IWN ETF Overview — Returns, Expense Ratio, Holdings & Alternative ETFs
The iShares Russell 2000 Value ETF (IWN) is a small-cap value ETF that provides broad, diversified exposure to undervalued U.S. small-cap companies. Its key selection criteria include an expense ratio below the category average, quarterly dividends, and small-cap value style exposure, and it warrants comparison with VBR and IWM.
SubscribeIt tracks the Russell 2000 Value Index, which is composed of U.S. small-cap stocks classified as value-oriented. By broadly holding value stocks in the lower end of the market-cap spectrum, it offers exposure to the small-cap value style.
It is well suited to long-term, diversification-focused investors who want to add small-cap value exposure to a portfolio that is largely weighted toward large-cap names.
The ETF is managed by BlackRock (iShares) using a passive (index-tracking) approach.
How Does the iShares Russell 2000 Value ETF Work?
| Item | Details |
|---|---|
| Tracking Index | Russell 2000 Value |
| Management Style | Passive (Index Tracking) |
| Rebalancing Frequency | Annual Index Reconstitution |
| Dividend Frequency | Quarterly Dividends |
| Fund Manager | BlackRock (iShares) |
| Total Expense Ratio | 0.24% |
It holds the small-cap constituents of the Russell 2000 Index that are classified as value-oriented, weighted in line with their index weights. The majority of assets are invested in the underlying index constituents, with low individual stock weights to pursue broad diversification. Index reconstitution is reflected automatically on a set schedule.
- Broad diversification focused on small-cap value stocks
- A structure that maintains low individual stock weights
iShares Russell 2000 Value ETF Size and Cost (AUM & Expense Ratio)
Assets under management (AUM) stand at $14.2B, and the total expense ratio is 0.24% per year.
It differs from large-cap value-style ETFs in the same category by offering small-cap weighting, which sets its exposure area apart.
iShares Russell 2000 Value ETF Performance and Fund Flows
1-Year Price Performance
Dividend & Yield
52-Week Price RangeSmall-cap value stocks tend to show high economic sensitivity, often outperforming during economic recovery phases while also displaying greater volatility than large-cap stocks during risk-off environments. Trends are shaped jointly by interest rates and the economic cycle.
The small-cap value style tends to see significant swings in fund flows based on the market's risk appetite. During periods of heavy large-cap concentration, fund flows weaken, and interest rises when style rotation moves toward small-cap and value names.
iShares Russell 2000 Value ETF: Strengths and Weaknesses
Broad diversification and a low expense ratio are key strengths, while the elevated volatility characteristic of small caps is the main drawback.
💪 Key Strengths
⚠️ Points to Watch
VTV, IWD, and IVE shown in the table follow a value style but are large-cap focused, so their exposure area differs. VBR is a direct substitute within the same small-cap value space. Reviewing IWM, which offers broad exposure to small caps overall, and IWO, which targets small-cap growth, alongside these names allows for a comparison of style choices within the small-cap universe.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 VTV | Vanguard Morningstar Value ETF | $227.68 | +0.1% | $195.8B | 0.03% | 1.83% | +21.8% |
 IWD | iShares Russell 1000 Value Index Fund | $262.64 | +0.0% | $84.6B | 0.18% | 1.34% | +27.6% |
 IVE | iShares S&P 500 Value ETF | $240.60 | +0.1% | $51.3B | 0.18% | 1.5% | +14.9% |
 SPYV | State Street SPDR Portfolio S&P 500 Value ETF | $64.43 | +0.1% | $38.7B | 0.04% | 1.64% | +14.8% |
 VBR | Vanguard Morningstar Small-Cap Value ETF | $247.86 | -0.2% | $37.8B | 0.05% | 1.78% | +19.4% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 SATS | Strive Inc - 15% PRF PERPETUAL USD 100 - Ser A SATS Stock | 0.01% | $95.49 | +0.1% | $2.7B | - | 0.07% |
 VSAT | Viasat Inc | 0.01% | $74.86 | +0.7% | $10.4B | - | - |
 TTMI | TTM Technologies Inc | 0.01% | $72.22 | -4.1% | $7.6B | 28.9 | - |
 CDE | Coeur Mining Inc | 0.01% | $15.29 | -7.0% | $15.6B | 16.8 | 0.26% |
 CYTK | Cytokinetics Inc | 0.01% | $56.22 | +2.0% | $7.8B | - | - |
 HL | Hecla Mining Co | 0.01% | $14.29 | -7.3% | $9.6B | 16.8 | 0.17% |
 UMBF | UMB Financial Corp | 0.01% | $135.90 | -0.6% | $10.3B | 10.3 | 1.36% |
 CTRE | CareTrust REIT Inc | 0.01% | $38.84 | -0.1% | $10.0B | 24.6 | 4% |
 SM | SM Energy Co | 0.01% | $29.52 | +1.4% | $6.9B | 7.2 | 3.22% |
 TEX | Terex Corp | 0.01% | $57.05 | -1.7% | $6.4B | 29.3 | 1.16% |
Investor Checklist for the iShares Russell 2000 Value ETF
Points to review before investing in IWN. It is a useful vehicle for small-cap value exposure, but it is advisable to confirm in advance that the small-cap-specific volatility, style rotation, and currency impact align with your investment profile and holding period.
| Checkpoint | What to Confirm | Current Status |
|---|---|---|
| 💵 Expense Ratio | Impact of cumulative costs over a long-term hold | Below the category average |
| 📊 Volatility | Price fluctuation range characteristic of small caps | Greater than large caps |
| 🔄 Style Rotation | Trends in market preference for value and small-cap styles | Requires review |
| 💱 Currency | Impact on won-converted returns | Unhedged |
The elevated volatility of small caps and the relative underperformance of the value style are the main risks. During risk-off environments, drawdowns may exceed those of large caps, requiring careful position sizing.
It is well suited as a diversification tool for long-term investors seeking small-cap value exposure. Comparing style and costs against VBR in the same space and IWM across small caps overall is recommended.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 21, 2026.
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