Designed to provide broad exposure to the Small Cap Growth segment of the US equity market, the Vanguard S&P SmallCap 600 Growth ETF (VIOG - Free Report) is a passively managed exchange traded fund launched on 09/09/2010.The fund is sponsored by Vanguard. It has amassed assets over $483.57 million, making it one of the average sized ETFs attempting to match the Small Cap Growth segment of the US equity market.Why Small Cap GrowthSmall cap companies have market capitalization below $2 billion. They usually have higher potential than large and mid cap companies with stocks but higher risk.Qualities of growth stocks include faster growth rates compared to the broader market, as well as higher valuations and higher than average sales and earnings growth rates. In the past 52-week period, it has traded between $174.37 and $241.15.The ETF has a beta of 1.12 and standard deviation of 31.34% for the trailing three-year period, making it a medium risk choice in the space. Investors might also want to consider some other ETF options in the space.The iShares Russell 2000 Growth ETF (IWO - Free Report) and the Vanguard SmallCap Growth ETF (VBK - Free Report) track a similar index.