If you're interested in broad exposure to the Financials - Banking segment of the equity market, look no further than the First Trust NASDAQ Bank ETF (FTXO), a passively managed exchange traded fund launched on 09/20/2016.While 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.Investor-friendly, sector ETFs provide many options to gain low risk and diversified exposure to a broad group of companies in particular sectors. Financials - Banking is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.Index DetailsThe fund is sponsored by First Trust Advisors. It has amassed assets over $326.34 million, making it one of the average sized ETFs attempting to match the performance of the Financials - Banking segment of the equity market. FTXO seeks to match the performance of the Nasdaq US Smart Banks Index before fees and expenses.The Nasdaq US Smart Banks Index is a modified factor weighted index, designed to provide exposure to US companies within the banking industry.CostsSince cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.Annual operating expenses for this ETF are 0.60%, making it on par with most peer products in the space.It has a 12-month trailing dividend yield of 1.48%.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 Financials sector--about 100% of the portfolio.Looking at individual holdings, New York Community Bancorp, Inc. (NYCB) accounts for about 8.24% of total assets, followed by The Pnc Financial Services Group, Inc. (PNC) and Popular, Inc. (BPOP).The top 10 holdings account for about 58.96% of total assets under management.Performance and RiskThe ETF has gained about 7.53% and is up roughly 40.85% so far this year and in the past one year (as of 01/11/2022), respectively. FTXO has traded between $25.11 and $36.34 during this last 52-week period.The ETF has a beta of 1.32 and standard deviation of 38.96% for the trailing three-year period. With about 30 holdings, it has more concentrated exposure than peers.AlternativesFirst Trust NASDAQ Bank ETF 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, FTXO is an excellent option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.Invesco KBW Bank ETF (KBWB) tracks KBW Nasdaq Bank index and the SPDR S&P Bank ETF (KBE) tracks S&P Banks Select Industry Index. Invesco KBW Bank ETF has $3.12 billion in assets, SPDR S&P Bank ETF has $3.51 billion. KBWB has an expense ratio of 0.35% and KBE charges 0.35%.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 NASDAQ Bank ETF (FTXO): ETF Research Reports The PNC Financial Services Group, Inc (PNC): Free Stock Analysis Report Popular, Inc. (BPOP): Free Stock Analysis Report New York Community Bancorp, Inc. (NYCB): Free Stock Analysis Report SPDR S&P Bank ETF (KBE): ETF Research Reports Invesco KBW Bank ETF (KBWB): ETF Research Reports To read this article on Zacks.com click here.