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Matthews Emerging Markets ex China Active ETF
MEMX

Snapshot
  • Seeks Alpha in Global Emerging Markets ex China—capitalizes on consumption and innovation trends
  • Quality Growth Portfolio—based on deep, holistic analysis
  • All-Cap, Company-First Approach—emphasizes fundamental research over top-down country or sector allocation

01/10/2023

Inception Date

14.18%

NAV YTD Return

(as of 09/04/2025)

$33.34

NAV

(as of 09/04/2025)

+0.16

1 Day NAV Change

(as of 09/04/2025)

Objective

Long term capital appreciation.

Strategy

Under normal circumstances, the Matthews Emerging Markets ex 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 emerging market countries excluding China. 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 or China; however, the Fund may not invest in any company located in a developed country or China if, at the time of purchase, more than 20% of the Fund’s assets are invested in a combination of developed market and Chinese companies. The Fund may concentrate its investments (meaning more than 25% of its assets) from time to time in a single country, with the exception of China.

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.

Fund Facts
Inception Date 01/10/2023
Fund Assets $31.74 million (09/05/2025)
Currency USD
Ticker MEMX
Cusip 577-125-792
Primary Exchange NYSE Arca
Benchmark MSCI Emerging Markets ex China Index
Geographic Focus Emerging Markets excluding China- 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%

NAV & Market Price

(as of 09/04/2025)
NAV $33.34
NAV Change +0.16
Market Price $33.24
Market Price Change +0.20
Day's Trading Volume 626 Shares
Median BID/ASK Spread (30 Day) 0.21% (as of 09/04/2025)
Premium Discount -0.30%
Number of days at Premium/Discount
2025 2024
Q3 Q2 Q1
Premium 3 10 1 191
Discount 42 52 58 54

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 08/31/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Emerging Markets ex China Active ETF - MEMX
01/10/2023
NAV
0.64% 8.47% 13.67% 9.70% n.a. n.a. n.a. 12.24%
Market Price
1.29% 8.59% 14.18% 8.86% n.a. n.a. n.a. 12.13%
MSCI Emerging Markets ex China Index
0.03% 8.11% 15.97% 8.22% n.a. n.a. n.a. 13.55%
As of 06/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Emerging Markets ex China Active ETF - MEMX
01/10/2023
NAV
7.03% 16.84% 12.16% 9.32% n.a. n.a. n.a. 12.52%
Market Price
7.38% 16.89% 12.90% 9.20% n.a. n.a. n.a. 12.50%
MSCI Emerging Markets ex China Index
7.12% 16.80% 14.91% 10.19% n.a. n.a. n.a. 14.12%
For the years ended December 31st
Name 2024
Matthews Emerging Markets ex China Active ETF - MEMX
NAV
6.83%
Market Price
5.55%
MSCI Emerging Markets ex China Index (USD)
4.20%

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 09/08/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $3,328,388 13,674 10.5
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $1,397,047 27,951 4.4
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $695,129 18,000 2.2
HDB HDFC BANK, LTD. ADR 2781648 $688,350 19,500 2.2
IBN ICICI BANK, LTD. ADR 2569286 $667,350 21,072 2.1
ACB ASIA COMMERCIAL BANK JSC B1GJZD5 $563,691 548,140 1.8
BANDHAN BANDHAN BANK, LTD. BG1SV45 $526,541 284,506 1.7
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $522,424 101,245 1.6
000660 SK HYNIX, INC. 6450267 $466,356 2,371 1.5
2317 HON HAI PRECISION INDUSTRY CO., LTD. 6438564 $462,928 69,000 1.5
035420 NAVER CORP. 6560393 $444,825 2,701 1.4
APHS APOLLO HOSPITALS ENTERPRISE 6273583 $442,674 5,006 1.4
BVN CIA DE MINAS BUENAVENTURA SAA ADR 2210476 $439,100 21,966 1.4
IHH IHH HEALTHCARE BHD B83X6P8 $433,642 265,300 1.4
HUVR HINDUSTAN UNILEVER, LTD. 6261674 $417,131 13,980 1.3
KTC/F KRUNGTHAI CARD PCL BF2LWT8 $413,188 450,900 1.3
BHARTI BHARTI AIRTEL, LTD. 6442327 $394,361 18,364 1.2
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $389,783 3,000 1.2
MM MAHINDRA & MAHINDRA, LTD. 6100186 $389,753 9,659 1.2
CPALL/F CP ALL PUBLIC CO., LTD. B08YDF9 $389,679 264,100 1.2
267260 HD HYUNDAI ELECTRIC CO., LTD. BD4HFR9 $379,245 1,020 1.2
2454 MEDIATEK, INC. 6372480 $375,710 8,000 1.2
ICT INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. 6455819 $375,620 43,830 1.2
BDMS/F BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO., LTD. F SHARES BLZGSM7 $375,414 575,500 1.2
TPEIR PIRAEUS FINANCIAL HOLDINGS SA BNC0DB0 $370,317 46,116 1.2
RADL3 RAIA DROGASIL SA B7FQV64 $368,582 114,900 1.2
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $368,219 23,635 1.2
207940 SAMSUNG BIOLOGICS CO., LTD. BYNJCV6 $361,481 488 1.1
105560 KB FINANCIAL GROUP, INC. B3DF0Y6 $360,594 4,617 1.1
012450 HANWHA AEROSPACE CO., LTD. 6772671 $357,282 540 1.1
2308 DELTA ELECTRONICS, INC. 6260734 $356,401 15,000 1.1
EIM EICHER MOTORS, LTD. BMW4CV8 $354,981 4,761 1.1
ABG ABSA GROUP, LTD. BFX05H3 $349,900 33,073 1.1
ADNOCDR ADNOC DRILLING CO. PJSC BN12D39 $349,837 234,909 1.1
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $339,760 119,600 1.1
VIVA3 VIVARA PARTICIPACOES SA BKTPCJ8 $338,039 62,400 1.1
BMRI PT BANK MANDIRI PERSERO TBK 6651048 $332,901 1,168,000 1.0
SBILIFE SBI LIFE INSURANCE CO., LTD. BZ60N32 $332,270 16,244 1.0
MELI MERCADOLIBRE, INC. B23X1H3 $328,779 136 1.0
8069 E INK HOLDINGS, INC. 6744283 $327,273 40,000 1.0
5904 POYA INTERNATIONAL CO., LTD. 6541826 $320,211 21,270 1.0
DSY DISCOVERY, LTD. 6177878 $317,259 25,091 1.0
SE SEA, LTD. ADR BYWD7L4 $315,598 1,647 1.0
FCX FREEPORT-MCMORAN, INC. 2352118 $315,019 6,798 1.0
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $313,256 46,662 1.0
XP XP, INC. A SHARES BK4Y052 $309,897 16,388 1.0
SNB THE SAUDI NATIONAL BANK BSHYYN1 $307,245 32,769 1.0
RAIL3 RUMO SA BYXZ2W5 $306,850 112,900 1.0
PKO PKO BANK POLSKI SA B03NGS5 $305,521 15,532 1.0
CIMB CIMB GROUP HOLDINGS BHD 6075745 $303,397 175,700 1.0
SBIN STATE BANK OF INDIA BSQCB24 $298,869 32,702 0.9
SHP SHOPRITE HOLDINGS, LTD. 6801575 $296,062 18,696 0.9
SBSP3 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP B1YCHL8 $293,209 12,700 0.9
GLO GLOBE TELECOM, INC. 6284864 $284,452 10,280 0.9
SULAIMA DR SULAIMAN AL HABIB MEDICAL SERVICES GROUP CO. BLGM738 $283,860 4,349 0.9
145020 HUGEL, INC. BZ1G175 $279,592 1,171 0.9
086790 HANA FINANCIAL GROUP, INC. B0RNRF5 $278,725 4,773 0.9
INPST INPOST SA BN4N9C0 $273,977 20,370 0.9
MRCO MARICO, LTD. B1S34K5 $272,202 32,833 0.9
RENT3 LOCALIZA RENT A CAR SA B08K3S0 $266,980 37,900 0.8
ETERNAL ETERNAL, LTD. BL6P210 $265,125 71,090 0.8
GPL GODREJ PROPERTIES, LTD. BGQL729 $260,869 11,736 0.8
DFI DFI RETAIL GROUP HOLDINGS, LTD. 6180274 $260,321 78,410 0.8
JFC JOLLIBEE FOODS CORP. 6474494 $254,313 62,180 0.8
005380 HYUNDAI MOTOR CO. 6451055 $245,868 1,554 0.8
ITUB ITAU UNIBANCO HOLDING SA ADR 2849739 $244,716 34,467 0.8
PHNX PHOENIX MILLS, LTD. B0SXY97 $243,460 14,154 0.8
WEGE3 WEG SA 2945422 $234,437 33,500 0.7
INXW INOX WIND, LTD. BWFGTS7 $233,558 141,361 0.7
BPI BANK OF THE PHILIPPINE ISLANDS 6074968 $232,395 118,530 0.7
GOTO PT GOTO GOJEK TOKOPEDIA TBK BQ3R601 $228,436 63,574,900 0.7
ISAT PT INDOSAT TBK B00FYK2 $225,628 1,885,400 0.7
BBAJIOO BANCO DEL BAJIO SA BYSX0F3 $215,960 83,229 0.7
GGAL GRUPO FINANCIERO GALICIA SA ADR 2613570 $209,282 5,219 0.7
BIMAS BIM BIRLESIK MAGAZALAR AS B0D0006 $196,819 15,766 0.6
2382 QUANTA COMPUTER, INC. 6141011 $194,580 23,000 0.6
2383 ELITE MATERIAL CO., LTD. 6316121 $190,637 5,000 0.6
AMRT PT SUMBER ALFARIA TRIJAYA TBK BCDBLJ9 $190,202 1,501,500 0.6
NPN NASPERS, LTD. N SHARES BN0VX82 $180,098 553 0.6
GENTERA GENTERA SAB DE CV BHWQZW1 $170,592 69,897 0.5
GFNORTE GRUPO FINANCIERO BANORTE SAB DE CV CLASS O 2421041 $155,845 16,579 0.5
CASH CASH AND OTHERS $581,442 1.8
CURR EUR $9 0.0
CURR GBP $1 0.0
CURR INR $590 0.0
TOTAL 29.4

Portfolio Breakdown (%)

(as of 06/30/2025)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 26.8 26.7 0.1
Information Technology 25.3 30.0 -4.7
Consumer Discretionary 9.4 6.4 3.0
Industrials 8.5 7.9 0.6
Consumer Staples 8.4 4.9 3.5
Health Care 7.2 2.9 4.3
Communication Services 5.9 5.0 0.9
Energy 3.3 5.0 -1.7
Materials 2.1 6.9 -4.8
Utilities 1.2 2.8 -1.6
Real Estate 0.0 1.5 -1.5
Cash and Other Assets, Less Liabilities 1.7 0.0 1.7

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

Country Fund Benchmark Difference
Taiwan 20.5 26.3 -5.8
India 20.3 25.3 -5.0
South Korea 14.4 15.0 -0.6
Brazil 7.4 6.2 1.2
South Africa 3.6 4.5 -0.9
Indonesia 3.6 1.6 2.0
Thailand 3.4 1.4 2.0
Malaysia 3.1 1.8 1.3
Mexico 2.7 2.7 0.0
Philippines 2.7 0.6 2.1
Singapore 2.5 0.0 2.5
Poland 2.1 1.6 0.5
United States 2.1 0.0 2.1
Saudi Arabia 2.0 4.9 -2.9
Vietnam 1.9 0.0 1.9
United Arab Emirates 1.2 2.2 -1.0
Peru 1.2 0.4 0.8
Greece 1.0 0.9 0.1
China/Hong Kong 1.0 0.1 0.9
Argentina 0.9 0.0 0.9
Turkey 0.6 0.7 -0.1
Kuwait 0.0 1.1 -1.1
Qatar 0.0 1.0 -1.0
Chile 0.0 0.6 -0.6
Hungary 0.0 0.4 -0.4
Colombia 0.0 0.2 -0.2
Czech Republic 0.0 0.2 -0.2
Egypt 0.0 0.1 -0.1
Cash and Other Assets, Less Liabilities 1.7 0.0 1.7

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 49.6 57.1 -7.5
Large Cap ($10B-$25B) 21.1 26.2 -5.1
Mid Cap ($3B-$10B) 24.0 16.4 7.6
Small Cap (under $3B) 3.7 0.3 3.4
Cash and Other Assets, Less Liabilities 1.7 0.0 1.7

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 06/30/2025)
Fund Benchmark
Number of Positions 76 645
Weighted Average Market Cap $166.5 billion $189.4 billion
Active Share 80.3 n.a.
P/E using FY1 estimates 15.2x 13.9x
P/E using FY2 estimates 13.2x 12.4x
Price/Cash Flow 9.9 8.8
Price/Book 2.6 2.1
Return On Equity 20.3 19.3
EPS Growth (3 Yr) 20.9% 10.1%

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 $0.28813 $0.00000 $0.00000 $0.28813 1.0%
12/14/2023 12/15/2023 12/21/2023 12/14/2023 $0.31323 $0.00000 $0.00000 $0.31323 1.2%

 

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

Jeremy  Sutch, CFA photo
Sean  Taylor photo

 

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.