Launched on 04/19/2011, the First Trust Small Cap Growth AlphaDEX ETF (NASDAQ: FYC) is a smart beta exchange traded fund offering broad exposure to the Style Box – Small Cap Growth category of the market. What Are Smart Beta ETFs?The ETF industry has long been dominated by products based on market cap weighted indexes, a strategy created to reflect the market or a particular market segment. Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency. There are some investors, t…