Equity

THRO

iShares U.S. Thematic Rotation Active ETF ACTIVE

Add to Compare
  • NAV as of 04/Dec/2025 USD 38.78
    52 WK: 28.63 - 39.01
  • 1 Day NAV Change as of 04/Dec/2025 USD 0.15 (0.39%)
  • NAV Total Return as of 01/Dec/2025 YTD: 14.95%
  • Morningstar Rating
  • Fees as stated in the prospectus Expense Ratio: 0.57%

Overview

Why THRO?

1. Tactical exposure to timely themes: Seeks to dynamically rotate exposure to U.S. market themes ranging from long-term, structural forces to rapidly evolving trends.

 

2. Harness future U.S. themes using big data: Seek long-term capital appreciation through proprietary insights on U.S. market themes that can shape the global economic future.

 

3. Complement your core U.S. allocation: Add to a portfolio as an active large cap exposure.

INVESTMENT OBJECTIVE

The iShares U.S. Thematic Rotation Active ETF seeks long-term capital appreciation.

Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Show Less
Loading

Performance

Performance

Chart

View full chart

The figures shown relate to past performance. Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

Share Class and Benchmark performance displayed in USD, hedged fund benchmark performance is displayed in USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. Performance data is based on the net asset value (NAV) of the ETF which may not be the same as the market price of the ETF. Individual shareholders may realize returns that are different to the NAV performance.

The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return on Capital

This chart shows the product's performance as the percentage loss or gain per year over the last 3 years.

  2020 2021 2022 2023 2024
Total Return (%) USD -17.8 24.4 31.9
Benchmark (%) USD -18.1 26.3 25.0
  From
30/Sept/2020
To
30/Sept/2021		 From
30/Sept/2021
To
30/Sept/2022		 From
30/Sept/2022
To
30/Sept/2023		 From
30/Sept/2023
To
30/Sept/2024		 From
30/Sept/2024
To
30/Sept/2025
Total Return (%) USD

as of 30/Sept/2025

- - 25.39 40.97 16.49
Benchmark (%) USD

as of 30/Sept/2025

- - 21.62 36.35 17.60
  1y 3y 5y 10y Incept.
Total Return (%) USD 16.49 27.22 - - 12.51
Benchmark (%) USD 17.60 24.94 - - 11.81
- - - - - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) USD 13.06 3.03 6.49 19.57 16.49 105.91 - - 56.45
Benchmark (%) USD 14.83 3.65 8.12 19.96 17.60 95.01 - - 52.77
- - - - - - - - - -

Key Facts

Key Facts

Net Assets of Fund
as of 04/Dec/2025
USD 6’975’928’255
Exchange
NYSE Arca
Benchmark Index
S&P 500 Index
Premium/Discount
as of 03/Dec/2025
0.05%
Volume - 1d
as of 04/Dec/2025
943’087.00
Fund Launch Date
14/Dec/2021
Asset Class
Equity
Distribution Frequency
Quarterly
CUSIP
09290C806

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 03/Dec/2025
247
12 Month Trailing Dividend Distribution Yield
as of 31/Oct/2025
0.16%
Equity Beta (3y)
as of 31/Oct/2025
1.05
Standard Deviation (3y)
as of 31/Oct/2025
13.98%

Fees

Fees

as of current prospectus
Management Fee 0.57
Acquired Fund Fees and Expenses 0.00
Foreign Taxes and Other Expenses 0.00
Gross Expense Ratio 0.57

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for iShares U.S. Thematic Rotation Active ETF, , as of 30/Nov/2025 rated against 1211 Large Blend Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective 31/Oct/2025)
Analyst-Driven % as of 31/Oct/2025
55.00
Data Coverage % as of 31/Oct/2025
88.00

Registered Locations

Registered Locations

Holdings

Holdings

Issuer Ticker Name Sector Asset Class Market Value Weight (%) Notional Value Nominal CUSIP ISIN SEDOL Price Location Exchange Currency FX Rate Accrual Date
Download Holdings
Detailed Holdings and Analytics contains detailed portfolio holdings information and select analytics.


The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Notional value represents the portfolio's exposures based on the economic value of investments and options are delta-adjusted. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

“Quantity” represents the number of shares, units or contracts of the corresponding security, as applicable per security type.

Exposure Breakdowns

Exposure Breakdowns

as of 03/Dec/2025

% of Market Value

Type Fund
Allocations are subject to change.

Listings

Listings

Exchange Ticker Currency Listing Date SEDOL Bloomberg Ticker RIC
NYSE Arca THRO USD 16/Dec/2021 - - -

Portfolio Managers

Portfolio Managers

Raffaele Savi
Raffaele Savi
Travis Cooke
Travis Cooke

Travis Cooke, CFA, Managing Director, is Head of North American strategies within BlackRock’s Systematic investment team. In his current role, Mr. Cooke is responsible for US and Canadian long-only and long-short strategies for retail and institutional clients.

Read More

Travis Cooke, CFA, Managing Director, is Head of North American strategies within BlackRock’s Systematic investment team. In his current role, Mr. Cooke is responsible for US and Canadian long-only and long-short strategies for retail and institutional clients. Mr. Cooke's service with the firm dates back to 1999, including his years with Barclays Global Investors, where he managed US strategies within the Alpha Strategies Group.

 

Mr. Cooke holds undergraduate degree in Economics from the University of California at Santa Barbara, an MSc in finance from London Business School, and has been a CFA charter holder since 2001.

Linus Franngard
Linus Franngard
Philip Hodges, PhD
Philip Hodges, PhD
Managing Director, Co-head of Systematic Equities Macro and Lead Portfolio Manager for Enhanced Factors Strategies

  

Read More

Philip Hodges, PhD, Managing Director, is a portfolio manager within BlackRock’s Systematic investment team. Dr. Hodges co-heads BlackRock’s systematic equities macro and is responsible for delivering investment performance across BlackRock's macro and style factor strategies. The group optimizes macro and factor exposures to help clients meet their investment objectives. Dr. Hodges leads two of the team's flagship factor strategies: Market Advantage and Style Advantage.

 

Dr. Hodges' service with the firm dates back to 2007, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Previously, Dr. Hodges has served as a research officer within the Client Solutions group in San Francisco and a quantitative analyst within the Liability Driven Investment team in London. Prior to joining BGI, Dr. Hodges was a post-doctoral research associate in physical chemistry at the University of Oxford and University Lyon I.

 

Dr. Hodges earned a MChem degree in chemistry and a D.Phil. in molecular spectroscopy from the University of Oxford in 2002 and 2006, respectively.

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Literature

Literature