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Matthews Pacific Tiger Active ETF
ASIA

Snapshot
  • Seeks alpha in Asia’s emerging economies by capitalizing on the rising Asia consumer
  • High-conviction equity portfolio focused on sustainable growth companies
  • All-cap fundamental approach driven by on-the-ground, proprietary research

09/21/2023

Inception Date

28.69%

NAV YTD Return

(as of 10/16/2025)

$33.96

NAV

(as of 10/16/2025)

+0.16

1 Day NAV Change

(as of 10/16/2025)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews Pacific Tiger 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 Asia Ex Japan. The 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 and frontier markets involves different and greater risks, as these 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 09/21/2023
Fund Assets $41.87 million (10/17/2025)
Currency USD
Ticker ASIA
Cusip 577-130-578
Primary Exchange NYSE Arca
Benchmark MSCI All Country Asia ex Japan Index
Geographic Focus Asia Ex Japan - Consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region, excluding Japan
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 10/16/2025)
NAV $33.96
NAV Change +0.16
Market Price $33.94
Market Price Change +0.13
Day's Trading Volume 984 Shares
Median BID/ASK Spread (30 Day) 0.20% (as of 10/16/2025)
Premium Discount -0.06%
Number of days at Premium/Discount
2025 2024
Q4 Q3 Q2 Q1
Premium 10 17 23 13 127
Discount 2 45 39 46 112

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 09/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Active ETF - ASIA
09/21/2023
NAV
8.51% 14.24% 26.18% 17.30% n.a. n.a. n.a. 15.61%
Market Price
8.49% 14.06% 27.45% 18.87% n.a. n.a. n.a. 15.68%
MSCI All Country Asia ex Japan Index
6.84% 11.07% 27.50% 18.05% n.a. n.a. n.a. 23.22%
As of 09/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Active ETF - ASIA
09/21/2023
NAV
8.51% 14.24% 26.18% 17.30% n.a. n.a. n.a. 15.61%
Market Price
8.49% 14.06% 27.45% 18.87% n.a. n.a. n.a. 15.68%
MSCI All Country Asia ex Japan Index
6.84% 11.07% 27.50% 18.05% n.a. n.a. n.a. 23.22%
For the years ended December 31st
Name 2024
Matthews Pacific Tiger Active ETF - ASIA
NAV
4.78%
Market Price
3.42%
MSCI All Country Asia ex Japan Index (USD)
12.51%

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 10/20/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $3,826,302 12,967 9.1
700 TENCENT HOLDINGS, LTD. BMMV2K8 $2,598,759 33,200 6.2
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $2,160,787 31,359 5.2
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $1,890,359 40,000 4.5
9988 ALIBABA GROUP HOLDING, LTD. BK6YZP5 $1,869,323 94,040 4.5
2308 DELTA ELECTRONICS, INC. 6260734 $1,139,593 35,000 2.7
ETERNAL ETERNAL, LTD. BL6P210 $1,040,699 267,202 2.5
000660 SK HYNIX, INC. 6450267 $1,008,780 3,079 2.4
BHARTI BHARTI AIRTEL, LTD. 6442327 $867,841 37,947 2.1
HUVR HINDUSTAN UNILEVER, LTD. 6261674 $844,478 28,534 2.0
HDFCB HDFC BANK, LTD. BK1N461 $834,575 73,236 2.0
DBS DBS GROUP HOLDINGS, LTD. 6175203 $826,607 20,600 2.0
DIDIY DIDI GLOBAL, INC. ADR BMBR6F0 $798,618 128,602 1.9
600885 HONGFA TECHNOLOGY CO., LTD. A SHARES 6950347 $757,208 201,500 1.8
105560 KB FINANCIAL GROUP, INC. B3DF0Y6 $706,723 8,808 1.7
3968 CHINA MERCHANTS BANK CO., LTD. H SHARES B1DYPZ5 $653,454 103,500 1.6
ICICIBC ICICI BANK, LTD. BSZ2BY7 $636,194 38,960 1.5
388 HONG KONG EXCHANGES & CLEARING, LTD. 6267359 $628,936 11,800 1.5
SE SEA, LTD. ADR BYWD7L4 $626,795 3,916 1.5
002050 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. A SHARES BD5CDC4 $610,055 100,400 1.5
2318 PING AN INSURANCE GROUP CO. OF CHINA, LTD. H SHARES B01FLR7 $604,932 87,500 1.4
1972 SWIRE PROPERTIES, LTD. B67C2G0 $592,903 214,600 1.4
2359 WUXI APPTEC CO., LTD. H SHARES BGHH0L6 $564,316 43,100 1.3
1299 AIA GROUP, LTD. B4TX8S1 $554,718 62,400 1.3
MM MAHINDRA & MAHINDRA, LTD. 6100186 $532,345 12,841 1.3
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $502,885 89,164 1.2
035420 NAVER CORP. 6560393 $496,686 2,762 1.2
1336 NEW CHINA LIFE INSURANCE CO., LTD. H SHARES B5730Z1 $472,693 74,900 1.1
329180 HD HYUNDAI HEAVY INDUSTRIES CO., LTD. BMDHSH4 $465,365 1,299 1.1
028260 SAMSUNG C&T CORP. BSXN8K7 $455,876 3,077 1.1
TVSL TVS MOTOR CO., LTD. 6726548 $434,902 10,471 1.0
CPN/F CENTRAL PATTANA PUBLIC CO., LTD. B6SR6J5 $409,101 248,600 1.0
BPI BANK OF THE PHILIPPINE ISLANDS 6074968 $401,955 214,100 1.0
PDD PDD HOLDINGS, INC. ADR BYVW0F7 $365,140 2,842 0.9
1109 CHINA RESOURCES LAND, LTD. 6193766 $358,030 95,500 0.9
2454 MEDIATEK, INC. 6372480 $346,783 8,000 0.8
2345 ACCTON TECHNOLOGY CORP. 6005214 $342,742 11,000 0.8
9961 TRIP.COM GROUP, LTD. BNYK8H9 $335,608 4,900 0.8
1776 GF SECURITIES CO., LTD. H SHARES BW4NKK8 $329,546 131,200 0.8
207940 SAMSUNG BIOLOGICS CO., LTD. BYNJCV6 $325,477 414 0.8
CIMB CIMB GROUP HOLDINGS BHD 6075745 $313,678 180,600 0.7
KKC CUMMINS INDIA, LTD. 6294863 $311,210 6,888 0.7
214150 CLASSYS, INC. BWT5WS1 $294,267 8,972 0.7
600036 CHINA MERCHANTS BANK CO., LTD. A SHARES BP3R273 $293,430 50,300 0.7
8069 E INK HOLDINGS, INC. 6744283 $289,975 41,000 0.7
5269 ASMEDIA TECHNOLOGY, INC. B6ZZQ69 $281,598 6,000 0.7
BBCA PT BANK CENTRAL ASIA TBK B01C1P6 $281,363 622,000 0.7
INFO INFOSYS, LTD. 6205122 $278,289 16,989 0.7
2382 QUANTA COMPUTER, INC. 6141011 $272,684 29,000 0.7
2252 SHANGHAI MICROPORT MEDBOT GROUP CO., LTD. H SHARES BMX6SZ9 $268,710 79,000 0.6
2317 HON HAI PRECISION INDUSTRY CO., LTD. 6438564 $250,994 34,000 0.6
051910 LG CHEM, LTD. 6346913 $233,110 977 0.6
2882 CATHAY FINANCIAL HOLDING CO., LTD. 6425663 $227,378 107,000 0.5
300274 SUNGROW POWER SUPPLY CO., LTD. A SHARES BD5CGB4 $216,509 10,700 0.5
SUNP SUN PHARMACEUTICAL INDUSTRIES, LTD. 6582483 $206,986 10,845 0.5
1519 J&T GLOBAL EXPRESS, LTD. BRBTW19 $202,910 159,200 0.5
1024 KUAISHOU TECHNOLOGY BLC90T0 $202,863 21,600 0.5
MMYT MAKEMYTRIP, LTD. B552PC2 $198,604 2,231 0.5
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD. A SHARES BHQK864 $192,941 6,100 0.5
T TELEKOM MALAYSIA BHD 6868398 $192,708 113,900 0.5
SBIN STATE BANK OF INDIA BSQCB24 $191,057 18,904 0.5
HDFCAMC HDFC ASSET MANAGEMENT CO., LTD. BG0R3M5 $190,546 2,933 0.5
000333 MIDEA GROUP CO., LTD. A SHARES BD5CPP1 $189,929 18,600 0.5
METROHL METROPOLIS HEALTHCARE, LTD. BHHLPD2 $189,070 8,582 0.5
002371 NAURA TECHNOLOGY GROUP CO., LTD. A SHARES BD5LYF1 $184,885 3,300 0.4
DIXON DIXON TECHNOLOGIES INDIA, LTD. BNC5412 $179,194 944 0.4
ACB ASIA COMMERCIAL BANK JSC B1GJZD5 $177,054 181,125 0.4
005380 HYUNDAI MOTOR CO. 6451055 $149,310 873 0.4
3690 MEITUAN CLASS B BGJW376 $143,562 11,800 0.3
2423 KE HOLDINGS, INC. A SHARES BN7SX97 $142,296 23,800 0.3
IBN ICICI BANK, LTD. ADR 2569286 $137,030 4,160 0.3
CIFC CHOLAMANDALAM INVESTMENT AND FINANCE CO., LTD. BJ9K2H4 $133,790 7,115 0.3
788 CHINA TOWER CORP., LTD. H SHARES BTVMCY5 $132,824 90,500 0.3
600519 KWEICHOW MOUTAI CO., LTD. A SHARES BP3R2F1 $102,042 500 0.2
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $100,548 1,000 0.2
1211 BYD CO., LTD. H SHARES 6536651 $93,004 7,000 0.2
2383 ELITE MATERIAL CO., LTD. 6316121 $72,029 2,000 0.2
360ONE 360 ONE WAM, LTD. BQKRHR8 $43,854 3,312 0.1
FPT FPT CORP. B1HMWH6 $31,361 9,377 0.1
TVSLIN TVS MOTOR CO., LTD., PFD. BPCNFX9 $5,203 41,520 0.0
CASH CASH AND OTHERS $1,148,031 2.7
CURR CNY $1,305 0.0
CURR INR $-92,750 -0.2
TOTAL 41.2

Portfolio Breakdown (%)

(as of 09/30/2025)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 27.5 28.7 -1.2
Financials 20.5 20.3 0.2
Consumer Discretionary 15.7 15.2 0.5
Communication Services 11.3 10.9 0.4
Industrials 10.6 7.6 3.0
Health Care 5.1 3.7 1.4
Real Estate 4.5 2.0 2.5
Consumer Staples 2.2 3.2 -1.0
Materials 0.5 3.7 -3.2
Energy 0.0 2.8 -2.8
Utilities 0.0 2.1 -2.1
Cash and Other Assets, Less Liabilities 2.1 0.0 2.1

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 36.7 40.0 -3.3
Taiwan 20.6 21.9 -1.3
India 16.3 17.2 -0.9
South Korea 14.1 12.4 1.7
Singapore 4.9 4.0 0.9
Thailand 1.7 1.2 0.5
Malaysia 1.2 1.3 -0.1
Philippines 1.0 0.4 0.6
Indonesia 0.7 1.3 -0.6
Vietnam 0.5 0.0 0.5
Macau 0.0 0.1 -0.1
Cash and Other Assets, Less Liabilities 2.1 0.0 2.1

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 76.5 68.6 7.9
Large Cap ($10B-$25B) 12.7 21.1 -8.4
Mid Cap ($3B-$10B) 7.5 10.3 -2.8
Small Cap (under $3B) 1.1 0.0 1.1
Cash and Other Assets, Less Liabilities 2.1 0.0 2.1

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 09/30/2025)
Fund Benchmark
Number of Positions 79 1,001
Weighted Average Market Cap $284.6 billion $266.8 billion
Active Share 61.8 n.a.
P/E using FY1 estimates 18.4x 16.0x
P/E using FY2 estimates 15.7x 14.2x
Price/Cash Flow 12.2 10.1
Price/Book 2.6 2.1
Return On Equity 17.8 18.1
EPS Growth (3 Yr) 15.2% 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 $0.07982 $0.07266 $0.00000 $0.15248 0.6%
12/14/2023 12/15/2023 12/21/2023 12/14/2023 $0.03003 $0.00000 $0.00000 $0.03003 0.1%

 

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

Inbok  Song photo
Andrew  Mattock, CFA photo
Winnie  Chwang 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.