iShares Core S&P Small-Cap ETF

iShares Core S&P Small-Cap ETF (IJR) is a BlackRock index fund that tracks the S&P SmallCap 600, a basket of about 600 small US companies. Its annual fee (expense ratio) is 0.06%, under half the 0.13% average of similar funds, though SPDR Portfolio S&P 600 Small Cap ETF (SPSM) charges 0.03%. With $111.3 billion in net assets as of June 30, 2026, it is the largest of nine comparable funds.

• Over the year to Nov 2, 2026, IJR returned +21.7%, 1st of 9 among similar funds.
• Its 5-year annualized return was +5.8% and its 10-year +11.0%.
• In the 2020 COVID crash it fell 41.5% and regained its old high 7.8 months after the low.
• Its worst full calendar year was 2008 (-31.9%); its best was 2013 (+40.5%).
• The deepest fall in its price history was 58.5% (Jul 19, 2007 to Mar 9, 2009), recovered by Feb 14, 2011.

As of Jun 30, 2026, the fund held 603 securities; the ten largest made up 5.85% of assets. It also reported 7.52% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $1.42B (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +10.41%, +1.05%, +7.28%.

IJR seeks to track the S&P SmallCap 600, an index of small US companies run by S&P Dow Jones Indices. S&P picks stocks based partly on liquidity, or how easily shares trade. As of March 31, 2026, index members were worth $260 million to $8 billion when added, and the index covered about 2% of the US stock market's value. Bigger companies carry more weight, based on float-adjusted market value, which counts only publicly available shares. Consumer goods and services, financials and industrials made up a significant share.

BlackRock uses representative sampling: rather than necessarily owning every index stock, it holds a mix meant to match the index on size, industry, yield and volatility. At least 80% of net assets must normally sit in index stocks, and the fund may use derivatives (contracts such as futures) and hold cash. As of June 30, 2026, its 10 largest holdings, led by FormFactor, Viasat and Molina Healthcare, made up 5.85% of the fund.

The fund may lend up to one-third of its total assets to borrowers who post collateral. Its 7.52% cash position as of June 30, 2026, likely reflects that collateral. S&P decides when stocks join or leave the index, and the fund follows. It does not try to beat the index or shift to safer holdings when markets fall.

• IJR charges 0.06% a year, versus an average of 0.13% for the similar funds below (2nd of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $6 in the first year and $77 over 10 years (assuming a 5% annual return).

It holds only small US companies and has fallen as much as 58.5%, so it typically sits beside a broader core fund rather than replacing one.

IJR could add hundreds of small US companies for 0.06% a year, or $6 in the first year on $10,000 under the SEC's standard cost example. The trade-off is large swings. Its deepest fall since 2005 was 58.5%, from July 2007 to March 2009. That drop spanned the 2008 financial crisis, and the fund took about 23 months from the bottom to recover. It dropped 41.5% in the 2020 COVID crash and recovered by November 2020. It fell 24.7% in the 2022 downturn and did not regain its high until July 2024. Its worst calendar year was 2008, a 31.9% loss.

Anyone forced to cash out shares in those stretches would have locked in steep losses. Income is modest: the fund paid dividends quarterly, totaling 1.22% of its price over the 12 months to October 27, 2026. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.