Key Highlights

  • The fund is actively managed and shifts exposure across evolving U.S. market themes.
  • The portfolio holds 274 companies, led by Apple, Nvidia and Microsoft.
  • The expense ratio is 0.57 percent, with quarterly distributions.
  • Net Assets were about $7.3 billion on November 11, 2026.

The iShares U.S. Thematic Rotation Active ETF (NYSEARCA:THRO) closed at $42.86 on November 11, 2026, with net assets of about $7.3 billion. The fund seeks long-term Capital appreciation through exposure to evolving U.S. market themes, using a data-driven process that combines systematic classification with rotation among themes. Its portfolio is managed by a team within BlackRock's systematic investing group rather than tracking a fixed index.

Ticker and exchange

THRO, NYSE Arca

Benchmark index

S&P 500 Index

Net asset value

$42.85 (Nov 11, 2026)

Daily NAV change

Up $0.62 (1.48%)

Net assets

$7,346,385,934

Number of holdings

274

Expense ratio

0.57%

30-day SEC yield

0.47%

Distribution frequency

Quarterly

Fund inception

December 14, 2021

An Active, Theme-Driven Approach

Unlike index funds, THRO does not seek to replicate a specified index. Its managers classify companies into themes using a systematic framework, then adjust the portfolio as those themes gain or lose relevance. The fund may trade more frequently than an index fund, which the prospectus notes can raise transaction costs.

The fund also uses derivatives, which can reduce returns or increase volatility. The prospectus says there is no guarantee that the classification system will achieve its intended results, and that the fund's hedging transactions may not be effective.

Holdings and Concentration

Apple accounts for about 8.48 percent of market value, followed by Nvidia at 6.62 percent and Microsoft at 6.26 percent. Amazon holds roughly 4.75 percent, and Alphabet Class A accounts for about 3.20 percent. Broadcom, JPMorgan Chase, Walmart, Johnson & Johnson and ExxonMobil also appear among the largest positions.

The portfolio contains 274 holdings, and its largest positions reflect the current theme mix in the U.S. market. Technology companies make up a large share of the top holdings, though the fund also holds companies in financials, consumer staples, health care and energy.

Trading and Distribution Details

About 572,397 shares traded on November 11, 2026, compared with a 30-day Average Daily Volume of roughly 576,694 shares. The 30-day median bid-ask spread was 0.02 percent, and the fund had 171.44 million shares outstanding.

The fund distributes income quarterly, and the September 2026 payment totaled $0.054389 per share. The 30-day SEC Yield was 0.47 percent and the 12-month trailing yield was 0.30 percent, both calculated at the end of October 2026.

Final Word

THRO offers an actively managed route into U.S. equities, using a theme-based process rather than a fixed index. Its 0.57 percent expense ratio and quarterly distributions set the cost and income terms. The fund's results will depend on how its theme classifications and rotation decisions perform across changing market conditions.