Because it provides investors with a high-level overview of how some of the largest U.S. stocks are doing, the S&P 500 gets a lot of attention. It's certainly one of the most widely followed market indices.

But for investors who want exposure in their portfolios to specific factors, there are different options to consider. The Vanguard Growth ETF (VUG 1.82%) is a great example.

Since March 2014, this exchange-traded fund (ETF) has turned a $10,000 initial investment into $39,400, as of March 5, a figure that includes dividends. That translates to an impressive 294% total return, which crushes the S&P 500's performance.

Let's take a closer look at this ETF.

Growth is the name of the game

The Vanguard Growth ETF owns 208 different stocks. These businesses usually post faster revenue and profit growth than most companies out there. Just in the last five years, the average business in the ETF put up a 19.6% annualized earnings gain. That's impressive.

However, these stocks are also more expensive. The average price-to-earnings ratio of 35.6 is much higher than the 22.9 multiple for the S&P 500.

Given the ETF's growth focus, it's not too surprising that 75% of the holdings come from the technology and consumer discretionary sectors. These enterprises have greater expansionary potential than, say, financial services or utility businesses.

Investors are surely familiar with some of the top positions. In fact, the so-called "Magnificent Seven" make up a whopping 51% of the Vanguard Growth ETF.

Some of the world's most dominant businesses are included. Microsoft is its biggest position, representing 13.2% of the assets. Apple and Nvidia round out the top three. These stocks have skyrocketed in the last decade.

Some critical investors might view these companies as having a bit more risk because they operate in industries that experience rapid change. That adds some uncertainty to the equation. But the potential for higher returns definitely makes up for it.

Time in the market matters

The Vanguard Growth ETF is a solid choice because of its low fees, allowing investors to keep more of their gains over time. And this product is offered by a highly regarded firm in the asset management industry that was founded in 1975. Investors can have some peace of mind that their hard-earned savings are in good hands.

But because the market is near all-time highs, some people might be hesitant to put money to work. Whether it's the expectation of lower interest rates or confidence that a recession will be avoided, investors appear to be optimistic.

It might seem like the smart move, then, is to wait for a meaningful pullback before investing in the Vanguard Growth ETF. If you have a truly long-term mentality to be an investor in stocks for decades, it hardly makes a difference if you put money to work at peak prices. At the end of the day, time in the market matters much more than trying to successfully call a bottom.

Investors interested in a low-cost, diversified way to gain exposure to growth businesses should buy this ETF without hesitation. And for those who have extra money to invest, perhaps dollar-cost averaging every month or quarter makes sense for you. This strategy can increase returns.