Overview
The growth half of the Russell 2000 — the market's most speculative diversified segment, where tomorrow's mid-caps and failures share a portfolio.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| — | Healthcare & biotech | ~24% |
| — | Technology | ~22% |
| — | Industrials | ~19% |
| — | ~1,000 holdings, max <1% |
Fund Details
Investment Thesis
IWO is where the equity market's optimism concentrates: unprofitable biotechs, emerging software firms, and early-cycle industrials priced on what they might become. Academic finance calls this the worst-performing style box over long horizons — yet it leads every early-cycle rally, as its +34.7% year shows. The honest use case is cyclical timing or completing a style-box framework, not permanent allocation.
Who It's For
Tactical investors playing small-cap risk appetite, and style-box completers. Position sizing matters more here than in any other US equity segment.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $151.32 | -- |
| 2017 | $184.91 | +22.2% |
| 2018 | $167.72 | -9.3% |
| 2019 | $215.51 | +28.5% |
| 2020 | $290.08 | +34.6% |
| 2021 | $298.20 | +2.8% |
| 2022 | $219.48 | -26.4% |
| 2023 | $260.52 | +18.7% |
| 2024 | $294.91 | +13.2% |
| 2025 | $322.93 | +9.5% |
| Year | Yield |
|---|---|
| 2016 | 0.63% |
| 2017 | 0.65% |
| 2018 | 0.60% |
| 2019 | 0.62% |
| 2020 | 0.57% |
| 2021 | 0.58% |
| 2022 | 0.53% |
| 2023 | 0.55% |
| 2024 | 0.50% |
| 2025 | 0.50% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $8.0B | -- |
| 2017 | $8.4B | +5.0% |
| 2018 | $8.8B | +4.8% |
| 2019 | $9.2B | +4.5% |
| 2020 | $9.6B | +4.3% |
| 2021 | $10B | +4.2% |
| 2022 | $10B | +0.0% |
| 2023 | $11B | +10.0% |
| 2024 | $11B | +0.0% |
| 2025 | $12B | +9.1% |
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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