ETF Evaluator:
iShares Micro-Cap ETF (IWC)
Follow This ETF
(as of Jul 31)
Best Performing in Small Blend Over the Last Year
| 71.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 58.3% | iShares Micro-Cap ETF (IWC) |
| 52.2% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 50.0% | Invesco Dorsey Wright SmallCap Momt ETF (DWAS) |
| 49.9% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
Risk
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Risk
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ETF Details
iShares Micro-Cap ETF Overview
iShares Micro-Cap ETF (IWC) is a passively managed U.S. Equity Small Blend exchange-traded fund (ETF). iShares launched the ETF in 2005.
The investment seeks to track the investment results of the Russell Microcap Index, which measures the performance of the microcap sector of the U.S. equity market.
The fund generally will invest at least 80% of its assets in the component securities of its underlying index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, as well as in securities not included in the underlying index, but which the advisor believes will help the fund track the underlying index.
About iShares Micro-Cap ETF (IWC)
There are 4 members of the management team with an average tenure of 4.42 years: Jennifer Hsui (2012), Peter Sietsema (2025), Matt Waldron (2025) and Steven White (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Russell Micro Cap TR USD index with a weighting of 100%. iShares Micro-Cap ETF has 1381 securities in its portfolio. The top 10 holdings constitute 5.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares Micro-Cap ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. iShares Micro-Cap ETF has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.4% There is 1.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares Micro-Cap ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $5 billion average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
IWC Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares Micro-Cap ETF expense ratio is above average compared to funds in the Small Blend category. iShares Micro-Cap ETF has an expense ratio of 0.60%, which is 42% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares Micro-Cap ETF has a portfolio turnover rate of 28%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of June 2026, iShares Micro-Cap ETF returned 4.9%, which earned it a grade of D, as the Small Blend category had an average return of 5.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iShares Micro-Cap ETF has a trailing yield of 0.94%, which is below the 1.19% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iShares Micro-Cap ETF Grades
Year to date, the ETF has returned 27.3%, 6.7 percentage points better than the category, which translates into a grade of A. The fund has returned 58.3% over the past year (grade of A), 23.7% over the past three years (grade of A) and 6.8% per year over the past five years (grade of F) and 12.3% per year over the past 10 years (grade of B).
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IWC Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IWC Return (NAV) | 4.9% | 25.6% | 58.3% | 23.7% | 6.8% | 12.3% |
| IWC Return (Price) | 4.9% | 25.7% | 58.5% | 23.8% | 6.8% | 12.3% |
| NAV +/- Price Return | -0.061% | -0.089% | -0.181% | -0.077% | 0.030% | 0.004% |
| Small Blend Avg | 5.8% | 18.9% | 32.8% | 16.6% | 8.1% | 11.7% |
| IWC Grade (NAV) | D | A | A | A | F | B |
| +/- Category (NAV) | -0.9% | 6.7% | 25.5% | 7.1% | -1.3% | 0.6% |
| IWC Tax-Cost Ratio | na | na | 0.4% | 0.4% | 0.4% | 0.4% |
IWC Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IWC Return (NAV) | 27.3% | 22.8% | 13.5% | 9.1% | -22.1% | 18.9% | 20.7% | 22.5% | -13.1% | 12.7% | 20.5% |
| IWC Return (Price) | 27.4% | 22.4% | 13.6% | 9.0% | -21.9% | 18.7% | 20.9% | 22.2% | -13.1% | 12.8% | 20.6% |
| NAV +/- Price Ret | 0.002% | -0.015% | 0.014% | -0.010% | -0.008% | -0.009% | 0.010% | -1.1% | 0.3% | 0.5% | 0.5% |
| Small Blend Avg | 20.6% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| IWC Grade (NAV) | A | A | B | F | F | D | A | D | F | D | D |
| +/- Category | 6.7% | 14.1% | 1.7% | -7.2% | -6.2% | -5.1% | 8.0% | -2.4% | -3.9% | -1.7% | 0.9% |
| Risk Measures | |
| Beta: | 1.36 |
| R-Squared: | 63% |
| Standard Deviation: | 22.2% |
| Category Risk Index: | 1.22 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.83 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.9% |
| Total Assets: | $ 1,521 Mil |
| Share Class Assets: | $ 1,521 Mil |
| Turnover: | 28.0% |
| Expense Ratio: | 0.60% |
| Index Fund: | Yes |
| Index Tracked: | Russell Micro Cap TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.9 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Hsui Jennifer (2012), Sietsema Peter (2025), Waldron Matt (2025), White Steven (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1381 |
| % in Top 10 Holdings: | 5.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 98.4% |
| Foreign Stock: | 1.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | www.ishares.com |
| Inception Date: | August 12, 2005 |
Expenses and Fees
| Expense Ratio (%): | 0.60% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.42% |
