DFAU vs THRO: Grades, Fees and Holdings Compared

Dimensional US Core Equity Market ETF

DFAUANYSE Arca

iShares U.S. Thematic Rotation Active ETF

THROBNYSE Arca

Overlap

58.5%by weight

Expense ratio

DFAU −0.45pt a year

DFAU0.12%THRO0.57%

Avg volume · 30D

THRO 1.3×the volume

DFAU555KTHRO740K

3Y return · a year

THRO +1.4pt

DFAU+22.9%THRO+24.3%

DFAU vs THRO Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%DFAU+11.7%THRO

Expense ratio: DFAU 0.12%, better; THRO 0.57%
Fund size: DFAU $12.9B; THRO $7.33B
1Y total return: DFAU +13.2%, better; THRO +11.7%
Yield (12M): DFAU 0.90%, better; THRO 0.30%
Holdings: DFAU 2165; THRO 248
Avg volume (30D): DFAU 555K sh; THRO 740K sh, better
NAV per share: DFAU $52.28; THRO $43.06
52W range

ETF.net Grade

Pillar letters and Scores for DFAU, THRO, with each pillar’s weight
Pillar	DFAU	THRO
Cost30% weight	A97Higher	B61
Mission25% weight	A83Higher	A72
Risk15% weight	B65Higher	B56
Tradability15% weight	A87	A95Higher
Holdings10% weight	A84Higher	B57
Durability5% weight	A91Higher	A89

Rank among US Active Equity funds

How we build Categories ›

Same Category. DFAU and THRO are both graded against the same 121 US Active Equity funds, so their Grades compare head to head.

US Active Equity⁠

Category · 121 funds

See all 121 ›

DFAU ranks 2nd and THRO 28th of 121 funds in the US Active Equity Category.

Rank 1AAVLCAvantis U.S. Large Cap Equity ETFScore 87
Rank 2ADFAUDimensional US Core Equity Market ETFScore 86
Rank 3ADFACDimensional US Core Equity 2 ETFScore 85
Rank 28BLCAPPrincipal Capital Appreciation Select ETFScore 68
Rank 28BTHROiShares U.S. Thematic Rotation Active ETFScore 68
Rank 31BESNEssential 40 Stock ETFScore 67

Our read on each fund

ETF.net Research

DFAUADimensional US Core Equity Market ETF

THROBiShares U.S. Thematic Rotation Active ETF

In short

DFAU Active management priced like an index fund. Dimensional spreads across roughly 2,400 US stocks, then tilts the weights toward value, profitability and momentum instead of simply mirroring the Russell 3000.

THRO Most thematic ETFs make you pick the theme and the timing. THRO hands both jobs to BlackRock's active team, rotating a roughly 240-stock U.S. portfolio as themes move in and out of favor.

Stated mandate

DFAU Seeks long-term capital appreciation. It uses an integrated research, portfolio-design, management, and trading process to build a broadly diversified portfolio of U.S. companies while balancing long-term return drivers, risk, shorter-term considerations, and trading costs.

THRO The fund seeks long-term capital appreciation by actively adjusting its exposure to changing themes in the U.S. market.

Why people hold it

DFAU Charges 0.12% a year, well under the 0.65% median for active US equity funds and the cheapest of the top-graded names in its group (AVLC, DFAC, FELC).
Holds roughly 2,400 US companies, so no single name steers the fund. Whole-market coverage, not a concentrated bet.
Active without the stock-picking drama: it leans weights toward value, profitability and momentum, using the Russell 3000 as its reference point rather than a rigid rulebook.
A multi-billion-dollar fund that trades actively, and one of the strongest overall implementations in its active US equity peer group.

THRO You're buying the rotation, not one theme. Managers actively shift exposure across changing U.S. themes, spread over roughly 240 stocks instead of a dozen pure plays.ishares.com
Sits among the stronger implementations in the U.S. thematic group, and it's a multi-billion-dollar fund that trades actively rather than a thin novelty listing.
Live since 2021 and run under the iShares banner, so it comes with full-scale fund operations behind the stock picking.

Worth knowing

DFAU Those tilts cut both ways: results can drift from a plain Russell 3000 fund for long stretches, in either direction.
No published index behind it. The trade-off for flexibility is that you're buying Dimensional's process, not a public set of rules you can check line by line.
Distributions land quarterly, not monthly, and the mandate is long-term capital appreciation rather than income.

THRO 0.57% a year is what the theme calls cost. Broad U.S. index funds charge a small fraction of that, so the manager has ground to make up.
Active and index-free: no benchmark to check the work against, and the portfolio can look very different from the broad U.S. market at any moment.ishares.com
Built for long-term capital appreciation. Distributions come quarterly and are a byproduct, not the mandate.

Full DFAU profile⁠

Full THRO profile⁠

DFAU vs THRO Holdings

How DFAU and THRO differ

Overlap by weight

58.5%

Shared holdings make up 98.4% of THRO and 66.5% of DFAU.

Level by level

Holdings231 in both58.5%
Sector11 Sectors89.6%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in DFAU and THRO, widest gap first
Sector	More in DFAUMore in THRO	DFAU	THRO
Technology	THRO +6.9 points	36.6%	43.5%
Financials	DFAU +2.9 points	12.9%	10.0%
Health Care	DFAU +2.5 points	9.7%	7.2%
Materials	DFAU +2.2 points	2.7%	0.5%
Consumer Discretionary	DFAU +2.0 points	9.4%	7.4%
Industrials	THRO +1.5 points	8.9%	10.4%
Consumer Staples	THRO +1.0 points	4.7%	5.7%
Energy	THRO +0.8 points	4.9%	5.7%
Utilities	DFAU +0.7 points	2.1%	1.4%
Communication	THRO +0.3 points	8.0%	8.3%
Real Estate	DFAU +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in DFAU and THRO, widest gap first
Country	More in DFAUMore in THRO	DFAU	THRO
Israel	THRO +0.7 points	0.0%	0.7%
Other countries (12)	DFAU +0.7 points	100.0%	99.3%

Concentration

Weight in the 10 largest Holdings

DFAU33.4%
THRO43.4%

Securities held

DFAU2,164
THRO246

Asset class

DFAU: Equity
THRO: Equity

Holdings

Only in DFAU1,933
In both231
Only in THRO15

Only in DFAU

1,933 securities, 33.3% of DFAU by weight

Mastercard Inc - A0.69%
AbbVie Inc.0.61%
General Electric Company0.38%
Amgen Inc0.36%
Wells Fargo & Co.0.34%
New Linde PLC0.30%
Conocophillips0.28%
American Express Co.0.26%
Pepsico Inc.0.25%
Netflix.com Inc.0.24%
Analog Devices Inc.0.24%
Walt Disney Co/The0.22%
Mcdonald's Corp.0.21%
AT&T Inc.0.19%
Eog Resources Inc.0.19%
Phillips 660.19%
BlackRock Funding Inc/De0.18%
Abbott Laboratories0.18%
Progressive Corp0.18%
General Motors0.17%
Csx Corp0.17%
Intercontinental Exchange0.16%
Royal Caribbean Cruises0.16%
Chubb Limited0.15%
Synopsys Inc0.15%
Medtronic PLC0.15%
Capital One Financial0.15%
Mondelez Intl0.15%
Cigna Group/The0.15%
Vertex Pharmaceuticals0.15%
Ecolab Inc0.15%
Altria Group Inc.0.15%
Sherwin-Williams Co0.14%
Occidental Petroleum Corp0.14%
Automatic Data Processing0.14%
Intuitive Surgical Inc.0.14%
Cvs Health Corp0.14%
Starbucks Corp0.14%
Marriott Intl Class A0.14%
United Rentals Inc.0.14%
Bank of New York Mellon0.13%
Nxp Semiconductors NV0.13%
Regeneron Pharmaceuticals0.13%
Ups Inc. Class B0.13%
Booking Holdings Inc0.13%
Williams Cos. Inc.0.13%
Waste Management Inc.0.13%
Cummins Inc0.13%
Hilton Worldwide Hold0.13%
U.s. Bancorp0.12%

Only in THRO

15 securities, 1.2% of THRO by weight

Check Point Software Technologies0.74%
Space Exploration Technologies Cor0.09%
Innio N V NV0.07%
Fiserv Inc0.06%
Silicon Laboratories0.06%
Liberty Live Holdings Inc Series C0.04%
Quantinuum Inc Class A0.04%
Liberty Live Holdings Inc Series A0.03%
Charter Communications Class A0.02%
Trade Desk Class A0.02%
Oklo Class A0.02%
Strategy Inc Class A0.00%
Maxlinear0.00%
SHIFT4 Payments Class A0.00%
Viking Holdings Ltd0.00%

Weight gaps

The 100 widest of 231 Holdings in both funds.

Holding weights in DFAU and THRO, widest gap first
Holding	More in DFAUMore in THRO	DFAU	THRO
Walmart Inc.WMT	THRO +2.00 points	0.68%	2.68%
Exxonmobil Holdings CorpXOM	THRO +1.88 points	1.07%	2.95%
Apple Inc.AAPL	THRO +1.65 points	7.10%	8.75%
JPMorgan Chase & CoJPM	THRO +1.50 points	1.21%	2.71%
Johnson & JohnsonJNJ	THRO +1.44 points	0.78%	2.22%
Caterpillar Inc.CAT	THRO +1.39 points	0.35%	1.74%
Rtx CorpRTX	THRO +1.30 points	0.31%	1.61%
Pfizer Inc.PFE	THRO +1.29 points	0.19%	1.48%
Visa IncV	THRO +1.28 points	0.96%	2.24%
Nextera Energy IncNEE	THRO +1.26 points	0.20%	1.46%
Amazon.com Inc.AMZN	THRO +1.27 points	3.14%	4.41%
Northrop Grumman Corp.NOC	THRO +1.05 points	0.14%	1.19%
Alphabet Inc - Class AGOOGL	THRO +1.04 points	2.14%	3.18%
Chevron Corp.CVX	THRO +1.02 points	0.56%	1.58%
Procter & Gamble Co/ThePG	THRO +1.00 points	0.52%	1.52%
Cisco Systems Inc.CSCO	THRO +0.96 points	0.54%	1.50%
NVIDIA CorpNVDA	THRO +0.95 points	6.79%	7.74%
Lockheed Martin Corp.LMT	THRO +0.93 points	0.20%	1.13%
Microsoft CorpMSFT	THRO +0.88 points	5.62%	6.50%
Applied Materials Inc.AMAT	THRO +0.82 points	0.39%	1.21%
Deere & Co.DE	THRO +0.76 points	0.20%	0.96%
Advanced Micro DevicesAMD	THRO +0.62 points	1.02%	1.64%
Micron Technology Inc.MU	THRO +0.60 points	1.62%	2.22%
Adobe IncADBE	THRO +0.60 points	0.11%	0.71%
3M Co.MMM	THRO +0.58 points	0.16%	0.74%
Merck & Company IncMRK	DFAU +0.49 points	0.53%	0.04%
Bank of America CorpBAC	THRO +0.45 points	0.39%	0.84%
Palo Alto Networks IncPANW	THRO +0.45 points	0.20%	0.65%
Eli Lilly and CompanyLLY	DFAU +0.43 points	1.45%	1.02%
Salesforce IncCRM	THRO +0.42 points	0.24%	0.66%
Cme Group Inc.CME	THRO +0.41 points	0.11%	0.52%
Home Depot IncHD	THRO +0.39 points	0.46%	0.85%
Goldman Sachs Group Inc.GS	THRO +0.38 points	0.35%	0.73%
Philip Morris IntlPM	DFAU +0.37 points	0.37%	0.00%
Morgan StanleyMS	THRO +0.37 points	0.29%	0.66%
Intel CorpINTC	THRO +0.36 points	0.48%	0.84%
Oracle Corp.ORCL	DFAU +0.36 points	0.38%	0.02%
Palantir Technologies IncPLTR	THRO +0.35 points	0.40%	0.75%
International Business MaIBM	THRO +0.33 points	0.36%	0.69%
Berkshire Hathaway Cl-BBRK.B	DFAU +0.33 points	1.15%	0.82%
Qualcomm Inc.QCOM	THRO +0.30 points	0.29%	0.59%
Tjx Companies Inc.TJX	THRO +0.26 points	0.20%	0.46%
UnitedHealth Group Inc.UNH	THRO +0.26 points	0.40%	0.66%
Kroger Co.KR	THRO +0.23 points	0.09%	0.32%
F5 IncFFIV	THRO +0.22 points	0.04%	0.26%
Quanta Services Inc.PWR	THRO +0.22 points	0.09%	0.31%
Citigroup Inc.C	THRO +0.22 points	0.24%	0.46%
Mueller Industries IncMLI	THRO +0.21 points	0.02%	0.23%
Halliburton CoHAL	THRO +0.21 points	0.05%	0.26%
Bristol-Myers Squibb Co.BMY	DFAU +0.21 points	0.21%	0.00%
SS&C TechnologiesSSNC	THRO +0.20 points	0.04%	0.24%
Expeditors Intl Wash IncEXPD	THRO +0.19 points	0.05%	0.24%
Thermo Fisher Scientific.TMO	THRO +0.19 points	0.27%	0.46%
Lam Research CorpLRCX	THRO +0.18 points	0.36%	0.54%
Alphabet IncGOOG	DFAU +0.18 points	1.76%	1.58%
Meta Platforms IncMETA	THRO +0.18 points	1.78%	1.96%
Echostar CorpECHO	THRO +0.17 points	<0.01%	0.18%
Allstate Corp.ALL	THRO +0.17 points	0.15%	0.32%
Accenture PLCACN	DFAU +0.17 points	0.17%	<0.01%
Arch Capital Group LtdACGL	THRO +0.17 points	0.07%	0.24%
Johnson Controls IntlJCI	DFAU +0.17 points	0.17%	0.00%
S&P Global IncSPGI	DFAU +0.16 points	0.16%	<0.01%
Gilead Sciences IncGILD	DFAU +0.16 points	0.30%	0.14%
Emerson Elec CoEMR	DFAU +0.15 points	0.15%	0.00%
Emcor Group IncEME	THRO +0.15 points	0.06%	0.21%
Jabil IncJBL	THRO +0.15 points	0.06%	0.21%
Tesla IncTSLA	THRO +0.15 points	1.35%	1.50%
Dollar Tree IncDLTR	THRO +0.15 points	0.05%	0.20%
Illinois Tool Works Inc.ITW	DFAU +0.14 points	0.14%	0.00%
Alcoa CorpAA	THRO +0.14 points	0.02%	0.16%
Cintas Corp.CTAS	DFAU +0.14 points	0.14%	0.00%
Crowdstrike Holdings IncCRWD	THRO +0.15 points	0.14%	0.29%
The Charles Schwab Corp.SCHW	DFAU +0.14 points	0.17%	0.03%
Lyondellbasell IndustriesLYB	THRO +0.13 points	0.04%	0.17%
Boeing Co/TheBA	DFAU +0.13 points	0.13%	<0.01%
Marsh & Mclennan Cos IncMRSH	DFAU +0.13 points	0.13%	0.00%
Arista Networks IncANET	DFAU +0.14 points	0.21%	0.07%
Republic Services IncRSG	DFAU +0.13 points	0.13%	<0.01%
Metlife Inc.MET	DFAU +0.13 points	0.13%	0.00%
Lowe's Cos IncLOW	DFAU +0.13 points	0.13%	0.00%
Biogen IncBIIB	THRO +0.12 points	0.06%	0.18%
Dollar General Corp.DG	THRO +0.13 points	0.05%	0.18%
Hewlett-Packard EnterprisHPE	DFAU +0.12 points	0.16%	0.04%
Costco Wholesale Corp.COST	DFAU +0.12 points	0.48%	0.36%
Jacobs Solutions IncJ	THRO +0.12 points	0.04%	0.16%
Newmont CorpNEM	DFAU +0.12 points	0.18%	0.06%
Hca Healthcare IncHCA	THRO +0.12 points	0.09%	0.21%
Ross Stores Inc.ROST	DFAU +0.12 points	0.14%	0.02%
Hf Sinclair CorpDINO	THRO +0.11 points	0.05%	0.16%
Duke Energy Corp.DUK	DFAU +0.11 points	0.11%	0.00%
Aon PLCAON	DFAU +0.11 points	0.14%	0.03%
Cardinal Health Inc.CAH	THRO +0.11 points	0.09%	0.20%
Lumentum Holdings IncLITE	THRO +0.10 points	0.09%	0.19%
Sandisk Corp/DeSNDK	THRO +0.10 points	0.27%	0.37%
Boston Scientific Corp.BSX	THRO +0.11 points	0.03%	0.14%
Cheniere Energy IncLNG	THRO +0.10 points	0.13%	0.23%
Moderna IncMRNA	DFAU +0.10 points	0.10%	<0.01%
Norfolk Southern Corp.NSC	DFAU +0.10 points	0.13%	0.03%
Corning IncGLW	DFAU +0.10 points	0.10%	0.00%
Coca Cola Co.KO	THRO +0.10 points	0.46%	0.56%

All 2,381 DFAU holdings⁠All 246 THRO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFAU vs THRO Cost

Overpaying THRO vs DFAU

$8,751

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFAU 0.12%
$2,520
THRO 0.57%
$11,271

Amount$10,000

Years30 years

Cost over time

DFAU 0.12%
THRO 0.57%
Overpaying

Year by year

Year	DFAU	THRO	Overpaying
10	$220	$1,023	$803
20	$859	$3,921	$3,062
30	$2,520	$11,271	$8,751

Expense ratio

0.12%DFAU, cheaper
0.57%THRO

DFAU0.12%THRO0.57%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DFAU 4th cheapest of 121 funds

THRO 50th cheapest of 121 funds

DFAU vs THRO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAU 0.90%, better; THRO 0.30%
Payout (12M): DFAU $0.47; THRO $0.13
Last payment: DFAU $0.12; THRO $0.05
Ex-dividend: DFAU Sep 22, 2026; THRO Sep 15, 2026
Paid on: DFAU Sep 24, 2026; THRO Sep 18, 2026
Frequency: DFAU Quarterly; THRO Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

DFAUQuarterly · 24 paymentsAll DFAU payments⁠

THROQuarterly · 20 paymentsAll THRO payments⁠

DFAU vs THRO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAU 12.4%, betterTHRO 13.9%
Return per unit of riskSharpe ratio, 3 years: DFAU 1.38, betterTHRO 1.33
Worst fallMax drawdown, 5 years: DFAU −23.6%THRO −26.5%since Dec 2021
Market sensitivityBeta, 5 years: DFAU 1.01THRO 1.06; Market = 1

DFAU and THRO in the news

All news⁠

New ETFs
Tuttle's GANZ looks for a theme's suppliers, but its own rule gives them the smaller share
Oct 27, 2026THRO
ETF Filings
Exchange Listed Funds Trust files a draft SameSide ETF that can leave stocks entirely
Oct 9, 2026THRO

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DFAU vs THRO

In short

Stated mandate

Why people hold it

Worth knowing

How DFAU and THRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAU

Only in THRO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Tuttle's GANZ looks for a theme's suppliers, but its own rule gives them the smaller share

Exchange Listed Funds Trust files a draft SameSide ETF that can leave stocks entirely

How DFAU and THRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAU

Only in THRO

Weight gaps