The iShares Russell 3000 ETF (Ticker: IWV) seeks investment results that, before fees and expenses, correspond generally to the performance of the Russell 3000 Index. Russell ranks U.S. common stocks from largest to smallest market capitalization at each annual reconstitution period on May 31 and changes are made to the index on the last Friday in June. The top 3,000 stocks by fee-float market capitalization become the Russell 3000 Index. The index represents approximately 98% of the U.S. market. Initial public offerings (IPOs) may be added quarterly. Deletions due to mergers and acquisitions are not replaced until the next reconstruction in June.