DYNF vs THRO: Grades, Fees and Holdings Compared

iShares U.S. Equity Factor Rotation Active ETF

DYNFANYSE Arca

iShares U.S. Thematic Rotation Active ETF

THROBNYSE Arca

Overlap

69.4%by weight

Expense ratio

DYNF −0.31pt a year

DYNF0.26%THRO0.57%

Avg volume · 30D

DYNF 3.0×the volume

DYNF2.25MTHRO740K

3Y return · a year

DYNF +2.4pt

DYNF+26.7%THRO+24.3%

DYNF vs THRO Performance

Oct 31, 2025 – Oct 30, 2026

+11.6%DYNF+11.7%THRO

Expense ratio: DYNF 0.26%, better; THRO 0.57%
Fund size: DYNF $41.8B; THRO $7.33B
1Y total return: DYNF +11.6%; THRO +11.7%, better
Yield (12M): DYNF 0.84%, better; THRO 0.30%
Holdings: DYNF 264; THRO 248
Avg volume (30D): DYNF 2.25M sh, better; THRO 740K sh
NAV per share: DYNF $67.32; THRO $43.06
52W range

ETF.net Grade

Pillar letters and Scores for DYNF, THRO, with each pillar’s weight
Pillar	DYNF	THRO
Cost30% weight	A86Higher	B61
Mission25% weight	Not scored	A72
Risk15% weight	A71Higher	B56
Tradability15% weight	A99Higher	A95
Holdings10% weight	B65Higher	B57
Durability5% weight	A97Higher	A89

Rank among US Active Equity funds

How we build Categories ›

Same Category. DYNF 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 ›

DYNF ranks 4th 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 4ADYNFiShares U.S. Equity Factor Rotation Active ETFScore 83
Rank 4AFELCFidelity Enhanced Large Cap Core ETFScore 83
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

DYNFAiShares U.S. Equity Factor Rotation Active ETF

THROBiShares U.S. Thematic Rotation Active ETF

In short

DYNF Most factor funds make you pick a lane: value, momentum, quality. DYNF rotates across five styles instead, letting a factor model decide which one leads, and charges an index-fund-ish 0.26% to do it.

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

DYNF The Fund seeks to outperform the U.S. equity market through diversified, tactical exposure to style factors using a factor rotation model.

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

DYNF Five style factors in one ticket (value, quality, momentum, growth, low volatility), reweighted by a rotation model rather than locked to a single tilt.
0.26% is well under half the median fee in its active US equity peer group, which is unusual pricing for a strategy with a human-supervised model behind it.
A multi-billion-dollar fund and one of the more actively traded names in its category, so getting in and out rarely becomes the hard part. Pays quarterly.
Running since 2019 under one of the biggest ETF shops, and it stands among the strongest overall implementations in the active US equity group we track.

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

DYNF The yardstick isn't the S&P 500: it's a custom blend of 80% MSCI USA and 20% MSCI USA Minimum Volatility, so a low-vol tilt is baked into the benchmark itself.
Active by design. The factor mix shifts, the book runs to a couple hundred stocks, and a rotation call can leave it out of step with a plain US market index fund.
Cheap for active, not the cheapest shelf: systematic peers DFAU (0.12%), AVLC (0.15%), DFAC (0.17%) and FELC (0.18%) all undercut it on fee.

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 DYNF profile⁠

Full THRO profile⁠

DYNF vs THRO Holdings

How DYNF and THRO differ

Overlap by weight

69.4%

Shared holdings make up 93.3% of THRO and 87.1% of DYNF.

Level by level

Holdings126 in both69.4%
Sector11 Sectors89.9%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in DYNF and THRO, widest gap first
Sector	More in DYNFMore in THRO	DYNF	THRO
Financials	DYNF +5.4 points	15.4%	10.0%
Technology	THRO +3.6 points	39.9%	43.5%
Consumer Staples	THRO +3.5 points	2.2%	5.7%
Industrials	THRO +2.4 points	8.0%	10.4%
Real Estate	DYNF +2.0 points	2.0%	0.0%
Communication	DYNF +1.3 points	9.6%	8.3%
Health Care	DYNF +0.5 points	7.7%	7.2%
Utilities	DYNF +0.4 points	1.8%	1.4%
Materials	DYNF +0.4 points	0.9%	0.5%
Consumer Discretionary	THRO +0.4 points	7.0%	7.4%
Energy	THRO +0.4 points	5.3%	5.7%

Country, concentration and asset class

Country by domicile

Country weights in DYNF and THRO, widest gap first
Country	More in DYNFMore in THRO	DYNF	THRO
United States	DYNF +0.9 points	100.0%	99.1%
Israel	THRO +0.7 points	0.0%	0.7%
Other countries (4)	THRO +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

DYNF40.4%
THRO43.4%

Securities held

DYNF262
THRO246

Asset class

DYNF: Equity
THRO: Equity

Holdings

Only in DYNF136
In both126
Only in THRO120

Only in DYNF

136 securities, 12.8% of DYNF by weight

Welltower0.92%
Realty Income Reit0.73%
Netflix0.71%
AT&T0.64%
American International Group0.62%
Hartford Insurance Group0.57%
Trane Technologies PLC0.51%
AbbVie0.49%
Ge Aerospace0.48%
Booking Holdings0.38%
Medtronic PLC0.33%
Progressive0.32%
General Motors0.28%
Prologis Reit0.26%
Phillips 660.23%
Regeneron Pharmaceuticals0.22%
Intuitive Surgical0.22%
Exelon Corp0.21%
Us Bancorp0.21%
Mcdonalds Corp0.21%
Host Hotels & Resorts Reit0.19%
Cvs Health0.15%
Applovin Class A0.14%
Nucor0.14%
Walt Disney0.13%
Bank of New York Mellon Corp0.12%
Howmet Aerospace0.12%
State Street0.12%
Capital One Financial Corp0.12%
Wells Fargo0.12%
United Therapeutics0.11%
Pepsico0.11%
Snowflake0.11%
American Electric Power Inc0.11%
Woodward0.10%
Csx0.09%
Five Below0.09%
Citizens Financial Group Inc0.08%
Vertiv Holdings Class A0.08%
Caseys General Stores Inc0.08%
Crh Public Limited PLC0.08%
Datadog Inc Class A0.08%
Ati0.08%
Royal Caribbean Group0.07%
Mastercard Class A0.07%
Roblox Class A0.07%
Neurocrine Biosciences0.06%
Robinhood Markets Class A0.06%
Archer Daniels Midland0.06%
Vertex Pharmaceuticals0.06%

Only in THRO

120 securities, 6.7% of THRO by weight

Check Point Software Technologies0.74%
3M0.74%
Kla0.34%
Halliburton0.26%
F50.26%
Ss and C Technologies Holdings0.24%
Expeditors International of Washin0.24%
Arch Capital Group0.24%
Mueller Industries Inc0.23%
Moodys Corp0.22%
Jabil0.21%
Emcor Group0.21%
Echostar Class A0.18%
Honeywell International Inc0.18%
Lyondellbasell Industries Class A0.17%
Jacobs Solutions Inc0.16%
Permian Resources Class A0.13%
Slb0.12%
Td Synnex0.10%
Motorola Solutions Inc0.09%
Dow0.09%
Akamai Technologies Inc0.09%
Skyworks Solutions0.08%
Qnity Electronics0.08%
Clean Harbors Inc0.08%
Cirrus Logic0.07%
Innio N V NV0.07%
Fiserv Inc0.06%
Aecom0.06%
Bunge Global SA0.06%
Silicon Laboratories0.06%
Tidewater0.06%
Ametek Inc0.05%
Solventum0.05%
Freeport Mcmoran Inc0.05%
Sitime0.05%
T Mobile Us Inc0.04%
Liberty Live Holdings Inc Series C0.04%
Builders Firstsource Inc0.04%
Regal Rexnord0.04%
Quantinuum Inc Class A0.04%
First Solar0.03%
Interactive Brokers Group Inc Clas0.03%
Pbf Energy Class A0.03%
Te Connectivity PLC0.03%
Liberty Live Holdings Inc Series A0.03%
Aon PLC Class A0.03%
Norfolk Southern Corp0.03%
Charter Communications Class A0.02%
Trade Desk Class A0.02%

Weight gaps

The 100 widest of 126 Holdings in both funds.

Holding weights in DYNF and THRO, widest gap first
Holding	More in DYNFMore in THRO	DYNF	THRO
Visa Class AV	THRO +1.82 points	0.42%	2.24%
MicrosoftMSFT	THRO +1.72 points	4.78%	6.50%
WalmartWMT	THRO +1.54 points	1.14%	2.68%
Travelers CompaniesTRV	DYNF +1.33 points	1.60%	0.27%
Procter & GamblePG	THRO +1.31 points	0.21%	1.52%
Bank of AmericaBAC	DYNF +1.29 points	2.13%	0.84%
PfizerPFE	THRO +1.17 points	0.30%	1.48%
Parker-HannifinPH	DYNF +1.15 points	1.28%	0.13%
Alphabet Class AGOOGL	THRO +1.11 points	2.07%	3.18%
Northrop Grumman CorpNOC	THRO +1.08 points	0.11%	1.19%
Duke Energy CorpDUK	DYNF +1.07 points	1.07%	0.00%
Nextera EnergyNEE	THRO +0.95 points	0.51%	1.46%
SalesforceCRM	DYNF +0.91 points	1.57%	0.66%
Lockheed MartinLMT	THRO +0.90 points	0.23%	1.13%
CitigroupC	DYNF +0.89 points	1.35%	0.46%
Home DepotHD	THRO +0.83 points	0.02%	0.85%
Allstate CorpALL	DYNF +0.82 points	1.14%	0.32%
Lam ResearchLRCX	DYNF +0.72 points	1.26%	0.54%
JPMorgan Chase & CoJPM	DYNF +0.68 points	3.39%	2.71%
NewmontNEM	DYNF +0.56 points	0.62%	0.06%
Morgan StanleyMS	THRO +0.53 points	0.13%	0.66%
Micron TechnologyMU	THRO +0.52 points	1.70%	2.22%
Amphenol Corp Class AAPH	DYNF +0.51 points	0.70%	0.19%
Eli LillyLLY	DYNF +0.50 points	1.52%	1.02%
RtxRTX	THRO +0.49 points	1.12%	1.61%
Space Exploration Technologies CorSPCX	DYNF +0.49 points	0.58%	0.09%
QualcommQCOM	THRO +0.49 points	0.10%	0.59%
Coca-ColaKO	THRO +0.49 points	0.07%	0.56%
AppleAAPL	THRO +0.48 points	8.27%	8.75%
International Business Machines CoIBM	THRO +0.47 points	0.22%	0.69%
Adobe IncADBE	THRO +0.46 points	0.25%	0.71%
TjxTJX	THRO +0.43 points	0.03%	0.46%
Caterpillar IncCAT	THRO +0.43 points	1.31%	1.74%
Meta Platforms Class AMETA	DYNF +0.41 points	2.37%	1.96%
DeereDE	THRO +0.41 points	0.55%	0.96%
Broadcom IncAVGO	DYNF +0.40 points	2.40%	2.00%
Amazon.com IncAMZN	THRO +0.41 points	4.00%	4.41%
Palo Alto NetworksPANW	THRO +0.40 points	0.25%	0.65%
Gilead SciencesGILD	DYNF +0.40 points	0.54%	0.14%
Intel CorporationINTC	THRO +0.38 points	0.46%	0.84%
Verizon Communications IncVZ	DYNF +0.37 points	0.75%	0.38%
Eaton PLCETN	DYNF +0.35 points	0.43%	0.08%
CorningGLW	DYNF +0.33 points	0.33%	0.00%
SandiskSNDK	THRO +0.32 points	0.05%	0.37%
Goldman Sachs GroupGS	DYNF +0.32 points	1.05%	0.73%
KrogerKR	THRO +0.32 points	0.00%	0.32%
Philip Morris InternationalPM	DYNF +0.30 points	0.30%	0.00%
Quanta Services IncPWR	THRO +0.28 points	0.03%	0.31%
Texas InstrumentTXN	THRO +0.25 points	0.12%	0.37%
OracleORCL	DYNF +0.25 points	0.27%	0.02%
ServicenowNOW	DYNF +0.25 points	0.35%	0.10%
Ge VernovaGEV	DYNF +0.25 points	0.51%	0.26%
Berkshire Hathaway Inc Class BBRK.B	DYNF +0.24 points	1.06%	0.82%
IntuitINTU	DYNF +0.23 points	0.27%	0.04%
Cheniere EnergyLNG	THRO +0.23 points	0.00%	0.23%
Valero Energy CorpVLO	DYNF +0.23 points	0.47%	0.24%
Exxonmobil Holdings CorpXOM	DYNF +0.23 points	3.18%	2.95%
Western Digital CorpWDC	DYNF +0.23 points	0.40%	0.17%
Tesla IncTSLA	DYNF +0.22 points	1.72%	1.50%
Thermo Fisher ScientificTMO	DYNF +0.20 points	0.66%	0.46%
Cme Group Class ACME	DYNF +0.19 points	0.71%	0.52%
Accenture PLC Class AACN	DYNF +0.19 points	0.19%	<0.01%
UnitedHealth GroupUNH	THRO +0.19 points	0.47%	0.66%
Elevance Health IncELV	THRO +0.19 points	0.01%	0.20%
Johnson & JohnsonJNJ	THRO +0.18 points	2.04%	2.22%
Dollar Tree IncDLTR	THRO +0.18 points	0.02%	0.20%
Marathon PetroleumMPC	THRO +0.17 points	0.00%	0.17%
Hf SinclairDINO	THRO +0.16 points	0.00%	0.16%
Union PacificUNP	THRO +0.16 points	0.15%	0.31%
Applied Material IncAMAT	THRO +0.16 points	1.05%	1.21%
Target CorpTGT	THRO +0.15 points	0.03%	0.18%
Alcoa CorpAA	THRO +0.15 points	0.01%	0.16%
BiogenBIIB	THRO +0.14 points	0.04%	0.18%
Charles SchwabSCHW	DYNF +0.15 points	0.18%	0.03%
Costco Wholesale CorpCOST	THRO +0.14 points	0.22%	0.36%
Iqvia Holdings IncIQV	THRO +0.13 points	0.02%	0.15%
Alphabet Class CGOOG	DYNF +0.13 points	1.71%	1.58%
Cardinal HealthCAH	THRO +0.14 points	0.06%	0.20%
ChevronCVX	DYNF +0.13 points	1.71%	1.58%
TeradyneTER	THRO +0.12 points	0.01%	0.13%
FortinetFTNT	THRO +0.11 points	0.06%	0.17%
Nike Class BNKE	THRO +0.10 points	0.01%	0.11%
Advanced Micro DevicesAMD	THRO +0.10 points	1.54%	1.64%
Crowdstrike Holdings Class ACRWD	THRO +0.10 points	0.19%	0.29%
NVIDIANVDA	DYNF +0.09 points	7.83%	7.74%
Uber TechnologiesUBER	DYNF +0.09 points	0.13%	0.04%
Cboe Global MarketsCBOE	DYNF +0.08 points	0.12%	0.04%
Tenet Healthcare CorpTHC	THRO +0.08 points	0.01%	0.09%
Marvell TechnologyMRVL	DYNF +0.07 points	0.21%	0.14%
Dollar General CorpDG	THRO +0.07 points	0.11%	0.18%
Renaissancere HoldingRNR	THRO +0.07 points	<0.01%	0.07%
Comfort Systems UsaFIX	DYNF +0.06 points	0.09%	0.03%
Lumentum HoldingsLITE	THRO +0.05 points	0.14%	0.19%
CienaCIEN	THRO +0.05 points	0.06%	0.11%
Atlassian Corp Class ATEAM	DYNF +0.05 points	0.08%	0.03%
Hca HealthcareHCA	THRO +0.05 points	0.16%	0.21%
DanaherDHR	THRO +0.05 points	0.06%	0.11%
Bristol Myers SquibbBMY	DYNF +0.05 points	0.05%	0.00%
Workday Class AWDAY	THRO +0.05 points	0.07%	0.12%
Boston ScientificBSX	THRO +0.05 points	0.09%	0.14%

All 262 DYNF 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.

DYNF vs THRO Cost

Overpaying THRO vs DYNF

$5,913

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

DYNF 0.26%
$5,358
THRO 0.57%
$11,271

Amount$10,000

Years30 years

Cost over time

DYNF 0.26%
THRO 0.57%
Overpaying

Year by year

Year	DYNF	THRO	Overpaying
10	$473	$1,023	$550
20	$1,838	$3,921	$2,083
30	$5,358	$11,271	$5,913

Expense ratio

0.26%DYNF, cheaper
0.57%THRO

DYNF0.26%THRO0.57%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DYNF 18th cheapest of 121 funds

THRO 50th cheapest of 121 funds

DYNF vs THRO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DYNF 0.84%, better; THRO 0.30%
Payout (12M): DYNF $0.56; THRO $0.13
Last payment: DYNF $0.14; THRO $0.05
Ex-dividend: DYNF Sep 15, 2026; THRO Sep 15, 2026
Paid on: DYNF Sep 18, 2026; THRO Sep 18, 2026
Frequency: DYNF Quarterly; THRO Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

DYNFQuarterly · 30 paymentsAll DYNF payments⁠

THROQuarterly · 20 paymentsAll THRO payments⁠

DYNF vs THRO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DYNF 13.1%, betterTHRO 13.9%
Return per unit of riskSharpe ratio, 3 years: DYNF 1.55, betterTHRO 1.33
Worst fallMax drawdown, 5 years: DYNF −26.9%THRO −26.5%since Dec 2021
Market sensitivityBeta, 5 years: DYNF 1.02THRO 1.06; Market = 1

DYNF 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
ETF Filings
BlackRock files two Form 497Ks for iShares DYNF
Sep 7, 2026DYNF

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DYNF vs THRO

In short

Stated mandate

Why people hold it

Worth knowing

How DYNF and THRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

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

BlackRock files two Form 497Ks for iShares DYNF

How DYNF and THRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in THRO

Weight gaps