At a glance
IWY charges 0.2% a year, above the 0.15% average of the 8 funds most like it (the 8th cheapest of 9). It has $16.96B in assets, the 7th largest of that group; it paid 0.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −3.4% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +20.7% a year. At its worst it fell 30.8% in the 2020 crash (S&P 500: 33.7%) and 32.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 14 months after the lows. Its ten largest positions make up 59.5% of the fund, out of 101 in all.
The short version
The iShares Russell Top 200 Growth ETF (IWY) is a BlackRock index fund that tracks the Russell Top 200 Growth Index. That index holds the growth-oriented companies from among the very largest US stocks. The fund is highly concentrated: as of June 30, 2026, NVIDIA alone was 14.2% of assets and the top 10 holdings were 59.5%. Its 0.20% expense ratio is above similar funds such as Vanguard Mega Cap Growth ETF (MGK), at 0.07%.
Price history
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IWY -3.4% 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 | |
|---|---|---|---|---|---|---|
| IWY official prospectus, to Dec 31, 2025 | — | +18.36% | — | +16.49% | +18.96% | — |
| Russell 3000 Index index, same period | — | +17.15% | — | +13.15% | +14.29% | — |
| Russell Top 200 Growth Index index, same period | — | +18.62% | — | +16.73% | +19.19% | — |
| IWY price data to Nov 2, 2026 | -0.9% | -3.4% | +20.7% | +11.0% | +18.6% | +16.4% |
- Over the year to Nov 2, 2026, IWY returned -3.4%, 8th of 9 among similar funds.
- Its 5-year annualized return was +11.0% and its 10-year +18.6%.
- In the 2020 COVID crash it fell 30.8% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2022 (-29.9%); its best was 2023 (+46.5%).
- The deepest fall in its price history was 32.7% (Dec 27, 2021 to Oct 14, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.9% | — |
| 2025 | +18.2% | +18.36% |
| 2024 | +34.9% | +34.75% |
| 2023 | +46.5% | +46.42% |
| 2022 | -29.9% | -29.88% |
| 2021 | +31.1% | +30.97% |
| 2020 | +39.0% | +39.03% |
| 2019 | +36.2% | +36.43% |
| 2018 | -0.7% | -0.75% |
| 2017 | +31.7% | +31.63% |
| 2016 | +6.8% | +6.76% |
| 2015 | +7.9% | — |
| 2014 | +13.4% | — |
| 2013 | +32.4% | — |
| 2012 | +14.6% | — |
| 2011 | +4.6% | — |
| 2010 | +12.0% | — |
| 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 30.8% over that stretch · deepest drop along the way 30.8%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.1% over that stretch · deepest drop along the way 32.1%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7000 | |
| 2025 | $1.0100 | +2.0% |
| 2024 | $0.9900 | -16.8% |
| 2023 | $1.1900 | +12.3% |
| 2022 | $1.0600 | +20.5% |
| 2021 | $0.8800 | -7.4% |
| 2020 | $0.9500 | -6.9% |
| 2019 | $1.0200 | +7.4% |
| 2018 | $0.9500 | +3.3% |
| 2017 | $0.9200 | +7.0% |
| 2016 | $0.8600 | +1.2% |
| 2015 | $0.8500 | +16.4% |
| 2014 | $0.7300 | +2.8% |
| 2013 | $0.7100 | +14.5% |
| 2012 | $0.6200 | +29.2% |
| 2011 | $0.4800 | +26.3% |
| 2010 | $0.3800 |
What's inside
As of Jun 30, 2026, the fund held 101 securities; the ten largest made up 59.49% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 14.16% | |
| APPLE INC | 7.14% | |
| ALPHABET INC Class A | 6.37% | |
| BROADCOM INC | 5.64% | |
| ALPHABET INC Class C | 5.14% | |
| MICRON TECHNOLOGY INC | 4.87% | |
| TESLA INC | 4.59% | |
| MICROSOFT CORP | 4.56% | |
| META PLATFORMS INC | 3.68% | |
| ELI LILLY & COMPANY | 3.35% | |
| ADVANCED MICRO DEVICES INC | 3.25% | |
| APPLIED MATERIALS INC | 1.97% | |
| VISA INC | 1.95% | |
| LAM RESEARCH CORP | 1.86% | |
| CATERPILLAR INC | 1.67% |
By country
United States 98.88%Ireland 0.48%Luxembourg 0.25%Cayman Islands 0.16%Canada 0.05%By asset type
Stocks 99.82%By sector
Sectors of the companies held, for the 95.6% 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 $264.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.10%, +7.47%, -2.84%.
How it works
IWY follows the Russell Top 200 Growth Index, built by FTSE Russell. The index starts with the Russell Top 200 Index, which covers the largest US companies. From that group it picks stocks with higher price-to-book ratios (share price compared with the company's accounting net worth), faster past sales growth per share and higher forecast growth. As of March 31, 2026, these growth stocks made up about 74% of the Russell Top 200's total market value.
The index is rebalanced every quarter, after the close on the third Friday of March, June, September and December. At each rebalance, no single company can be more than 22.5% of the index. Companies above 4.5% each can't add up to more than 45% together. Between rebalances, a fast-rising stock can grow past these limits. As of June 30, 2026, NVIDIA was 14.2% of the fund.
BlackRock uses "representative sampling," so the fund may not own every stock in the index. Instead it holds a mix meant to match the index's size, industry and risk profile. As of June 30, 2026, it held 101 companies, 0.37% in cash and a tiny position in Russell 1000 Growth futures. The fund may lend out up to one-third of its assets, and it never makes defensive moves when markets fall.
What it really costs
- IWY charges 0.2% a year, versus an average of 0.15% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IWY | $20 | $64 | $113 | $255 |
In a retirement portfolio
More than half its assets sit in technology and a few giant stocks dominate it, so it works better as a growth add-on than as the center of a portfolio.
IWY could add focused exposure to the largest US growth companies, but it has fallen hard in downturns. It dropped 30.8% in the 2020 COVID crash and recovered in about 2.5 months. In the 2022 bear market it fell 32.1% and needed about 14 months to recover, getting back to its old high on December 13, 2023. Its worst calendar year was 2022, at a loss of 29.9%. The fund launched in September 2009, so it has no record from the 2008 crisis. Anyone who has to sell shares for spending money during a slump like that would lock in losses. The fund pays little income: the trailing yield was 0.34% as of October 29, 2026, paid quarterly. Its 0.20% expense ratio is above the 0.15% average for similar funds. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking focused exposure to the largest US growth stocks; NVIDIA, Apple, Alphabet and Microsoft were over a third of assets on June 30, 2026.
- Long-horizon investors who can hold through drops like the 32.1% fall in 2022, which took about 14 months to recover.
- Investors adding a growth tilt next to a broader core fund; it held about 100 companies and nothing in energy or utilities.
Look elsewhere if
- Cost-focused investors: its 0.20% expense ratio ranked 8th of 9 among similar funds, versus 0.07% for VONG and MGK.
- Retirees who need regular income, since the trailing yield was only 0.34% as of October 29, 2026.
- Investors uneasy with single-stock and sector risk: NVIDIA was 14.2% of assets and technology 53.5% 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 |
|---|---|---|---|---|---|
| IWY this fund | — | 0.2% | $16.96B | -3.4% | +20.7% |
| IWF iShares Russell 1000 Growth ETF | 89% | 0.19% | $128.90B | -3.7% | +20.3% |
| VONG Vanguard Russell 1000 Growth ETF | 86% | 0.07% | $54.28B | -2.3% | +22.4% |
| GGUS Marketbeta Russell 1000 Growth Equity ETF | 84% | 0.12% | $477.6M | +2.2% | — |
| MGK Vanguard Mega Cap Growth ETF | 77% | 0.07% | $33.30B | +2.5% | +23.2% |
| SPYG SPDR Portfolio S&P 500 Growth ETF | 76% | 0.04% | $52.99B | +7.2% | +25.3% |
| IVW iShares S&P 500 Growth ETF | 76% | 0.18% | $74.97B | +7.0% | +25.2% |
| VUG Vanguard Growth ETF | 75% | 0.04% | $379.29B | +3.8% | +25.1% |
Questions investors ask
What is IWY's expense ratio?
IWY's expense ratio, the yearly fee taken out of fund assets, is 0.20%, according to the prospectus filed July 27, 2026. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $20 in the first year, $113 over five years and $255 over 10. That is above the 0.15% average for similar funds. Vanguard Russell 1000 Growth ETF (VONG) and Vanguard Mega Cap Growth ETF (MGK) charge 0.07%, and Vanguard Growth ETF (VUG) charges 0.04%.
What's the difference between IWY and IWF?
Not much. The two iShares funds share about 89% of their holdings, based on their latest SEC portfolio reports. IWY tracks the Russell Top 200 Growth Index, the growth slice of the largest U.S. companies. IWF, the iShares Russell 1000 Growth ETF, reaches into the broader Russell 1000. IWF charges 0.19% to IWY's 0.20% and is far bigger, with $128.9 billion in net assets as of June 30, 2026. Their three-year returns to October 30, 2026, were nearly identical: 22.7% a year for IWY and 22.3% for IWF.
What are IWY's top holdings?
As of June 30, 2026, IWY's largest holding was NVIDIA at 14.2% of assets. Next came Apple at 7.1%, Alphabet Class A shares at 6.4%, Broadcom at 5.6% and Alphabet Class C shares at 5.1%. Micron, Tesla, Microsoft, Meta Platforms and Eli Lilly complete the top 10 positions, which together made up 59.5% of the fund. Technology companies were 53.5% of assets. With that much concentration, trouble at a few chip and tech giants could weigh heavily on returns.
How has IWY performed over the last 10 years?
IWY returned an average of 18.96% a year over the 10 years to December 31, 2025, according to its prospectus. That beat the 14.29% of the Russell 3000 Index, which covers most of the U.S. stock market. It trailed its own benchmark, the Russell Top 200 Growth Index, at 19.19%, a gap close to the fund's yearly fee. The ride was uneven: the fund lost 29.88% in 2022, then gained 46.42% in 2023. Over the year to October 30, 2026, it lost 2.1%.
Is IWY good for retirement income?
IWY is built for growth, not income. It pays dividends quarterly, but its trailing yield, meaning dividends paid over the past year divided by the share price, was 0.35% as of October 30, 2026. Retirees using it for spending money would mostly rely on trimming their holdings. Swings can be steep: its largest decline was 32.7%, from December 27, 2021, to October 14, 2022, and it took about 14 months to recover. It may suit retirees who want a growth slice alongside steadier holdings.