The Vanguard S&P MidCap 400 ETF (IVOO) was launched on 09/09/2010, and is a passively managed exchange traded fund designed to offer broad exposure to the Mid Cap Blend segment of the US equity market.The fund is sponsored by Vanguard. It has amassed assets over $1.58 billion, making it one of the average sized ETFs attempting to match the Mid Cap Blend segment of the US equity market.Why Mid Cap BlendCompared to large and small cap companies, mid cap businesses tend to have higher growth prospects and are less volatile, respectively, with market capitalization between $2 billion and $10 billion. Thus they have a nice balance of growth potential and stability.Blend ETFs are aptly named, since they tend to hold a mix of growth and value stocks, as well as show characteristics of both kinds of equities.CostsWhen considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.Annual operating expenses for this ETF are 0.10%, putting it on par with most peer products in the space.It has a 12-month trailing dividend yield of 1.13%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation to the Industrials sector--about 18.70% of the portfolio. Consumer Discretionary and Financials round out the top three.Looking at individual holdings, Signature Bank/new York Ny (SBNY) accounts for about 0.71% of total assets, followed by Molina Healthcare Inc. (MOH) and Factset Research Systems Inc. (FDS).The top 10 holdings account for about 5.13% of total assets under management.Performance and RiskIVOO seeks to match the performance of the S&P MidCap 400 Index before fees and expenses. The S&P MidCap 400 Index measures the performance of the mid-cap segment of the U.S. equity universe. The Index is a capitalization-weighted index composed of 400 domestic common stocks.The ETF has added roughly 28.59% so far this year and it's up approximately 38.71% in the last one year (as of 11/12/2021). In the past 52-week period, it has traded between $142.97 and $196.33.The ETF has a beta of 1.17 and standard deviation of 27.45% for the trailing three-year period, making it a medium risk choice in the space. With about 402 holdings, it effectively diversifies company-specific risk.AlternativesVanguard S&P MidCap 400 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, IVOO is a great option for investors seeking exposure to the Style Box - Mid Cap Blend segment of the market. There are other additional ETFs in the space that investors could consider as well.The Vanguard MidCap ETF (VO) and the iShares Core S&P MidCap ETF (IJH) track a similar index. While Vanguard MidCap ETF has $55.60 billion in assets, iShares Core S&P MidCap ETF has $68.76 billion. VO has an expense ratio of 0.04% and IJH charges 0.05%.Bottom-LineRetail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also 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. 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 Vanguard S&P MidCap 400 ETF (IVOO): ETF Research Reports Molina Healthcare, Inc (MOH): Free Stock Analysis Report FactSet Research Systems Inc. (FDS): Free Stock Analysis Report Signature Bank (SBNY): Free Stock Analysis Report iShares Core S&P MidCap ETF (IJH): ETF Research Reports Vanguard MidCap ETF (VO): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research