Designed to provide broad exposure to the Mid Cap Value segment of the US equity market, the iShares S&P MidCap 400 Value ETF (IJJ) is a passively managed exchange traded fund launched on 07/24/2000.The fund is sponsored by Blackrock. It has amassed assets over $7.82 billion, making it one of the larger ETFs attempting to match the Mid Cap Value segment of the US equity market.Why Mid Cap ValueWith market capitalization between $2 billion and $10 billion, mid cap companies usually contain higher growth prospects than large cap companies, and are considered less risky than their small cap counterparts. Thus, companies that fall under this category provide a stable and growth-heavy investment.Value stocks are known for their lower than average price-to-earnings and price-to-book ratios, but investors should also note their lower than average sales and earnings growth rates. When you look at long-term performance, value stocks have outperformed growth stocks in nearly all markets. But in strong bull markets, growth stocks are more likely to be winners.CostsSince cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.Annual operating expenses for this ETF are 0.18%, putting it on par with most peer products in the space.It has a 12-month trailing dividend yield of 1.86%.Sector Exposure and Top HoldingsWhile ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation to the Industrials sector--about 20.20% of the portfolio. Financials and Consumer Discretionary round out the top three.Looking at individual holdings, Eqt Corp (EQT) accounts for about 1.16% of total assets, followed by First Horizon Corp (FHN) and Reliance Steel & Aluminum (RS).The top 10 holdings account for about 8.56% of total assets under management.Performance and RiskIJJ seeks to match the performance of the S&P MidCap 400 Value Index before fees and expenses. The S&P MidCap 400 Value Index measures the performance of the mid-capitalization value sector of the U.S. equity market. It is a subset of the S&P MidCap 400 and consists of those stocks in the S&P MidCap 400 exhibiting the strongest value characteristics.The ETF has lost about -5.52% so far this year and was up about 0.29% in the last one year (as of 12/06/2022). In the past 52-week period, it has traded between $90 and $112.86.The ETF has a beta of 1.16 and standard deviation of 31.33% for the trailing three-year period, making it a medium risk choice in the space. With about 302 holdings, it effectively diversifies company-specific risk.AlternativesIShares S&P MidCap 400 Value ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, IJJ is a great option for investors seeking exposure to the Style Box - Mid Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.The iShares Russell MidCap Value ETF (IWS) and the Vanguard MidCap Value ETF (VOE) track a similar index. While iShares Russell MidCap Value ETF has $13.58 billion in assets, Vanguard MidCap Value ETF has $16.34 billion. IWS has an expense ratio of 0.23% and VOE charges 0.07%.Bottom-LinePassively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.To 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. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 S&P MidCap 400 Value ETF (IJJ): ETF Research Reports Reliance Steel & Aluminum Co. (RS): Free Stock Analysis Report EQT Corporation (EQT): Free Stock Analysis Report First Horizon Corporation (FHN): Free Stock Analysis Report Vanguard MidCap Value ETF (VOE): ETF Research Reports iShares Russell MidCap Value ETF (IWS): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research