The iShares Morningstar SmallCap Value ETF (ISCV) was launched on 06/28/2004, and is a passively managed exchange traded fund designed to offer broad exposure to the Small Cap Value segment of the US equity market.The fund is sponsored by Blackrock. It has amassed assets over $421.81 million, making it one of the average sized ETFs attempting to match the Small Cap Value segment of the US equity market.Why Small Cap ValueSitting at a market capitalization below $2 billion, small cap companies tend to be high-potential stocks compared to its large and mid cap counterparts, but come with higher risk.Carrying lower than average price-to-earnings and price-to-book ratios, value stocks also have lower than average sales and earnings growth rates. Considering long-term performance, value stocks have outperformed growth stocks in almost all markets; however, they are more likely to underperform growth stocks in strong bull markets.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 0.06%, making it the least expensive products in the space.It has a 12-month trailing dividend yield of 1.95%.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 Financials sector--about 23.30% of the portfolio. Industrials and Consumer Discretionary round out the top three.Looking at individual holdings, Amc Entertainment Holdings Inc Cla (AMC) accounts for about 0.97% of total assets, followed by Ovintiv Inc (OVV) and Alcoa Corp (AA).The top 10 holdings account for about 4.83% of total assets under management.Performance and RiskISCV seeks to match the performance of the MORNINGSTAR US SML CP BRD VLUE EXTD INDX before fees and expenses. The Morningstar US Small Cap Broad Value Extended Index comprises of small-capitalization U.S. equities that exhibit value characteristics.The ETF has gained about 28.97% so far this year and it's up approximately 28.95% in the last one year (as of 12/31/2021). In the past 52-week period, it has traded between $46.06 and $62.28.The ETF has a beta of 1.35 and standard deviation of 31.14% for the trailing three-year period. With about 1288 holdings, it effectively diversifies company-specific risk.AlternativesIShares Morningstar SmallCap Value ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, ISCV is a good option for those seeking exposure to the Style Box - Small Cap Value area of the market. Investors might also want to consider some other ETF options in the space.The iShares Russell 2000 Value ETF (IWN) and the Vanguard SmallCap Value ETF (VBR) track a similar index. While iShares Russell 2000 Value ETF has $15.92 billion in assets, Vanguard SmallCap Value ETF has $26.59 billion. IWN has an expense ratio of 0.24% and VBR charges 0.07%.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 iShares Morningstar SmallCap Value ETF (ISCV): ETF Research Reports Alcoa (AA): Free Stock Analysis Report AMC Entertainment Holdings, Inc. (AMC): Free Stock Analysis Report Vanguard SmallCap Value ETF (VBR): ETF Research Reports iShares Russell 2000 Value ETF (IWN): ETF Research Reports Ovintiv Inc. (OVV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research