iwn stock: IWN — iShares Russell 2000 Value ETF

This article explains iwn stock (IWN), an iShares ETF that tracks the Russell 2000 Value Index. You’ll get a clear overview of the fund profile, strategy, portfolio composition, risks, trading feat...

2024-07-14 09:55:00

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IWN — iShares Russell 2000 Value ETF

Introduction

iwn stock refers to IWN, the iShares ETF that provides exposure to U.S. small‑cap value stocks by tracking the Russell 2000 Value Index. This guide explains what iwn stock is, how the ETF is structured and managed, typical portfolio characteristics, trading and tax considerations, and where to verify live data. Readers will learn how to evaluate IWN for diversification, small‑cap value exposure, and how to access trading and custody services such as Bitget and Bitget Wallet for execution and safekeeping.

Overview

IWN is an exchange‑traded fund (ETF) managed by BlackRock’s iShares that seeks to track the Russell 2000 Value Index, offering direct exposure to U.S. small‑cap stocks exhibiting value characteristics. Investors who reference iwn stock generally use it to gain a broad but value‑tilted small‑cap allocation without buying individual stocks.

Fund profile

Ticker and exchange

Ticker: IWN (commonly quoted as IWN on U.S. exchanges). The fund is primarily listed on NYSE Arca and may also appear on other U.S. ATSs for trade routing. Investors looking up iwn stock should check their brokerage or trading platform for available routing and market venues.

Issuer, inception and AUM

Issuer: BlackRock / iShares (sponsored and managed by BlackRock Fund Advisors).
Inception date: July 24, 2000.
Assets under management (AUM): As of 2026-01-28, per iShares product documentation, IWN reports multi‑billion USD in AUM. Exact AUM is updated daily on the iShares product page and regulatory filings; confirm the live figure before making allocation decisions.
Number of holdings: IWN holds roughly the constituents of the Russell 2000 Value Index — typically on the order of 900–1,200 small‑cap positions, subject to periodic index reconstitution.

Expense ratio and fees

Expense ratio: 0.24% (annual management fee as published by iShares; investors in iwn stock pay this fee indirectly through NAV erosion).
Other potential investor costs: bid/ask spreads when trading iwn stock, brokerage commissions depending on platform, potential short‑term trading fees charged by brokers, and tax frictions on distributions or realized capital gains. Market impact and spread widen during low liquidity periods can increase effective trading cost.

Investment objective and strategy

IWN’s stated objective is to track the Russell 2000 Value Index. The fund implements a passive, index‑tracking strategy designed to replicate the performance of that benchmark within tracking error constraints. Investors in iwn stock obtain a value‑tilted small‑cap exposure without active stock selection.

Index tracked and methodology

Index: Russell 2000 Value Index (a subset of the Russell 2000 that selects securities with value characteristics).
Methodology highlights: The Russell index family starts from a broad investable market universe and segments by market capitalization; securities are classified as “value” or “growth” based on style measures such as book‑to‑price, earnings, and other fundamentals. The Russell 2000 Value Index represents the value half (by style) of the Russell 2000 small‑cap universe after the initial size segmentation. Reconstitutions and rebalances occur on a regular schedule (typically annually for major reconstitution, with periodic updates), which affects turnover and index membership.

Sampling and tracking approach

Replication approach: IWN typically uses full replication or representative sampling consistent with iShares’ implementation strategy for small‑cap style ETFs. Representative sampling selects a subset of index constituents designed to closely match the index’s risk, sector, and factor exposures while controlling trade and custody costs.
Impact on tracking error and turnover: Representative sampling can slightly increase tracking error versus full replication but reduces trading costs and can improve tax efficiency. Index reconstitution and market events may temporarily widen tracking error for iwn stock, particularly around annual rebalances.

Portfolio composition

IWN emphasizes diversification across many small‑cap companies while maintaining a value tilt. The fund’s portfolio typically spans several sectors and holds hundreds to over a thousand individual positions—this lowers single‑company concentration but keeps portfolio volatility higher than large‑cap funds due to the inherent risk profile of small caps.

Sector allocation

Typical sector exposures: iwn stock commonly features a heavier weighting to financials, industrials, and real estate relative to growth‑tilted small‑cap ETFs. Healthcare and consumer discretionary often represent meaningful slices as well.
Value tilt influence: The value style tends to increase exposure to cyclical and capital‑intensive sectors (financials, industrials, energy, and real estate) and reduce weights in technology and high‑growth sectors. Exact sector weights change with market prices and reconstitutions; consult the latest fund factsheet for current sector breakdowns.

Top holdings and concentration

Number of holdings: IWN typically holds the large majority of Russell 2000 Value constituents—about 900–1,200 names—so position sizes for individual stocks are generally small.
Concentration: Top holdings in iwn stock usually account for small single‑digit percentages each (often well under 1–3% per name). Because of the large number of holdings, the fund’s risk is dispersed across many companies; however, sector concentration can still drive performance.

Performance and returns

Historical performance

General pattern: iwn stock’s performance tracks the Russell 2000 Value Index and therefore tends to perform differently from broad market caps such as the S&P 500 or Russell 2000 (broad). Small‑cap value exposure historically exhibits higher volatility with periods of outperformance and underperformance relative to growth and large‑cap indexes.
Time horizons: Performance over 1‑, 3‑, 5‑, and 10‑year windows will vary; investors should consult the fund factsheet or iShares product page for trailing total returns as of a specific date. For example, trailing returns and annualized returns as of 2026-01-28 are published on the official factsheet and should be used for any quantitative comparisons.

NAV vs market price and premium/discount

NAV vs market price explained: Each ETF has a daily net asset value (NAV) derived from the market value of holdings and a market price determined by trades on the exchange. iwn stock can trade at a slight premium (market price above NAV) or discount (market price below NAV).
Causes of divergence: Temporary supply/demand imbalances, after‑hours information, large intra‑day flows, or stressed market conditions can widen spreads between NAV and market price. Authorized participants (APs) engage in creation/redemption to arbitrage these differences, helping keep market price close to NAV for liquid ETFs.

Distributions and tax treatment

Distribution frequency: IWN generally distributes dividends quarterly, passing through cash dividends from underlying holdings after fees and expenses.
Typical yield: Small‑cap value ETFs can offer yields that differ from growth and large‑cap funds — often modestly higher because value companies may pay dividends more often than growth companies. Yield varies with market conditions; check the latest yield figure on the fund factsheet.
U.S. tax considerations: For U.S. taxable investors, distributions are typically treated as ordinary dividends or qualified dividends depending on holding periods and the nature of the underlying payments. Capital gains can occur if the fund realizes gains via internal turnover, though ETF creation/redemption mechanics often reduce taxable distributions relative to mutual funds. Non‑U.S. investors should consult local tax rules.

Trading, liquidity and market microstructure

Daily trading volume and spreads

Trading volume: iwn stock exhibits daily trading volume that varies with market conditions and investor demand. Higher average daily volume generally means tighter bid/ask spreads and lower transaction costs.
Bid/ask spread considerations: Small‑cap style ETFs may have wider quoted spreads than the largest broad market ETFs; however, institutional market‑making and the creation/redemption mechanism typically keep spreads reasonable under normal market conditions.

Creation/redemption process and ETF liquidity

Importance: The creation/redemption mechanism—where authorized participants can exchange baskets of the underlying securities for ETF shares and vice versa—is the primary source of liquidity for iwn stock beyond on‑exchange trading. It helps align market price and NAV and supports large institutional flows.
Suitability: The combination of on‑exchange liquidity and the AP system makes iwn stock suitable for investors seeking intraday tradability, position sizing flexibility, and tax efficiency relative to mutual funds. Investors executing large trades should consider limit orders and working with brokers or liquidity providers to manage market impact.

Risks and considerations

Principal risks

Small‑cap equity risk: Small companies generally have less diversified businesses, smaller balance sheets, and greater sensitivity to economic cycles. iwn stock therefore typically shows higher volatility and drawdowns in adverse markets.
Style (value) risk: Value stocks may underperform growth stocks for extended periods, particularly when market leadership favors innovation, secular growth, or interest rate environments that reward long‑duration cash flows.
Concentration/sector risk: While broadly diversified by name, iwn stock can be concentrated by sector compared with total‑market funds, making it more exposed to sector‑specific shocks.
Market risk: As an equity fund, IWN is subject to overall market risk; adverse macroeconomic events can reduce the value of holdings.
Tracking error risk: Sampling, fees, and timing differences can lead to tracking error versus the Russell 2000 Value Index.
Liquidity risk: In stressed conditions, some small‑cap securities may become illiquid, widening spreads and affecting the ETF’s ability to maintain tight NAV vs market price alignment.

Typical uses in portfolios

Common investor uses

Small‑cap value exposure: Investors using iwn stock gain a diversified allocation to small‑cap value companies without buying many individual names.
Diversification: Adding a small‑cap value ETF can diversify factor exposures within an equity sleeve dominated by large‑cap or growth holdings.
Tactical tilts: Portfolio managers may increase value exposure using IWN during valuations or macro regimes they believe favor cyclical/value companies.
Core‑satellite allocations: IWN can function as a satellite holding for active managers or retail investors pairing passive core allocations with style‑tilted satellites.

Suitability

Risk tolerance: Suitable for investors who accept higher volatility and the potential for deeper drawdowns in exchange for exposure to small‑cap value return drivers.
Investment horizon: Longer time horizons typically benefit investors holding small‑cap allocations, given the historical path‑dependence of returns and greater volatility over short periods.

Comparison with similar ETFs

IWO (iShares Russell 2000 Growth ETF): IWO focuses on small‑cap growth exposures, the counterpart to iwn stock’s value tilt. Expect higher technology and growth exposures for IWO, with differing sector weights and factor behavior.
IWM (iShares Russell 2000 ETF): IWM tracks the broad Russell 2000 (both growth and value segments). IWM provides broad small‑cap exposure while iwn stock concentrates on the value subset.
IWD / IWS (iShares large‑cap value / mid/small value funds): These funds target value exposures across different capitalization ranges. IWN is specifically small‑cap focused; IWD targets large‑cap value, and IWS targets large‑/mid‑cap style mixes. Expense ratios and holdings vary by fund; compare factsheets for direct metrics.

Management, governance and shareholder information

Fund manager: BlackRock Fund Advisors (management, operational oversight and portfolio implementation).
Governance: IWN is overseen by a fund board including independent trustees who review performance, compliance, and prospectus disclosures.
Identifiers: IWN has unique identifiers such as CUSIP and ISIN used in custody and clearing; these appear on regulatory filings and the fund prospectus. Investors should reference the prospectus for legal identifiers and share class details.
Prospectus and filings: The most authoritative documents for fees, holdings, performance, and shareholder rights are the fund prospectus, annual/semi‑annual reports, and form N‑PORT/N‑CSR filings, all available on the iShares product page and in regulatory repositories.

Historical timeline and notable events

Launch: IWN launched on July 24, 2000 to offer indexed small‑cap value exposure.
Index methodology updates: Periodic Russell reconstitutions and methodological updates affect membership and style classification; major annual reconstitution is a notable event for iwn stock.
Fund milestones: Over time, assets under management and investor demand have fluctuated with market sentiment toward small‑cap value strategies. Large flows or structural market regime changes can affect AUM and intra‑day liquidity.

Performance and market data — context and dated reporting

As of 2026-01-28, per the iShares fund factsheet, iwn stock reports its latest published expense ratio at 0.24% and maintains holdings consistent with the Russell 2000 Value Index. Investors should refer to the iShares product page for daily NAV, AUM, and trailing returns.
As of 2026-01-27, market data providers report intraday average volumes and bid/ask spreads that help estimate trading costs for iwn stock; consult your platform for live quotes and executed costs.

Reference data and sources

Where to find up‑to‑date factual data

iShares / BlackRock product page and official fund factsheet: primary source for expense ratio, AUM, holdings, sector weights, and trailing returns. (As of 2026-01-28, refer to the official factsheet for the latest figures.)
Morningstar and similar research platforms: provide standardized performance comparisons, star ratings, and detailed holdings analysis.
Financial data portals (e.g., Yahoo Finance, TradingView): provide live market prices, historical charts, and intraday volume for iwn stock.
Brokerage platform fund pages: show execution venues, spreads, and trade routing for investors executing iwn stock trades.

Note on dated reporting

For time‑sensitive numbers such as AUM, trailing returns, NAV, and sector weights, always reference the publication date. Example phrasing: "As of 2026-01-28, per iShares, IWN reports an expense ratio of 0.24% and multi‑billion USD AUM." This ensures readers understand the snapshot nature of the data.