If you're interested in broad exposure to the Financials - Regional Banks segment of the equity market, look no further than the iShares U.S. Regional Banks ETF (IAT), a passively managed exchange traded fund launched on 05/01/2006.While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.Investor-friendly, sector ETFs provide many options to gain low risk and diversified exposure to a broad group of companies in particular sectors. Financials - Regional Banks is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.Index DetailsThe fund is sponsored by Blackrock. It has amassed assets over $1.44 billion, making it one of the average sized ETFs attempting to match the performance of the Financials - Regional Banks segment of the equity market. IAT seeks to match the performance of the Dow Jones U.S. Select Regional Banks Index before fees and expenses.The Dow Jones U.S. Select Regional Banks Index is a free-float adjusted market capitalization-weighted index which measures the performance of the regional bank sub-sector of the U.S. equity market.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 0.41%, making it on par with most peer products in the space.It has a 12-month trailing dividend yield of 1.86%.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 in the Financials sector--about 100% of the portfolio.Looking at individual holdings, Pnc Financial Services Group Inc (PNC) accounts for about 13.20% of total assets, followed by Truist Financial Corp (TFC) and Us Bancorp (USB).The top 10 holdings account for about 63.59% of total assets under management.Performance and RiskYear-to-date, the iShares U.S. Regional Banks ETF has lost about -0.94% so far, and is up about 13.88% over the last 12 months (as of 02/24/2022). IAT has traded between $53.73 and $69.28 in this past 52-week period.The ETF has a beta of 1.26 and standard deviation of 39.56% for the trailing three-year period, making it a high risk choice in the space. With about 43 holdings, it has more concentrated exposure than peers.AlternativesIShares U.S. Regional Banks 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, IAT is an excellent option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.Invesco KBW Regional Banking ETF (KBWR) tracks KBW Nasdaq Regional Banking Index and the SPDR S&P Regional Banking ETF (KRE) tracks S&P Regional Banks Select Industry Index. Invesco KBW Regional Banking ETF has $87.10 million in assets, SPDR S&P Regional Banking ETF has $5.69 billion. KBWR has an expense ratio of 0.35% and KRE charges 0.35%.Bottom LineTo 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 U.S. Regional Banks ETF (IAT): ETF Research Reports The PNC Financial Services Group, Inc (PNC): Free Stock Analysis Report U.S. Bancorp (USB): Free Stock Analysis Report SPDR S&P Regional Banking ETF (KRE): ETF Research Reports Invesco KBW Regional Banking ETF (KBWR): ETF Research Reports Truist Financial Corporation (TFC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research