TOP

Matthews China Active ETF
MCH

Snapshot
  • High-conviction equity portfolio seeks companies benefiting from China’s domestic consumption
  • All-cap fundamental GARP approach driven by on-the-ground, proprietary research
  • Combines long-term core holdings with more opportunistic ideas to provide consistency through cycles

07/13/2022

Inception Date

0.63%

NAV YTD Return

(as of 07/10/2024)

$19.19

NAV

(as of 07/10/2024)

-0.03

1 Day NAV Change

(as of 07/10/2024)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews China 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 China. 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 markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. In addition, investments in a single-country fund, which is considered a non-diversified fund, may be subject to a higher degree of market risk than diversified funds because of concentration in a specific country.

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 $25.01 million (07/11/2024)
Currency USD
Ticker MCH
Cusip 577-125-834
Primary Exchange NYSE Arca
Benchmark MSCI China Index MSCI China All Shares Index
Geographic Focus China - China includes its administrative and other districts, such as Hong Kong
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 07/10/2024)
NAV $19.19
NAV Change -0.03
Market Price $19.33
Market Price Change -0.06
Day's Trading Volume 1,505 Shares
Median BID/ASK Spread (30 Day) 0.26% (as of 07/11/2024)
Premium Discount +0.73%
Number of days at Premium/Discount
2024 2023
Q3 Q2 Q1
Premium 7 51 43 160
Discount 0 8 18 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
  • data_graph_selected Created with Sketch.
  • bar_graph_selected Created with Sketch.
As of 06/30/2024
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews China Active ETF - MCH
07/13/2022
NAV
-4.44% 2.95% 0.52% -6.03% n.a. n.a. n.a. -11.90%
Market Price
-5.51% 2.29% 0.95% -6.48% n.a. n.a. n.a. -11.80%
MSCI China Index
-1.84% 7.16% 4.82% -1.43% n.a. n.a. n.a. -7.30%
MSCI China All Shares Index
-2.41% 3.46% 2.37% -4.19% n.a. n.a. n.a. -9.51%
As of 03/31/2024
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews China Active ETF - MCH
07/13/2022
NAV
1.81% -2.36% -2.36% -21.32% n.a. n.a. n.a. -14.97%
Market Price
2.90% -1.31% -1.31% -20.68% n.a. n.a. n.a. -14.53%
MSCI China Index
0.95% -2.19% -2.19% -16.90% n.a. n.a. n.a. -11.94%
MSCI China All Shares Index
0.65% -1.05% -1.05% -16.46% n.a. n.a. n.a. -12.57%
For the years ended December 31st
Name 2023
Matthews China Active ETF - MCH
NAV
-19.35%
Market Price
-19.92%
MSCI China Index
-11.04%
MSCI China All Shares Index
-11.35%

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
700 TENCENT HOLDINGS, LTD. BMMV2K8 $3,055,455 62,000 12.2
9988 ALIBABA GROUP HOLDING, LTD. BK6YZP5 $1,755,752 181,700 7.0
3690 MEITUAN DIANPING CLASS B BGJW376 $1,545,036 103,910 6.2
939 CHINA CONSTRUCTION BANK CORP. H SHARES B0LMTQ3 $1,110,504 1,568,000 4.4
PDD PDD HOLDINGS INC BYVW0F7 $1,056,971 7,591 4.2
857 PETROCHINA CO., LTD. H SHARES 6226576 $912,702 882,000 3.6
9618 JD.COM INC-CLASS A BKPQZT6 $821,360 60,050 3.3
2318 PING AN INSURANCE GROUP CO. OF CHINA, LTD. H SHARES B01FLR7 $758,971 166,000 3.0
000858 WULIANGYE YIBIN CO., LTD. A SHARES BD5CPG2 $649,994 36,200 2.6
3968 CHINA MERCHANTS BANK CO., LTD. H SHARES B1DYPZ5 $603,084 138,500 2.4
BEKE KE HOLDINGS INC-ADR BMBX7M2 $570,440 37,235 2.3
600036 CHINA MERCHANTS BANK CO., LTD. A SHARES BP3R273 $556,422 122,900 2.2
3908 CHINA INTERNATIONAL CAPITAL CORP., LTD. H SHARES BZ169C6 $545,427 504,000 2.2
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD. A SHARES BHQPSY7 $448,201 18,400 1.8
DIDIY DIDI GLOBAL INC BMBR6F0 $422,756 120,101 1.7
601318 PING AN INSURANCE GROUP CO. OF CHINA, LTD. A SHARES BP3R284 $384,956 66,700 1.5
603501 WILL SEMICONDUCTOR CO LTD BK947V2 $370,747 25,600 1.5
000333 MIDEA GROUP CO., LTD. A SHARES BD5CPP1 $358,771 40,800 1.4
600309 WANHUA CHEMICAL GROUP CO., LTD. A SHARES BP3R3S1 $350,188 31,600 1.4
1024 KUAISHOU TECHNOLOGY BLC90T0 $346,378 56,700 1.4
27 GALAXY ENTERTAINMENT GROUP, LTD. 6465874 $336,774 76,000 1.3
1999 MAN WAH HOLDINGS LTD B58YWF7 $326,391 538,800 1.3
6030 CITIC SECURITIES CO., LTD. H SHARES B6SPB49 $322,161 225,000 1.3
168 TSINGTAO BREWERY CO., LTD. H SHARES 6905808 $297,802 46,000 1.2
002475 LUXSHARE PRECISION INDUSTRY CO., LTD. A SHARES BD5CN80 $284,022 49,400 1.1
388 HONG KONG EXCHANGES & CLEARING, LTD. 6267359 $276,548 8,700 1.1
2628 CHINA LIFE INSURANCE CO., LTD. H SHARES 6718976 $270,544 191,000 1.1
601138 FOXCONN INDUSTRIAL INTERNET CO., LTD. A SHARES BG20N99 $261,606 66,100 1.0
2618 JD LOGISTICS INC BNMBPD9 $261,518 240,800 1.0
600885 HONGFA TECHNOLOGY CO LTD- BYQDM93 $256,485 67,800 1.0
TCOM CTRIP.COM INTERNATIONAL, LTD. ADR BK1K3N2 $248,569 5,043 1.0
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD. A SHARES BHQK864 $248,459 6,400 1.0
1801 INNOVENT BIOLOGICS, INC. BGR6KX5 $245,575 50,000 1.0
9888 BAIDU INC-CLASS A B0J2D41 $234,653 18,850 0.9
600809 SHANXI XINGHUACUN FEN WIN BP3R820 $233,951 8,800 0.9
960 LONGFOR GROUP HOLDINGS LT B56KLY9 $219,462 157,500 0.9
002311 GUANGDONG HAID GROUP CO., LTD. A SHARES BD5CJ60 $218,826 35,400 0.9
2020 ANTA SPORTS PRODUCTS, LTD. B1YVKN8 $217,013 23,600 0.9
316 ORIENT OVERSEAS INTL LTD 6659116 $215,972 14,500 0.9
688777 SUPCON TECHNOLOGY CO LTD- BQ3RXP5 $213,293 40,950 0.9
9999 NETEASE INC BM93SF4 $206,370 11,300 0.8
603345 ANJOY FOODS GROUP CO LTD- BMXWM11 $201,139 19,800 0.8
300394 SUZHOU TFC OPTICAL COMMUN BL5P4J3 $200,549 14,660 0.8
YUMC YUM CHINA HOLDINGS, INC. BYW4289 $193,516 6,095 0.8
601888 CHINA INTERNATIONAL TRAVEL SERVICE CORP., LTD. A SHARES BP3R466 $188,088 20,300 0.8
002371 NAURA TECHNOLOGY GROUP CO., LTD. A SHARES BD5LYF1 $176,190 4,087 0.7
1208 MMG, LTD. 6728793 $174,996 448,000 0.7
884 CIFI HOLDINGS GROUP CO., LTD. B8Z00N3 $168,630 4,180,000 0.7
300033 HITHINK ROYALFLUSH INFORM BD5CN46 $163,698 12,000 0.7
300274 SUNGROW POWER SUPPLY CO L BD5CGB4 $161,346 19,600 0.6
TME TENCENT MUSIC ENTERTAINMENT GROUP ADR BFZYWR2 $134,955 9,009 0.5
300059 EAST MONEY INFORMATION CO BD5CPC8 $128,947 89,840 0.5
600066 YUTONG BUS CO LTD-A BP3R5T6 $120,319 35,600 0.5
603699 NEWAY VALVE SUZHOU CO LTD BS7K3W1 $118,561 47,400 0.5
002027 FOCUS MEDIA INFORMATION TECHNOLOGY CO., LTD. A SHARES BD5CND5 $111,779 141,511 0.4
1099 SINOPHARM GROUP CO., LTD. H SHARES B3ZVDV0 $92,303 36,400 0.4
300015 AIER EYE HOSPITAL GROUP C BD5CLQ4 $86,161 57,600 0.3
1233 TIMES CHINA HOLDINGS, LTD. BH3FTS1 $70,685 2,007,000 0.3
300856 NANJING COSMOS CHEMICAL C BNHPGN3 $68,056 15,000 0.3
LKNCY LUCKIN COFFEE INC - ADR BK57TY2 $23,546 1,132 0.1
CASH CASH AND OTHERS $377,226 1.5
CURR CNY $52,845 0.2
TOTAL 49.0

Portfolio Breakdown (%)

(as of 06/30/2024)
  • Sector Allocation
  • Market Cap Exposure
  • China Exposure
Sector Fund Benchmark Difference
Consumer Discretionary 27.9 28.3 -0.4
Financials 21.3 17.6 3.7
Communication Services 16.1 22.7 -6.6
Industrials 8.6 5.0 3.6
Consumer Staples 6.6 4.3 2.3
Information Technology 5.8 5.9 -0.1
Real Estate 4.0 2.0 2.0
Energy 3.6 4.1 -0.5
Health Care 2.7 3.6 -0.9
Materials 2.2 3.6 -1.4
Utilities 0.0 2.9 -2.9
Cash and Other Assets, Less Liabilities 1.0 0.0 1.0

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 71.5 68.8 2.7
Large Cap ($10B-$25B) 15.7 14.8 0.9
Mid Cap ($3B-$10B) 7.7 15.7 -8.0
Small Cap (under $3B) 4.0 0.7 3.3
Cash and Other Assets, Less Liabilities 1.0 0.0 1.0
China Exposure Portfolio Weight
Hong Kong Listed Companies 61.9
Mainland China Listed Companies 26.6
ADR/GDR 9.9
Other 0.8
Cash and Other Assets, Less Liabilities 1.0

Mainland China listed companies includes A Share and B Shares. A Shares are Mainland Chinese companies incorporated in China and listed on the Shanghai or Shenzhen exchanges, available mostly to local Chinese investors and qualified institutional investors. B Shares are mainland Chinese companies listed on the Shanghai and Shenzhen stock exchanges, available to both Chinese and non-Chinese investors. ADRs are American Depositary Receipts and GDRs are Global Depositary Receipts. Hong Kong Listed Companies include SAR (Hong Kong) companies, China-affiliated corporations, and H Shares. SAR companies are companies that conduct business in Hong Kong and/or mainland China. China-affiliated corporations [CAC], also known as "Red Chips," are mainland China companies with partial state ownership listed in Hong Kong, and incorporated in Hong Kong. H Shares are mainland Chinese companies listed on the Hong Kong exchange but incorporated in mainland China. Other represents Chinese companies listed in other countries or non-China companies with a majority of revenue coming from China such as Japan, Singapore, Taiwan and the United States or other non-China companies.

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 61 657
Weighted Average Market Cap $124.6 billion $141.4 billion
Active Share 55.3 n.a.
P/E using FY1 estimates 10.2x 9.6x
P/E using FY2 estimates 9.1x 8.7x
Price/Cash Flow 5.9 5.8
Price/Book 1.4 1.3
Return On Equity 14.4 13.5
EPS Growth (3 Yr) 10.9% 8.7%

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 $0.30767 $0.00000 $0.00000 $0.30767 1.7%

 

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

Andrew  Mattock, CFA photo
Andrew Mattock, CFA

Lead Manager

Winnie  Chwang photo
Winnie Chwang

Co-Manager

Sherwood  Zhang, CFA photo
Sherwood Zhang, CFA

Co-Manager

Hardy  Zhu photo
Hardy Zhu

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.