What Is IWN? iShares Russell 2000 Value ETF
Short answer
IWN is an iShares ETF that holds roughly 1,400 small-cap U.S. value stocks tracking the Russell 2000 Value Index, with the portfolio concentrated in financials (mostly regional banks), industrials, and real estate. Because it owns smaller companies screened for cheap valuations, it is generally more volatile and more cyclical than large-cap funds, and its returns can swing widely versus growth-style benchmarks. Compared with peers, IWN holds the value half of the broad Russell 2000 (whereas IWM holds the full Russell 2000 and IWO holds the growth half), and it overlaps with funds like Vanguard's VBR that also target small-cap value but use a different index and slightly lower fee. Its 0.24% expense ratio is higher than some cheaper small-cap value options.
IWN is issued by iShares (BlackRock) and tracks Russell 2000 Value Index. It charges a 0.24% expense ratio, holds approximately approximately $14 billion in assets under management, yields about approximately 1.5%, and launched in July 24, 2000.
What is IWN?
IWN is an iShares ETF that holds roughly 1,400 small-cap U.S. value stocks tracking the Russell 2000 Value Index, with the portfolio concentrated in financials (mostly regional banks), industrials, and real estate. Because it owns smaller companies screened for cheap valuations, it is generally more volatile and more cyclical than large-cap funds, and its returns can swing widely versus growth-style benchmarks. Compared with peers, IWN holds the value half of the broad Russell 2000 (whereas IWM holds the full Russell 2000 and IWO holds the growth half), and it overlaps with funds like Vanguard's VBR that also target small-cap value but use a different index and slightly lower fee. Its 0.24% expense ratio is higher than some cheaper small-cap value options.
IWN is issued by iShares (BlackRock) and tracks Russell 2000 Value Index, so a single ticker gives you the whole basket of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
IWN holdings: what's actually inside
IWN is weighted toward its largest constituents. As of early 2026, the top holdings are:
| Rank | Ticker | Company | % of IWN | |
|---|---|---|---|---|
| 1 | TTMI | TTM Technologies | 1.18% | |
| 2 | SATS | EchoStar | 1.09% | |
| 3 | HUT | Hut 8 | 0.75% | |
| 4 | VSAT | Viasat | 0.66% | |
| 5 | RIOT | Riot Platforms | 0.59% | |
| 6 | CDE | Coeur Mining | 0.55% | |
| 7 | JXN | Jackson Financial | 0.50% | |
| 8 | ONB | Old National Bancorp | 0.45% |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
The bottom line on IWN
IWN offers broad, low-effort exposure to small-cap U.S. value stocks through a well-established iShares fund, with a tilt toward regional banks and industrials. It carries more volatility than large-cap funds and a moderate 0.24% fee, so investors typically use it as a small-cap value building block rather than a core holding.
More on IWN
Whether IWN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is IWN a buy?
IWN yields approximately 1.5% as of early 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see IWN dividend: yield and schedule.
Build a portfolio around IWN with Walnut
Use IWN as your core holding, then let Walnut's AI propose thematic satellites: AI infrastructure, dividend growth, clean energy, whatever you believe in. Connect your broker, build the basket in conversation, track it as one unit.
FAQ
What is IWN?
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IWN is the iShares Russell 2000 Value ETF, a fund from iShares (BlackRock) that tracks the Russell 2000 Value Index. It holds roughly 1,400 small-cap U.S. stocks screened for value characteristics, giving investors diversified exposure to cheaper, smaller companies in a single fund. It launched in July 2000.
What is IWN's expense ratio?
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IWN has an expense ratio of 0.24%, which works out to about $24 per year on a $10,000 investment. That is mid-range for small-cap value ETFs: some competing funds charge less, while IWN offers a long track record and very deep liquidity in exchange.
IWN vs IWM vs IWO?
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All three are iShares Russell 2000 funds. IWM holds the full Russell 2000 small-cap index, IWO holds only the growth half, and IWN holds only the value half. IWN tilts toward financials, industrials, and real estate, while IWO leans toward higher-growth sectors, so the two can perform quite differently across market cycles.
What does IWN hold?
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IWN holds roughly 1,400 small-cap U.S. value stocks, with the largest weightings in financials (especially regional banks), industrials, and real estate. Individual positions are small, typically well under 1.5% each, so no single company dominates the fund. Recent top holdings have included names like TTM Technologies, EchoStar, and Viasat.
Does IWN pay a dividend?
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Yes. IWN pays dividends, distributed quarterly, with a trailing yield of roughly 1.5%, though the exact figure changes with prices and underlying payouts. The yield comes from dividends paid by the small-cap value companies in the portfolio, many of which are dividend-paying financials and industrials.
Is IWN a good investment?
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Whether IWN fits depends on your goals, time horizon, and risk tolerance. It provides diversified small-cap value exposure, but small-cap stocks are more volatile and economically sensitive than large-caps, and value styles can lag for long stretches. Walnut is informational, not investment advice, so consider how IWN fits your overall plan or consult a financial professional.
What is the small-cap value factor that IWN targets?
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Value refers to stocks that trade cheaply relative to fundamentals such as book value or earnings, while small-cap refers to smaller companies. The Russell 2000 Value Index combines both, selecting the lower-valuation portion of the small-cap universe. Academic research has linked these factors to higher long-term returns historically, but with greater volatility and no guarantee in any given period.
How does IWN compare to VBR?
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Both target U.S. small-cap value, but they track different indexes: IWN follows the Russell 2000 Value Index, while Vanguard's VBR follows a CRSP small-cap value index that reaches into the mid-cap range. VBR's fee is slightly lower and it holds somewhat larger companies on average, so the two overlap heavily but are not identical.
How do I compare IWN to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. IWN's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to early 2026; verify current figures against iShares (BlackRock)'s fund page or your broker before investing.