Launched on 09/20/2006, the Invesco FTSE RAFI US 1500 SmallMid ETF (PRFZ) is a passively managed exchange traded fund designed to provide a broad exposure to the Small Cap Blend segment of the US equity market.The fund is sponsored by Invesco. It has amassed assets over $1.88 billion, making it one of the larger ETFs attempting to match the Small Cap Blend segment of the US equity market.Why Small Cap BlendSitting at a market capitalization below $2 billion, small cap companies tend to be high-potential stocks compared to its large and mid cap counterparts, but come with higher risk.Blend ETFs usually hold a mix of growth and value stocks as well as stocks that exhibit both value and growth characteristics.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 0.39%, putting it on par with most peer products in the space.It has a 12-month trailing dividend yield of 0.94%.Sector Exposure and Top HoldingsWhile ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation to the Financials sector--about 19.80% of the portfolio. Industrials and Information Technology round out the top three.Looking at individual holdings, Amc Entertainment Holdings Inc (AMC) accounts for about 0.41% of total assets, followed by Herc Holdings Inc (HRI) and Continental Resources Inc/ok (CLR).The top 10 holdings account for about 3.39% of total assets under management.Performance and RiskPRFZ seeks to match the performance of the FTSE RAFI US 1500 Small-Mid Index before fees and expenses. The FTSE RAFI US 1500 Small-Mid Index is comprised of approximately 1,500 U.S. stocks. The FTSE US 1500 Small-Mid Index is designed to track the performance of small and medium-sized U.S. equity stocks selected based on the following four fundamental measures of firm size: book value, income, cash flow and dividends.The ETF has lost about -2.36% so far this year and is up about 18.24% in the last one year (as of 01/14/2022). In the past 52-week period, it has traded between $157.75 and $201.01.The ETF has a beta of 1.22 and standard deviation of 28.13% for the trailing three-year period, making it a medium risk choice in the space. With about 1459 holdings, it effectively diversifies company-specific risk.AlternativesInvesco FTSE RAFI US 1500 SmallMid 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, PRFZ is a reasonable option for those seeking exposure to the Style Box - Small Cap Blend area of the market. Investors might also want to consider some other ETF options in the space.The iShares Russell 2000 ETF (IWM) and the iShares Core S&P SmallCap ETF (IJR) track a similar index. While iShares Russell 2000 ETF has $65.63 billion in assets, iShares Core S&P SmallCap ETF has $74.88 billion. IWM has an expense ratio of 0.19% and IJR charges 0.06%.Bottom-LineWhile 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.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 Invesco FTSE RAFI US 1500 SmallMid ETF (PRFZ): ETF Research Reports Continental Resources, Inc. (CLR): Free Stock Analysis Report iShares Russell 2000 ETF (IWM): ETF Research Reports AMC Entertainment Holdings, Inc. (AMC): Free Stock Analysis Report iShares Core S&P SmallCap ETF (IJR): ETF Research Reports Herc Holdings Inc. (HRI): Free Stock Analysis Report To read this article on Zacks.com click here.