Themes China Generative Artificial Intelligence ETF
ALTAR
Score™		 11.0% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 13.2x P/Sales
ratio		 2.1x
P/BV
ratio		 2.0x 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) $21
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
INSPUR ELECTRONIC INFORMAT-A 7.0 %
YUANJIE SEMICONDUCTOR TECHNOLOGY C 6.5 %
KINGSOFT CORP LTD 6.3 %
HYGON INFORMATION TECHNOLOGY CO., 6.1 %
FOXCONN INDUSTRIAL INTERNET CO., L 5.8 %
XIAOMI CORP 5.6 %
CAMBRICON TECHNOLOGIES CORP. LTD. 5.5 %
BAIDU, INC. CLASS A 5.4 %
ZHEJIANG DAHUA TECHNOLOGY-A 5.4 %
MONTAGE TECHNOLOGY CO., LTD. CLASS 5.3 %
Total 58.9 %

TOP COUNTRY EXPOSURE
CHINA 73.2 %
HONG KONG 4.4 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
6.5% 4.1% -- -- 30.1%

Market Correlations
versus... Beta R-squared
S&P500 1.42 25%
MSCI EAFE 1.01 19%
MSCI Emg. Mkts. 0.89 37%

Technical Indicators
Recent close $32.45
30d moving avg. $36.32
Annualized volatility 0.0%
Short interest (ETF) 10.6%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 7
Turnover 1.1%
Bid/Ask (% of price) 0.47%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 133 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™: 11.0%


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
(%)
KSTR KraneShares SSE STAR Market 50 Index ETF 16.9 89 -50 0.8 -10.2
TCHI iShares MSCI China Multisector Tech ETF 12.9 59 -20 16.2 +5.2
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 12.7 55 -16 7.0 -4.0
KWEB KraneShares CSI China Internet ETF 10.2 69 -30 29.0 +18.0
KTEC KraneShares Hang Seng TECH Index ETF 9.4 69 -30 25.5 +14.5
CXSE WisdomTree China ex-State-Owned Enterprises Fund 6.4 32 7 16.0 +5.0
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 6.0 65 -26 6.8 -4.2
MCH Matthews China Active ETF 5.9 79 -40 15.8 +4.8
AIS VistaShares Artificial Intelligence Supercycle ETF 5.5 75 -36 0.9 -10.1
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 4.8 60 -21 9.6 -1.4
FDNI First Trust Dow Jones International Internet ETF 4.7 65 -26 27.4 +16.4
SOCL Global X Social Media ETF 4.1 65 -26 14.1 +3.1
BNGE First Trust S-Network Streaming and Gaming ETF 3.7 70 -31 3.2 -7.8
HERO Global X Video Games & Esports ETF 3.6 50 -11 5.8 -5.2
FXI iShares China Large-Cap ETF 3.3 74 -35 22.1 +11.2
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 3.1 86 -47 14.6 +3.7
FLCH Franklin FTSE China ETF 3.0 19 20 19.5 +8.5
ESPO VanEck Video Gaming and eSports ETF 2.8 56 -17 6.5 -4.5
IPKW Invesco International BuyBack Achievers ETF 2.6 55 -16 8.0 -3.0
HUMN Roundhill Humanoid Robotics ETF 2.2 75 -36 1.6 -9.4
ECON Columbia Emerging Markets Consumer ETF 2.1 49 -10 6.4 -4.6
NERD Roundhill Video Games ETF 2.1 50 -11 7.6 -3.4
JCHI JPMorgan Active China ETF 2.1 65 -26 16.7 +5.7
CGRO CoreValues Alpha Greater China Growth ETF 1.9 75 -36 7.7 -3.3
AIVC Amplify Bloomberg AI Value Chain ETF 1.8 59 -20 3.5 -7.5
MCHI iShares MSCI China ETF 1.7 59 -20 21.9 +10.9
ISHP First Trust Nasdaq Retail ETF 1.5 60 -21 5.8 -5.2
GXC SPDR S & P China ETF 1.4 59 -20 20.2 +9.3
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.3 75 -36 1.8 -9.2
ODDS Pacer BlueStar Digital Entertainment ETF 1.2 60 -21 5.1 -5.9
MINV Matthews Asia Innovators Active ETF 1.1 79 -40 5.8 -5.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.0 32 7 7.6 -3.4
FDHT Fidelity Digital Health ETF 1.0 39 0 1.8 -9.2
FDEM Fidelity Emerging Markets Multifactor ETF 1.0 25 14 10.5 -0.5
EMMF WisdomTree Emerging Markets Multifactor Fund 1.0 48 -9 8.6 -2.4
BKF iShares MSCI BIC ETF 0.9 69 -30 15.6 +4.6
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.9 35 4 10.0 -1.0
DRIV Global X Autonomous & Electric Vehicles ETF 0.9 68 -29 3.6 -7.4
ECNS iShares MSCI China Small-Cap ETF 0.9 59 -20 10.3 -0.7
MOTG VanEck Morningstar Global Wide Moat ETF 0.8 52 -13 8.1 -2.9
PXH Invesco FTSE RAFI Emerging Markets ETF 0.8 49 -10 13.3 +2.4
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.8 15 24 8.9 -2.1
GINN Goldman Sachs Innovate Equity ETF 0.7 52 -13 3.7 -7.3
FLAX Franklin FTSE Asia Ex Japan ETF 0.7 19 20 7.0 -4.0
EMXF iShares ESG Advanced MSCI EM ETF 0.7 16 23 6.6 -4.4
AVES Avantis Emerging Markets Value ETF 0.7 36 3 9.0 -2.0
DEHP Dimensional Emerging Markets High Profitability ETF 0.7 41 -2 4.9 -6.1
EMC Global X Emerging Markets Great Consumer ETF 0.7 75 -36 7.1 -3.9
IXP iShares Global Comm Services ETF 0.7 42 -3 5.9 -5.1
MEM Matthews Emerging Markets Equity Active ETF 0.7 79 -40 8.6 -2.4
JHEM John Hancock Multifactor Emerging Markets ETF 0.7 49 -10 7.5 -3.5
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.7 15 24 8.0 -3.0
KGRN KraneShares MSCI China Clean Technology Index ETF 0.6 79 -40 4.3 -6.7
NUEM Nuveen ESG Emerging Markets Equity ETF 0.6 36 3 5.8 -5.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.6 36 3 7.6 -3.4
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.6 45 -6 9.8 -1.2
LDEM iShares ESG MSCI EM Leaders ETF 0.6 17 22 12.8 +1.9
OGIG ALPS O'Shares Global Internet Giants ETF 0.6 48 -9 2.4 -8.6
BKEM BNY Mellon Emerging Markets Equity ETF 0.6 11 28 24.2 +13.2
IGPT Invesco AI and Next Gen Software ETF 0.6 60 -21 2.3 -8.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.6 66 -27 7.4 -3.6
JADE JPMorgan Active Developing Markets Equity ETF 0.6 65 -26 5.9 -5.1
AIA iShares Asia 50 ETF 0.6 50 -11 7.3 -3.7
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.6 33 6 6.7 -4.3
FCA First Trust China AlphaDEX Fund 0.5 80 -41 9.1 -1.9
VWO Vanguard FTSE Emerging Markets ETF 0.5 7 32 9.2 -1.8
GGME Invesco Next Gen Media and Gaming ETF 0.5 60 -21 4.4 -6.6
PGJ Invesco Golden Dragon China ETF 0.5 70 -31 18.0 +7.0
EEMA iShares MSCI Emerging Markets Asia ETF 0.4 49 -10 7.4 -3.6
GMF SPDR S&P Emerging Asia Pacific ETF 0.4 49 -10 8.6 -2.4
AVSE Avantis Responsible Emerging Markets Equity ETF 0.4 33 6 6.5 -4.5
ESGE iShares ESG Aware MSCI EM ETF 0.4 25 14 8.1 -2.9
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.4 88 -49 8.5 -2.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.4 39 0 13.4 +2.4
CARZ First Trust NASDAQ Global Auto Index Fund 0.4 70 -31 2.4 -8.6
ANEW ProShares MSCI Transformational Changes ETF 0.4 45 -6 4.2 -6.8
SCHE Schwab Emerging Markets Equity ETF 0.4 11 28 9.5 -1.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.4 45 -6 8.0 -3.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.4 70 -31 6.8 -4.2
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.4 70 -31 9.8 -1.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.4 59 -20 8.5 -2.5
ROAM Hartford Multifactor Emerging Markets ETF 0.4 44 -5 7.5 -3.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.4 44 -5 9.7 -1.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.4 30 9 7.9 -3.1
SPEM SPDR Portfolio Emerging Markets ETF 0.4 7 32 9.5 -1.5
PATN Pacer Nasdaq International Patent Leaders ETF 0.3 65 -26 4.0 -7.0
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.3 69 -30 7.6 -3.4
EEM iShares MSCI Emerging Markets ETF 0.3 69 -30 7.8 -3.2
AVEM Avantis Emerging Markets Equity ETF 0.3 33 6 6.9 -4.1
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.3 30 9 7.4 -3.6
IEMG iShares Core MSCI Emerging Markets ETF 0.3 9 30 8.1 -2.9
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.3 41 -2 6.9 -4.1
IDRV iShares Self-driving EV & Tech ETF 0.3 47 -8 1.7 -9.3
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.3 42 -3 7.7 -3.3
FEM First Trust Emerging Markets AlphaDEX Fund 0.3 80 -41 8.9 -2.1
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 0.3 72 -33 2.8 -8.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 -3 4.2 -6.8
BOTZ Global X Robotics & Artificial Intelligence ETF 0.3 69 -30 2.1 -8.9
DFAE Dimensional Emerging Core Equity Market ETF 0.3 35 4 6.9 -4.1
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.3 50 -11 8.0 -3.0
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.2 38 1 7.0 -4.0
FRGN Horizon International Equity ETF 0.2 75 -36 7.8 -3.2
CNYA iShares MSCI China A ETF 0.2 60 -21 7.0 -4.0
TRFM AAM Transformers ETF 0.2 49 -10 1.0 -10.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.2 18 21 6.4 -4.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.2 41 -2 5.9 -5.1
CLOU Global X Cloud Computing ETF 0.2 68 -29 2.1 -8.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.2 4 35 6.7 -4.3
VXUS Vanguard Total International Stock ETF 0.1 5 34 6.6 -4.4
VSGX Vanguard ESG International Stock ETF 0.1 10 29 6.5 -4.5
GEW Cambria Global EW ETF 0.1 29 10 5.4 -5.6
CWI SPDR MSCI ACWI ex-US ETF 0.1 30 9 6.4 -4.6
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 5 6.3 -4.7
EMGF iShares Emerging Markets Equity Factor ETF 0.1 25 14 8.8 -2.2
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 32 6.6 -4.4
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.1 30 9 6.4 -4.6
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 70 -31 6.5 -4.5
DFEV Dimensional Emerging Markets Value ETF 0.1 43 -4 9.2 -1.8
ERTH Invesco MSCI Sustainable Future ETF 0.1 62 -23 3.6 -7.4
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 -26 6.7 -4.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 30 4.9 -6.1
VT Vanguard Total World Stock ETF 0.1 6 33 5.0 -6.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 31 6.4 -4.6
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.0 20 19 0.8 -10.2
ACWI iShares MSCI ACWI ETF 0.0 32 7 4.7 -6.3
WRND IQ Global Equity R&D Leaders ETF 0.0 18 21 4.0 -7.0
VYMI Vanguard International High Dividend Yield ETF 0.0 17 22 7.9 -3.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 19 4.7 -6.3
XT iShares Exponential Technologies ETF 0.0 46 -7 3.9 -7.1
APIE ActivePassive International Equity ETF 0.0 45 -6 6.4 -4.6
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 27 4.5 -6.5
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 21 0.0 -11.0
GLOF iShares Global Equity Factor ETF 0.0 20 19 5.5 -5.5

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 1.8 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 11.0 %
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.