iShares Russell Top 200 Growth ETF
IWY
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- iShares Russell Top 200 Growth ETF (IWY) is an exchange-traded fund that seeks to track the investment results of the Russell Top 200 Growth Index, composed of large-capitalization U.S. equities exhibiting growth characteristics; it provides passive exposure to approximately the top 200 growth-oriented companies from the Russell 1000 Index, with heavy weighting toward information technology, consumer discretionary, and communication services sectors. The fund employs a full replication strategy, holding all index constituents in proportion to their weightings, including top holdings such as NVIDIA Corp, Microsoft Corp, and Apple Inc, which together represent over 40% of assets under management; it distributes dividends quarterly and maintains a low expense ratio of 0.20%. Launched on September 22, 2009, and domiciled in the United States, IWY is issued and managed by BlackRock, Inc., the world's largest asset manager headquartered in New York City, with total net assets exceeding $17 billion as of late 2025. IWY targets institutional and retail investors seeking concentrated large-cap U.S. growth equity exposure; it operates exclusively within U.S. markets, listing on NYSE Arca, with portfolio turnover aligned to the benchmark's quarterly rebalancing schedule after the third Friday of March, June, September, and December. The fund's investment team includes portfolio managers Jennifer Hsui since 2012 and newer additions Peter Sietsema, Matt Waldron, and Steven White effective April 1, 2025, reflecting routine management updates by BlackRock. In March 2025, FTSE Russell implemented new issuer-level concentration caps in the Russell U.S. Style Indexes, including the Russell Top 200 Growth Index, capping the sum of companies weighted above 4.5% at 45% and individual issuers at 22.5% to mitigate mega-cap dominance while preserving benchmark integrity; this adjustment had minimal impact on IWY's tracked index during the June 2025 reconstitution, as affected weights for names like Amazon and Alphabet aligned closely with thresholds. Amid 2025 market dynamics, IWY achieved a 52-week high in October driven by strong large-cap growth performance, with year-to-date returns outperforming broader benchmarks amid cooling inflation and monetary policy expectations. The ETF continues to grow assets steadily, surpassing $16.5 billion by mid-2025, underscoring sustained investor demand for its tech-heavy growth strategy.