Overview
The value half of the Russell 2000 — around 1,400 small US companies with lower price-to-book ratios, heavy in regional banks, industrials and energy.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| FYBR | Frontier Communications | 0.6% |
| INSM | Insmed Inc. | 0.5% |
| FLR | Fluor Corp. | 0.5% |
| MLI | Mueller Industries | 0.4% |
| JXN | Jackson Financial | 0.4% |
| CMA | Comerica Inc. | 0.4% |
| EQT | EQT Corp. | 0.4% |
| THC | Tenet Healthcare | 0.4% |
| ZION | Zions Bancorp | 0.4% |
| AL | Air Lease Corp. | 0.3% |
Fund Details
Investment Thesis
Small-cap value spent years as the market's most hated segment — and then delivered a +37% year when rate-cut hopes and a broadening economy finally turned the tide. IWN is the benchmark vehicle for the segment: no profitability screen (that is AVUV's edit), just the raw Russell 2000 Value index that a quarter-century of academic literature is built on. Regional-bank concentration makes it sensitive to credit conditions in both directions.
Who It's For
Mean-reversion investors playing the small-value discount through the standard benchmark, and allocators pairing it against large-growth exposure. Those wanting a profitability filter should compare AVUV.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $120.54 | -- |
| 2017 | $127.77 | +6.0% |
| 2018 | $108.61 | -15.0% |
| 2019 | $130.33 | +20.0% |
| 2020 | $134.24 | +3.0% |
| 2021 | $169.14 | +26.0% |
| 2022 | $140.39 | -17.0% |
| 2023 | $157.23 | +12.0% |
| 2024 | $166.67 | +6.0% |
| 2025 | $180.00 | +8.0% |
| Year | Yield |
|---|---|
| 2016 | 1.80% |
| 2017 | 1.70% |
| 2018 | 2.10% |
| 2019 | 1.90% |
| 2020 | 1.60% |
| 2021 | 1.30% |
| 2022 | 1.70% |
| 2023 | 1.70% |
| 2024 | 1.60% |
| 2025 | 1.50% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $7B | -- |
| 2017 | $9B | +28.6% |
| 2018 | $8B | -11.1% |
| 2019 | $10B | +25.0% |
| 2020 | $10B | +0.0% |
| 2021 | $15B | +50.0% |
| 2022 | $12B | -20.0% |
| 2023 | $11B | -8.3% |
| 2024 | $12B | +9.1% |
| 2025 | $13B | +8.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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