Thematic investing mid-year update

Source: THRO's thematic basket refers to the iShares U.S. Thematic Rotation Active ETF (THRO)’s Consumer Overweight vs the S&P 500 index. BlackRock Systematic, as of May 2025. Sector returns calculated by BlackRock Systematic using data from BlackRock, MSCI Barra.THRO's exposures within consumer sectors that are overweight relative to the S&P 500 has been constructed using the systematic Theme identification framework outlined in the Fund prospectus. THRO's “Consumer overweight'” seek to capture exposure to companies BlackRock Systematic believes could outperform with a shift towards lower-cost, downstream consumer spending. For illustrative purposes only. Holdings subject to change. Performance data represents past performance and does not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For standardized performance please visit THRO's product page

Chart description: Line chart showing the performance of the consumer overweights in THRO vs the consumer discretionary and consumer staples sectors over the period ranging from January 2025 to April 2025. With THRO’s consumer overweights at +12.36%, Consumer Discretionary Sector at +3.12% and Consumer staples sector at -3.99%.

• For investors seeking a forward-looking approach to thematic investing, the iShares U.S. Thematic Rotation Active ETF (THRO) offers dynamic exposure to high-conviction U.S. market themes with the potential to shape the global economy. By leveraging proprietary insights, THRO aims to capture long-term capital appreciation through timely rotation into the most compelling growth opportunities.

Source: BlackRock as of June 2025 with data from Our World in Data. For illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Views are subject to change.

Chart description: A graphic showing how the number of AI parameters has increased over time from 1950 – 2025 with predictions for the next five years and beyond. The graphic also equates this growth to different levels of technology. With our current level of 1T parameters representing a “College Degree” and predictions for future parameters equating with a “Noble Prize”.

Chart description: Bar chart showing capex spending across different sectors, showcasing that the spend across “big tech”, utilities and energy combined is nearly equal to the rest of the S&P 500.

• For investors looking to explore the full breadth of the AI value chain, the iShares Future AI & Tech ETF (ARTY) offers targeted exposure to companies driving innovation across artificial intelligence and adjacent technologies. This ETF provides a diversified lens into the future of AI, from foundational infrastructure to real-world applications.
• For those seeking a more hands-on approach, the iShares A.I. Innovation and Tech Active ETF (BAI) is an actively managed strategy that aims to maximize total return by investing in high-conviction opportunities across the AI tech stack. Leveraging active insights, BAI dynamically navigates the evolving AI landscape to capture emerging growth potential.

Source: BlackRock using International Monetary Fund. IMF Data, accessed June 2025.

Chart description: Stacked area chart showing % of allocated central bank reserves to the USD vs all other allocated global reserves. Overlayed by showing the growth in value of gold reserves.

• As the U.S. prioritizes technological self-sufficiency, the iShares U.S. Tech Independence Focused ETF (IETC) can offer investors active exposure to companies driving domestic innovation and reducing reliance on foreign tech. This strategy seeks to capitalize on the momentum behind U.S. tech independence.
• With infrastructure investment playing a role in national policy, the iShares U.S. infrastructure ETF (IFRA) provides access to U.S. companies poised to benefit from increased spending on transportation, utilities, and digital infrastructure. It's a potential way to invest in the building of America's future.
• As Policymakers, firms, and investors are increasingly aligning on the need to invest trillions of dollars in infrastructure, the iShares Infrastructure Active ETF (BILT) provides access to public companies that own or operate the physical assets that keep the world running amidst demand driven by AI, reshoring of supply chains, and energy independence.
• In a rapidly evolving global security environment, the  iShares Defense Industrials Active ETF (IDEF) offers an active approach to investing in the defense sector. The fund targets companies at the forefront of defense innovation and modernization, aiming to potentially capture long-term growth in this space.
• For investors seeking exposure to emerging and alternative assets, the iShares Gold Trust (IAU) & iShares Bitcoin Trust ETF (IBIT) offer exposure to gold and bitcoin—with growing relevance in today’s shifting geopolitical and macroeconomic landscape.