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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

12.09%

NAV YTD Return

(as of 06/27/2025)

$32.73

NAV

(as of 06/27/2025)

+0.17

1 Day NAV Change

(as of 06/27/2025)

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 $35.35 million (06/27/2025)
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 06/27/2025)
NAV $32.73
NAV Change +0.17
Market Price $32.59
Market Price Change +0.08
Day's Trading Volume 1,546 Shares
Median BID/ASK Spread (30 Day) 0.22% (as of 06/27/2025)
Premium Discount -0.43%
Number of days at Premium/Discount
2025 2024
Q2 Q1
Premium 10 1 191
Discount 51 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
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As of 05/31/2025
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
5.81% 8.78% 4.80% 6.92% n.a. n.a. n.a. 9.81%
Market Price
5.94% 8.70% 5.14% 5.71% n.a. n.a. n.a. 9.64%
MSCI Emerging Markets ex China Index
4.96% 9.15% 7.27% 9.18% n.a. n.a. n.a. 11.39%
As of 03/31/2025
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
-0.36% -4.01% -4.01% -2.10% n.a. n.a. n.a. 6.30%
Market Price
-0.14% -3.41% -3.41% -2.82% n.a. n.a. n.a. 6.26%
MSCI Emerging Markets ex China Index
0.10% -1.62% -1.62% -1.53% n.a. n.a. n.a. 8.00%
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 06/30/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $3,883,404 16,990 11.0
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $1,439,160 32,116 4.1
HDB HDFC BANK, LTD. ADR 2781648 $863,121 11,205 2.4
IBN ICICI BANK, LTD. ADR 2569286 $819,925 24,208 2.3
BANDHAN BANDHAN BANK, LTD. BG1SV45 $709,729 326,884 2.0
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $672,362 18,000 1.9
ISAT PT INDOSAT TBK B00FYK2 $627,232 4,863,000 1.8
035420 NAVER CORP. 6560393 $589,472 3,106 1.7
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $572,309 116,323 1.6
000660 SK HYNIX, INC. 6450267 $570,805 2,727 1.6
BHARTI BHARTI AIRTEL, LTD. 6442327 $562,881 23,738 1.6
2383 ELITE MATERIAL CO., LTD. 6316121 $509,183 17,000 1.4
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $500,468 61,124 1.4
2308 DELTA ELECTRONICS, INC. 6260734 $498,599 34,000 1.4
APHS APOLLO HOSPITALS ENTERPRISE 6273583 $491,494 5,749 1.4
IHH IHH HEALTHCARE BHD B83X6P8 $484,812 305,100 1.4
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $481,383 27,156 1.4
SBILIFE SBI LIFE INSURANCE CO., LTD. BZ60N32 $480,101 22,178 1.4
105560 KB FINANCIAL GROUP, INC. B3DF0Y6 $472,218 5,793 1.3
5904 POYA INTERNATIONAL CO., LTD. 6541826 $467,852 27,000 1.3
HUVR HINDUSTAN UNILEVER, LTD. 6261674 $433,518 16,065 1.2
VIVA3 VIVARA PARTICIPACOES SA BKTPCJ8 $431,320 90,400 1.2
PKO PKO BANK POLSKI SA B03NGS5 $430,114 21,114 1.2
267260 HD HYUNDAI ELECTRIC CO., LTD. BD4HFR9 $421,820 1,174 1.2
SBSP3 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP B1YCHL8 $419,351 20,000 1.2
ADNOCDR ADNOC DRILLING CO. PJSC BN12D39 $418,918 269,901 1.2
BMRI PT BANK MANDIRI PERSERO TBK 6651048 $416,259 1,342,300 1.2
MM MAHINDRA & MAHINDRA, LTD. 6100186 $415,965 11,101 1.2
BDMS/F BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO., LTD. F SHARES BLZGSM7 $413,347 660,900 1.2
207940 SAMSUNG BIOLOGICS CO., LTD. BYNJCV6 $409,617 558 1.2
BVN CIA DE MINAS BUENAVENTURA SAA ADR 2210476 $407,545 25,235 1.2
CPALL/F CP ALL PUBLIC CO., LTD. B08YDF9 $404,493 303,300 1.1
MELI MERCADOLIBRE, INC. B23X1H3 $401,928 157 1.1
KTC/F KRUNGTHAI CARD PCL-FOREIGN BF2LWT8 $387,572 518,100 1.1
ABG ABSA GROUP, LTD. BFX05H3 $377,331 38,001 1.1
ICT INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. 6455819 $374,346 50,340 1.1
GFNORTE GRUPO FINANCIERO BANORTE SAB DE CV CLASS O 2421041 $372,923 40,250 1.1
8069 E INK HOLDINGS, INC. 6744283 $366,565 47,000 1.0
GENTERA GENTERA SAB DE CV BHWQZW1 $366,527 166,606 1.0
145020 HUGEL, INC. BZ1G175 $366,063 1,346 1.0
TPEIR PIRAEUS FINANCIAL HOLDINGS SA BNC0DB0 $365,187 52,983 1.0
EIM EICHER MOTORS, LTD. BMW4CV8 $362,028 5,468 1.0
RADL3 RAIA DROGASIL SA B7FQV64 $361,429 132,300 1.0
SNB THE SAUDI NATIONAL BANK BSHYYN1 $361,373 37,648 1.0
INFY INFOSYS, LTD. ADR 2398822 $359,936 19,435 1.0
2454 MEDIATEK, INC. 6372480 $355,549 8,000 1.0
SULAIMA DR SULAIMAN AL HABIB MEDICAL BLGM738 $353,129 4,994 1.0
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $347,218 137,700 1.0
DFI DFI RETAIL GROUP HOLDINGS, LTD. 6180274 $344,826 126,310 1.0
DSY DISCOVERY, LTD. 6177878 $344,803 28,829 1.0
BAF BAJAJ FINANCE, LTD. BTFGH15 $343,097 30,972 1.0
FCX FREEPORT-MCMORAN, INC. 2352118 $342,756 7,813 1.0
086790 HANA FINANCIAL GROUP, INC. B0RNRF5 $340,511 5,487 1.0
SHP SHOPRITE HOLDINGS, LTD. 6801575 $339,108 21,482 1.0
ACB ASIA COMMERCIAL BANK JSC B1GJZD5 $336,535 414,240 1.0
CIMB CIMB GROUP HOLDINGS BHD 6075745 $324,162 201,600 0.9
MRCO MARICO, LTD. B1S34K5 $322,880 37,726 0.9
BPI BANK OF THE PHILIPPINE ISLANDS 6074968 $320,683 136,170 0.9
RENT3 LOCALIZA RENT A CAR SA B08K3S0 $318,060 43,500 0.9
RAIL3 RUMO SA BYXZ2W5 $317,497 97,000 0.9
INPST INPOST SA BN4N9C0 $313,695 18,773 0.9
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $311,279 3,000 0.9
GGAL GRUPO FINANCIERO GALICIA-ADR 2613570 $309,813 5,996 0.9
SE SEA, LTD. ADR BYWD7L4 $301,415 1,892 0.9
JFC JOLLIBEE FOODS CORP. 6474494 $288,660 71,420 0.8
PBR PETROLEO BRASILEIRO SA ADR 2616580 $275,554 22,258 0.8
GAM GAMUDA BHD 6359881 $270,050 245,600 0.8
2317 HON HAI PRECISION INDUSTRY CO., LTD. 6438564 $268,218 47,000 0.8
ITUB ITAU UNIBANCO HOLDING SA ADR 2849739 $262,139 39,598 0.7
009540 HD KOREA SHIPBUILDING & OFFS 6446620 $251,913 939 0.7
ETERNAL ETERNAL, LTD. BL6P210 $250,200 81,681 0.7
AMRT PT SUMBER ALFARIA TRIJAYA TBK BCDBLJ9 $247,033 1,725,400 0.7
FMX FOMENTO ECONOMICO MEXICANO SAB DE CV ADR 2246039 $222,644 2,183 0.6
BIMAS BIM BIRLESIK MAGAZALAR AS B0D0006 $212,625 18,111 0.6
NPN NASPERS, LTD. N SHARES BN0VX82 $196,781 637 0.6
005380 HYUNDAI MOTOR CO. 6451055 $173,906 1,151 0.5
CASH CASH AND OTHERS $591,126 1.7
CURR EUR $9 0.0
CURR GBP $1 0.0
CURR INR $561 0.0
CURR KRW $911 0.0
CURR PHP $3,895 0.0
TOTAL 30.4

Portfolio Breakdown (%)

(as of 03/31/2025)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 27.4 27.6 -0.2
Information Technology 24.1 27.9 -3.8
Consumer Discretionary 8.0 6.5 1.5
Industrials 6.1 7.3 -1.2
Communication Services 6.0 5.0 1.0
Health Care 5.3 3.2 2.1
Consumer Staples 4.4 5.2 -0.8
Energy 3.6 5.3 -1.7
Materials 3.1 7.4 -4.3
Real Estate 2.7 1.6 1.1
Utilities 1.2 2.9 -1.7
Cash and Other Assets, Less Liabilities 8.1 0.0 8.1

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

Country Fund Benchmark Difference
India 23.5 27.0 -3.5
Taiwan 18.2 24.4 -6.2
South Korea 11.1 13.1 -2.0
Brazil 6.5 6.4 0.1
United Arab Emirates 5.9 2.0 3.9
Malaysia 3.9 2.0 1.9
Peru 2.6 0.4 2.2
South Africa 2.3 4.6 -2.3
Poland 2.3 1.5 0.8
Singapore 2.3 0.0 2.3
Saudi Arabia 2.2 5.9 -3.7
Philippines 2.2 0.7 1.5
Vietnam 1.8 0.0 1.8
China/Hong Kong 1.7 0.1 1.6
United States 1.7 0.0 1.7
Indonesia 1.3 1.8 -0.5
Mexico 1.1 2.7 -1.6
Thailand 0.7 1.7 -1.0
Turkey 0.7 0.8 -0.1
Kuwait 0.0 1.2 -1.2
Qatar 0.0 1.1 -1.1
Greece 0.0 0.8 -0.8
Chile 0.0 0.7 -0.7
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 8.1 0.0 8.1

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 48.2 52.3 -4.1
Large Cap ($10B-$25B) 22.5 26.2 -3.7
Mid Cap ($3B-$10B) 16.8 21.0 -4.2
Small Cap (under $3B) 4.3 0.5 3.8
Cash and Other Assets, Less Liabilities 8.1 0.0 8.1

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 03/31/2025)
Fund Benchmark
Number of Positions 71 638
Weighted Average Market Cap $134.6 billion $144.2 billion
Active Share 79.4 n.a.
P/E using FY1 estimates 13.7x 12.8x
P/E using FY2 estimates 11.9x 11.3x
Price/Cash Flow 8.3 8.1
Price/Book 2.4 2.0
Return On Equity 19.8 18.8
EPS Growth (3 Yr) 18.8% 12.1%

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.