Themes China Generative Artificial Intelligence ETF
ALTAR
Score™		 9.0% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 15.3x P/Sales
ratio		 2.4x
P/BV
ratio		 2.3x Div.
yield		 -0.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Themes CHN Generative Artificial Intelligence ETF seeks to provide investment exposure to companies that are poised to benefit from advancements in generative artificial intelligence technology and its applications.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Themes
Website themesetfs.com/etfs/drgn
Inception date Jul 14, 2025
Assets (mns) $27
Currency USD
Expense ratio 39 bp
Distributions

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 17
Wgt avg mkt cap (mns) $28,131
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
YUANJIE SEMICONDUCTOR TECHNOLOGY C 10.4 %
CAMBRICON TECHNOLOGIES CORP. LTD. 9.6 %
MONTAGE TECHNOLOGY CO., LTD. CLASS 9.0 %
FOXCONN INDUSTRIAL INTERNET CO., L 7.8 %
HYGON INFORMATION TECHNOLOGY CO., 6.7 %
BAIDU INC - SPON ADR 5.8 %
XIAOMI CORP. CLASS B 4.7 %
INSPUR ELECTRONIC INFORMAT-A 4.6 %
KINGSOFT CLOUD HOLDINGS LTD 4.4 %
KUAISHOU TECHNOLOGY CLASS B 4.3 %
Total 67.2 %

TOP COUNTRY EXPOSURE
CHINA 73.7 %
HONG KONG 4.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
13.7% -- -- -- 43.8%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $37.70
30d moving avg. $36.99
Annualized volatility 0.0%
Short interest (ETF) 1.5%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 11
Turnover 1.5%
Bid/Ask (% of price) 0.54%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 159 potential alternatives to the Themes China Generative Artificial Intelligence ETF ETF based on the alternatives' overlap in portfolio holdings with DRGN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DRGN Expense: 39 bp ALTAR Score™: 9.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DRGN
Ticker Fund
Name		 Overlap1
vs DRGN
(%)		 Expense
ratio
(bp)		 Savings
vs DRGN
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs DRGN
(%)
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 14.2 55 -16 6.1 -2.9
TCHI iShares MSCI China Multisector Tech ETF 12.3 59 -20 12.7 +3.7
KTEC KraneShares Hang Seng TECH Index ETF 9.5 69 -30 23.2 +14.2
SOCL Global X Social Media ETF 9.1 65 -26 13.3 +4.3
CQQQ Invesco China Technology ETF 8.4 70 -31 13.7 +4.7
CGRO CoreValues Alpha Greater China Growth ETF 7.2 75 -36 5.7 -3.3
CXSE WisdomTree China ex-State-Owned Enterprises Fund 6.2 32 7 13.8 +4.8
FXI iShares China Large-Cap ETF 6.1 74 -35 23.3 +14.3
PGJ Invesco Golden Dragon China ETF 6.1 70 -31 16.8 +7.8
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 5.4 65 -26 5.8 -3.2
AIS VistaShares Artificial Intelligence Supercycle ETF 5.2 75 -36 0.6 -8.4
KWEB KraneShares CSI China Internet ETF 5.0 69 -30 27.4 +18.4
EEMO Invesco S&P Emerging Markets Momentum ETF 4.8 29 10 5.8 -3.2
MCH Matthews China Active ETF 4.7 79 -40 14.4 +5.4
BNGE First Trust S-Network Streaming and Gaming ETF 4.3 70 -31 3.1 -5.9
BOTZ Global X Robotics & Artificial Intelligence ETF 3.9 69 -30 1.9 -7.2
HUMN Roundhill Humanoid Robotics ETF 3.8 75 -36 1.1 -7.9
IVRS iShares Future Metaverse Tech and Communications ETF 3.7 47 -8 5.3 -3.8
FLCH Franklin FTSE China ETF 3.6 19 20 19.2 +10.2
GGME Invesco Next Gen Media and Gaming ETF 3.6 60 -21 4.5 -4.5
EMC Global X Emerging Markets Great Consumer ETF 3.5 75 -36 6.8 -2.2
AGIQ Sofi Agentic AI ETF 3.4 69 -30 6.8 -2.2
HERO Global X Video Games & Esports ETF 3.4 50 -11 6.1 -2.9
ISHP First Trust Nasdaq Retail ETF 3.3 60 -21 5.7 -3.4
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 3.2 72 -33 2.3 -6.7
MCHI iShares MSCI China ETF 3.1 59 -20 21.8 +12.8
IPKW Invesco International BuyBack Achievers ETF 2.8 55 -16 8.4 -0.6
AIVC Amplify Bloomberg AI Value Chain ETF 2.6 59 -20 3.2 -5.8
ESPO VanEck Video Gaming and eSports ETF 2.5 56 -17 6.7 -2.3
GXC SPDR S & P China ETF 2.4 59 -20 19.7 +10.7
ARVR First Trust Indxx Metaverse ETF 2.4 70 -31 3.5 -5.6
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.2 35 4 10.0 +1.0
JCHI JPMorgan Active China ETF 2.2 65 -26 15.8 +6.8
FDNI First Trust Dow Jones International Internet ETF 1.9 65 -26 26.5 +17.4
METV Roundhill Ball Metaverse ETF 1.8 59 -20 8.0 -1.0
BKF iShares MSCI BIC ETF 1.8 69 -30 15.2 +6.2
NERD Roundhill Video Games ETF 1.8 50 -11 8.1 -0.9
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 1.7 60 -21 8.8 -0.3
SIMS State Street SPDR S&P Kensho Intelligent Structures ETF 1.7 45 -6 4.2 -4.8
ECON Columbia Emerging Markets Consumer ETF 1.7 49 -10 6.2 -2.8
DRIV Global X Autonomous & Electric Vehicles ETF 1.7 68 -29 2.9 -6.1
ARKQ ARK Autonomous Technology & Robotics ETF 1.5 75 -36 0.9 -8.2
AIA iShares Asia 50 ETF 1.5 50 -11 7.2 -1.8
DSTX Distillate International Fundamental Stability & Value ETF 1.5 55 -16 6.8 -2.2
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.4 90 -51 3.4 -5.7
EMXF iShares ESG Advanced MSCI EM ETF 1.4 16 23 6.4 -2.6
KNCT Invesco Next Gen Connectivity ETF 1.3 40 -1 2.7 -6.3
FFND Future Fund Active ETF 1.3 100 -61 4.3 -4.7
LEGR First Trust Indxx Innovative Transaction & Process ETF 1.2 65 -26 7.3 -1.7
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 1.2 86 -47 13.7 +4.7
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.2 75 -36 1.5 -7.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.2 32 7 7.0 -2.0
ECNS iShares MSCI China Small-Cap ETF 1.1 59 -20 10.0 +1.0
PXH Invesco FTSE RAFI Emerging Markets ETF 1.0 49 -10 13.7 +4.7
ODDS Pacer BlueStar Digital Entertainment ETF 1.0 60 -21 4.7 -4.3
FDEM Fidelity Emerging Markets Multifactor ETF 1.0 25 14 10.1 +1.1
XT iShares Exponential Technologies ETF 1.0 46 -7 3.8 -5.3
FLAX Franklin FTSE Asia Ex Japan ETF 1.0 19 20 6.8 -2.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.0 41 -2 6.7 -2.4
MEM Matthews Emerging Markets Equity Active ETF 1.0 79 -40 8.0 -1.0
QQQJ Invesco NASDAQ Next Gen 100 ETF 1.0 15 24 3.7 -5.3
ROBO ROBO Global Robotics & Automation Index ETF 1.0 95 -56 2.2 -6.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.0 20 19 12.8 +3.8
FDHT Fidelity Digital Health ETF 1.0 39 0 1.7 -7.3
ARKW ARK Next Generation Internet ETF 1.0 87 -48 0.6 -8.4
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.0 42 -3 3.9 -5.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.9 15 24 8.4 -0.6
KOCG FIS Knights of Columbus Global Belief ETF 0.9 75 -36 4.5 -4.5
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.9 15 24 7.6 -1.4
CHAT Roundhill Generative AI & Technology ETF 0.9 75 -36 3.6 -5.4
VWO Vanguard FTSE Emerging Markets ETF 0.9 7 32 9.0 -0.0
BKEM BNY Mellon Emerging Markets Equity ETF 0.9 11 28 7.5 -1.5
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.9 36 3 7.2 -1.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.9 66 -27 6.8 -2.2
DEHP Dimensional Emerging Markets High Profitability ETF 0.8 41 -2 4.5 -4.5
EEMA iShares MSCI Emerging Markets Asia ETF 0.8 49 -10 7.2 -1.8
HAIL State Street SPDR S&P Kensho Smart Mobility ETF 0.8 45 -6 -1.4 -10.4
QTUM Defiance Quantum ETF 0.8 40 -1 3.3 -5.7
CARZ First Trust NASDAQ Global Auto Index Fund 0.8 70 -31 2.1 -7.0
GMF SPDR S&P Emerging Asia Pacific ETF 0.7 49 -10 8.4 -0.7
SCHE Schwab Emerging Markets Equity ETF 0.7 11 28 9.3 +0.3
NUEM Nuveen ESG Emerging Markets Equity ETF 0.7 36 3 5.7 -3.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.7 70 -31 6.5 -2.5
OGIG ALPS O'Shares Global Internet Giants ETF 0.7 48 -9 2.6 -6.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.7 30 9 7.5 -1.5
KGRN KraneShares MSCI China Clean Technology Index ETF 0.7 79 -40 3.8 -5.3
DFAE Dimensional Emerging Core Equity Market ETF 0.7 35 4 6.7 -2.4
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.7 33 6 6.3 -2.7
SPEM SPDR Portfolio Emerging Markets ETF 0.7 7 32 9.3 +0.3
JADE JPMorgan Active Developing Markets Equity ETF 0.7 65 -26 5.7 -3.3
EEM iShares MSCI Emerging Markets ETF 0.6 69 -30 7.4 -1.6
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.6 69 -30 7.0 -2.0
PATN Pacer Nasdaq International Patent Leaders ETF 0.6 65 -26 3.8 -5.2
TTAI FCF International Quality ETF 0.6 59 -20 6.9 -2.2
AVES Avantis Emerging Markets Value ETF 0.6 36 3 8.8 -0.2
ESGE iShares ESG Aware MSCI EM ETF 0.6 25 14 7.9 -1.2
NXTG First Trust Indxx NextG ETF 0.6 70 -31 3.4 -5.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.6 45 -6 7.7 -1.4
MINV Matthews Asia Innovators Active ETF 0.6 79 -40 4.5 -4.5
IEMG iShares Core MSCI Emerging Markets ETF 0.6 9 30 7.8 -1.2
AVSE Avantis Responsible Emerging Markets Equity ETF 0.5 33 6 6.2 -2.8
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.5 38 1 6.7 -2.3
UMMA Wahed Dow Jones Islamic World ETF 0.5 65 -26 3.2 -5.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.5 30 9 7.4 -1.6
ROAM Hartford Multifactor Emerging Markets ETF 0.5 44 -5 7.4 -1.6
IDRV iShares Self-driving EV & Tech ETF 0.5 47 -8 1.4 -7.6
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.5 70 -31 9.6 +0.6
IXP iShares Global Comm Services ETF 0.5 42 -3 6.0 -3.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.5 59 -20 8.2 -0.8
PNQI Invesco NASDAQ Internet ETF 0.4 60 -21 4.1 -4.9
FEM First Trust Emerging Markets AlphaDEX Fund 0.4 80 -41 8.8 -0.2
AVEM Avantis Emerging Markets Equity ETF 0.4 33 6 6.7 -2.3
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.4 88 -49 7.8 -1.3
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.4 20 19 0.8 -8.3
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.4 65 -26 1.4 -7.7
JHEM John Hancock Multifactor Emerging Markets ETF 0.3 49 -10 7.3 -1.8
VSGX Vanguard ESG International Stock ETF 0.3 10 29 6.4 -2.7
FRGN Horizon International Equity ETF 0.3 75 -36 7.5 -1.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.3 44 -5 9.6 +0.6
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 0 13.9 +4.9
ANEW ProShares MSCI Transformational Changes ETF 0.3 45 -6 4.3 -4.7
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.3 41 -2 5.8 -3.3
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.3 18 21 6.2 -2.8
AIQ Global X Artificial Intelligence & Technology ETF 0.3 68 -29 2.5 -6.5
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.3 45 -6 9.8 +0.8
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 4 35 6.6 -2.5
GINN Goldman Sachs Innovate Equity ETF 0.3 52 -13 3.7 -5.3
IXN iShares Global Tech ETF 0.2 41 -2 2.5 -6.6
VXUS Vanguard Total International Stock ETF 0.2 5 34 6.5 -2.5
EMGF iShares Emerging Markets Equity Factor ETF 0.2 25 14 8.5 -0.6
ACWX iShares MSCI ACWI ex U.S. ETF 0.2 34 5 6.2 -2.8
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 9 6.3 -2.7
IGPT Invesco AI and Next Gen Software ETF 0.2 60 -21 2.0 -7.0
CNYA iShares MSCI China A ETF 0.2 60 -21 6.0 -3.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 9 6.4 -2.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.2 50 -11 8.0 -1.0
APIE ActivePassive International Equity ETF 0.2 45 -6 6.3 -2.7
IXUS iShares Core MSCI Total International Stock ETF 0.2 7 32 6.5 -2.5
INTF iShares International Equity Factor ETF 0.2 15 24 6.5 -2.5
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.2 25 14 5.9 -3.2
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 29 4.9 -4.2
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.2 42 -3 7.5 -1.5
ERTH Invesco MSCI Sustainable Future ETF 0.1 62 -23 3.1 -5.9
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 70 -31 6.3 -2.7
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 19 5.8 -3.2
GEW Cambria Global EW ETF 0.1 29 10 5.4 -3.7
VT Vanguard Total World Stock ETF 0.1 6 33 4.9 -4.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 30 4.8 -4.2
ACWI iShares MSCI ACWI ETF 0.1 32 7 4.6 -4.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 31 6.4 -2.7
DFEV Dimensional Emerging Markets Value ETF 0.1 43 -4 9.0 0.0
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 -26 6.3 -2.7
LDEM iShares ESG MSCI EM Leaders ETF 0.1 17 22 12.6 +3.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 19 4.7 -4.3
VYMI Vanguard International High Dividend Yield ETF 0.0 17 22 8.1 -0.9
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 18 2.8 -6.2
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 21 0.0 -9.0
WRND IQ Global Equity R&D Leaders ETF 0.0 18 21 4.0 -5.0
GLOF iShares Global Equity Factor ETF 0.0 20 19 5.5 -3.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Themes China Generative Artificial Intelligence ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 20.1 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 9.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.51 CATEGORY
AVERAGE		 1.53
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.