Under normal circumstances, the Matthews Emerging Markets Equity 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 emerging market countries. Emerging market countries generally include every country in the world except the United States, Australia, Canada, Hong Kong, Israel, Japan, New Zealand, Singapore and most of the countries in Western Europe. Certain emerging market countries may also be classified as “frontier” market countries, which are a subset of emerging market countries with newer or even less developed economies and markets, such as Sri Lanka and Vietnam. The list of emerging market countries and frontier market countries may change from time to time. The Fund may also invest in companies located in developed countries; however, the Fund may not invest in any company located in a developed country if, at the time of purchase, more than 20% of the Fund’s assets are invested in developed market companies.
Risks
Investments in emerging and frontier securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Additionally, investing in emerging and frontier markets countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.
These and other risks associated with investing in the Fund can be found in the
prospectus.
Emerging Markets - Countries generally include every country in the world except the United States, Australia, Canada, Hong Kong, Israel, Japan, New Zealand, Singapore and most of the countries in Western Europe
Fees & Expenses
Gross Expense Ratio
0.79%
Objective
Long-term capital appreciation
Strategy
Under normal circumstances, the Matthews Emerging Markets Equity 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 emerging market countries. Emerging market countries generally include every country in the world except the United States, Australia, Canada, Hong Kong, Israel, Japan, New Zealand, Singapore and most of the countries in Western Europe. Certain emerging market countries may also be classified as “frontier” market countries, which are a subset of emerging market countries with newer or even less developed economies and markets, such as Sri Lanka and Vietnam. The list of emerging market countries and frontier market countries may change from time to time. The Fund may also invest in companies located in developed countries; however, the Fund may not invest in any company located in a developed country if, at the time of purchase, more than 20% of the Fund’s assets are invested in developed market companies.
Risks
Investments in emerging and frontier securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Additionally, investing in emerging and frontier markets countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.
The risks associated with investing in the Fund can be found in the prospectus
NAV & Market Price
(as of 04/29/2025)
NAV
$29.27
NAV Change
+0.04
Market Price
$29.35
Market Price Change
+0.11
Day's Trading Volume
747 Shares
Median BID/ASK Spread (30 Day)
0.56% (as of 04/29/2025)
Premium Discount
+0.27%
Number of days at Premium/Discount
2025
2024
Q2
Q1
Premium
10
32
159
Discount
10
26
86
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
As of 03/31/2025
Average Annual Total Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Emerging Markets Equity Active ETF - MEM
07/13/2022
NAV
-1.12%
0.52%
0.52%
7.19%
n.a.
n.a.
n.a.
9.03%
Market Price
-0.71%
1.31%
1.31%
7.33%
n.a.
n.a.
n.a.
9.22%
MSCI Emerging Markets Index
0.67%
3.01%
3.01%
8.65%
n.a.
n.a.
n.a.
7.81%
As of 03/31/2025
Average Annual Total Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Emerging Markets Equity Active ETF - MEM
07/13/2022
NAV
-1.12%
0.52%
0.52%
7.19%
n.a.
n.a.
n.a.
9.03%
Market Price
-0.71%
1.31%
1.31%
7.33%
n.a.
n.a.
n.a.
9.22%
MSCI Emerging Markets Index
0.67%
3.01%
3.01%
8.65%
n.a.
n.a.
n.a.
7.81%
For the years ended December 31st
Name
2024
2023
Matthews Emerging Markets Equity Active ETF - MEM
NAV
10.79%
7.51%
Market Price
10.33%
6.93%
MSCI Emerging Markets Index (USD)
8.05%
10.27%
Source: BNY Mellon Investment Servicing (US) Inc. All performance is in US$.
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 04/30/2025)
Ticker
Name
SEDOL
Market Value
Shares
% Net Assets
700
TENCENT HOLDINGS, LTD.
BMMV2K8
$2,853,254
46,800
8.0
2330
TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.
6889106
$2,320,959
83,000
6.5
9988
ALIBABA GROUP HOLDING, LTD.
BK6YZP5
$1,280,693
86,400
3.6
HDB
HDFC BANK, LTD. ADR
2781648
$850,980
11,749
2.4
IBN
ICICI BANK, LTD. ADR
2569286
$850,344
25,173
2.4
ITUB
ITAU UNIBANCO HOLDING SA ADR
2849739
$848,846
134,524
2.4
1211
BYD CO., LTD. H SHARES
6536651
$789,877
16,500
2.2
005930
SAMSUNG ELECTRONICS CO., LTD.
6771720
$786,938
20,270
2.2
BHARTI
BHARTI AIRTEL, LTD.
6442327
$617,822
28,881
1.7
EMAAR
EMAAR PROPERTIES PJSC
B01RM25
$609,086
169,485
1.7
2383
ELITE MATERIAL CO., LTD.
6316121
$578,023
33,000
1.6
086790
HANA FINANCIAL GROUP, INC.
B0RNRF5
$575,391
13,148
1.6
MM
MAHINDRA & MAHINDRA, LTD.
6100186
$573,721
16,811
1.6
000858
WULIANGYE YIBIN CO., LTD. A SHARES
BD5CPG2
$516,785
29,000
1.4
DIDIY
DIDI GLOBAL, INC. ADR
BMBR6F0
$509,592
121,621
1.4
ETERNAL
ZOMATO, LTD.
BL6P210
$508,914
187,738
1.4
857
PETROCHINA CO., LTD. H SHARES
6226576
$448,552
600,000
1.3
939
CHINA CONSTRUCTION BANK CORP. H SHARES
B0LMTQ3
$447,977
529,000
1.3
BEKE
KE HOLDINGS, INC. ADR
BMBX7M2
$441,259
21,286
1.2
600036
CHINA MERCHANTS BANK CO., LTD. A SHARES
BP3R273
$435,607
75,400
1.2
ST
SINGAPORE TELECOMMUNICATIONS, LTD.
B02PY11
$429,509
149,500
1.2
2454
MEDIATEK, INC.
6372480
$424,721
10,000
1.2
MAXF
MAX FINANCIAL SERVICES, LTD.
B1TJG95
$421,977
27,530
1.2
AXSB
AXIS BANK, LTD.
BPFJHC7
$418,804
30,073
1.2
MELI
MERCADOLIBRE, INC.
B23X1H3
$412,836
181
1.2
TVSL
TVS MOTOR CO., LTD.
6726548
$411,304
12,975
1.2
JD
JD.COM, INC. ADR
BMM27D9
$405,838
12,343
1.1
105560
KB FINANCIAL GROUP, INC.
B3DF0Y6
$403,967
6,613
1.1
BPI
BANK OF THE PHILIPPINE ISLANDS
6074968
$401,854
169,670
1.1
LPC
LUPIN, LTD.
6143761
$396,006
16,333
1.1
GFNORTE
GRUPO FINANCIERO BANORTE SAB DE CV CLASS O
2421041
$394,037
46,748
1.1
BAF
BAJAJ FINANCE, LTD.
BD2N0P2
$393,130
3,686
1.1
SHP
SHOPRITE HOLDINGS, LTD.
6801575
$383,072
24,805
1.1
FMX
FOMENTO ECONOMICO MEXICANO SAB DE CV ADR
2246039
$368,337
3,493
1.0
000810
SAMSUNG FIRE & MARINE INSURANCE CO., LTD.
6155250
$368,153
1,434
1.0
2669
CHINA OVERSEAS PROPERTY HOLDINGS, LTD.
BYYMZN7
$365,415
540,000
1.0
YMM
FULL TRUCK ALLIANCE CO., LTD. ADR
BMD2L36
$358,908
31,291
1.0
IH
INDIAN HOTELS CO., LTD.
B1FRT61
$352,293
38,012
1.0
27
GALAXY ENTERTAINMENT GROUP, LTD.
6465874
$344,083
95,000
1.0
017670
SK TELECOM CO., LTD.
6224871
$339,950
9,150
1.0
TCOM
TRIP.COM GROUP, LTD. ADR
BK1K3N2
$338,122
5,699
0.9
035420
NAVER CORP.
6560393
$337,275
2,467
0.9
MRCO
MARICO, LTD.
B1S34K5
$336,534
40,334
0.9
051910
LG CHEM, LTD.
6346913
$330,099
2,104
0.9
INFY
INFOSYS, LTD. ADR
2398822
$319,967
18,211
0.9
9618
JD.COM, INC. CLASS A
BKPQZT6
$296,568
17,850
0.8
CPI
CAPITEC BANK HOLDINGS, LTD.
6440859
$293,726
1,566
0.8
2891
CTBC FINANCIAL HOLDING CO., LTD.
6527666
$288,965
239,000
0.8
CPALL/F
CP ALL PUBLIC CO., LTD.
B08YDF9
$288,926
192,100
0.8
2308
DELTA ELECTRONICS, INC.
6260734
$284,594
27,000
0.8
3968
CHINA MERCHANTS BANK CO., LTD. H SHARES
B1DYPZ5
$283,922
49,500
0.8
214150
CLASSYS, INC.
BWT5WS1
$261,921
5,873
0.7
3690
MEITUAN CLASS B
BGJW376
$258,809
15,200
0.7
NED
NEDBANK GROUP, LTD.
6628008
$258,278
18,824
0.7
BBRI
PT BANK RAKYAT INDONESIA PERSERO TBK
6709099
$257,578
1,121,300
0.7
000660
SK HYNIX, INC.
6450267
$247,683
1,969
0.7
BBCA
PT BANK CENTRAL ASIA TBK
B01C1P6
$232,441
446,500
0.7
2379
REALTEK SEMICONDUCTOR CORP.
6051422
$225,257
14,000
0.6
MBB
MILITARY COMMERCIAL JOINT STOCK BANK
B6SDL09
$214,323
236,665
0.6
NU
NU HOLDINGS, LTD. CLASS A
BN6NP19
$213,737
17,223
0.6
1336
NEW CHINA LIFE INSURANCE CO., LTD. H SHARES
B5730Z1
$211,549
59,900
0.6
RAIL3
RUMO SA
BYXZ2W5
$199,915
58,000
0.6
TATACON
TATA CONSUMER PRODUCTS, LTD.
6121488
$190,232
13,875
0.5
BIMAS
BIM BIRLESIK MAGAZALAR AS
B0D0006
$184,875
15,319
0.5
KMB
KOTAK MAHINDRA BANK, LTD.
6135661
$183,008
7,076
0.5
DIXON
DIXON TECHNOLOGIES INDIA, LTD.
BNC5412
$173,436
890
0.5
SHFL
SHRIRAM FINANCE, LTD.
BS4DBX0
$166,480
23,090
0.5
3661
ALCHIP TECHNOLOGIES, LTD.
B4TPSL0
$134,857
2,000
0.4
2317
HON HAI PRECISION INDUSTRY CO., LTD.
6438564
$97,531
22,000
0.3
2318
PING AN INSURANCE GROUP CO. OF CHINA, LTD. H SHARES
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
31.5
31.4
0.1
India
18.1
18.5
-0.4
Taiwan
13.2
16.8
-3.6
South Korea
8.5
9.0
-0.5
Brazil
4.6
4.4
0.2
United Arab Emirates
3.6
1.4
2.2
Singapore
3.6
0.0
3.6
South Africa
2.5
3.2
-0.7
Indonesia
2.2
1.2
1.0
Philippines
1.1
0.5
0.6
Macau
0.9
0.0
0.9
Thailand
0.8
1.2
-0.4
Mexico
0.6
1.9
-1.3
Vietnam
0.6
0.0
0.6
Turkey
0.5
0.6
-0.1
United States
0.5
0.0
0.5
Saudi Arabia
0.0
4.1
-4.1
Malaysia
0.0
1.3
-1.3
Poland
0.0
1.0
-1.0
Kuwait
0.0
0.8
-0.8
Qatar
0.0
0.8
-0.8
Greece
0.0
0.6
-0.6
Chile
0.0
0.5
-0.5
Hungary
0.0
0.3
-0.3
Peru
0.0
0.3
-0.3
Czech Republic
0.0
0.2
-0.2
Colombia
0.0
0.1
-0.1
Egypt
0.0
0.1
-0.1
Cash and Other Assets, Less Liabilities
7.2
0.0
7.2
Not all countries are included in the benchmark index(es).
Equity market cap of issuer
Fund
Benchmark
Difference
Mega Cap (over $25B)
63.3
59.4
3.9
Large Cap ($10B-$25B)
20.6
22.1
-1.5
Mid Cap ($3B-$10B)
7.2
18.2
-11.0
Small Cap (under $3B)
1.7
0.4
1.3
Cash and Other Assets, Less Liabilities
7.2
0.0
7.2
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 03/31/2025)
Fund
Benchmark
Number of Positions
76
1,206
Weighted Average Market Cap
$159.6 billion
$160.7 billion
Active Share
67.9
n.a.
P/E using FY1 estimates
13.4x
12.4x
P/E using FY2 estimates
11.7x
11.1x
Price/Cash Flow
7.7
8.0
Price/Book
2.2
1.8
Return On Equity
19.2
17.8
EPS Growth (3 Yr)
19.3%
11.4%
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
12/18/2024
12/18/2024
12/23/2024
12/18/2024
$0.35562
$1.32577
$0.57938
$2.26077
7.1%
12/14/2023
12/15/2023
12/21/2023
12/14/2023
$0.00305
$0.00000
$0.00000
$0.00305
0.0%
12/14/2022
12/15/2022
12/21/2022
12/14/2022
$0.14045
$0.00000
$0.00000
$0.14045
0.5%
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.
Sean Taylor is Chief Investment Officer and Portfolio Manager at Matthews. As Chief Investment Officer, Sean oversees the firm’s investment process and investment professionals and sets the research agenda for the investment team. Prior to joining the firm in October 2023, he was Chief Investment Officer APAC, Global Head of Emerging Markets Equity at DWS Group based in Hong Kong since he joined the company in 2013. From 2004 to 2011, he was an Investment Director at GAM, based in London and Dubai. From 1997 to 2004, he was at Societe Generale as Head of International and Emerging Markets. Sean has 30 years of experience, including more than a decade as CIO. He oversaw a number of emerging markets active strategies, including Latin America, India, China, Brazil, Russia as well as international and global strategies. He received his MBA from Manchester Business School and is a graduate of the Royal Military Academy, Sandhurst.
Jeremy Sutch is a Portfolio Manager at Matthews. Prior to joining the firm in 2015, he was Director and Global Head of Emerging Companies at Standard Chartered Bank in Hong Kong from 2012 to 2015, responsible for the fundamental analysis of companies in Asia, with a particular focus on small- and mid-capitalization companies. From 2009 to 2012, he was Managing Director at MJP Capital in Hong Kong, which he co-founded. His prior experience has included managing small-cap equities at Indus Capital Advisors and serving as Head of Hong Kong Research for ABN AMRO Asia Securities. Jeremy earned an M.A. in French and History from the University of Edinburgh.
The MSCI All Country Asia ex Japan Index is a free float–adjusted market capitalization–weighted index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI All Country Asia Pacific Index is a free float–adjusted market capitalization–weighted index of the stock markets of Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges, Hong Kong-listed securities known as Red chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China) and foreign listings (e.g. ADRs).
The MSCI China All Shares Index captures large and mid-cap representation across China A shares, B shares, H shares, Red chips (issued by entities owned by national or local governments in China), P chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong,Shanghai, Shenzhen and outside of China.
The MSCI Emerging Markets (EM) Asia Index is a free float-adjusted market capitalization weighted index of the stock markets of China, India, Indonesia, Malaysia, Pakistan, Philippines, South Korea, Taiwan and Thailand. The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets ex China Index is a free float-adjusted market capitalization-weighted index that captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization weighted small cap index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungry, India, Indonesia, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan Thailand, Turkey and United Arab Emirates.
The S&P Bombay Stock Exchange 100 (S&P BSE 100) Index is a free float–adjusted market capitalization–weighted index of 100 stocks listed on the Bombay Stock Exchange.
The MSCI Japan Index is a free float–adjusted market capitalization–weighted index of Japanese equities listed in Japan.
The Korea Composite Stock Price Index (KOSPI) is a market capitalization–weighted index of all common stocks listed on the Korea Stock Exchange.
The MSCI All Country Asia ex Japan Small Cap Index is a free float–adjusted market capitalization–weighted small cap index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Small Cap Index is a free float-adjusted market capitalization-weighted small cap index of the Chinese equity securities markets, including H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges,Hong Kong-listed securities known as Red Chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g., ADRs).
The MSCI India Index is a free float-adjusted market capitalization-weighted index of Indian equities listed in India.
The MSCI Korea Index is a free float-adjusted market capitalization-weighted index of Korean equities listed in Korea.
The MSCI Korea 25/50 Index is designed to measure the performance of the large and mid cap segments of the Korean market. It applies certain investment limits that are imposed on regulated investment companies, or RICs, under the current US Internal Revenue Code.
Indexes are for comparative purposes only and it is not possible to invest directly in an index.
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.