iShares Micro-Cap ETF
IWC
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- iShares Micro-Cap ETF (IWC) is an exchange-traded fund that seeks to track the investment results of the Russell Microcap Index, which measures the performance of the micro-capitalization segment of the U.S. equity market composed of approximately 1,400 of the smallest securities based on a combination of their market cap and current index membership; the fund employs a representative sampling strategy to hold a portfolio of equity securities mirroring the index's sector and industry weightings across all 11 GICS sectors, including top holdings such as Applied Digital Corporation, Centrus Energy Corp., and Cipher Mining Inc., with over 1,300 holdings representing diverse micro-cap companies in industrials, financials, technology, healthcare, and consumer sectors. IWC provides investors with broad exposure to small blend U.S. equities targeting institutional and retail investors seeking growth opportunities in micro-caps; it features an expense ratio of 0.60%, quarterly distributions, and daily liquidity on the NYSE Arca exchange. Launched on August 12, 2005, and managed by BlackRock Fund Advisors, Inc. as part of the iShares family under BlackRock, Inc., the ETF is headquartered in San Francisco, California, with primary operations in the United States. In recent developments, the fund has reflected ongoing reconstitution of the Russell Microcap Index, including additions such as Diversified Energy Company and JanOne Inc. in the energy and utility sectors during the 2025 annual update, alongside removals like ESS Tech Inc. and Aqua Metals Inc., which dynamically adjust its holdings to maintain alignment with the benchmark's evolving composition of micro-cap issuers. Portfolio changes in 2024-2025 filings show new positions in companies including Angi Inc., TSS, Inc., Ferroglobe PLC, Nutex Health Inc., and Power Solutions International, Inc., driven by index methodology and market capitalization shifts, while net assets have fluctuated to around $1.03 billion amid strong one-year returns exceeding 22% as of late 2025. The management team saw portfolio manager additions in April 2025, including Peter Sietsema, Matt Waldron, and Steven White, alongside Jennifer Hsui, enhancing oversight of the passive replication strategy. No major acquisitions, funding rounds, or strategic alliances specific to the ETF were reported in the last 1-2 years, as it operates as a passively managed index tracker without ESG focus.