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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

19.06%

NAV YTD Return

(as of 07/10/2024)

$28.05

NAV

(as of 07/10/2024)

-0.02

1 Day NAV Change

(as of 07/10/2024)

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 $75.00 million (07/11/2024)
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 07/10/2024)
NAV $28.05
NAV Change -0.02
Market Price $28.19
Market Price Change +0.21
Day's Trading Volume 4,103 Shares
Median BID/ASK Spread (30 Day) 0.33% (as of 07/11/2024)
Premium Discount +0.50%
Number of days at Premium/Discount
2024 2023
Q3 Q2 Q1
Premium 3 30 30 165
Discount 4 32 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.

ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

Performance

  • Monthly
  • Quarterly
  • Calendar Year
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As of 06/30/2024
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
5.98% 7.67% 15.03% 16.23% n.a. n.a. n.a. 4.72%
Market Price
5.26% 7.10% 15.34% 14.97% n.a. n.a. n.a. 4.53%
MSCI All Country Asia ex Japan Index
4.32% 7.30% 9.92% 13.27% n.a. n.a. n.a. 7.47%
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 07/12/2024)
Ticker Name SEDOL Market Value Shares % Net Assets
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $8,403,377 253,000 11.2
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $4,650,697 73,206 6.2
700 TENCENT HOLDINGS, LTD. BMMV2K8 $4,011,516 81,400 5.3
ZOMATO ZOMATO LTD BL6P210 $2,987,121 1,149,627 4.0
PDD PDD HOLDINGS INC BYVW0F7 $2,756,395 19,796 3.7
SE SEA, LTD. ADR BYWD7L4 $2,724,028 36,861 3.6
000660 SK HYNIX, INC. 6450267 $2,601,031 14,882 3.5
3690 MEITUAN DIANPING CLASS B BGJW376 $2,332,944 156,900 3.1
TCOM CTRIP.COM INTERNATIONAL, LTD. ADR BK1K3N2 $2,003,885 40,655 2.7
CAMS COMPUTER AGE MANAGEMENT S BLF7FN0 $1,991,567 40,439 2.7
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $1,979,767 52,335 2.6
AXSB AXIS BANK, LTD. BPFJHC7 $1,740,514 112,167 2.3
2317 HON HAI PRECISION INDUSTR 6438564 $1,657,502 239,000 2.2
9988 ALIBABA GROUP HOLDING, LTD. BK6YZP5 $1,576,988 163,200 2.1
005380 HYUNDAI MOTOR CO. 6451055 $1,572,963 7,788 2.1
ICICIBC ICICI BANK, LTD. BSZ2BY7 $1,542,447 104,082 2.1
2454 MEDIATEK, INC. 6372480 $1,310,144 30,000 1.7
2382 QUANTA COMPUTER INC 6141011 $1,186,204 116,000 1.6
LRCX LAM RESEARCH CORP 2502247 $1,163,814 1,098 1.6
002371 NAURA TECHNOLOGY GROUP CO., LTD. A SHARES BD5LYF1 $1,146,720 26,600 1.5
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $1,141,317 6,186 1.5
TTMT TATA MOTORS, LTD. B611LV1 $1,132,620 92,723 1.5
002475 LUXSHARE PRECISION INDUSTRY CO., LTD. A SHARES BD5CN80 $1,118,840 194,600 1.5
PHNX PHOENIX MILLS LTD B0SXY97 $1,052,699 22,365 1.4
BILI BILIBILI, INC. ADR BFNLRN6 $1,045,923 59,360 1.4
NLL NEULAND LABORATORIES LTD 6314727 $1,027,117 10,592 1.4
MMYT MAKEMYTRIP LTD B552PC2 $958,763 11,075 1.3
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD. A SHARES BHQPSY7 $928,068 38,100 1.2
BHARTI BHARTI AIRTEL, LTD. 6442327 $902,272 52,437 1.2
POLICYB PB FINTECH LTD BP4DVR3 $881,942 50,109 1.2
JYOTICN JYOTI CNC AUTOMATION LTD BRXJDQ9 $874,321 60,400 1.2
3533 LOTES CO LTD B1GJFG8 $846,981 17,000 1.1
ASML ASML HOLDING NV-NY REG SH B908F01 $836,188 787 1.1
2345 ACCTON TECHNOLOGY CORP 6005214 $835,478 47,000 1.1
6723 RENESAS ELECTRONICS CORP 6635677 $810,571 38,000 1.1
6501 HITACHI, LTD. 6429104 $810,382 34,000 1.1
2308 DELTA ELECTRONICS, INC. 6260734 $800,849 60,000 1.1
NU NU HOLDINGS LTD/CAYMAN IS BN6NP19 $799,108 60,310 1.1
HDFCAMC HDFC ASSET MANAGEMENT CO BG0R3M5 $753,593 15,061 1.0
1211 BYD CO LTD-H 6536651 $741,989 24,000 1.0
IH INDIAN HOTELS CO LTD B1FRT61 $735,345 101,961 1.0
FPT FPT CORP. B1HMWH6 $732,107 139,970 1.0
298040 HYOSUNG HEAVY INDUSTRIES BD83175 $639,955 2,301 0.9
2018 AAC TECHNOLOGIES HOLDINGS B85LKS1 $591,695 134,500 0.8
5274 ASPEED TECHNOLOGY INC B80VKP3 $584,337 4,000 0.8
1801 INNOVENT BIOLOGICS, INC. BGR6KX5 $579,557 118,000 0.8
YMM FULL TRUCK ALLIANCE -SPN BMD2L36 $423,705 50,865 0.6
BEKE KE HOLDINGS INC-ADR BMBX7M2 $382,770 24,985 0.5
DIDIY DIDI GLOBAL INC BMBR6F0 $347,297 98,664 0.5
462870 SHIFT UP CORP $47,423 921 0.1
CASH CASH AND OTHERS $2,263,090 3.0
CURR CNY $8,866 0.0
CURR EUR $4 0.0
CURR TWD $21,513 0.0
TOTAL 46.0

Portfolio Breakdown (%)

(as of 06/30/2024)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 39.6 28.5 11.1
Consumer Discretionary 21.4 13.1 8.3
Communication Services 12.7 9.5 3.2
Industrials 8.6 7.5 1.1
Financials 7.6 20.3 -12.7
Energy 2.7 4.0 -1.3
Real Estate 2.3 2.2 0.1
Health Care 2.1 3.2 -1.1
Materials 0.0 4.7 -4.7
Consumer Staples 0.0 4.0 -4.0
Utilities 0.0 2.9 -2.9
Cash and Other Assets, Less Liabilities 3.1 0.0 3.1

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

Country Fund Benchmark Difference
China/Hong Kong 28.8 33.1 -4.3
India 24.5 21.9 2.6
Taiwan 21.7 22.0 -0.3
South Korea 12.5 13.9 -1.4
Singapore 4.5 3.4 1.1
Japan 2.0 0.0 2.0
Brazil 1.1 0.0 1.1
Netherlands 1.1 0.0 1.1
Vietnam 0.6 0.0 0.6
Indonesia 0.0 1.8 -1.8
Malaysia 0.0 1.6 -1.6
Thailand 0.0 1.5 -1.5
Philippines 0.0 0.6 -0.6
Macau 0.0 0.2 -0.2
Cash and Other Assets, Less Liabilities 3.1 0.0 3.1

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 70.1 62.5 7.6
Large Cap ($10B-$25B) 10.6 20.2 -9.6
Mid Cap ($3B-$10B) 11.8 16.7 -4.9
Small Cap (under $3B) 4.4 0.6 3.8
Cash and Other Assets, Less Liabilities 3.1 0.0 3.1

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 06/30/2024)
Fund Benchmark
Number of Positions 52 1,131
Weighted Average Market Cap $194.6 billion $169.5 billion
Active Share 64.6 n.a.
P/E using FY1 estimates 19.8x 13.8x
P/E using FY2 estimates 15.8x 12.0x
Price/Cash Flow 15.1 8.9
Price/Book 3.5 1.8
Return On Equity 16.4 15.0
EPS Growth (3 Yr) 22.8% 14.0%

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.