IWY ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The iShares Russell Top 200 Growth ETF (IWY) is a mega-cap growth product with concentrated exposure to the largest US technology and growth companies. Its tech weighting, fees, and dividend profile are the key selection criteria when compared with large-cap growth ETFs such as IWF, VUG, and SCHG.
SubscribeWhat Is the iShares Russell Top 200 Growth ETF?
The fund tracks the Russell Top 200 Growth Index. From the 200 largest US companies by market capitalization, it selects those with strong growth characteristics and holds them in market-cap weighting, providing concentrated exposure to mega-cap growth stocks.
It suits long-term investors who want to focus on large US growth stocks, especially the biggest technology and growth companies.
It is a passively managed (index-tracking) ETF run by BlackRock (iShares).
How Does the iShares Russell Top 200 Growth ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | Russell Top 200 Growth Index |
| Management Style | Passive (index tracking) |
| Rebalancing Frequency | Annually (index reconstitution) |
| Dividend Frequency | Quarterly |
| Issuer | BlackRock (iShares) |
| Expense Ratio | 0.20% |
From the constituents of the Russell Top 200 Index, the fund selects companies with high growth scores and holds them in proportion to their market capitalization. Because it is weighted toward growth characteristics, its technology and growth sector exposure is higher than that of a general large-cap index, and weights adjust automatically as the index is reconstituted.
- Concentrated growth exposure limited to US mega-caps
- Narrower focus on the very largest companies than the Russell 1000 Growth
iShares Russell Top 200 Growth ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $15.0B, and the expense ratio is 0.20% per year.
Compared with IWF in the same growth category, the portfolio is more concentrated in the largest companies, and the fee difference is a factor to consider when choosing.
iShares Russell Top 200 Growth ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeGiven its heavy growth weighting, the fund tends to move sensitively with the technology and growth sectors. It has shown a pattern of relative strength when market risk appetite is high and comparatively larger volatility when interest rates or valuation concerns come to the fore.
Fund flows continue in and out depending on demand for large-cap growth stocks, and Big Tech earnings seasons and shifts in the interest rate outlook act as major drivers of those flows. In risk-on phases, money can also be seen flowing into growth ETFs.
iShares Russell Top 200 Growth ETF Pros and Cons
Its strength is concentrated exposure to mega-cap growth stocks, while concentration in top holdings and the volatility typical of growth stocks are cited as drawbacks.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the iShares Russell Top 200 Growth ETF
The IWF fund shown in the table tracks the Russell 1000 Growth and holds a broader range of large-cap growth stocks, while VUG and SCHG are lower-fee, broad large-cap growth products. ETFs such as IVW and SPYG are variants focused on S&P 500 growth stocks and can be considered alongside. In addition, OEF, a general large-cap product based on the same Russell Top 200 universe, and sector ETFs such as XLK, for those who want to focus more on technology, can also serve as comparisons.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 VUG | Vanguard Morningstar Growth ETF | $81.43 | -5.5% | $223.6B | 0.03% | 0.42% | -1.1% |
 IWF | iShares Russell 1000 Growth ETF | $110.36 | -6.4% | $120.6B | 0.18% | 0.39% | -8.0% |
 IVW | iShares S&P 500 Growth ETF | $128.42 | -5.8% | $75.4B | 0.18% | 0.38% | +3.9% |
 SCHG | Schwab U.S. Large-Cap Growth ETF | $32.81 | -5.5% | $62.5B | 0.04% | 0.42% | -0.6% |
 SPYG | State Street SPDR Portfolio S&P 500 Growth ETF | $111.17 | -5.8% | $54.7B | 0.04% | 0.53% | +3.9% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corp | 0.29% | $181.60 | -9.3% | $4.38T | 23.0 | 0.43% |
| AAPL | Apple Inc | 0.20% | $344.17 | -1.5% | $5.00T | 38.4 | 0.34% |
| MSFT | Microsoft Corp | 0.10% | $535.93 | -3.6% | $3.98T | 28.0 | 0.72% |
| GOOG | Alphabet Inc | 0.06% | $281.74 | -1.9% | $3.45T | 14.7 | 0.31% |
| AVGO | Broadcom Inc | 0.06% | $291.53 | -10.4% | $1.39T | 37.2 | 0.9% |
| GOOGL | Alphabet Inc | 0.05% | $282.57 | -2.2% | $3.45T | 14.8 | 0.31% |
| MU | Micron Technology Inc | 0.05% | $656.39 | -17.5% | $742.7B | 8.8 | 0.11% |
| TSLA | Tesla Inc | 0.05% | $343.69 | -10.8% | $1.36T | 378.1 | - |
iShares Russell Top 200 Growth ETF Investor Checkpoints
Here are the points to review before investing in IWY. Because the fund offers concentrated exposure to mega-cap growth stocks, it is worth checking in advance the concentration in top holdings, the volatility typical of growth stocks, and the cost burden that accumulates over long holding periods.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the cumulative cost impact over long holding periods | Annual fee applies |
| 📊 Top Holdings Concentration | Monitor the trend in the weight of a few Big Tech names | Large mega-cap weighting |
| 📈 Style Exposure | Understand volatility from the growth stock tilt | Distinct growth style |
| 💱 Exchange Rate | Impact on returns converted to Korean won | Not currency hedged |
Concentration in top holdings and the valuation sensitivity typical of growth stocks are the main drivers of short-term volatility. During periods of rising interest rates or growth stock corrections, drawdowns can be larger than those of broad core ETFs.
It is a suitable choice for long-term investors who want concentrated exposure to US mega-cap growth stocks. If you need broader growth exposure, we recommend comparing IWF and VUG, and if cost is the priority, low-fee products such as SCHG.
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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