Looking for broad exposure to the Mid Cap Growth segment of the US equity market? You should consider the iShares Russell MidCap Growth ETF (IWP), a passively managed exchange traded fund launched on 07/17/2001.The fund is sponsored by Blackrock. It has amassed assets over $10.93 billion, making it the largest ETFs attempting to match the Mid Cap Growth segment of the US equity market.Why Mid Cap GrowthMid 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.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. Something to keep in mind is the higher level of volatility that is affiliated with growth stocks. When you consider growth versus value, growth stocks are usually the clear winner in strong bull markets but tend to fall flat in nearly all other environments.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 0.23%, putting it on par with most peer products in the space.It has a 12-month trailing dividend yield of 0.66%.Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation to the Information Technology sector--about 30.50% of the portfolio. Healthcare and Industrials round out the top three.Looking at individual holdings, Synopsys Inc (SNPS) accounts for about 1.57% of total assets, followed by Cadence Design Systems Inc (CDNS) and Chipotle Mexican Grill Inc (CMG).The top 10 holdings account for about 4.2% of total assets under management.Performance and RiskIWP seeks to match the performance of the Russell MidCap Growth Index before fees and expenses. The Russell Midcap Growth Index measures the performance of the mid-capitalization growth sector of the U.S. equity market. It is a subset of the Russell Midcap Index, which measures the performance of the mid-capitalization sector of the U.S. equity market & approximately 47% of the total market value of the Russell Midcap Index.The ETF has lost about -31.22% so far this year and is down about -33.25% in the last one year (as of 09/27/2022). In the past 52-week period, it has traded between $75.41 and $123.28.The ETF has a beta of 1.11 and standard deviation of 28.85% for the trailing three-year period, making it a medium risk choice in the space. With about 413 holdings, it effectively diversifies company-specific risk.AlternativesIShares Russell MidCap 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, IWP 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 iShares S&P MidCap 400 Growth ETF (IJK) and the Vanguard MidCap Growth ETF (VOT) track a similar index. While iShares S&P MidCap 400 Growth ETF has $6.13 billion in assets, Vanguard MidCap Growth ETF has $8.83 billion. IJK has an expense ratio of 0.17% and VOT 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. 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 Russell MidCap Growth ETF (IWP): ETF Research Reports Chipotle Mexican Grill, Inc. (CMG): Free Stock Analysis Report Synopsys, Inc. (SNPS): Free Stock Analysis Report Cadence Design Systems, Inc. (CDNS): Free Stock Analysis Report Vanguard MidCap Growth ETF (VOT): ETF Research Reports iShares S&P MidCap 400 Growth ETF (IJK): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research