Late last month, my Fool colleague Bronwyn reviewed ten of the most traded exchange-traded funds (ETF) on the ASX. Amongst the usual suspects, the BetaShares Diversified All Growth ETF (ASX: DHHF) made the cut.

Predictably, the most popular ASX ETFs by assets under management also saw the heaviest interest in August. Those included the Vanguard Australian Shares Index ETF (ASX: VAS), the Vanguard MSCI Index International Shares ETF (ASX: VGS), and the iShares S&P 500 ETF (ASX: IVV).

While it's a stretch to call those ASX ETFs household names, they are certainly among the most well-known in the ASX investor community.

But the BetaShares Diversified All Growth ETF? Not so much. But even so, this fund came in at number eight on this August list.

So today, let's talk about whether DHHF units might be a good buy this October and beyond.

DHHF: A diversified ASX ETF

Unlike most ASX ETFs, the BetaShares Diversified All Growth ETF doesn't hold a portfolio of underlying shares. Instead, it functions as something of an 'ETF of ETFs', holding other ETF investments within its portfolio.

This is a similar approach to the one that the Vanguard Diversified High Growth Index ETF (ASX: VDHG) takes.

In DHHF's case, ASX investors' cash is split between Australian shares (37% at the latest count) and international shares (63%). Those international shares can be further divided into American shares (38.8%), shares from other developed economies (17.7%), and shares from emerging markets (6.5%).

The idea behind this kind of investment is that instead of buying four or more different ASX ETFs, an ASX investor can buy just one (DHHF) while still getting exposure to multiple asset classes.

As the name implies, the BetaShares Diversified All Growth ETF is geared towards investors who want pure exposure to growth assets (shares). That's without any counterbalancing defensive assets like bonds or cash.

That stands in contrast with other BetaShares funds in this vein, such as the BetaShares Ethical Diversified Balanced ETF (ASX: DBBF. These instead look to balance growth assets with defensive investments.

Is the BetaShares Diversified All Growth ETF right for you?

This will depend on each individual's personal circumstances, of course. But I would argue that this ETF is suitable for anyone who has a long-time horizon and wishes to build wealth passively.

DHHF has a lot to offer ASX investors. Particularly those who don't wish to spend a lot of time researching different stocks or ETFs. It offers instant diversification across multiple markets, countries, economies and currencies.

It also brings a decent track record to the table, having delivered an average of 11.09% per annum (as of 30 September) since its inception in 2020.

With a management fee of 01.9% per annum, DHHF isn't the cheapest ETF on the ASX. But even so, it still ranks among the lowest-cost diversified ETFs on the market. To illustrate, Vanguard's VDHG ETF charges a 0.27% per annum annual fee.

So, all in all, I think the BetaShares Diversified All Growth ETF is a strong option for anyone wishing to build wealth in the stock market with the least amount of effort.