Themes China Generative Artificial Intelligence ETF
ALTAR
Score™		 9.4% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 14.6x P/Sales
ratio		 2.3x
P/BV
ratio		 2.2x 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) $25
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 16
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
CAMBRICON TECHNOLOGIES CORP. LTD. 9.9 %
MONTAGE TECHNOLOGY CO., LTD. CLASS 9.8 %
YUANJIE SEMICONDUCTOR TECHNOLOGY C 8.8 %
FOXCONN INDUSTRIAL INTERNET CO., L 7.9 %
HYGON INFORMATION TECHNOLOGY CO., 7.1 %
BAIDU INC - SPON ADR 6.6 %
INSPUR ELECTRONIC INFORMAT-A 5.0 %
XIAOMI CORP. CLASS B 4.8 %
KINGSOFT CLOUD HOLDINGS LTD 4.3 %
KUAISHOU TECHNOLOGY CLASS B 4.2 %
Total 68.3 %

TOP COUNTRY EXPOSURE
CHINA 79.6 %










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 $35.80
30d moving avg. $37.31
Annualized volatility 0.0%
Short interest (ETF) 1.5%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 21
Turnover 3.0%
Bid/Ask (% of price) 0.56%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 160 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™: 9.4%


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 6.3 -3.1
TCHI iShares MSCI China Multisector Tech ETF 12.3 59 -20 13.4 +4.0
KTEC KraneShares Hang Seng TECH Index ETF 9.7 69 -30 21.0 +11.6
SOCL Global X Social Media ETF 9.6 65 -26 12.5 +3.1
CQQQ Invesco China Technology ETF 8.4 70 -31 15.2 +5.8
CGRO CoreValues Alpha Greater China Growth ETF 7.3 75 -36 5.2 -4.2
PGJ Invesco Golden Dragon China ETF 6.9 70 -31 15.2 +5.8
FXI iShares China Large-Cap ETF 6.2 74 -35 21.0 +11.6
CXSE WisdomTree China ex-State-Owned Enterprises Fund 6.2 32 7 13.7 +4.3
AIS VistaShares Artificial Intelligence Supercycle ETF 5.5 75 -36 0.9 -8.5
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 5.4 65 -26 6.1 -3.3
KWEB KraneShares CSI China Internet ETF 5.0 69 -30 25.0 +15.6
EEMO Invesco S&P Emerging Markets Momentum ETF 4.9 29 10 6.6 -2.8
MCH Matthews China Active ETF 4.7 79 -40 14.6 +5.2
BNGE First Trust S-Network Streaming and Gaming ETF 4.2 70 -31 3.1 -6.3
BOTZ Global X Robotics & Artificial Intelligence ETF 4.0 69 -30 1.8 -7.6
HUMN Roundhill Humanoid Robotics ETF 3.9 75 -36 1.1 -8.3
AGIQ Sofi Agentic AI ETF 3.8 69 -30 6.8 -2.6
FLCH Franklin FTSE China ETF 3.6 19 20 18.0 +8.6
IVRS iShares Future Metaverse Tech and Communications ETF 3.6 47 -8 5.2 -4.2
GGME Invesco Next Gen Media and Gaming ETF 3.6 60 -21 4.4 -5.0
EMC Global X Emerging Markets Great Consumer ETF 3.4 75 -36 7.1 -2.4
ISHP First Trust Nasdaq Retail ETF 3.3 60 -21 5.5 -3.9
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 3.2 72 -33 2.2 -7.2
HERO Global X Video Games & Esports ETF 3.1 50 -11 6.0 -3.4
MCHI iShares MSCI China ETF 3.1 59 -20 20.2 +10.8
IPKW Invesco International BuyBack Achievers ETF 2.8 55 -16 8.2 -1.2
AIVC Amplify Bloomberg AI Value Chain ETF 2.8 59 -20 3.3 -6.1
GXC SPDR S & P China ETF 2.4 59 -20 18.6 +9.2
ESPO VanEck Video Gaming and eSports ETF 2.3 56 -17 6.7 -2.7
ARVR First Trust Indxx Metaverse ETF 2.3 70 -31 3.6 -5.8
JCHI JPMorgan Active China ETF 2.2 65 -26 15.5 +6.1
METV Roundhill Ball Metaverse ETF 2.0 59 -20 8.1 -1.3
SIMS State Street SPDR S&P Kensho Intelligent Structures ETF 1.9 45 -6 4.3 -5.1
FDNI First Trust Dow Jones International Internet ETF 1.8 65 -26 24.7 +15.3
ARKQ ARK Autonomous Technology & Robotics ETF 1.8 75 -36 0.9 -8.5
BKF iShares MSCI BIC ETF 1.8 69 -30 14.9 +5.5
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 1.7 60 -21 9.2 -0.3
ECON Columbia Emerging Markets Consumer ETF 1.7 49 -10 6.6 -2.8
DRIV Global X Autonomous & Electric Vehicles ETF 1.7 68 -29 2.9 -6.5
NERD Roundhill Video Games ETF 1.6 50 -11 8.1 -1.3
AIA iShares Asia 50 ETF 1.5 50 -11 7.7 -1.7
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.4 90 -51 3.7 -5.7
DSTX Distillate International Fundamental Stability & Value ETF 1.4 55 -16 6.7 -2.7
EMXF iShares ESG Advanced MSCI EM ETF 1.3 16 23 6.7 -2.7
KNCT Invesco Next Gen Connectivity ETF 1.3 40 -1 2.9 -6.5
LEGR First Trust Indxx Innovative Transaction & Process ETF 1.3 65 -26 7.3 -2.1
FFND Future Fund Active ETF 1.3 100 -61 4.3 -5.1
EVLU iShares MSCI Emerging Markets Value Factor ETF 1.3 35 4 10.0 +0.6
ECNS iShares MSCI China Small-Cap ETF 1.2 59 -20 9.2 -0.2
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 1.2 86 -47 13.4 +4.0
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.2 75 -36 1.7 -7.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.2 32 7 7.4 -2.0
XT iShares Exponential Technologies ETF 1.0 46 -7 3.8 -5.6
PXH Invesco FTSE RAFI Emerging Markets ETF 1.0 49 -10 13.4 +4.0
FDEM Fidelity Emerging Markets Multifactor ETF 1.0 25 14 10.4 +1.0
FLAX Franklin FTSE Asia Ex Japan ETF 1.0 19 20 7.1 -2.3
ARKK ARK Innovation ETF 1.0 75 -36 -3.0 -12.4
MEM Matthews Emerging Markets Equity Active ETF 1.0 79 -40 8.5 -1.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.0 41 -2 6.9 -2.5
QQQJ Invesco NASDAQ Next Gen 100 ETF 1.0 15 24 3.9 -5.6
ROBO ROBO Global Robotics & Automation Index ETF 1.0 95 -56 2.3 -7.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.0 20 19 7.4 -2.0
ODDS Pacer BlueStar Digital Entertainment ETF 1.0 60 -21 4.7 -4.7
FDHT Fidelity Digital Health ETF 1.0 39 0 1.7 -7.7
ARKW ARK Next Generation Internet ETF 1.0 87 -48 0.7 -8.7
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.0 42 -3 4.1 -5.4
QTUM Defiance Quantum ETF 0.9 40 -1 3.5 -5.9
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.9 15 24 8.8 -0.6
CHAT Roundhill Generative AI & Technology ETF 0.9 75 -36 3.9 -5.5
KOCG FIS Knights of Columbus Global Belief ETF 0.9 75 -36 4.4 -5.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.9 15 24 8.0 -1.4
VWO Vanguard FTSE Emerging Markets ETF 0.9 7 32 9.2 -0.2
BKEM BNY Mellon Emerging Markets Equity ETF 0.9 11 28 7.9 -1.5
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.9 36 3 7.6 -1.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.9 66 -27 7.2 -2.2
HAIL State Street SPDR S&P Kensho Smart Mobility ETF 0.8 45 -6 -1.4 -10.8
EEMA iShares MSCI Emerging Markets Asia ETF 0.8 49 -10 7.5 -1.9
DEHP Dimensional Emerging Markets High Profitability ETF 0.8 41 -2 4.8 -4.6
ESGE iShares ESG Aware MSCI EM ETF 0.8 25 14 8.3 -1.2
CARZ First Trust NASDAQ Global Auto Index Fund 0.8 70 -31 2.2 -7.2
GMF SPDR S&P Emerging Asia Pacific ETF 0.7 49 -10 8.6 -0.8
SCHE Schwab Emerging Markets Equity ETF 0.7 11 28 9.5 +0.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.7 70 -31 6.9 -2.5
NUEM Nuveen ESG Emerging Markets Equity ETF 0.7 36 3 6.1 -3.3
KGRN KraneShares MSCI China Clean Technology Index ETF 0.7 79 -40 3.4 -6.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.7 33 6 6.7 -2.7
DFAE Dimensional Emerging Core Equity Market ETF 0.7 35 4 7.0 -2.4
JADE JPMorgan Active Developing Markets Equity ETF 0.7 65 -26 6.1 -3.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.6 30 9 8.0 -1.4
SPEM SPDR Portfolio Emerging Markets ETF 0.6 7 32 9.5 +0.1
OGIG ALPS O'Shares Global Internet Giants ETF 0.6 48 -9 2.5 -7.0
PATN Pacer Nasdaq International Patent Leaders ETF 0.6 65 -26 4.0 -5.4
EEM iShares MSCI Emerging Markets ETF 0.6 69 -30 7.8 -1.6
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.6 69 -30 7.4 -2.0
TTAI FCF International Quality ETF 0.6 59 -20 6.8 -2.6
AVES Avantis Emerging Markets Value ETF 0.6 36 3 8.9 -0.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.6 45 -6 8.1 -1.3
NXTG First Trust Indxx NextG ETF 0.6 70 -31 3.4 -6.0
MINV Matthews Asia Innovators Active ETF 0.6 79 -40 5.1 -4.3
IEMG iShares Core MSCI Emerging Markets ETF 0.6 9 30 8.2 -1.2
UMMA Wahed Dow Jones Islamic World ETF 0.5 65 -26 3.5 -5.9
AVSE Avantis Responsible Emerging Markets Equity ETF 0.5 33 6 6.6 -2.8
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.5 38 1 7.0 -2.4
ROAM Hartford Multifactor Emerging Markets ETF 0.5 44 -5 7.5 -1.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.5 59 -20 8.6 -0.8
IDRV iShares Self-driving EV & Tech ETF 0.4 47 -8 1.3 -8.1
IXP iShares Global Comm Services ETF 0.4 42 -3 5.7 -3.7
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.4 70 -31 9.5 +0.1
PNQI Invesco NASDAQ Internet ETF 0.4 60 -21 3.8 -5.6
AVEM Avantis Emerging Markets Equity ETF 0.4 33 6 7.0 -2.4
LDEM iShares ESG MSCI EM Leaders ETF 0.4 17 22 12.9 +3.5
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.4 88 -49 8.4 -1.0
FEM First Trust Emerging Markets AlphaDEX Fund 0.4 80 -41 9.0 -0.5
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.4 20 19 0.8 -8.6
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.4 65 -26 1.4 -8.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.4 30 9 7.6 -1.8
JHEM John Hancock Multifactor Emerging Markets ETF 0.3 49 -10 7.5 -1.9
VSGX Vanguard ESG International Stock ETF 0.3 10 29 6.6 -2.8
FRGN Horizon International Equity ETF 0.3 75 -36 7.8 -1.6
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.3 44 -5 9.5 +0.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 0 13.7 +4.3
ANEW ProShares MSCI Transformational Changes ETF 0.3 45 -6 4.4 -5.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.3 41 -2 6.0 -3.4
AIQ Global X Artificial Intelligence & Technology ETF 0.3 68 -29 2.7 -6.7
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.3 18 21 6.4 -3.0
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.3 45 -6 9.7 +0.3
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 4 35 6.7 -2.7
IXN iShares Global Tech ETF 0.3 41 -2 2.6 -6.8
GINN Goldman Sachs Innovate Equity ETF 0.3 52 -13 3.7 -5.7
VXUS Vanguard Total International Stock ETF 0.2 5 34 6.7 -2.8
ACWX iShares MSCI ACWI ex U.S. ETF 0.2 34 5 6.4 -3.0
EMGF iShares Emerging Markets Equity Factor ETF 0.2 25 14 8.8 -0.6
APIE ActivePassive International Equity ETF 0.2 45 -6 6.4 -3.0
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 9 6.5 -2.9
IGPT Invesco AI and Next Gen Software ETF 0.2 60 -21 2.4 -7.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.2 50 -11 8.1 -1.3
IXUS iShares Core MSCI Total International Stock ETF 0.2 7 32 6.6 -2.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 9 6.4 -3.0
INTF iShares International Equity Factor ETF 0.2 15 24 6.5 -2.9
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.2 25 14 6.2 -3.3
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 29 5.0 -4.5
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.2 42 -3 7.6 -1.8
CNYA iShares MSCI China A ETF 0.2 60 -21 6.3 -3.1
ERTH Invesco MSCI Sustainable Future ETF 0.1 62 -23 3.0 -6.4
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 70 -31 6.5 -2.9
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 19 5.7 -3.7
GEW Cambria Global EW ETF 0.1 29 10 5.4 -4.0
VT Vanguard Total World Stock ETF 0.1 6 33 5.0 -4.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 19 4.7 -4.7
ACWI iShares MSCI ACWI ETF 0.1 32 7 4.6 -4.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 30 4.9 -4.5
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 -26 6.5 -2.9
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 31 6.3 -3.1
DFEV Dimensional Emerging Markets Value ETF 0.1 43 -4 9.4 +0.0
AQLT iShares MSCI Global Quality Factor ETF 0.1 18 21 0.0 -9.4
VYMI Vanguard International High Dividend Yield ETF 0.0 17 22 8.1 -1.3
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 18 2.9 -6.6
WRND IQ Global Equity R&D Leaders ETF 0.0 18 21 4.0 -5.4
GLOF iShares Global Equity Factor ETF 0.0 20 19 5.6 -3.9

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 2.0 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 9.4 %
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.