Launched on 06/28/2004, the iShares Morningstar Small-Cap Growth ETF (JKK) is a passively managed exchange traded fund designed to provide a broad exposure to the Small Cap Growth segment of the US equity market.The fund is sponsored by Blackrock. It has amassed assets over $209.27 M, making it one of the average sized ETFs attempting to match the Small Cap Growth segment of the US equity market.Why Small Cap GrowthSitting 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.Growth stocks have higher than average sales and earnings growth rates. While these are expected to grow faster than the broader market, they also have higher valuations. Additionally, growth stocks have a greater level of risk associated with them. Even though growth stocks are more likely to outperform their value counterparts in strong bull markets, value stocks have a record of delivering better returns in almost all markets than growth stocks.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 0.30%, putting it on par with most peer products in the space.It has a 12-month trailing dividend yield of 0.40%.Sector Exposure and Top HoldingsETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.This ETF has heaviest allocation to the Information Technology sector--about 26.60% of the portfolio. Healthcare and Consumer Discretionary round out the top three.Looking at individual holdings, Sarepta Therapeutics Inc (SRPT) accounts for about 1.29% of total assets, followed by Wayfair Inc Class A (W) and Zendesk Inc (ZEN).The top 10 holdings account for about 9.58% of total assets under management.Performance and RiskJKK seeks to match the performance of the Morningstar Small Growth Index before fees and expenses. The Morningstar Small Growth Index measures the performance of stocks issued by small-capitalization companies.The ETF has added roughly 10.52% so far this year and is up about 15.49% in the last one year (as of 10/10/2018). In the past 52-week period, it has traded between $171.59 and $215.87.The ETF has a beta of 1.09 and standard deviation of 15.67% for the trailing three-year period, making it a medium risk choice in the space. With about 253 holdings, it effectively diversifies company-specific risk.AlternativesIShares Morningstar Small-Cap Growth 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, JKK is an excellent option for investors seeking exposure to the Small Cap ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.The Vanguard Small-Cap Growth ETF (VBK) and the iShares Russell 2000 Growth ETF (IWO) track a similar index. While Vanguard Small-Cap Growth ETF has $8.55 B in assets, iShares Russell 2000 Growth ETF has $10.18 B. VBK has an expense ratio of 0.07% and IWO charges 0.24%.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 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 ISHARS-MO SC GR (JKK): ETF Research Reports Wayfair Inc. (W): Free Stock Analysis Report Zendesk, Inc. (ZEN): Free Stock Analysis Report ISHARS-RS 2K GR (IWO): ETF Research Reports VIPERS-SC GRWTH (VBK): ETF Research Reports Sarepta Therapeutics, Inc. (SRPT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research