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Matthews India Active ETF
INDE

Snapshot
  • Unconstrained all-cap strategy focused on companies with a sustainable competitive edge and pricing power, which are able to perform throughout economic cycles
  • Fundamental bottom-up approach to seek well-run entrepreneurial companies with sustainable organic growth and trustworthy managements
  • Bias toward businesses that cater to rising domestic consumer demand and to policy-independent sectors

09/21/2023

Inception Date

-3.77%

NAV YTD Return

(as of 04/29/2025)

$28.84

NAV

(as of 04/29/2025)

-0.09

1 Day NAV Change

(as of 04/29/2025)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews India Active ETF seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in publicly traded common stocks, preferred stocks and convertible securities of companies located in India. The Matthews India Active ETF 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 ETF, 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 09/21/2023
Fund Assets $13.91 million (04/30/2025)
Currency USD
Ticker INDE
Cusip 577-130-610
Primary Exchange NYSE Arca
Benchmark MSCI India Index
Geographic Focus India
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 04/29/2025)
NAV $28.84
NAV Change -0.09
Market Price $28.81
Market Price Change +0.15
Day's Trading Volume 1,241 Shares
Median BID/ASK Spread (30 Day) 0.84% (as of 04/29/2025)
Premium Discount -0.10%
Number of days at Premium/Discount
2025 2024
Q2 Q1
Premium 7 15 208
Discount 13 44 40

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 03/31/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews India Active ETF - INDE
09/21/2023
NAV
7.09% -7.24% -7.24% 0.19% n.a. n.a. n.a. 7.59%
Market Price
6.11% -7.38% -7.38% -1.51% n.a. n.a. n.a. 7.16%
MSCI India Index
9.40% -2.90% -2.90% 2.86% n.a. n.a. n.a. 13.80%
S&P Bombay Stock Exchange 100 Index
9.33% -1.68% -1.68% 4.11% n.a. n.a. n.a. 12.78%
As of 03/31/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews India Active ETF - INDE
09/21/2023
NAV
7.09% -7.24% -7.24% 0.19% n.a. n.a. n.a. 7.59%
Market Price
6.11% -7.38% -7.38% -1.51% n.a. n.a. n.a. 7.16%
MSCI India Index
9.40% -2.90% -2.90% 2.86% n.a. n.a. n.a. 13.80%
S&P Bombay Stock Exchange 100 Index
9.33% -1.68% -1.68% 4.11% n.a. n.a. n.a. 12.78%
For the years ended December 31st
Name 2024
Matthews India Active ETF - INDE
NAV
11.61%
Market Price
10.97%
MSCI India Index (USD)
12.41%
S&P Bombay Stock Exchange 100 Index (USD)
10.20%

Effective April 29, 2024, the primary benchmark changed from the S&P Bombay Stock Exchange 100 Index to the MSCI India Index.

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 05/01/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
HDFCB HDFC BANK, LTD. BK1N461 $1,135,900 49,852 8.2
ICICIBC ICICI BANK, LTD. BSZ2BY7 $950,599 56,279 6.8
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $599,234 82,762 4.3
BAF BAJAJ FINANCE, LTD. BD2N0P2 $597,275 5,844 4.3
ETERNAL ZOMATO, LTD. BL6P210 $571,652 207,704 4.1
INFO INFOSYS, LTD. 6205122 $561,500 31,623 4.0
BHARTI BHARTI AIRTEL, LTD. 6442327 $467,384 21,178 3.4
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $453,478 27,268 3.3
TJL THANGA MAYIL JEWELLERY, LTD. B61J988 $448,489 18,073 3.2
MM MAHINDRA & MAHINDRA, LTD. 6100186 $404,564 11,670 2.9
AXSB AXIS BANK, LTD. BPFJHC7 $385,108 27,456 2.8
TCS TATA CONSULTANCY SERVICES, LTD. B01NPJ1 $354,307 8,667 2.5
KMB KOTAK MAHINDRA BANK, LTD. 6135661 $353,861 13,539 2.5
MRCO MARICO, LTD. B1S34K5 $337,045 40,080 2.4
SWIGGY SWIGGY, LTD. BSF1LT9 $321,479 85,840 2.3
CIFC CHOLAMANDALAM INVESTMENT AND FINANCE CO., LTD. BJ9K2H4 $292,969 16,587 2.1
UTCEM ULTRATECH CEMENT, LTD. B01GZF6 $271,033 1,967 1.9
NLL NEULAND LABORATORIES, LTD. 6314727 $268,559 1,892 1.9
MAXF MAX FINANCIAL SERVICES, LTD. B1TJG95 $245,109 15,868 1.8
AVALON AVALON TECHNOLOGIES, LTD. BMTQ4G6 $238,820 23,431 1.7
ARJN AMRUTANJAN HEALTH CARE, LTD. BDQPZX7 $192,798 23,460 1.4
SBIN STATE BANK OF INDIA BSQCB24 $183,217 19,627 1.3
TECHNOE TECHNO ELECTRIC & ENGINEERING CO., LTD. BDFFZP0 $181,560 14,423 1.3
GCPL GODREJ CONSUMER PRODUCTS, LTD. B1BDGY0 $160,599 10,764 1.2
PSYS PERSISTENT SYSTEMS, LTD. BLC87W9 $158,290 2,513 1.1
FB FEDERAL BANK, LTD. BFT7KB7 $155,398 66,751 1.1
PLM POLY MEDICURE, LTD. BVRYS52 $150,631 4,944 1.1
TVSL TVS MOTOR CO., LTD. 6726548 $147,605 4,667 1.1
IXIGO LE TRAVENUES TECHNOLOGY, LTD. BPK85H0 $147,489 85,147 1.1
SUNP SUN PHARMACEUTICAL INDUSTRIES, LTD. 6582483 $144,422 6,659 1.0
TATACON TATA CONSUMER PRODUCTS, LTD. 6121488 $142,683 10,340 1.0
CROMPTO CROMPTON GREAVES CONSUMER ELECTRICALS, LTD. BD87BS8 $139,805 35,017 1.0
CAMPUS CAMPUS ACTIVEWEAR LTD BN71Y82 $139,193 48,457 1.0
LPC LUPIN, LTD. 6143761 $137,146 5,529 1.0
CLGT COLGATE-PALMOLIVE INDIA, LTD. 6139696 $136,898 4,470 1.0
ITC ITC, LTD. B0JGGP5 $135,022 26,790 1.0
LATENTV LATENT VIEW ANALYTICS, LTD. BPG97T3 $128,708 27,651 0.9
METROHL METROPOLIS HEALTHCARE, LTD. BHHLPD2 $122,149 6,065 0.9
DRRD DR. REDDY'S LABORATORIES, LTD. BQ2KJW4 $120,557 8,603 0.9
MIDHANI MISHRA DHATU NIGAM, LTD. BFMNFV7 $117,874 32,438 0.8
ZYDUSLI ZYDUS LIFESCIENCES, LTD. BYM8TG8 $117,576 11,183 0.8
TTAN TITAN CO., LTD. 6139340 $113,452 2,836 0.8
HUVR HINDUSTAN UNILEVER, LTD. 6261674 $112,858 4,071 0.8
IIB INDUSIND BANK, LTD. 6100454 $109,479 11,032 0.8
HONASA HONASA CONSUMER, LTD. BSCC0R6 $107,673 36,912 0.8
VBL VARUN BEVERAGES, LTD. BQB80M6 $103,606 16,757 0.7
BRIT BRITANNIA INDUSTRIES, LTD. BGSQG47 $103,005 1,600 0.7
POLICYB PB FINTECH, LTD. BP4DVR3 $101,885 5,296 0.7
HCLT HCL TECHNOLOGIES, LTD. 6294896 $95,961 5,172 0.7
ICICIGI ICICI LOMBARD GENERAL INSURANCE CO., LTD. BYXH7P9 $94,021 4,233 0.7
MSIL MARUTI SUZUKI INDIA, LTD. 6633712 $90,095 621 0.6
ABB ABB INDIA, LTD. B1Y9QS9 $84,520 1,293 0.6
GPPV GUJARAT PIPAVAV PORT, LTD. B53NR43 $76,411 48,541 0.5
ELCN ELECON ENGINEERING CO., LTD. BSWYQD0 $73,998 11,474 0.5
TTMT TATA MOTORS, LTD. B611LV1 $71,865 9,424 0.5
DIVI DIVI'S LABORATORIES, LTD. 6602518 $68,807 955 0.5
SBC SHIVALIK BIMETAL CONTROLS B06D3R0 $67,665 13,053 0.5
KKC CUMMINS INDIA, LTD. 6294863 $67,549 1,971 0.5
HDB HDFC BANK, LTD. ADR 2781648 $62,150 855 0.4
TDPS TD POWER SYSTEMS, LTD. BQMSXV5 $52,517 10,261 0.4
BANDHAN BANDHAN BANK, LTD. BG1SV45 $35,112 17,911 0.3
CARTRAD CARTRADE TECH, LTD. BNK8Z10 $35,000 1,735 0.3
FLUOROC GUJARAT FLUOROCHEMICALS, LTD. BK10P03 $28,337 615 0.2
CASH CASH AND OTHERS $-248,626 -1.8
CURR INR $86,320 0.6
TOTAL 44.5

Portfolio Breakdown (%)

(as of 03/31/2025)
  • Sector Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 37.5 29.5 8.0
Consumer Discretionary 16.3 12.2 4.1
Information Technology 12.3 10.4 1.9
Health Care 9.6 5.8 3.8
Consumer Staples 7.6 6.6 1.0
Industrials 4.8 8.8 -4.0
Communication Services 3.7 4.6 -0.9
Energy 3.3 8.7 -5.4
Materials 2.5 7.9 -5.4
Utilities 0.0 4.0 -4.0
Real Estate 0.0 1.5 -1.5
Cash and Other Assets, Less Liabilities 2.3 0.0 2.3

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) 49.4 60.8 -11.4
Large Cap ($10B-$25B) 20.1 27.2 -7.1
Mid Cap ($3B-$10B) 11.1 12.0 -0.9
Small Cap (under $3B) 17.1 0.0 17.1
Cash and Other Assets, Less Liabilities 2.3 0.0 2.3

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 61 156
Weighted Average Market Cap $57.1 billion $64.6 billion
Active Share 49.1 n.a.
P/E using FY1 estimates 26.1x 24.2x
P/E using FY2 estimates 23.4x 21.3x
Price/Cash Flow 20.8 16.5
Price/Book 4.4 3.8
Return On Equity 18.4 20.0
EPS Growth (3 Yr) 20.9% 23.2%

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 $0.01653 $0.14240 $0.00886 $0.16779 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.

Portfolio Managers

Peeyush  Mittal, CFA photo
Swagato  Ghosh photo

 

Visit our Glossary of Terms page for definitions and additional information.

Index Definitions

The Benchmark used for comparison under "Portfolio Breakdown" and "Portfolio Characteristics" is the S&P Bombay Stock Exchange 100 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.