Barclays Global Investors today launched the iShares Russell Microcap Index fund, the first exchange-traded fund that tracks U.S. microcap stocks, said Lance Berg, spokesman. The new ETF carries an expense ratio of 0.6% and tracks a customized subset of the Russell Microcap index, according to BGI. That index, which represents approximately 2,000 of the smallest companies in the U.S. equity market, is expected to allow for better liquidity. It includes companies with total market capitalization of $50 million to $550 million. Through its iShares brand, BGI manages more than 120 ETFs worldwide.