At a glance
IWN charges 0.24% a year, above the 0.14% average of the 8 funds most like it (the 7th cheapest of 9). It has $14.53B in assets, the 3rd largest of that group; it paid 1.51% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +23.9% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +19.8% a year. At its worst it fell 43.4% in the 2020 crash (S&P 500: 33.7%) and 22.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows. Its ten largest positions make up 5.5% of the fund, out of 1,421 in all.
The short version
iShares Russell 2000 Value ETF (IWN), from BlackRock, tracks the Russell 2000 Value Index. That index holds smaller US companies that look cheap compared with their book value and growth. As of June 30, 2026, the fund held 1,421 stocks, and financial companies make up a large share of its index. Its 0.24% expense ratio is above the 0.14% average for similar funds. Vanguard's VTWV covers similar ground for 0.10%.
Price history
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IWN +23.9% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IWN official prospectus, to Dec 31, 2025 | — | +12.41% | — | +8.63% | +9.08% | — |
| Russell 3000 Index index, same period | — | +17.15% | — | +13.15% | +14.29% | — |
| Russell 2000 Value Index index, same period | — | +12.59% | — | +8.88% | +9.27% | — |
| IWN price data to Nov 2, 2026 | +20.4% | +23.9% | +19.8% | +6.8% | +10.2% | +7.8% |
- Over the year to Nov 2, 2026, IWN returned +23.9%, 1st of 9 among similar funds.
- Its 5-year annualized return was +6.8% and its 10-year +10.2%.
- In the 2020 COVID crash it fell 43.4% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2008 (-28.7%); its best was 2013 (+34.4%).
- The deepest fall in its price history was 61.5% (Jun 4, 2007 to Mar 9, 2009), recovered by Sep 14, 2012.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.4% | — |
| 2025 | +12.4% | +12.41% |
| 2024 | +7.6% | +7.74% |
| 2023 | +14.6% | +14.42% |
| 2022 | -14.8% | -14.67% |
| 2021 | +28.0% | +27.96% |
| 2020 | +4.7% | +4.50% |
| 2019 | +22.0% | +22.17% |
| 2018 | -13.0% | -12.94% |
| 2017 | +7.7% | +7.73% |
| 2016 | +32.0% | +31.64% |
| 2015 | -7.7% | — |
| 2014 | +4.1% | — |
| 2013 | +34.4% | — |
| 2012 | +18.1% | — |
| 2011 | -5.8% | — |
| 2010 | +24.8% | — |
| 2009 | +20.6% | — |
| 2008 | -28.7% | — |
| 2007 | -10.3% | — |
| 2006 | +23.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.5% over that stretch · deepest drop along the way 59.5%, back to its old high 23.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.1% over that stretch · deepest drop along the way 43.4%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.6% over that stretch · deepest drop along the way 22.7%, back to its old high 21.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.1900 | |
| 2025 | $3.0800 | +4.1% |
| 2024 | $2.9600 | -6.6% |
| 2023 | $3.1700 | +7.5% |
| 2022 | $2.9500 | +20.4% |
| 2021 | $2.4500 | +16.1% |
| 2020 | $2.1100 | -14.6% |
| 2019 | $2.4700 | +16.0% |
| 2018 | $2.1300 | -4.5% |
| 2017 | $2.2300 | +7.7% |
| 2016 | $2.0700 | +5.1% |
| 2015 | $1.9700 | +3.1% |
| 2014 | $1.9100 | +7.9% |
| 2013 | $1.7700 | -6.8% |
| 2012 | $1.9000 | +41.8% |
| 2011 | $1.3400 | +14.5% |
| 2010 | $1.1700 | +10.4% |
| 2009 | $1.0600 | -11.7% |
| 2008 | $1.2000 | -16.5% |
| 2007 | $1.4370 | +12.8% |
| 2006 | $1.2740 |
What's inside
As of Jun 30, 2026, the fund held 1,421 securities; the ten largest made up 5.52% of assets. It also reported 5.2% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Viasat, Inc. | 0.74% | |
| Cytokinetics, Inc. | 0.65% | |
| UMB Financial Corp. | 0.62% | |
| CareTrust REIT, Inc. | 0.59% | |
| Terex Corp. | 0.54% | |
| Old National Bancorp | 0.52% | |
| JBT Marel Corp. | 0.50% | |
| Lumen Technologies, Inc. | 0.48% | |
| Terreno Realty Corp. | 0.45% | |
| Taylor Morrison Home Corp. | 0.44% | |
| Vishay Intertechnology, Inc. | 0.43% | |
| Essential Properties Realty Trust, Inc. | 0.43% | |
| Macerich Co. (The) | 0.43% | |
| Southwest Gas Holdings, Inc. | 0.42% | |
| Garrett Motion, Inc. | 0.41% |
By country
United States 92.34%Bermuda 2.42%Canada 0.95%Marshall Islands 0.7%Switzerland 0.63%By asset type
Stocks 99.68%Preferred stock 0.01%Other 0%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $5.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.64%, +2.78%, +3.90%.
How it works
IWN tracks the Russell 2000 Value Index from FTSE Russell, which is part of the London Stock Exchange Group. The index starts with the Russell 2000, a common yardstick for small US companies. It keeps the ones with lower price-to-book ratios (share price compared with the company's net worth on paper) and slower past and expected growth. As of March 31, 2026, it covered about 62% of the Russell 2000's total market value, and financial companies made up a significant portion of it.
The index rebalances every quarter, after the third Friday of March, June, September and December. Caps keep any one company at or below 22.5% of the index. In practice, no stock dominates. As of June 30, 2026, the 10 largest positions made up only 5.5% of assets. They were led by Viasat (0.74%), Cytokinetics (0.65%) and UMB Financial (0.62%). Portfolio turnover was 30%.
BlackRock uses representative sampling. Instead of always owning every stock in the index, it holds a sample built to match the index's overall profile. It must keep at least 80% of net assets in index stocks. It may use derivatives such as Russell 2000 futures and may lend out securities worth up to one-third of its total assets. The fund does not try to beat the index and does not take defensive steps when markets fall.
What it really costs
- IWN charges 0.24% a year, versus an average of 0.14% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $25 in the first year and $306 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IWN | $25 | $77 | $135 | $306 |
In a retirement portfolio
Small-cap value stocks behave differently from large-company holdings, but this fund has lost more than half its value in a severe downturn.
IWN adds smaller, cheaper US companies to a portfolio, but its drops have been steep. It fell 59.5% in the 2008 financial crisis. Its deepest decline, 61.5% from June 2007 to March 2009, was not fully recovered until September 2012. It lost 43.4% in the 2020 COVID crash and was back by November 2020. It lost 22.7% in 2022 and did not regain that peak until July 2024. Its worst calendar year was 2008, at -28.7%. Anyone who needs cash during a slump could end up cashing out shares near a low.
The trailing yield was 1.5% as of October 29, 2026, paid quarterly. That makes it a modest income source. In the SEC's standard example, costs on $10,000 come to $25 in the first year. 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 who want to add small-cap value stocks to a large-company core fund, spread across 1,421 stocks as of June 30, 2026.
- Long-term holders who can live through deep drops, like the 61.5% fall from 2007 to 2009 that took until 2012 to recover.
- Investors comfortable with heavy exposure to financial companies, which made up a significant portion of the index as of March 31, 2026.
Look elsewhere if
- Cost-focused investors: the 0.24% expense ratio ranks 7th of 9 similar funds, and Vanguard's VTWV charges 0.10% for overlapping holdings.
- People seeking steady income, since the trailing yield was 1.5% as of October 29, 2026, paid quarterly.
- Anyone who may need the money soon: the fund fell 22.7% in 2022 and did not regain its prior peak until July 2024.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IWN this fund | — | 0.24% | $14.53B | +23.9% | +19.8% |
| VTWV Vanguard Russell 2000 Value ETF | 78% | 0.1% | $1.45B | +20.6% | +22.0% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 42% | 0.03% | $16.92B | +21.7% | +17.4% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 42% | 0.07% | $6.45B | +16.7% | +18.6% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 42% | 0.15% | $248.2M | +17.1% | +18.9% |
| IJR iShares Core S&P Small-Cap ETF | 41% | 0.06% | $111.32B | +21.7% | +17.4% |
| XJR iShares ESG Select Screened S&P Small-Cap E… | 41% | 0.12% | $160.7M | +15.1% | +18.5% |
| DFSV Dimensional US Small Cap Value ETF | 40% | 0.3% | $8.21B | +23.6% | +20.0% |
Questions investors ask
How has IWN performed over the last 10 years?
According to its prospectus, IWN returned an average of 9.08% a year over the 10 years ended December 31, 2025. That was slightly behind its index's 9.27% and well behind the broader Russell 3000 Index's 14.29%. Over five years it averaged 8.63% a year. Results have been uneven. The fund gained 31.64% in 2016 and lost 14.67% in 2022. Based on price data, it was up 20.9% in 2026 through October 29.
What's the difference between IWN and VTWV?
The main difference is cost. IWN's expense ratio is 0.24%, while Vanguard Russell 2000 Value ETF (VTWV) charges 0.10%. Both focus on value stocks in the Russell 2000, and about 78% of their holdings overlap. IWN is much larger, with about $14.5 billion in net assets as of June 30, 2026. VTWV had about $1.4 billion as of August 31, 2026. One-year returns as of late October 2026 were 23.8% for IWN and 20.6% for VTWV.
Does IWN pay dividends?
Yes. IWN pays dividends quarterly, passing along income from the stocks it holds. Over the 12 months to October 29, 2026, it paid $3.26 per share, a trailing yield of 1.5%. That is a modest yield, so the fund is mainly a way to own small value stocks, not an income fund. Like any stock fund, its payments can change from quarter to quarter.
What are IWN's top holdings?
As of June 30, 2026, IWN's largest holdings were Viasat (0.74% of assets), Cytokinetics (0.65%), UMB Financial (0.62%), CareTrust REIT (0.59%) and Terex (0.54%). No single stock matters much. The fund held 1,421 stocks, and the top 10 made up only 5.5% of assets. About 92% of assets were in US companies. Financial companies made up a significant portion of the index as of March 31, 2026.
How much did IWN drop in the 2008 and 2020 crashes?
Based on price data, IWN fell 59.5% from October 2007 to March 2009 and 43.4% from February to March 2020. Its deepest decline, 61.5%, ran from June 2007 to March 2009 and was not fully recovered until September 2012. The 2020 drop was regained much faster, by November 2020. The prospectus lists its worst quarter as the first quarter of 2020, at -35.7%. Its strongest was the fourth quarter of 2020, at 33.29%.