At a glance
IWL charges 0.15% a year, above the 0.06% average of the 8 funds most like it (the 8th cheapest of 9). It has $2.19B in assets, the 8th largest of that group; it paid 0.84% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.5% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +25.5% a year. At its worst it fell 32.7% in the 2020 crash (S&P 500: 33.7%) and 25.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 14 months after the lows. Its ten largest positions make up 41.8% of the fund, out of 200 in all.
The short version
The iShares Russell Top 200 ETF (IWL) holds roughly the 200 largest US companies in the Russell Top 200 Index, weighted by market value. That makes it more concentrated in the biggest names than a broad market fund. NVIDIA, Apple and Microsoft together made up about 21% of assets as of June 30, 2026. Its 0.15% expense ratio costs more than similar funds such as Vanguard Mega Cap ETF (0.07%) and S&P 500 funds charging 0.03%.
Price history
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IWL +12.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IWL official prospectus, to Dec 31, 2025 | — | +19.00% | — | +14.98% | +15.61% | — |
| Russell 3000 Index index, same period | — | +17.15% | — | +13.15% | +14.29% | — |
| Russell Top 200 Index index, same period | — | +19.19% | — | +15.14% | +15.78% | — |
| IWL price data to Oct 27, 2026 | +12.7% | +12.5% | +25.5% | +13.2% | +16.3% | +14.6% |
- Over the year to Oct 27, 2026, IWL returned +12.5%, 5th of 9 among similar funds.
- Its 5-year annualized return was +13.2% and its 10-year +16.3%.
- In the 2020 COVID crash it fell 32.7% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-19.9%); its best was 2013 (+31.8%).
- The deepest fall in its price history was 32.7% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 4, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.7% | — |
| 2025 | +19.1% | +19.00% |
| 2024 | +27.1% | +27.22% |
| 2023 | +29.8% | +29.71% |
| 2022 | -19.9% | -19.87% |
| 2021 | +27.8% | +27.70% |
| 2020 | +22.1% | +22.18% |
| 2019 | +31.4% | +31.54% |
| 2018 | -3.3% | -3.21% |
| 2017 | +22.9% | +22.79% |
| 2016 | +10.7% | +11.14% |
| 2015 | +1.8% | — |
| 2014 | +14.4% | — |
| 2013 | +31.8% | — |
| 2012 | +15.5% | — |
| 2011 | +3.0% | — |
| 2010 | +11.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.7% over that stretch · deepest drop along the way 32.7%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.6% over that stretch · deepest drop along the way 25.6%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1600 | |
| 2025 | $1.5400 | +1.3% |
| 2024 | $1.5200 | +1.3% |
| 2023 | $1.5000 | +7.9% |
| 2022 | $1.3900 | +8.6% |
| 2021 | $1.2800 | +8.5% |
| 2020 | $1.1800 | -19.7% |
| 2019 | $1.4700 | +30.1% |
| 2018 | $1.1300 | +8.7% |
| 2017 | $1.0400 | +4.0% |
| 2016 | $1.0000 | -1.0% |
| 2015 | $1.0100 | +27.8% |
| 2014 | $0.7900 | +3.9% |
| 2013 | $0.7600 | -35.6% |
| 2012 | $1.1800 | +110.7% |
| 2011 | $0.5600 | +21.7% |
| 2010 | $0.4600 |
What's inside
As of Jun 30, 2026, the fund held 200 securities; the ten largest made up 41.78% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 8.40% | |
| APPLE INC | 7.53% | |
| MICROSOFT CORP | 4.99% | |
| AMAZON.COM INC | 4.16% | |
| ALPHABET INC Class A | 3.75% | |
| BROADCOM INC | 3.16% | |
| ALPHABET INC Class C | 3.02% | |
| MICRON TECHNOLOGY INC | 2.34% | |
| META PLATFORMS INC | 2.23% | |
| TESLA INC | 2.21% | |
| ELI LILLY & COMPANY | 1.72% | |
| ADVANCED MICRO DEVICES INC | 1.70% | |
| BERKSHIRE HATHAWAY INC | 1.68% | |
| JP MORGAN CHASE & COMPANY | 1.57% | |
| INTEL CORP | 1.10% |
By country
United States 97.61%Ireland 1.65%Switzerland 0.22%Luxembourg 0.13%Curaçao 0.12%By asset type
Stocks 99.85%By sector
Sectors of the companies held, for the 94.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $16.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.83%, +5.67%, -1.45%.
How it works
IWL tracks the Russell Top 200 Index, run by FTSE Russell, part of the London Stock Exchange Group. The index takes the roughly 200 largest companies in the Russell 3000 Index, which covers the broad US stock market. As of March 31, 2026, those 200 companies made up about 75% of the Russell 3000's total market value. The index is float-adjusted and weighted by market value. Bigger companies get bigger weights, counting only shares the public can actually trade. Russell decides which companies are in the index and how much each one counts.
BlackRock Fund Advisors manages the fund using "representative sampling." This means it may hold a set of stocks that behaves like the index rather than every single one. At least 80% of net assets must be in index stocks. The fund can also hold cash, money market funds and derivatives such as futures. As of June 30, 2026, it had a tiny E-mini S&P 500 futures position, and cash was about 0.12%. It may lend up to one-third of its assets to other investors for a fee.
The fund does not try to beat its index or move into cash when markets fall. Turnover is low, at 3%. If a few giant companies grow large enough, the fund can become "non-diversified," meaning a small number of stocks drive its results.
What it really costs
- IWL charges 0.15% a year, versus an average of 0.06% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IWL | $15 | $48 | $85 | $192 |
In a retirement portfolio
It holds about 200 of the largest US companies in one low-turnover fund, so it can serve as the US stock base of a portfolio, though it leaves out mid-size and small companies.
IWL could cover the large-company US stock part of a long-term portfolio, but it falls as hard as the market does. In the 2020 COVID crash it lost 32.7%, then recovered about 4.4 months after its March 23 low. The 2022 bear market took longer to come back from. The fund dropped 25.6% and needed about 14 months from its October 2022 low to recover, which it did on December 11, 2023. Its worst calendar year was 2022, at -19.87%. The fund launched in September 2009, so it has no record from 2008. Anyone who sold shares for living costs in a year like 2022 would have locked in losses. Income is small: a 0.84% trailing yield as of October 27, 2026, paid quarterly. In the SEC's standard $10,000 example, the 0.15% fee adds up to $192 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one low-turnover fund of about 200 of the largest US companies, roughly 75% of the Russell 3000's value as of March 31, 2026.
- Holders comfortable with heavy technology exposure, which was 39.2% of assets as of June 30, 2026, led by NVIDIA, Apple and Microsoft.
- Long-term investors who can sit through drops like the 25.6% decline in 2022, which took about 14 months to recover.
Look elsewhere if
- Cost-focused investors: the 0.15% expense ratio ranks 8th of 9 among similar funds, which average 0.06%.
- Income seekers: the trailing yield was 0.84% as of October 27, 2026, paid quarterly.
- Investors wanting mid-size and small companies, or less reliance on a few giants. The top 10 positions were 41.78% of assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IWL this fund | — | 0.15% | $2.19B | +12.5% | +25.5% |
| MGC Vanguard Mega Cap ETF | 90% | 0.07% | $10.90B | +13.5% | +26.0% |
| VV Vanguard Large Cap ETF | 87% | 0.04% | $73.83B | +12.0% | +23.8% |
| SPY SPDR S&P 500 ETF Trust | 86% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 86% | 0.03% | $888.13B | +11.5% | +22.0% |
| USPX Franklin U.S. Equity Index ETF | 86% | 0.03% | $1.98B | +12.9% | +24.9% |
| VOO Vanguard S&P 500 ETF | 86% | 0.03% | $1.67T | +12.4% | +23.6% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 86% | 0.2% | $2.74B | +12.6% | +24.8% |
Questions investors ask
What does IWL invest in?
IWL holds the biggest US companies. The BlackRock iShares fund tracks the Russell Top 200 Index, roughly the 200 largest firms in the Russell 3000 Index. The index is weighted by market value, so bigger companies get bigger slices. As of March 31, 2026, these firms made up about 75% of the Russell 3000's total market value. As of June 30, 2026, the largest holdings were NVIDIA (8.4%), Apple (7.5%) and Microsoft (5.0%). The top 10 made up 41.8% of the fund, and technology stocks made up 39.2%.
What is IWL's expense ratio?
IWL's expense ratio is 0.15% a year, according to its prospectus filed July 27, 2026. That is the annual fee taken out of fund assets. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $15 after one year, $48 after three, $85 after five and $192 after ten. That is high for this group. Similar funds averaged 0.06%, and IWL ranked 8th of 9 on cost. iShares Core S&P 500 ETF (IVV) charges 0.03%.
What's the difference between IWL and MGC?
The two hold much the same stocks, but MGC costs less and is bigger. The holdings of Vanguard Mega Cap ETF (MGC) and IWL overlap by about 90%. MGC's expense ratio is 0.07%, compared with 0.15% for IWL. As of October 27, 2026, MGC returned 13.5% over one year and 26% a year over three years. IWL returned 12.5% and 25.5%. MGC had about $10.9 billion in net assets as of August 31, 2026. IWL had about $2.2 billion as of June 30, 2026.
How has IWL performed over the long term?
IWL returned 15.61% a year on average over the 10 years to December 31, 2025, according to its prospectus. That trailed its Russell Top 200 Index (15.78%), partly because index returns don't include fund costs. It beat the broader Russell 3000 Index (14.29%). Over five years, it returned 14.98% a year. The ride was bumpy. The fund lost 19.87% in 2022, and its worst quarter was a 17.72% drop in the three months to March 31, 2020. Past returns don't guarantee future ones.
Is IWL good for retirement income?
Not on its own. IWL is a large-company stock fund, not an income fund. It pays dividends quarterly, but its yield over the past year was 0.84% as of October 27, 2026, or about $1.60 per share. A retiree relying on it would mostly be cashing in shares. It can also fall hard. It dropped 25.6% in the 2022 bear market (a long, deep market slide) and needed about 14 months to regain its earlier high. It may suit retirees who pair it with separate income sources.