The First Trust Mid Cap Growth AlphaDEX ETF (FNY) is a smart beta exchange-traded fund (ETF) designed to provide exposure to the mid-cap growth segment of the market. This ETF utilizes a non-cap weighted strategy known as AlphaDEX, aiming to select stocks with better risk-return characteristics than traditional market cap weighted indexes. This article delves into FNY’s key features, including its performance, expense ratio, sector exposure, and alternatives.