The iShares Russell 2000 ETF (IWM) provides exposure to small-cap U.S. equities but fails Shariah compliance due to unscreened holdings in non-permissible sectors and lack of purification mechanisms. As a conventional ETF, it does not meet standards from major authorities or indices. Financial ratios are inapplicable in traditional form, but portfolio analysis reveals significant riba and haram exposure. Investors seeking Shariah-compliant small-cap exposure should consider screened alternatives. Overall, IWM is non-compliant, requiring avoidance or heavy purification if held.