THRO: Theme Rotation Strategy That Delivers, Buy Rating Maintained

I maintain a Buy rating on the iShares US Thematic Rotation Active ETF, reaffirming the original thesis from September 2025. Compared to IVV, the IT-heavy THRO portfolio has a GARP tilt (i.e., a combination of a high EY and impressive earnings growth), which is supportive of further outperformance. THRO has outperformed the S&P 500 index since September. Since its inception in 2021, it has delivered a stronger total return than IVV, as it captured around 105% of its upside.