If you're interested in broad exposure to the Small Cap Growth segment of the US equity market, look no further than the First Trust Small Cap Growth AlphaDEX Fund (FYC), a passively managed exchange traded fund launched on 04/19/2011.The fund is sponsored by First Trust Advisors. It has amassed assets over $215.63 M, making it one of the average sized ETFs attempting to match the Small Cap Growth segment of the US equity market.Why Small Cap GrowthSmall cap companies have market capitalization below $2 billion. They usually have higher potential than large and mid cap companies with stocks but higher risk.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.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 0.70%, making it the most expensive products in the space.It has a 12-month trailing dividend yield of 0.13%.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 to the Healthcare sector--about 27.90% of the portfolio. Information Technology and Consumer Discretionary round out the top three.Looking at individual holdings, World Wrestling Entertainment, Inc. (WWE) accounts for about 0.99% of total assets, followed by Axon Enterprise Inc. (AAXN) and Twilio Inc. (class A) (TWLO).The top 10 holdings account for about 8.41% of total assets under management.Performance and RiskFYC seeks to match the performance of the Nasdaq AlphaDEX Small Cap Growth Index before fees and expenses. The NASDAQ AlphaDEX Small Cap Growth Index is an enhanced which employs the AlphaDEX stock selection methodology to select stocks from the NASDAQ US 700 Small Cap Growth Index.The ETF return is roughly 16.66% so far this year and was up about 30.93% in the last one year (as of 06/18/2018). In the past 52-week period, it has traded between $37.25 and $49.73.The ETF has a beta of 1.05 and standard deviation of 16.57% for the trailing three-year period, making it a high risk choice in the space. With about 261 holdings, it effectively diversifies company-specific risk.AlternativesFirst Trust Small Cap Growth AlphaDEX Fund carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, FYC is a sufficient option for those seeking exposure to the Small Cap ETFs area of the market. Investors might also want to consider some other ETF options in the space.The Vanguard Small-Cap Growth ETF (VBK) and the iShares Russell 2000 Growth ETF (IWO) track a similar index. While Vanguard Small-Cap Growth ETF has $8.04 B in assets, iShares Russell 2000 Growth ETF has $10.66 B. VBK has an expense ratio of 0.07% and IWO charges 0.24%.Bottom-LineAn increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they 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.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-SC GROWTH AD (FYC): ETF Research Reports Twilio Inc. (TWLO): Free Stock Analysis Report ISHARS-RS 2K GR (IWO): ETF Research Reports VIPERS-SC GRWTH (VBK): ETF Research Reports World Wrestling Entertainment, Inc. (WWE): Free Stock Analysis Report Axon Enterprise, Inc (AAXN): Free Stock Analysis Report To read this article on Zacks.com click here.