Launched on 08/17/2006, the Vanguard MidCap Value ETF (VOE) is a passively managed exchange traded fund designed to provide a broad exposure to the Mid Cap Value segment of the US equity market.The fund is sponsored by Vanguard. It has amassed assets over $14.50 billion, making it the largest 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. These types of companies, then, have a good balance of stability and growth potential.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.CostsInvestors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain 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 2.26%.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 Financials sector--about 18.50% of the portfolio. Utilities and Real Estate 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 -15.37% so far this year and is down about -9.54% in the last one year (as of 10/04/2022). 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 27.06% 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 $6.60 billion in assets, iShares Russell MidCap Value ETF has $12.16 billion. IJJ has an expense ratio of 0.18% and IWS charges 0.23%.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. 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 Report To read this article on Zacks.com click here. Zacks Investment Research