The Vanguard MidCap Value ETF (VOE) was launched on 08/17/2006, and is a passively managed exchange traded fund designed to offer broad exposure to the Mid Cap Value segment of the US equity market.The fund is sponsored by Vanguard. It has amassed assets over $16.22 billion, making it the largest ETFs attempting to match the Mid Cap Value segment of the US equity market.Why Mid Cap ValueMid cap companies have market capitalization between $2 billion and $10 billion. They usually have higher growth prospects than large cap companies and are less volatile than small cap companies. These types of companies, then, have a good balance of stability and growth potential.While value stocks have lower than average price-to-earnings and price-to-book ratios, they also have 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.CostsExpense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.Annual operating expenses for this ETF are 0.07%, making it one of the least expensive products in the space.It has a 12-month trailing dividend yield of 2.04%.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 to the Financials sector--about 18.90% of the portfolio. Utilities and Industrials round out the top three.Looking at individual holdings, Corteva Inc. (CTVA) accounts for about 1.28% of total assets, followed by Welltower Inc. (WELL) and Arthur J Gallagher & Co. (AJG).The top 10 holdings account for about 9.97% of total assets under management.Performance and RiskVOE seeks to match the performance of the CRSP U.S. Mid Cap Value Index before fees and expenses. The CRSP U.S. Mid Cap Value Index measures the investment return of mid-capitalization value stocks.The ETF has lost about -6.30% so far this year and is down about -3.11% in the last one year (as of 12/07/2022). In the past 52-week period, it has traded between $121.77 and $153.17.The ETF has a beta of 1.05 and standard deviation of 27.61% for the trailing three-year period, making it a medium risk choice in the space. With about 202 holdings, it effectively diversifies company-specific risk.AlternativesVanguard MidCap 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, VOE is an excellent 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 S&P MidCap 400 Value ETF (IJJ) and the iShares Russell MidCap Value ETF (IWS) track a similar index. While iShares S&P MidCap 400 Value ETF has $7.75 billion in assets, iShares Russell MidCap Value ETF has $13.43 billion. IJJ has an expense ratio of 0.18% and IWS charges 0.23%.Bottom-LineAn increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they 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 MidCap Value ETF (VOE): ETF Research Reports Arthur J. Gallagher & Co. (AJG): Free Stock Analysis Report iShares S&P MidCap 400 Value ETF (IJJ): ETF Research Reports iShares Russell MidCap Value ETF (IWS): ETF Research Reports Welltower Inc. (WELL): Free Stock Analysis Report Corteva, Inc. (CTVA): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research