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Matthews Asia Innovators Active ETF
MINV

Snapshot
  • 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

07/13/2022

Inception Date

9.25%

NAV YTD Return

(as of 04/11/2024)

$25.74

NAV

(as of 04/11/2024)

+0.09

1 Day NAV Change

(as of 04/11/2024)

Objective

Long-term capital appreciation

Strategy

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.

Risks

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 $69.51 million (04/11/2024)
Currency USD
Ticker MINV
Cusip 577-125-826
Primary Exchange NYSE Arca
Benchmark MSCI All Country Asia ex Japan Index
Geographic Focus Asia ex Japan - Consists of all countries and markets in Asia excluding Japan, but including all other developed, emerging, and frontier countries and markets in the Asian region
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 04/11/2024)
NAV $25.74
NAV Change +0.09
Market Price $25.73
Market Price Change +0.35
Day's Trading Volume 2,155 Shares
Median BID/ASK Spread (30 Day) 0.32% (as of 04/11/2024)
Premium Discount -0.04%
Number of days at Premium/Discount
2024 2023
Q2 Q1
Premium 5 30 165
Discount 4 30 78

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.

Performance

  • Monthly
  • Quarterly
  • Calendar Year
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As of 03/31/2024
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Innovators Active ETF - MINV
07/13/2022
NAV
1.78% 6.83% 6.83% 2.93% n.a. n.a. n.a. 0.98%
Market Price
2.27% 7.69% 7.69% 2.88% n.a. n.a. n.a. 1.08%
MSCI All Country Asia ex Japan Index
2.58% 2.44% 2.44% 4.36% n.a. n.a. n.a. 4.23%
As of 03/31/2024
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Innovators Active ETF - MINV
07/13/2022
NAV
1.78% 6.83% 6.83% 2.93% n.a. n.a. n.a. 0.98%
Market Price
2.27% 7.69% 7.69% 2.88% n.a. n.a. n.a. 1.08%
MSCI All Country Asia ex Japan Index
2.58% 2.44% 2.44% 4.36% n.a. n.a. n.a. 4.23%
For the years ended December 31st
Name 2023
Matthews Asia Innovators Active ETF - MINV
NAV
-1.83%
Market Price
-2.66%
MSCI All Country Asia ex Japan Index
6.34%

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 04/12/2024)
Ticker Name SEDOL Market Value Shares % Net Assets
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $6,996,696 275,000 10.1
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $3,916,035 63,518 5.6
ZOMATO ZOMATO LTD BL6P210 $3,642,344 1,538,978 5.2
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $2,945,349 82,807 4.2
3690 MEITUAN DIANPING CLASS B BGJW376 $2,630,952 197,300 3.8
700 TENCENT HOLDINGS, LTD. BMMV2K8 $2,391,647 59,500 3.4
TTMT TATA MOTORS, LTD. B611LV1 $2,389,762 196,168 3.4
000660 SK HYNIX, INC. 6450267 $2,386,179 17,277 3.4
SE SEA, LTD. ADR BYWD7L4 $2,350,508 42,207 3.4
TCOM CTRIP.COM INTERNATIONAL, LTD. ADR BK1K3N2 $2,109,260 42,101 3.0
9988 ALIBABA GROUP HOLDING, LTD. BK6YZP5 $1,764,897 186,400 2.5
PDD PDD HOLDINGS INC BYVW0F7 $1,751,903 14,463 2.5
NVDA NVIDIA CORP 2379504 $1,739,827 1,920 2.5
ASML ASML HOLDING NV-NY REG SH B908F01 $1,703,573 1,717 2.5
BAF BAJAJ FINANCE, LTD. BD2N0P2 $1,583,363 18,219 2.3
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $1,403,218 15,000 2.0
AVGO BROADCOM, INC. BDZ78H9 $1,389,372 1,005 2.0
ICICIBC ICICI BANK, LTD. BSZ2BY7 $1,377,512 103,301 2.0
AXSB AXIS BANK, LTD. BPFJHC7 $1,361,675 104,141 2.0
BBRI PT BANK RAKYAT INDONESIA PERSERO 6709099 $1,298,163 3,640,600 1.9
DIDIY DIDI GLOBAL INC BMBR6F0 $1,252,120 254,496 1.8
LRCX LAM RESEARCH CORP 2502247 $1,225,416 1,246 1.8
005380 HYUNDAI MOTOR CO. 6451055 $1,066,400 6,036 1.5
1801 INNOVENT BIOLOGICS, INC. BGR6KX5 $1,057,097 221,500 1.5
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD. A SHARES BHQPSY7 $1,024,165 38,600 1.5
002371 NAURA TECHNOLOGY GROUP CO., LTD. A SHARES BD5LYF1 $993,408 24,800 1.4
DELHIVE DELHIVERY LTD BN7FZ69 $809,716 149,632 1.2
006400 SAMSUNG SDI CO., LTD. 6771645 $786,262 2,632 1.1
2454 MEDIATEK, INC. 6372480 $781,892 21,000 1.1
3037 UNIMICRON TECHNOLOGY CORP 6137720 $776,463 130,000 1.1
2345 ACCTON TECHNOLOGY CORP 6005214 $763,152 52,000 1.1
5274 ASPEED TECHNOLOGY INC B80VKP3 $688,500 7,000 1.0
2020 ANTA SPORTS PRODUCTS, LTD. B1YVKN8 $673,239 60,400 1.0
000333 MIDEA GROUP CO., LTD. A SHARES BD5CPP1 $659,758 73,600 0.9
HDFCAMC HDFC ASSET MANAGEMENT CO BG0R3M5 $652,910 14,658 0.9
6669 WIWYNN CORP BF4QXG5 $649,250 9,000 0.9
NU NU HOLDINGS LTD/CAYMAN IS BN6NP19 $631,773 54,699 0.9
300124 SHENZHEN INOVANCE TECHNOLOGY CO., LTD. A SHARES BD5CMN8 $625,367 77,400 0.9
1024 KUAISHOU TECHNOLOGY BLC90T0 $592,380 93,500 0.9
035720 KAKAO CORP. 6194037 $570,182 16,187 0.8
298040 HYOSUNG HEAVY INDUSTRIES BD83175 $536,815 2,310 0.8
BEKE KE HOLDINGS INC-ADR BMBX7M2 $525,497 37,059 0.8
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $516,378 3,508 0.7
1476 ECLAT TEXTILE COMPANY LTD 6345783 $500,783 30,000 0.7
LPC LUPIN, LTD. 6143761 $426,826 22,130 0.6
3533 LOTES CO LTD B1GJFG8 $372,330 8,000 0.5
KKC CUMMINS INDIA, LTD. 6294863 $364,031 10,092 0.5
348210 NEXTIN INC BMY4SZ2 $354,063 7,419 0.5
8069 E INK HOLDINGS INC 6744283 $352,907 47,000 0.5
IH INDIAN HOTELS CO LTD B1FRT61 $351,074 48,969 0.5
CASH CASH AND OTHERS $1,410,926 2.0
CURR CNY $2,296 0.0
CURR EUR $4 0.0
CURR INR $315,920 0.5
CURR TWD $24,449 0.0
TOTAL 45.7

Portfolio Breakdown (%)

(as of 03/31/2024)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 40.3 27.4 12.9
Consumer Discretionary 24.3 13.5 10.8
Financials 11.2 20.2 -9.0
Communication Services 8.9 9.1 -0.2
Industrials 5.5 7.7 -2.2
Energy 3.9 4.0 -0.1
Health Care 2.1 3.6 -1.5
Real Estate 0.8 2.6 -1.8
Materials 0.0 4.7 -4.7
Consumer Staples 0.0 4.4 -4.4
Utilities 0.0 2.7 -2.7
Cash and Other Assets, Less Liabilities 2.9 0.0 2.9

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

Country Fund Benchmark Difference
India 23.9 20.6 3.3
China/Hong Kong 23.8 34.1 -10.3
Taiwan 18.5 20.4 -1.9
South Korea 13.9 14.9 -1.0
United States 8.7 0.0 8.7
Singapore 3.0 3.6 -0.6
Indonesia 2.4 2.2 0.2
Netherlands 2.0 0.0 2.0
Brazil 1.0 0.0 1.0
Thailand 0.0 1.8 -1.8
Malaysia 0.0 1.6 -1.6
Philippines 0.0 0.7 -0.7
Macau 0.0 0.2 -0.2
Cash and Other Assets, Less Liabilities 2.9 0.0 2.9

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 70.9 60.4 10.5
Large Cap ($10B-$25B) 14.3 21.0 -6.7
Mid Cap ($3B-$10B) 11.0 17.7 -6.7
Small Cap (under $3B) 0.9 0.9 0.0
Cash and Other Assets, Less Liabilities 2.9 0.0 2.9

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 03/31/2024)
Fund Benchmark
Number of Positions 45 1,182
Weighted Average Market Cap $296.4 billion $139.1 billion
Active Share 68.7 n.a.
P/E using FY1 estimates 19.2x 13.2x
P/E using FY2 estimates 16.4x 11.7x
Price/Cash Flow 16.9 8.4
Price/Book 3.5 1.6
Return On Equity 19 14.2
EPS Growth (3 Yr) 29.70% 12.60%

Sources: Factset Research Systems, Inc.

Distributions

Ex Date Record Date Pay Date Reinvest Date Ordinary
Income
Short Term
Capital Gains
Long Term
Capital Gains
Total Distributions
Per Share
% of NAV
12/14/2023 12/15/2023 12/21/2023 12/14/2023 $0.23378 $0.00000 $0.00000 $0.23378 1.0%

 

There is no guarantee that the Fund will pay or continue to pay distributions. 

Past performance is no guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that shares, when redeemed, may be worth more or less than their original cost.

Portfolio Managers

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

Lead Manager

Inbok  Song photo
Inbok Song

Co-Manager

 

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.