IWN delivers a portfolio of value stocks drawn from the Russell 2000, which represent the US small-cap equity space. The fund's large basket favors the smallest firms, with minimal spillover into midcaps, and typically carries a bit more risk and slightly less dividend yield. Unlike other value funds that use various metrics, IWN relies solely on price-to-book to identify value stocks. Overall, IWN offers solid value exposure to small-caps. Note: instead of replicating the index, the fund uses representative sampling indexing. The index is reconstituted annually.