Themes China Generative Artificial Intelligence ETF
ALTAR
Score™		 10.8% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 14.3x P/Sales
ratio		 2.4x
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) $22
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) $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
BAIDU INC - SPON ADR 8.0 %
YUANJIE SEMICONDUCTOR TECHNOLOGY C 7.3 %
FOXCONN INDUSTRIAL INTERNET CO., L 7.1 %
CAMBRICON TECHNOLOGIES CORP. LTD. 6.9 %
MONTAGE TECHNOLOGY CO., LTD. CLASS 6.9 %
KUAISHOU TECHNOLOGY CLASS B 6.1 %
360 SECURITY TECHNOLOGY, INC. CLAS 5.6 %
WHEELOCK & CO LTD 5.2 %
XIAOMI CORP. CLASS B 5.2 %
ZHEJIANG DAHUA TECHNOLOGY-A 5.1 %
Total 63.4 %

TOP COUNTRY EXPOSURE
CHINA 76.6 %
HONG KONG 5.2 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-- -- -- -- 26.0%

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

Technical Indicators
Recent close $33.28
30d moving avg. $33.83
Annualized volatility 0.0%
Short interest (ETF) 1.5%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 14
Turnover 2.2%
Bid/Ask (% of price) 0.51%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 157 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™: 10.8%


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 18.0 89 -50 0.9 -9.9
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 17.4 55 -16 7.0 -3.8
TCHI iShares MSCI China Multisector Tech ETF 17.0 59 -20 18.1 +7.3
KTEC KraneShares Hang Seng TECH Index ETF 12.4 69 -30 20.1 +9.3
SOCL Global X Social Media ETF 11.2 65 -26 10.8 +0.0
CQQQ Invesco China Technology ETF 10.3 70 -31 15.6 +4.8
JCHI JPMorgan Active China ETF 8.7 65 -26 14.4 +3.6
CGRO CoreValues Alpha Greater China Growth ETF 8.3 75 -36 3.3 -7.5
PGJ Invesco Golden Dragon China ETF 8.2 70 -31 13.7 +2.9
AIS VistaShares Artificial Intelligence Supercycle ETF 7.8 75 -36 2.7 -8.1
FXI iShares China Large-Cap ETF 7.2 74 -35 16.9 +6.1
KWEB KraneShares CSI China Internet ETF 7.0 69 -30 26.0 +15.2
EMC Global X Emerging Markets Great Consumer ETF 6.0 75 -36 8.6 -2.2
FLCH Franklin FTSE China ETF 5.8 19 20 15.4 +4.6
KALL KraneShares MSCI All China Index ETF 5.4 49 -10 13.4 +2.6
EEMO Invesco S&P Emerging Markets Momentum ETF 5.3 29 10 7.5 -3.3
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 5.3 65 -26 6.8 -4.0
HUMN Roundhill Humanoid Robotics ETF 5.1 75 -36 1.1 -9.7
IVRS iShares Future Metaverse Tech and Communications ETF 4.8 47 -8 3.1 -7.7
MCH Matthews China Active ETF 4.4 79 -40 14.0 +3.2
RAYC Rayliant Quantamental China Equity ETF 4.4 80 -41 8.2 -2.6
CHAT Roundhill Generative AI & Technology ETF 4.3 75 -36 7.7 -3.1
MCHI iShares MSCI China ETF 4.2 59 -20 16.9 +6.1
HERO Global X Video Games & Esports ETF 3.8 50 -11 4.5 -6.3
BNGE First Trust S-Network Streaming and Gaming ETF 3.7 70 -31 2.6 -8.2
GGME Invesco Next Gen Media and Gaming ETF 3.6 60 -21 4.9 -5.9
ISHP First Trust Nasdaq Retail ETF 3.5 60 -21 5.6 -5.2
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 3.4 60 -21 10.7 -0.1
GXC SPDR S & P China ETF 3.3 59 -20 15.9 +5.1
CXSE WisdomTree China ex-State-Owned Enterprises Fund 3.2 32 7 13.3 +2.5
AIA iShares Asia 50 ETF 3.0 50 -11 12.6 +1.8
IPKW Invesco International BuyBack Achievers ETF 2.8 55 -16 8.8 -2.0
METV Roundhill Ball Metaverse ETF 2.8 59 -20 9.0 -1.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.7 20 19 27,699.8 +27,689.0
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.5 35 4 12.5 +1.7
ECON Columbia Emerging Markets Consumer ETF 2.4 49 -10 11.5 +0.7
BKF iShares MSCI BIC ETF 2.4 69 -30 13.1 +2.3
ARVR First Trust Indxx Metaverse ETF 2.4 70 -31 3.9 -6.9
ESPO VanEck Video Gaming and eSports ETF 2.3 56 -17 5.3 -5.5
DRIV Global X Autonomous & Electric Vehicles ETF 2.3 68 -29 4.7 -6.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 2.2 15 24 7.4 -3.4
SIMS State Street SPDR S&P Kensho Intelligent Structures ETF 2.2 45 -6 5.2 -5.6
FLAX Franklin FTSE Asia Ex Japan ETF 2.2 19 20 8.4 -2.4
AIVC Amplify Bloomberg AI Value Chain ETF 2.1 59 -20 5.7 -5.2
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 2.1 68 -29 6.4 -4.4
FDNI First Trust Dow Jones International Internet ETF 2.1 65 -26 23.0 +12.2
NUEM Nuveen ESG Emerging Markets Equity ETF 2.0 36 3 7.2 -3.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.9 66 -27 9.0 -1.9
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.9 15 24 9.5 -1.3
ARKQ ARK Autonomous Technology & Robotics ETF 1.9 75 -36 1.2 -9.6
NERD Roundhill Video Games ETF 1.9 50 -11 6.6 -4.2
BKEM BNY Mellon Emerging Markets Equity ETF 1.8 11 28 9.2 -1.6
MINV Matthews Asia Innovators Active ETF 1.8 79 -40 7.0 -3.8
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.8 36 3 9.1 -1.7
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 1.7 86 -47 14.3 +3.5
ROAM Hartford Multifactor Emerging Markets ETF 1.7 44 -5 11.2 +0.4
DSTX Distillate International Fundamental Stability & Value ETF 1.5 55 -16 7.6 -3.2
EEMA iShares MSCI Emerging Markets Asia ETF 1.5 49 -10 9.2 -1.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 1.5 45 -6 9.6 -1.2
DEHP Dimensional Emerging Markets High Profitability ETF 1.5 41 -2 6.4 -4.4
LEGR First Trust Indxx Innovative Transaction & Process ETF 1.5 65 -26 7.9 -2.9
QTUM Defiance Quantum ETF 1.4 40 -1 5.0 -5.8
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.4 90 -51 5.1 -5.7
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.4 70 -31 8.4 -2.4
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.3 41 -2 8.1 -2.7
VWO Vanguard FTSE Emerging Markets ETF 1.3 7 32 10.2 -0.6
ESGE iShares ESG Aware MSCI EM ETF 1.3 25 14 9.7 -1.1
KNCT Invesco Next Gen Connectivity ETF 1.3 40 -1 4.6 -6.2
PATN Pacer Nasdaq International Patent Leaders ETF 1.3 65 -26 5.3 -5.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 1.3 30 9 9.6 -1.2
GMF SPDR S&P Emerging Asia Pacific ETF 1.3 49 -10 9.4 -1.4
SCHE Schwab Emerging Markets Equity ETF 1.3 11 28 10.6 -0.2
HAIL State Street SPDR S&P Kensho Smart Mobility ETF 1.3 45 -6 1.6 -9.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.2 50 -11 10.2 -0.6
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 1.2 33 6 9.4 -1.5
EEM iShares MSCI Emerging Markets ETF 1.2 69 -30 9.5 -1.4
FCA First Trust China AlphaDEX Fund 1.2 80 -41 9.4 -1.4
AVSE Avantis Responsible Emerging Markets Equity ETF 1.2 33 6 7.8 -3.0
ARKW ARK Next Generation Internet ETF 1.1 87 -48 0.8 -10.0
SPEM SPDR Portfolio Emerging Markets ETF 1.1 7 32 10.4 -0.4
AVES Avantis Emerging Markets Value ETF 1.1 36 3 10.5 -0.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.1 59 -20 8.4 -2.4
ODDS Pacer BlueStar Digital Entertainment ETF 1.1 60 -21 3.0 -7.8
PXH Invesco FTSE RAFI Emerging Markets ETF 1.0 49 -10 14.9 +4.1
IEMG iShares Core MSCI Emerging Markets ETF 1.0 9 30 9.8 -1.0
DFAE Dimensional Emerging Core Equity Market ETF 1.0 35 4 8.6 -2.2
UMMA Wahed Dow Jones Islamic World ETF 1.0 65 -26 4.7 -6.1
QQQJ Invesco NASDAQ Next Gen 100 ETF 1.0 15 24 4.5 -6.3
GINN Goldman Sachs Innovate Equity ETF 1.0 52 -13 3.6 -7.2
WRND IQ Global Equity R&D Leaders ETF 0.9 18 21 7.5 -3.3
KOCG FIS Knights of Columbus Global Belief ETF 0.9 75 -36 4.9 -5.9
CARZ First Trust NASDAQ Global Auto Index Fund 0.9 70 -31 4.0 -6.8
NXTG First Trust Indxx NextG ETF 0.9 70 -31 4.8 -6.0
FDHT Fidelity Digital Health ETF 0.9 39 0 1.5 -9.3
XT iShares Exponential Technologies ETF 0.8 46 -7 4.5 -6.3
BOTT Themes Robotics & Automation ETF 0.8 35 4 -1.6 -12.4
ARKK ARK Innovation ETF 0.7 75 -36 -2.6 -13.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.7 32 7 8.5 -2.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.7 38 1 8.6 -2.2
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.7 20 19 3.0 -7.8
BOTZ Global X Robotics & Artificial Intelligence ETF 0.7 69 -30 2.0 -8.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.7 30 9 8.4 -2.4
KGRN KraneShares MSCI China Clean Technology Index ETF 0.7 79 -40 0.4 -10.5
LDEM iShares ESG MSCI EM Leaders ETF 0.6 17 22 12.8 +2.0
TTAI FCF International Quality ETF 0.6 59 -20 7.4 -3.4
JADE JPMorgan Active Developing Markets Equity ETF 0.6 65 -26 7.7 -3.1
ECNS iShares MSCI China Small-Cap ETF 0.6 59 -20 9.2 -1.6
EMXF iShares ESG Advanced MSCI EM ETF 0.6 16 23 7.9 -2.9
OGIG ALPS O'Shares Global Internet Giants ETF 0.6 48 -9 2.2 -8.6
ANEW ProShares MSCI Transformational Changes ETF 0.6 45 -6 5.3 -5.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.5 41 -2 7.1 -3.7
AVEM Avantis Emerging Markets Equity ETF 0.5 33 6 8.1 -2.7
VSGX Vanguard ESG International Stock ETF 0.5 10 29 7.5 -3.3
IXP iShares Global Comm Services ETF 0.5 42 -3 5.6 -5.2
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.5 18 21 7.3 -3.5
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.5 65 -26 1.9 -8.9
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.5 70 -31 12.3 +1.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.5 39 0 15.5 +4.7
IXN iShares Global Tech ETF 0.5 41 -2 3.5 -7.3
EMGF iShares Emerging Markets Equity Factor ETF 0.4 25 14 10.8 -0.0
PNQI Invesco NASDAQ Internet ETF 0.4 60 -21 3.6 -7.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.4 44 -5 10.3 -0.5
VEU Vanguard FTSE All-World ex-US Index Fund 0.4 4 35 7.6 -3.2
ACWX iShares MSCI ACWI ex U.S. ETF 0.4 34 5 7.3 -3.6
VXUS Vanguard Total International Stock ETF 0.4 5 34 7.6 -3.2
CWI SPDR MSCI ACWI ex-US ETF 0.4 30 9 7.3 -3.5
AIQ Global X Artificial Intelligence & Technology ETF 0.4 68 -29 3.5 -7.3
WISE Themes Generative Artificial Intelligence ETF 0.3 35 4 -0.4 -11.2
FDEM Fidelity Emerging Markets Multifactor ETF 0.3 25 14 12.2 +1.4
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 32 7.5 -3.3
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.3 25 14 6.3 -4.5
INTF iShares International Equity Factor ETF 0.3 15 24 7.3 -3.5
JHEM John Hancock Multifactor Emerging Markets ETF 0.3 49 -10 9.4 -1.4
APIE ActivePassive International Equity ETF 0.3 45 -6 7.1 -3.7
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 9 7.4 -3.4
YNOT Horizon Digital Frontier ETF 0.2 75 -36 3.1 -7.7
CNYA iShares MSCI China A ETF 0.2 60 -21 6.9 -3.9
IGPT Invesco AI and Next Gen Software ETF 0.2 60 -21 4.3 -6.5
FEM First Trust Emerging Markets AlphaDEX Fund 0.2 80 -41 11.4 +0.6
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 29 5.6 -5.3
GEW Cambria Global EW ETF 0.2 29 10 5.9 -4.9
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 19 5.7 -5.1
JSTC Adasina Social Justice All Cap Global ETF 0.2 89 -50 4.8 -6.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 19 5.3 -5.5
VT Vanguard Total World Stock ETF 0.1 6 33 5.7 -5.1
ACWI iShares MSCI ACWI ETF 0.1 32 7 5.3 -5.5
ERTH Invesco MSCI Sustainable Future ETF 0.1 62 -23 3.4 -7.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 30 5.5 -5.3
DFEV Dimensional Emerging Markets Value ETF 0.1 43 -4 11.7 +0.9
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 -26 7.8 -3.0
GLOF iShares Global Equity Factor ETF 0.1 20 19 6.6 -4.2
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 70 -31 7.5 -3.3
ONEQ Fidelity Nasdaq Composite Index ETF 0.1 21 18 3.7 -7.1
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.1 42 -3 9.3 -1.5
VYMI Vanguard International High Dividend Yield ETF 0.0 17 22 9.0 -1.8
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.0 40 -1 6.7 -4.1
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 8 31 7.1 -3.7

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
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Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

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

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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 1.9 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 10.8 %
info 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.
 

 

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.