A smart beta exchange traded fund, the First Trust Large Cap Value AlphaDEX ETF (FTA) debuted on 05/08/2007, and offers broad exposure to the Style Box - Large Cap Value category of the market.What Are Smart Beta ETFs?The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.Market cap weighted indexes work great for investors who believe in market efficiency. They provide a low-cost, convenient and transparent way of replicating market returns.However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.Methodologies like equal-weighting, one of the simplest options out there, fundamental weighting, and volatility/momentum based weighting are all choices offered to investors in this space, but not all of them can deliver superior returns.Fund Sponsor & IndexManaged by First Trust Advisors, FTA has amassed assets over $1.28 billion, making it one of the average sized ETFs in the Style Box - Large Cap Value. FTA, before fees and expenses, seeks to match the performance of the Nasdaq AlphaDEX Large Cap Value Index.The NASDAQ AlphaDEX Large Cap Value Index is an enhanced index which employs the AlphaDEX stock selection methodology to select stocks from the NASDAQ US 500 Large Cap Value Index.Cost & Other ExpensesWhen considering an ETF's total return, expense ratios are an important factor. And, cheaper funds can significantly outperform their more expensive cousins in the long term if all other factors remain equal.Annual operating expenses for FTA are 0.59%, which makes it one of the more expensive products in the space.It's 12-month trailing dividend yield comes in at 1.81%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.For FTA, it has heaviest allocation in the Financials sector --about 27.30% of the portfolio --while Consumer Discretionary and Information Technology round out the top three.Looking at individual holdings, Ford Motor Company (F) accounts for about 1.19% of total assets, followed by United Rentals, Inc. (URI) and Synchrony Financial (SYF).The top 10 holdings account for about 10.27% of total assets under management.Performance and RiskThe ETF has lost about -1.29% so far this year and is up about 1.53% in the last one year (as of 11/23/2022). In the past 52-week period, it has traded between $57.68 and $72.65.The ETF has a beta of 1.11 and standard deviation of 29.36% for the trailing three-year period, making it a medium risk choice in the space. With about 188 holdings, it effectively diversifies company-specific risk.AlternativesFirst Trust Large Cap Value AlphaDEX ETF is a reasonable option for investors seeking to outperform the Style Box - Large Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.IShares Russell 1000 Value ETF (IWD) tracks Russell 1000 Value Index and the Vanguard Value ETF (VTV) tracks CRSP U.S. Large Cap Value Index. IShares Russell 1000 Value ETF has $55.07 billion in assets, Vanguard Value ETF has $106.71 billion. IWD has an expense ratio of 0.18% and VTV charges 0.04%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Large Cap Value.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. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 Large Cap Value AlphaDEX ETF (FTA): ETF Research Reports Ford Motor Company (F): Free Stock Analysis Report United Rentals, Inc. (URI): Free Stock Analysis Report Synchrony Financial (SYF): Free Stock Analysis Report Vanguard Value ETF (VTV): ETF Research Reports iShares Russell 1000 Value ETF (IWD): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research