell MidCap Value ETF has $12.16 billion in assets, Vanguard MidCap Value ETF has $14.50 billion. IWS has an expense ratio of 0.23% and VOE charges 0.07%.Bottom-LinePassively 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.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. 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 Mid Cap Value AlphaDEX ETF (FNK): ETF Research Reports United States Steel Corporation (X): Free Stock Analysis Report The Goodyear Tire & Rubber Company (GT): Free Stock Analysis Report Amkor Technology, Inc. (AMKR): Free Stock Analysis Report Vanguard MidCap Value ETF (VOE): ETF Research Reports iShares Russell MidCap Value ETF (IWS): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research