Launched on 05/01/2006, the iShares U.S. Insurance ETF (IAK) is a passively managed exchange traded fund designed to provide a broad exposure to the Financials - Insurance segment of the equity market.While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.Sector ETFs also provide investors access to a broad group of companies in particular sectors that offer low risk and diversified exposure. Financials - Insurance is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 3, placing it in top 19%.Index DetailsThe fund is sponsored by Blackrock. It has amassed assets over $330.80 million, making it one of the average sized ETFs attempting to match the performance of the Financials - Insurance segment of the equity market. IAK seeks to match the performance of the Dow Jones U.S. Select Insurance Index before fees and expenses.The Dow Jones U.S. Select Insurance Index includes companies providing a range of specialized financial services, including securities brokers & dealers, online brokers & securities or commodities exchanges.CostsCost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are the same.Annual operating expenses for this ETF are 0.42%, making it on par with most peer products in the space.It has a 12-month trailing dividend yield of 1.95%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation in the Financials sector--about 100% of the portfolio.Looking at individual holdings, Chubb Ltd (CB) accounts for about 11.90% of total assets, followed by Progressive Corp (PGR) and Metlife Inc (MET).The top 10 holdings account for about 61.52% of total assets under management.Performance and RiskThe ETF has lost about -1.49% so far this year and it's up approximately 6.62% in the last one year (as of 08/08/2022). In that past 52-week period, it has traded between $77.61 and $92.57.The ETF has a beta of 0.86 and standard deviation of 29.32% for the trailing three-year period, making it a medium risk choice in the space. With about 62 holdings, it effectively diversifies company-specific risk.AlternativesIShares U.S. Insurance ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, IAK is an outstanding option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.Invesco KBW Property & Casualty Insurance ETF (KBWP) tracks KBW Nasdaq Property & Casualty Index and the SPDR S&P Insurance ETF (KIE) tracks S&P Insurance Select Industry Index. Invesco KBW Property & Casualty Insurance ETF has $199.42 million in assets, SPDR S&P Insurance ETF has $511.90 million. KBWP has an expense ratio of 0.35% and KIE charges 0.35%.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. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>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 iShares U.S. Insurance ETF (IAK): ETF Research Reports Chubb Limited (CB): Free Stock Analysis Report MetLife, Inc. (MET): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report SPDR S&P Insurance ETF (KIE): ETF Research Reports Invesco KBW Property & Casualty Insurance ETF (KBWP): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research