If you're interested in broad exposure to the Mid Cap Value segment of the US equity market, look no further than the Vanguard S&P MidCap 400 Value ETF (IVOV), a passively managed exchange traded fund launched on 09/09/2010.The fund is sponsored by Vanguard. It has amassed assets over $819.85 million, making it one of the average sized ETFs attempting to match the Mid Cap Value segment of the US equity market.Why Mid Cap ValueMid cap companies, with market capitalization in the range of $2 billion and $10 billion, offer investors many things that small and large companies don't, including less risk and higher growth opportunities. Thus, companies that fall under this category provide a stable and growth-heavy investment.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 0.15%, making it one of the least expensive products in the space.It has a 12-month trailing dividend yield of 1.83%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation to the Industrials sector--about 20.20% of the portfolio. Financials and Consumer Discretionary round out the top three.Looking at individual holdings, Eqt Corp. (EQT) accounts for about 1.17% of total assets, followed by First Horizon Corp. (FHN) and Reliance Steel & Aluminum Co. (RS).The top 10 holdings account for about 9.46% of total assets under management.Performance and RiskIVOV seeks to match the performance of the S&P MidCap 400 Value Index before fees and expenses. The S&P MidCap 400 Value Index measures the performance of value stocks of medium-size U.S. companies.The ETF has lost about -3.37% so far this year and is down about -3.84% in the last one year (as of 11/28/2022). In the past 52-week period, it has traded between $138.76 and $171.93.The ETF has a beta of 1.17 and standard deviation of 30.69% for the trailing three-year period, making it a medium risk choice in the space. With about 296 holdings, it effectively diversifies company-specific risk.AlternativesVanguard S&P MidCap 400 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, IVOV is an outstanding 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 Russell MidCap Value ETF (IWS) and the Vanguard MidCap Value ETF (VOE) track a similar index. While iShares Russell MidCap Value ETF has $13.59 billion in assets, Vanguard MidCap Value ETF has $16.54 billion. IWS has an expense ratio of 0.23% and VOE charges 0.07%.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. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 Value ETF (IVOV): ETF Research Reports Reliance Steel & Aluminum Co. (RS): Free Stock Analysis Report EQT Corporation (EQT): Free Stock Analysis Report First Horizon Corporation (FHN): Free Stock Analysis Report Vanguard MidCap Value ETF (VOE): ETF Research Reports iShares Russell MidCap Value ETF (IWS): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research