Looking for broad exposure to the Mid Cap Growth segment of the US equity market? You should consider the Vanguard S&P MidCap 400 Growth ETF (IVOG), a passively managed exchange traded fund launched on 09/09/2010.The fund is sponsored by Vanguard. It has amassed assets over $664.31 million, making it one of the average sized ETFs attempting to match the Mid Cap Growth segment of the US equity market.Why Mid Cap GrowthMid 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.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. Further, growth stocks have a higher level of volatility associated with them. Compared to value stocks, growth stocks are a safer bet in a strong bull market, but don't perform as strongly in almost all other financial environments.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 0.15%, making it one of the least expensive products in the space.It has a 12-month trailing dividend yield of 0.63%.Sector Exposure and Top HoldingsIt is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation to the Industrials sector--about 20% of the portfolio. Consumer Discretionary and Information Technology round out the top three.Looking at individual holdings, Targa Resources Corp. (TRGP) accounts for about 1.51% of total assets, followed by Carlisle Cos. Inc. (CSL) and Steel Dynamics Inc. (STLD).The top 10 holdings account for about 11.73% of total assets under management.Performance and RiskIVOG seeks to match the performance of the S&P MidCap 400 Growth Index before fees and expenses. The S&P MidCap 400 Growth Index measures the performance of growth stocks of medium-size U.S. companies.The ETF has lost about -25.18% so far this year and is down about -22.07% in the last one year (as of 09/26/2022). In the past 52-week period, it has traded between $153.70 and $218.51.The ETF has a beta of 1.10 and standard deviation of 27.03% for the trailing three-year period, making it a medium risk choice in the space. With about 235 holdings, it effectively diversifies company-specific risk.AlternativesVanguard S&P MidCap 400 Growth 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, IVOG is a sufficient option for those seeking exposure to the Style Box - Mid Cap Growth area of the market. Investors might also want to consider some other ETF options in the space.The Vanguard MidCap Growth ETF (VOT) and the iShares Russell MidCap Growth ETF (IWP) track a similar index. While Vanguard MidCap Growth ETF has $8.94 billion in assets, iShares Russell MidCap Growth ETF has $11.10 billion. VOT has an expense ratio of 0.07% and IWP charges 0.23%.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 Vanguard S&P MidCap 400 Growth ETF (IVOG): ETF Research Reports Steel Dynamics, Inc. (STLD): Free Stock Analysis Report Carlisle Companies Incorporated (CSL): Free Stock Analysis Report Targa Resources, Inc. (TRGP): Free Stock Analysis Report iShares Russell MidCap Growth ETF (IWP): ETF Research Reports Vanguard MidCap Growth ETF (VOT): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research