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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

-1.40%

NAV YTD Return

(as of 04/29/2025)

$28.79

NAV

(as of 04/29/2025)

+0.14

1 Day NAV Change

(as of 04/29/2025)

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 $37.02 million (04/30/2025)
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 04/29/2025)
NAV $28.79
NAV Change +0.14
Market Price $28.71
Market Price Change +0.19
Day's Trading Volume 819 Shares
Median BID/ASK Spread (30 Day) 0.25% (as of 04/29/2025)
Premium Discount -0.28%
Number of days at Premium/Discount
2025 2024
Q2 Q1
Premium 3 1 191
Discount 17 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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  • bar_graph_selected Created with Sketch.
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%
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 05/01/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $3,638,343 21,827 9.8
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $1,285,617 32,928 3.5
IBN ICICI BANK, LTD. ADR 2569286 $1,196,917 35,665 3.2
HDB HDFC BANK, LTD. ADR 2781648 $1,141,015 15,697 3.1
BHARTI BHARTI AIRTEL, LTD. 6442327 $741,463 33,597 2.0
DFI DFI RETAIL GROUP HOLDINGS, LTD. 6180274 $643,404 254,310 1.7
105560 KB FINANCIAL GROUP, INC. B3DF0Y6 $614,426 9,683 1.7
ISAT PT INDOSAT TBK B00FYK2 $607,651 5,764,000 1.6
IHH IHH HEALTHCARE BHD B83X6P8 $580,382 361,900 1.6
IH INDIAN HOTELS CO., LTD. B1FRT61 $547,571 58,729 1.5
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $545,408 111,764 1.5
035420 NAVER CORP. 6560393 $535,278 3,795 1.4
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $535,267 32,186 1.4
APHS APOLLO HOSPITALS ENTERPRISE 6273583 $527,711 6,390 1.4
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $524,527 72,444 1.4
BANDHAN BANDHAN BANK, LTD. BG1SV45 $519,329 264,913 1.4
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $511,021 18,000 1.4
EMAAR EMAAR PROPERTIES PJSC B01RM25 $488,752 137,039 1.3
SBSP3 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP B1YCHL8 $482,806 24,000 1.3
PKO PKO BANK POLSKI SA B03NGS5 $481,366 25,024 1.3
000660 SK HYNIX, INC. 6450267 $475,123 3,805 1.3
SBILIFE SBI LIFE INSURANCE CO., LTD. BZ60N32 $458,611 21,942 1.2
MM MAHINDRA & MAHINDRA, LTD. 6100186 $456,253 13,161 1.2
GENTERA GENTERA SAB DE CV BHWQZW1 $439,741 251,400 1.2
MELI MERCADOLIBRE, INC. B23X1H3 $435,869 187 1.2
ADNOCDR ADNOC DRILLING CO. PJSC BN12D39 $426,734 319,881 1.2
LPC LUPIN, LTD. 6143761 $424,062 17,096 1.1
BVN CIA DE MINAS BUENAVENTURA SAA ADR 2210476 $423,455 29,905 1.1
AXSB AXIS BANK, LTD. BPFJHC7 $422,152 30,097 1.1
ABG ABSA GROUP LTD BFX05H3 $413,342 45,041 1.1
GFNORTE GRUPO FINANCIERO BANORTE SAB DE CV CLASS O 2421041 $410,646 47,700 1.1
BDMS/F BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO., LTD. F SHARES BLZGSM7 $410,238 571,000 1.1
SE SEA, LTD. ADR BYWD7L4 $410,193 3,060 1.1
INFY INFOSYS, LTD. ADR 2398822 $405,416 23,035 1.1
5904 POYA INTERNATIONAL CO., LTD. 6541826 $404,371 27,000 1.1
RJHI AL RAJHI BANK B12LZH9 $404,282 15,569 1.1
ACB ASIA COMMERCIAL BANK JSC B1GJZD5 $395,084 427,200 1.1
RAIL3 RUMO SA BYXZ2W5 $394,072 115,000 1.1
CIMB CIMB GROUP HOLDINGS BHD 6075745 $393,704 238,600 1.1
SHP SHOPRITE HOLDINGS, LTD. 6801575 $390,738 25,462 1.1
2383 ELITE MATERIAL CO., LTD. 6316121 $382,453 22,000 1.0
TALABAT TALABAT HOLDING PLC BRPSDQ4 $375,880 979,167 1.0
BAF BAJAJ FINANCE, LTD. BD2N0P2 $374,881 3,668 1.0
INPST INPOST SA BN4N9C0 $374,382 22,253 1.0
SNB THE SAUDI NATIONAL BANK BSHYYN1 $364,567 38,304 1.0
ICT INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. 6455819 $363,254 59,640 1.0
JFC JOLLIBEE FOODS CORP. 6474494 $346,631 84,620 0.9
282330 BGF RETAIL CO., LTD. BD95QN1 $341,183 4,499 0.9
2454 MEDIATEK, INC. 6372480 $337,679 8,000 0.9
FCX FREEPORT-MCMORAN, INC. 2352118 $333,746 9,263 0.9
2308 DELTA ELECTRONICS, INC. 6260734 $323,250 31,000 0.9
BPI BANK OF THE PHILIPPINE ISLANDS 6074968 $301,606 120,330 0.8
PBR PETROLEO BRASILEIRO SA ADR 2616580 $297,808 26,378 0.8
ITUB ITAU UNIBANCO HOLDING SA ADR 2849739 $296,116 46,928 0.8
086790 HANA FINANCIAL GROUP, INC. B0RNRF5 $295,253 6,507 0.8
GAM GAMUDA BHD 6359881 $285,549 290,600 0.8
8069 E INK HOLDINGS, INC. 6744283 $284,589 41,000 0.8
AMR AMERICANA RESTAURANTS INTERNATIONAL PLC BPCMH29 $275,801 450,236 0.7
017670 SK TELECOM CO., LTD. 6224871 $272,321 7,129 0.7
FMX FOMENTO ECONOMICO MEXICANO SAB DE CV ADR 2246039 $272,016 2,583 0.7
VALE VALE SA ADR 2857334 $267,374 28,719 0.7
ETERNAL ZOMATO, LTD. BL6P210 $266,448 96,811 0.7
AMRT SUMBER ALFARIA TRIJAYA TBK PT BCDBLJ9 $266,148 2,045,400 0.7
CPN/F CENTRAL PATTANA PUBLIC CO., LTD. B6SR6J5 $264,802 174,300 0.7
ZYDUSLI ZYDUS LIFESCIENCES, LTD. BYM8TG8 $256,033 24,352 0.7
2317 HON HAI PRECISION INDUSTRY CO., LTD. 6438564 $252,181 57,000 0.7
BIMAS BIM BIRLESIK MAGAZALAR AS B0D0006 $251,663 21,461 0.7
HLBK HONG LEONG BANK BHD 6436892 $244,483 52,800 0.7
005380 HYUNDAI MOTOR CO. 6451055 $234,781 1,751 0.6
FPT FPT CORP. B1HMWH6 $234,736 55,798 0.6
TPEIR PIRAEUS FINANCIAL HOLDINGS SA BNC0DB0 $226,907 40,662 0.6
NU NU HOLDINGS, LTD. CLASS A BN6NP19 $215,909 17,370 0.6
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $199,325 3,000 0.5
NPN NASPERS, LTD. N SHARES BN0VX82 $199,044 757 0.5
CPNG COUPANG, INC. BNYHDF3 $194,251 8,312 0.5
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $189,613 81,100 0.5
CPALL/F CP ALL PUBLIC CO., LTD. B08YDF9 $189,319 122,800 0.5
VIVA3 VIVARA PARTICIPACOES SA BKTPCJ8 $188,631 48,300 0.5
BBAS3 BANCO DO BRASIL S.A. 2328595 $186,006 36,400 0.5
TCS TATA CONSULTANCY SERVICES, LTD. B01NPJ1 $183,919 4,499 0.5
267260 HD HYUNDAI ELECTRIC CO., LTD. BD4HFR9 $181,926 841 0.5
BBCA PT BANK CENTRAL ASIA TBK B01C1P6 $119,775 225,300 0.3
CASH CASH AND OTHERS $1,160,474 3.1
CURR EUR $8 0.0
CURR GBP $1 0.0
CURR INR $567 0.0
TOTAL 29.7

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.