IWMI

iShares MSCI World Micro-Cap ETF (IWMI) is an exchange-traded fund that seeks to track the performance of an index composed of micro-cap companies across developed markets worldwide. The ETF is managed by BlackRock through its iShares platform and trades under the ticker IWMI on NYSE Arca.

Classified as a global equity ETF focused on micro-cap companies in developed markets, IWMI aims to reflect, before fees and expenses, the performance of the securities included in its reference index.

The fund follows a passive management strategy, structuring its portfolio to replicate the composition and weighting methodology defined by the tracked index, without discretionary asset allocation decisions.

IWMI tracks the MSCI World Micro Cap Index, which includes micro-cap companies from developed markets.

Constituent selection is based on eligibility criteria such as liquidity, market capitalization, and tradability. Securities are weighted by float-adjusted market capitalization, and the index undergoes periodic reviews involving additions, removals, and rebalancing, which are reflected in the ETF’s holdings.

Diversification and sector exposure

IWMI provides broad geographic and sector diversification within the developed market micro-cap segment. Exposure includes sectors such as:

• Information technology.
• Industrials.
• Consumer discretionary.
• Health care.
• Financials.
• Materials.

This diversification reflects the economic composition of developed markets within the smaller-cap segment.

Structure and costs

IWMI shares trade on the secondary market on NYSE Arca throughout regular trading hours. Creation and redemption occur through authorized participants, supporting alignment between market price and net asset value.

The fund charges a management fee as outlined in its prospectus and does not apply a performance fee. IWMI may distribute income derived from dividends paid by the companies held in its portfolio.

History and evolution of the ETF

The iShares MSCI World Micro-Cap ETF was launched in 2009 during a period of expanding access to targeted segments of global equity markets. Since inception, the fund has served as a vehicle for exposure to smaller-cap companies in developed economies, maintaining its passive replication approach.

In recent years, the ETF has reflected the effects of the pandemic, shifts in global liquidity conditions, interest rate tightening cycles, and the typical sensitivity of smaller companies to macroeconomic developments.

Additional Information

NEOS Russell 2000 High Income ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $738.75 M.

Over the past 12 months, NEOS Russell 2000 High Income ETF recorded a return of 43.32%, with its price trading between $40.49 and $51.29 during the same period.

The ETF is traded under the ticker IWMI.