The First Trust SMID Cap Rising Dividend Achievers ETF (SDVY) was launched on 11/01/2017, and is a passively managed exchange traded fund designed to offer broad exposure to the Mid Cap Value segment of the US equity market.The fund is sponsored by First Trust Advisors. It has amassed assets over $835.12 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 have market capitalization between $2 billion and $10 billion. They usually have higher growth prospects than large cap companies and are less volatile than small cap companies. Thus, companies that fall under this category provide a stable and growth-heavy investment.While value stocks have lower than average price-to-earnings and price-to-book ratios, they also have lower than average sales and earnings growth rates. Looking at their long-term performance, value stocks have outperformed growth stocks in almost all markets. They are however likely to underperform growth stocks in strong bull markets.CostsWhen considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.Annual operating expenses for this ETF are 0.60%, making it one of the most expensive products in the space.It has a 12-month trailing dividend yield of 2.10%.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 to the Financials sector--about 30.50% of the portfolio. Consumer Discretionary and Industrials round out the top three.Looking at individual holdings, Dick's Sporting Goods, Inc. (DKS) accounts for about 1.29% of total assets, followed by Williams-Sonoma, Inc. (WSM) and Ufp Industries Inc. (UFPI).The top 10 holdings account for about 11.68% of total assets under management.Performance and RiskSDVY seeks to match the performance of the NASDAQ US Small Mid Cap Rising Dividend Achievers Index before fees and expenses. The NASDAQ US Small Mid Cap Rising Dividend Achievers Index is composed of the securities of 100 small and mid-cap companies with a history of raising their dividends and exhibit the characteristics to continue to do so in the future.The ETF has lost about -22.55% so far this year and is down about -17.22% in the last one year (as of 09/26/2022). In the past 52-week period, it has traded between $23.34 and $30.89.The ETF has a beta of 1.17 and standard deviation of 31.16% for the trailing three-year period. With about 101 holdings, it effectively diversifies company-specific risk.AlternativesFirst Trust SMID Cap Rising Dividend Achievers 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, SDVY 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 $12.18 billion in assets, Vanguard MidCap Value ETF has $14.56 billion. IWS has an expense ratio of 0.23% and VOE charges 0.07%.Bottom-LineWhile an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.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 SMID Cap Rising Dividend Achievers ETF (SDVY): ETF Research Reports UFP Industries, Inc. (UFPI): Free Stock Analysis Report DICK'S Sporting Goods, Inc. (DKS): Free Stock Analysis Report WilliamsSonoma, Inc. (WSM): 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