ETF Research Center

Themes China Generative Artificial Intelligence ETF

ALTAR
Score™

8.9%

Recommen-
dation

OVERWEIGHT

2025E 2026E
P/E ratio	15.0x	P/Sales ratio	2.5x
P/BV ratio	2.3x	Div. yield	-0.1%

Description
Performance
Comps
Fundamentals
Valuation
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)	$29
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	18
Wgt avg mkt cap (mns)	$32,248
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
Total	61.2 %
MONTAGE TECHNOLOGY CO., LTD. CLASS	7.5 %
BAIDU INC - SPON ADR	7.4 %
HYGON INFORMATION TECHNOLOGY CO.,	7.4 %
KUAISHOU TECHNOLOGY CLASS B	6.5 %
YUANJIE SEMICONDUCTOR TECHNOLOGY C	5.9 %
FOXCONN INDUSTRIAL INTERNET CO., L	5.8 %
ANHUI USTC IFLYTEK CI -A	5.5 %
XIAOMI CORP. CLASS B	5.2 %
CAMBRICON TECHNOLOGIES CORP. LTD.	5.0 %
KINGSOFT CLOUD HOLDINGS LTD	4.9 %

TOP COUNTRY EXPOSURE
	CHINA	79.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
11.2%	--	--	--	40.6%

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

Technical Indicators
Recent close	$34.91
30d moving avg.	$35.29
Annualized volatility	0.0%
Short interest (ETF)	1.5%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	32
Turnover	3.9%
Bid/Ask (% of price)	0.48%
ADV underlying (mns)	$0

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 161 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™:

8.9%

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 (%)
TCHI	iShares MSCI China Multisector Tech ETF	14.4	59	-20	15.7	+6.8
SOCL	Global X Social Media ETF	13.0	65	-26	10.7	+1.8
KBA	KraneShares Bosera MSCI China A 50 Connect Index ETF	11.5	55	-16	6.6	-2.3
KTEC	KraneShares Hang Seng TECH Index ETF	11.5	69	-30	18.6	+9.7
CQQQ	Invesco China Technology ETF	10.6	70	-31	13.3	+4.4
CGRO	CoreValues Alpha Greater China Growth ETF	8.6	75	-36	3.2	-5.7
PGJ	Invesco Golden Dragon China ETF	7.7	70	-31	12.7	+3.8
FXI	iShares China Large-Cap ETF	7.4	74	-35	16.6	+7.7
AIS	VistaShares Artificial Intelligence Supercycle ETF	7.3	75	-36	1.8	-7.1
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	6.4	32	7	11.8	+2.9
IVRS	iShares Future Metaverse Tech and Communications ETF	6.4	47	-8	3.7	-5.2
AGIQ	Sofi Agentic AI ETF	6.3	69	-30	1.7	-7.2
JCHI	JPMorgan Active China ETF	5.9	65	-26	13.2	+4.3
KWEB	KraneShares CSI China Internet ETF	5.7	69	-30	24.7	+15.8
EEMO	Invesco S&P Emerging Markets Momentum ETF	5.4	29	10	6.8	-2.1
EMC	Global X Emerging Markets Great Consumer ETF	5.3	75	-36	6.7	-2.2
BNGE	First Trust S-Network Streaming and Gaming ETF	5.1	70	-31	3.0	-5.9
HUMN	Roundhill Humanoid Robotics ETF	4.7	75	-36	0.9	-8.0
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	4.7	65	-26	6.3	-2.6
MCH	Matthews China Active ETF	4.7	79	-40	13.1	+4.2
FLCH	Franklin FTSE China ETF	4.3	19	20	14.7	+5.8
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	4.3	72	-33	-1.3	-10.1
HERO	Global X Video Games & Esports ETF	3.7	50	-11	4.8	-4.1
MCHI	iShares MSCI China ETF	3.7	59	-20	16.1	+7.2
GGME	Invesco Next Gen Media and Gaming ETF	3.6	60	-21	4.9	-4.0
ISHP	First Trust Nasdaq Retail ETF	3.5	60	-21	5.9	-3.0
METV	Roundhill Ball Metaverse ETF	3.2	59	-20	9.0	+0.1
ARVR	First Trust Indxx Metaverse ETF	2.9	70	-31	3.8	-5.1
FDNI	First Trust Dow Jones International Internet ETF	2.9	65	-26	22.3	+13.4
GXC	SPDR S & P China ETF	2.9	59	-20	14.8	+5.9
ESPO	VanEck Video Gaming and eSports ETF	2.9	56	-17	5.6	-3.3
IPKW	Invesco International BuyBack Achievers ETF	2.8	55	-16	7.6	-1.3
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	2.8	68	-29	6.4	-2.5
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	2.6	88	-49	7.2	-1.7
AIA	iShares Asia 50 ETF	2.5	50	-11	9.7	+0.8
ECON	Columbia Emerging Markets Consumer ETF	2.4	49	-10	9.2	+0.3
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	2.3	60	-21	9.3	+0.4
IVES	Wedbush ETFMG Global Cloud Technology ETF	2.3	68	-29	5.3	-3.6
DRIV	Global X Autonomous & Electric Vehicles ETF	2.3	68	-29	4.0	-4.9
NUEM	Nuveen ESG Emerging Markets Equity ETF	2.1	36	3	6.4	-2.5
SIMS	State Street SPDR S&P Kensho Intelligent Structures ETF	2.1	45	-6	4.7	-4.2
DSTX	Distillate International Fundamental Stability & Value ETF	2.1	55	-16	6.4	-2.5
BKF	iShares MSCI BIC ETF	2.1	69	-30	12.0	+3.1
ARKQ	ARK Autonomous Technology & Robotics ETF	2.1	75	-36	0.9	-8.0
NERD	Roundhill Video Games ETF	2.1	50	-11	7.1	-1.8
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	2.1	75	-36	2.3	-6.6
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.9	35	4	11.0	+2.1
CHAT	Roundhill Generative AI & Technology ETF	1.7	75	-36	6.2	-2.7
XT	iShares Exponential Technologies ETF	1.7	46	-7	4.2	-4.7
ARKW	ARK Next Generation Internet ETF	1.7	87	-48	1.0	-7.9
AIVC	Amplify Bloomberg AI Value Chain ETF	1.7	59	-20	4.4	-4.5
LEGR	First Trust Indxx Innovative Transaction & Process ETF	1.6	65	-26	7.2	-1.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	1.5	20	19	22,159.8	+22,150.9
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	1.5	86	-47	13.4	+4.5
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.5	32	7	6.7	-2.2
FLAX	Franklin FTSE Asia Ex Japan ETF	1.4	19	20	7.1	-1.8
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.4	90	-51	4.1	-4.8
QTUM	Defiance Quantum ETF	1.4	40	-1	4.3	-4.6
DEHP	Dimensional Emerging Markets High Profitability ETF	1.3	41	-2	4.9	-4.0
ARKK	ARK Innovation ETF	1.3	75	-36	-3.1	-12.0
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	1.3	42	-3	5.6	-3.3
MINV	Matthews Asia Innovators Active ETF	1.3	79	-40	5.3	-3.6
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.3	15	24	6.3	-2.6
KNCT	Invesco Next Gen Connectivity ETF	1.3	40	-1	3.8	-5.1
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.3	15	24	8.1	-0.8
FDEM	Fidelity Emerging Markets Multifactor ETF	1.3	25	14	10.1	+1.2
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.3	66	-27	7.3	-1.6
EEMA	iShares MSCI Emerging Markets Asia ETF	1.2	49	-10	7.5	-1.4
BKEM	BNY Mellon Emerging Markets Equity ETF	1.2	11	28	7.4	-1.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.2	36	3	7.5	-1.4
ODDS	Pacer BlueStar Digital Entertainment ETF	1.2	60	-21	3.5	-5.4
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.2	41	-2	6.7	-2.2
ROBO	ROBO Global Robotics & Automation Index ETF	1.2	95	-56	2.5	-6.4
AVES	Avantis Emerging Markets Value ETF	1.2	36	3	8.9	+0.0
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	1.1	33	6	7.6	-1.3
VWO	Vanguard FTSE Emerging Markets ETF	1.1	7	32	8.8	-0.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.1	70	-31	6.8	-2.1
HAIL	State Street SPDR S&P Kensho Smart Mobility ETF	1.1	45	-6	1.4	-7.5
ESGE	iShares ESG Aware MSCI EM ETF	1.1	25	14	8.0	-0.9
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.1	45	-6	7.9	-1.0
GMF	SPDR S&P Emerging Asia Pacific ETF	1.1	49	-10	8.2	-0.7
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.0	49	-10	13.0	+4.1
SCHE	Schwab Emerging Markets Equity ETF	1.0	11	28	9.2	+0.3
NXTG	First Trust Indxx NextG ETF	1.0	70	-31	4.1	-4.8
FFND	Future Fund Active ETF	1.0	100	-61	3.3	-5.6
QQQJ	Invesco NASDAQ Next Gen 100 ETF	1.0	15	24	4.0	-4.9
PATN	Pacer Nasdaq International Patent Leaders ETF	1.0	65	-26	4.2	-4.7
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	1.0	30	9	7.6	-1.3
EEM	iShares MSCI Emerging Markets ETF	1.0	69	-30	7.6	-1.3
CARZ	First Trust NASDAQ Global Auto Index Fund	0.9	70	-31	3.2	-5.7
KOCG	FIS Knights of Columbus Global Belief ETF	0.9	75	-36	4.4	-4.5
SPEM	SPDR Portfolio Emerging Markets ETF	0.9	7	32	9.0	+0.1
DFAE	Dimensional Emerging Core Equity Market ETF	0.9	35	4	7.0	-1.9
FDHT	Fidelity Digital Health ETF	0.9	39	0	1.3	-7.6
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.8	33	6	6.6	-2.3
IEMG	iShares Core MSCI Emerging Markets ETF	0.8	9	30	8.1	-0.8
BOTZ	Global X Robotics & Artificial Intelligence ETF	0.8	69	-30	1.7	-7.2
OGIG	ALPS O'Shares Global Internet Giants ETF	0.8	48	-9	2.4	-6.5
UMMA	Wahed Dow Jones Islamic World ETF	0.7	65	-26	3.6	-5.3
JADE	JPMorgan Active Developing Markets Equity ETF	0.7	65	-26	6.1	-2.8
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.7	59	-20	7.0	-1.9
AVEM	Avantis Emerging Markets Equity ETF	0.6	33	6	6.8	-2.1
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.6	38	1	7.1	-1.8
TTAI	FCF International Quality ETF	0.6	59	-20	6.6	-2.3
LDEM	iShares ESG MSCI EM Leaders ETF	0.6	17	22	11.0	+2.1
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.6	30	9	7.1	-1.8
ECNS	iShares MSCI China Small-Cap ETF	0.6	59	-20	8.6	-0.3
KGRN	KraneShares MSCI China Clean Technology Index ETF	0.6	79	-40	0.3	-8.6
IXP	iShares Global Comm Services ETF	0.6	42	-3	5.4	-3.5
EMXF	iShares ESG Advanced MSCI EM ETF	0.6	16	23	6.8	-2.1
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.6	70	-31	10.8	+1.9
JIG	JPMorgan International Growth ETF	0.5	55	-16	3.8	-5.1
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.5	65	-26	1.8	-7.1
KOMP	State Street SPDR S&P Kensho New Economies Composite ETF	0.5	20	19	2.7	-6.2
JHEM	John Hancock Multifactor Emerging Markets ETF	0.4	49	-10	7.8	-1.1
WISE	Themes Generative Artificial Intelligence ETF	0.4	35	4	-0.4	-9.3
ANEW	ProShares MSCI Transformational Changes ETF	0.4	45	-6	4.9	-4.0
ROAM	Hartford Multifactor Emerging Markets ETF	0.4	44	-5	9.6	+0.7
PNQI	Invesco NASDAQ Internet ETF	0.4	60	-21	3.7	-5.2
VSGX	Vanguard ESG International Stock ETF	0.4	10	29	6.4	-2.5
AIQ	Global X Artificial Intelligence & Technology ETF	0.4	68	-29	3.2	-5.7
EMGF	iShares Emerging Markets Equity Factor ETF	0.4	25	14	8.9	-0.0
IXN	iShares Global Tech ETF	0.4	41	-2	3.0	-5.9
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.4	41	-2	6.2	-2.7
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.4	18	21	6.2	-2.7
UEVM	VictoryShares Emerging Markets Value Momentum ETF	0.4	45	-6	9.1	+0.2
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.3	39	0	13.7	+4.8
GINN	Goldman Sachs Innovate Equity ETF	0.3	52	-13	3.4	-5.5
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.3	44	-5	9.0	+0.1
VEU	Vanguard FTSE All-World ex-US Index Fund	0.3	4	35	6.5	-2.4
ACWX	iShares MSCI ACWI ex U.S. ETF	0.3	34	5	6.2	-2.7
VXUS	Vanguard Total International Stock ETF	0.3	5	34	6.5	-2.4
APIE	ActivePassive International Equity ETF	0.3	45	-6	6.2	-2.7
CWI	SPDR MSCI ACWI ex-US ETF	0.3	30	9	6.2	-2.7
IXUS	iShares Core MSCI Total International Stock ETF	0.3	7	32	6.4	-2.5
YNOT	Horizon Digital Frontier ETF	0.3	75	-36	2.7	-6.2
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.3	30	9	6.2	-2.7
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.3	25	14	5.7	-3.2
INTF	iShares International Equity Factor ETF	0.2	15	24	6.2	-2.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.2	50	-11	8.4	-0.5
IGPT	Invesco AI and Next Gen Software ETF	0.2	60	-21	3.3	-5.6
CNYA	iShares MSCI China A ETF	0.2	60	-21	6.3	-2.6
KLMT	Invesco MSCI Global Climate 500 ETF	0.2	10	29	5.0	-3.9
FEM	First Trust Emerging Markets AlphaDEX Fund	0.2	80	-41	9.6	+0.7
JSTC	Adasina Social Justice All Cap Global ETF	0.2	89	-50	4.2	-4.7
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	19	5.2	-3.7
GEW	Cambria Global EW ETF	0.1	29	10	5.3	-3.6
ERTH	Invesco MSCI Sustainable Future ETF	0.1	62	-23	3.0	-5.9
VT	Vanguard Total World Stock ETF	0.1	6	33	5.1	-3.8
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.1	20	19	4.8	-4.1
ACWI	iShares MSCI ACWI ETF	0.1	32	7	4.7	-4.2
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.1	65	-26	7.0	-1.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	30	4.8	-4.1
DFEV	Dimensional Emerging Markets Value ETF	0.1	43	-4	9.7	+0.8
GLOF	iShares Global Equity Factor ETF	0.1	20	19	5.9	-3.0
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.1	70	-31	6.4	-2.5
WRND	IQ Global Equity R&D Leaders ETF	0.1	18	21	6.6	-2.3
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	18	3.3	-5.6
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.0	42	-3	8.2	-0.7
VYMI	Vanguard International High Dividend Yield ETF	0.0	17	22	7.6	-1.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.0	8	31	6.2	-2.7

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	**	**	**	**	**	**	**
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	21.2	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	8.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.54

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.