The First Trust Mid Cap Growth AlphaDEX ETF (FNY) made its debut on 04/19/2011, and is a smart beta exchange traded fund that provides broad exposure to the Style Box - Mid Cap Growth category of the market. What Are Smart Beta ETFs? Market cap weighted indexes were created to reflect the market, or a specific segment of the market, and the ETF industry has traditionally been dominated by products based on this strategy. Market cap weighted indexes offer a low-cost, convenient, and transparent way of replic ...