Matthews Asia Innovators Active ETF

  • High-conviction, concentrated equity portfolio of innovative companies in Asia
  • All-cap fundamental approach focused on companies with unique offerings that create or expand markets
  • Capitalizing on the new economy and the rising disposable income in Asia


Inception Date


NAV YTD Return

(as of 03/30/2023)



(as of 03/30/2023)


1 Day NAV Change

(as of 03/30/2023)


Long-term capital appreciation


Under normal circumstances, the Matthews Asia Innovators Active ETF seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in Asia that Matthews believes are innovators in their products, services, processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health.


Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging and frontier markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. Sector funds may be subject to a higher degree of market risk than diversified funds because of a concentration in a specific sector. The Fund's value may be affected by changes in the science and technology-related industries.

These and other risks associated with investing in the Fund can be found in the prospectus.

Fund Facts
Inception Date 07/13/2022
Fund Assets $140.77 million (03/31/2023)
Currency USD
Ticker MINV
Cusip 577-125-826
Primary Exchange NYSE Arca
Benchmark MSCI All Country Asia ex Japan Index
Geographic Focus Asia - Consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 03/30/2023)
NAV $24.58
NAV Change +0.27
Market Price $24.71
Market Price Change +0.31
Day's Trading Volume 6,645 Shares
Median BID/ASK Spread (30 Day) 0.40% (as of 03/30/2023)
Premium Discount +0.53%
Number of days at Q4 2022 2022
Premium 41 72
Discount 22 48

The NAV of an ETF represents the value of all the securities held by the ETF such as shares or bonds and cash minus any liabilities such as Total Expense Ratio (TER), and divided by the number of shares outstanding. An ETF’s market price is the price at which investors can buy or sell an ETF on an exchange. This price may deviate from the NAV of the ETF depending on demand for and supply for the ETF at a point in time.

The Premium/Discount chart shows the difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount of the Mid-Point price as a percentage of the NAV. The horizontal axis shows the number of trading days covered by the chart, and each bar in the chart demonstrates how many days the Fund traded within the given premium/discount range. The data presented in the chart and table above represent past performance and cannot be used to predict future results.


  • Monthly
  • Quarterly
  • data_graph_selected Created with Sketch.
  • bar_graph_selected Created with Sketch.
As of 02/28/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Innovators Active ETF - MINV
-10.32% -0.54% -1.40% n.a. n.a. n.a. n.a. -4.40%
Market Price
-10.71% -2.28% -1.15% n.a. n.a. n.a. n.a. -3.96%
MSCI All Country Asia ex Japan Index
-6.81% 0.71% 0.85% n.a. n.a. n.a. n.a. -0.60%
As of 12/31/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Innovators Active ETF - MINV
0.88% 8.31% n.a. n.a. n.a. n.a. n.a. -3.04%
Market Price
-1.14% 8.78% n.a. n.a. n.a. n.a. n.a. -2.84%
MSCI All Country Asia ex Japan Index
-0.14% 11.43% n.a. n.a. n.a. n.a. n.a. -1.44%

Source: BNY Mellon Investment Servicing (US) Inc. All performance is in US$.

Year to Date and Since Inception performance with less than one year of history represents actual performance, not annualized.

Assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund’s fees and expenses had not been waived.

Net asset value (“NAV”) returns are based on the dollar value of a single share of the ETF, calculated using the value of the underlying assets of the ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total Return reflects the reinvestment of distributions on ex-date for NAV returns and payment date for Market Price returns. The market price of the ETF’s shares may differ significantly from their NAV during periods of market volatility.

Top 10 Holdings

(as of 04/03/2023)
Ticker Name SEDOL Market Value Shares % Net Assets
BABA ALIBABA GROUP HOLDING, LTD. ADR BP41ZD1 $9,279,783 90,818 6.6
700 TENCENT HOLDINGS, LTD. BMMV2K8 $9,047,928 184,100 6.4
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $6,967,206 398,000 4.9
BEKE KE HOLDINGS INC-ADR BMBX7M2 $6,346,499 336,863 4.5
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $6,295,582 128,061 4.5
3690 MEITUAN DIANPING CLASS B BGJW376 $5,548,458 303,520 3.9
HTHT HUAZHU GROUP, LTD. ADR BFMFKK7 $5,153,529 105,217 3.7
SE SEA, LTD. ADR BYWD7L4 $5,125,491 59,220 3.6
HDFCB HDFC BANK, LTD. BK1N461 $4,367,353 222,994 3.1
PDD PDD HOLDINGS INC BYVW0F7 $4,049,720 53,356 2.9
291 CHINA RESOURCES BEER HOLDINGS CO., LTD. 6972459 $3,001,548 374,000 2.1
1024 KUAISHOU TECHNOLOGY BLC90T0 $2,982,476 387,300 2.1
JD JD.COM, INC. ADR BMM27D9 $2,922,811 66,594 2.1
GRAB GRAB HOLDINGS LTD - CL A BP6NH40 $2,846,352 945,632 2.0
006400 SAMSUNG SDI CO., LTD. 6771645 $2,617,963 4,637 1.9
ICICIBC ICICI BANK, LTD. BSZ2BY7 $2,437,150 228,317 1.7
000858 WULIANGYE YIBIN CO., LTD. A SHARES BD5CPG2 $2,312,146 80,600 1.6
1801 INNOVENT BIOLOGICS, INC. BGR6KX5 $2,290,362 511,500 1.6
600406 NARI TECHNOLOGY CO LTD-A BP3R444 $2,239,132 567,200 1.6
CPNG COUPANG INC BNYHDF3 $2,150,864 134,429 1.5
BZ KANZHUN LTD - ADR BM91SH0 $2,146,603 112,801 1.5
BBRI PT BANK RAKYAT INDONESIA PERSERO 6709099 $2,124,864 6,736,000 1.5
RIL RELIANCE INDUSTRIES, LTD. 6099626 $2,108,660 74,342 1.5
2331 LI NING CO., LTD. B01JCK9 $2,101,459 266,500 1.5
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $2,036,292 50,000 1.4
2269 WUXI BIOLOGICS CAYMAN, INC. BL6B9P1 $2,015,210 325,500 1.4
BIDU BAIDU, INC. ADR B0FXT17 $1,891,329 12,532 1.3
2454 MEDIATEK, INC. 6372480 $1,809,344 70,000 1.3
BAF BAJAJ FINANCE, LTD. BD2N0P2 $1,726,322 25,259 1.2
601318 PING AN INSURANCE GROUP CO. OF CHINA, LTD. A SHARES BP3R284 $1,594,303 240,100 1.1
688686 OPT MACHINE VISION TECH C BL6JNM0 $1,580,954 78,788 1.1
BGNE BEIGENE, LTD. ADR BYYWPW6 $1,578,111 7,322 1.1
META META PLATFORMS INC-CLASS B7TL820 $1,568,568 7,401 1.1
AVGO BROADCOM, INC. BDZ78H9 $1,564,716 2,439 1.1
TTAN TITAN CO., LTD. 6139340 $1,540,750 50,349 1.1
603605 PROYA COSMETICS CO., LTD. A SHARES BKM3FN4 $1,509,392 57,000 1.1
002594 BYD CO LTD -A BD5CQ69 $1,442,776 38,700 1.0
603290 STARPOWER SEMICONDUCTOR L BL58R37 $1,439,256 36,000 1.0
6618 JD HEALTH INTERNATIONAL I BMW8R04 $1,432,483 192,550 1.0
V VISA INC-CLASS A SHARES B2PZN04 $1,428,064 6,334 1.0
MM MAHINDRA & MAHINDRA, LTD. 6100186 $1,421,641 100,832 1.0
035420 NAVER CORP. 6560393 $1,407,491 9,071 1.0
CASH CASH AND OTHERS $2,867,402 2.0
TOTAL 45.9

Portfolio Breakdown (%)

(as of 12/31/2022)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Consumer Discretionary 33.9 15.0 18.9
Communication Services 18.0 9.9 8.1
Financials 14.2 21.5 -7.3
Information Technology 9.5 21.0 -11.5
Consumer Staples 8.8 5.5 3.3
Industrials 5.2 6.8 -1.6
Real Estate 4.1 4.0 0.1
Energy 2.0 3.7 -1.7
Health Care 1.6 4.1 -2.5
Materials 0.0 5.4 -5.4
Utilities 0.0 3.1 -3.1
Cash and Other Assets, Less Liabilities 2.7 0.0 2.7

Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit

Country Fund Benchmark Difference
China/Hong Kong 68.2 44.3 23.9
India 15.6 16.3 -0.7
South Korea 5.6 12.8 -7.2
Singapore 5.0 3.9 1.1
Taiwan 2.0 15.4 -13.4
Vietnam 0.8 0.0 0.8
Thailand 0.0 2.5 -2.5
Indonesia 0.0 2.2 -2.2
Malaysia 0.0 1.8 -1.8
Philippines 0.0 0.8 -0.8
Cash and Other Assets, Less Liabilities 2.7 0.0 2.7

Not all countries are included in the benchmark index(es).

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 62.1 56.5 5.6
Large Cap ($10B-$25B) 22.7 22.5 0.2
Mid Cap ($3B-$10B) 10.5 19.3 -8.8
Small Cap (under $3B) 2.1 1.6 0.5
Cash and Other Assets, Less Liabilities 2.7 0.0 2.7

Source: FactSet Research Systems.

Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature.

Portfolio Characteristics

(as of 12/31/2022)
Fund Benchmark
Number of Positions 33 1,187
Weighted Average Market Cap $105.7 billion $99.5 billion
Active Share 81.0 n.a.
P/E using FY1 estimates 23.9x 11.8x
P/E using FY2 estimates 20.6x 11.8x
Price/Cash Flow 17.3 6.8
Price/Book 3.3 1.5
Return On Equity 0.5 14.5
EPS Growth (3 Yr) -34.9% 9.8%

Sources: Factset Research Systems, Inc.

Portfolio Managers

Michael J. Oh, CFA photo
Michael J. Oh, CFA

Lead Manager

Taizo  Ishida photo
Taizo Ishida



Visit our Glossary of Terms page for definitions and additional information.

Index Definitions

The information contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Neither the funds nor the Investment Advisor accept any liability for losses either direct or consequential caused by the use of this information.