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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

10.46%

NAV YTD Return

(as of 06/30/2025)

$29.15

NAV

(as of 06/30/2025)

-0.18

1 Day NAV Change

(as of 06/30/2025)

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 $36.41 million (07/01/2025)
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 06/30/2025)
NAV $29.15
NAV Change -0.18
Market Price $29.22
Market Price Change -0.03
Day's Trading Volume 16,682 Shares
Median BID/ASK Spread (30 Day) 0.21% (as of 07/01/2025)
Premium Discount +0.24%
Number of days at Premium/Discount
2025 2024
Q2 Q1
Premium 23 13 127
Discount 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 06/30/2025
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
5.50% 12.07% 10.46% 8.54% n.a. n.a. n.a. 9.46%
Market Price
6.60% 12.25% 11.74% 9.54% n.a. n.a. n.a. 9.63%
MSCI All Country Asia ex Japan Index
6.20% 12.66% 14.79% 17.49% n.a. n.a. n.a. 19.60%
As of 06/30/2025
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
5.50% 12.07% 10.46% 8.54% n.a. n.a. n.a. 9.46%
Market Price
6.60% 12.25% 11.74% 9.54% n.a. n.a. n.a. 9.63%
MSCI All Country Asia ex Japan Index
6.20% 12.66% 14.79% 17.49% n.a. n.a. n.a. 19.60%
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 07/02/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $2,913,426 12,967 8.0
700 TENCENT HOLDINGS, LTD. BMMV2K8 $2,127,338 33,200 5.8
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $1,488,774 40,000 4.1
9988 ALIBABA GROUP HOLDING, LTD. BK6YZP5 $1,365,716 97,640 3.8
105560 KB FINANCIAL GROUP, INC. B3DF0Y6 $1,164,286 14,252 3.2
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $1,116,516 25,155 3.1
BHARTI BHARTI AIRTEL, LTD. 6442327 $1,093,431 46,310 3.0
3968 CHINA MERCHANTS BANK CO., LTD. H SHARES B1DYPZ5 $1,020,140 146,000 2.8
000660 SK HYNIX, INC. 6450267 $966,191 4,590 2.7
ETERNAL ETERNAL, LTD. BL6P210 $902,062 295,598 2.5
SE SEA, LTD. ADR BYWD7L4 $867,181 5,762 2.4
388 HONG KONG EXCHANGES & CLEARING, LTD. 6267359 $762,910 14,300 2.1
DBS DBS GROUP HOLDINGS, LTD. 6175203 $729,924 20,600 2.0
HDFCB HDFC BANK, LTD. BK1N461 $666,885 28,347 1.8
1299 AIA GROUP, LTD. B4TX8S1 $652,882 72,800 1.8
2308 DELTA ELECTRONICS, INC. 6260734 $631,323 43,000 1.7
ICICIBC ICICI BANK, LTD. BSZ2BY7 $558,166 33,337 1.5
BBCA PT BANK CENTRAL ASIA TBK B01C1P6 $556,983 1,036,500 1.5
2318 PING AN INSURANCE GROUP CO. OF CHINA, LTD. H SHARES B01FLR7 $555,653 87,500 1.5
1336 NEW CHINA LIFE INSURANCE CO., LTD. H SHARES B5730Z1 $550,576 101,100 1.5
KKC CUMMINS INDIA, LTD. 6294863 $547,222 13,978 1.5
MM MAHINDRA & MAHINDRA, LTD. 6100186 $476,856 12,841 1.3
1211 BYD CO., LTD. H SHARES 6536651 $444,745 28,500 1.2
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $439,579 89,164 1.2
DIDIY DIDI GLOBAL, INC. ADR BMBR6F0 $430,319 89,837 1.2
5269 ASMEDIA TECHNOLOGY, INC. B6ZZQ69 $386,944 6,000 1.1
035420 NAVER CORP. 6560393 $385,766 1,997 1.1
2382 QUANTA COMPUTER, INC. 6141011 $375,933 39,000 1.0
BPI BANK OF THE PHILIPPINE ISLANDS 6074968 $374,758 161,830 1.0
600036 CHINA MERCHANTS BANK CO., LTD. A SHARES BP3R273 $369,636 57,000 1.0
002050 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. A SHARES BD5CDC4 $368,080 100,400 1.0
SUNP SUN PHARMACEUTICAL INDUSTRIES, LTD. 6582483 $367,426 18,849 1.0
GCPL GODREJ CONSUMER PRODUCTS, LTD. B1BDGY0 $361,740 26,475 1.0
2454 MEDIATEK, INC. 6372480 $349,896 8,000 1.0
2882 CATHAY FINANCIAL HOLDING CO., LTD. 6425663 $347,975 160,000 1.0
000333 MIDEA GROUP CO., LTD. A SHARES BD5CPP1 $341,279 33,900 0.9
600519 KWEICHOW MOUTAI CO., LTD. A SHARES BP3R2F1 $333,480 1,700 0.9
INFO INFOSYS, LTD. 6205122 $324,939 17,296 0.9
2345 ACCTON TECHNOLOGY CORP. 6005214 $314,083 12,000 0.9
CPN/F CENTRAL PATTANA PUBLIC CO., LTD. B6SR6J5 $313,068 216,000 0.9
207940 SAMSUNG BIOLOGICS CO., LTD. BYNJCV6 $306,158 414 0.8
1776 GF SECURITIES CO., LTD. H SHARES BW4NKK8 $304,903 181,600 0.8
PDD PDD HOLDINGS, INC. ADR BYVW0F7 $299,803 2,842 0.8
CIMB CIMB GROUP HOLDINGS BHD 6075745 $290,354 180,600 0.8
3690 MEITUAN CLASS B BGJW376 $285,716 17,900 0.8
9961 TRIP.COM GROUP, LTD. BNYK8H9 $284,637 4,900 0.8
CIFC CHOLAMANDALAM INVESTMENT AND FINANCE CO., LTD. BJ9K2H4 $278,650 14,897 0.8
2383 ELITE MATERIAL CO., LTD. 6316121 $277,859 9,000 0.8
2359 WUXI APPTEC CO., LTD. H SHARES BGHH0L6 $273,522 27,300 0.8
1109 CHINA RESOURCES LAND, LTD. 6193766 $260,917 77,000 0.7
600885 HONGFA TECHNOLOGY CO., LTD. A SHARES 6950347 $255,698 81,900 0.7
6669 WIWYNN CORP. BF4QXG5 $252,131 3,000 0.7
028260 SAMSUNG C&T CORP. BSXN8K7 $250,850 2,057 0.7
267260 HD HYUNDAI ELECTRIC CO., LTD. BD4HFR9 $229,598 613 0.6
214150 CLASSYS, INC. BWT5WS1 $219,021 4,799 0.6
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $218,514 2,000 0.6
329180 HD HYUNDAI HEAVY INDUSTRIES CO., LTD. BMDHSH4 $215,784 696 0.6
MMYT MAKEMYTRIP, LTD. B552PC2 $211,343 2,231 0.6
2317 HON HAI PRECISION INDUSTRY CO., LTD. 6438564 $186,261 34,000 0.5
T TELEKOM MALAYSIA BHD 6868398 $179,321 113,900 0.5
HDFCAMC HDFC ASSET MANAGEMENT CO., LTD. BG0R3M5 $176,369 2,933 0.5
DIXON DIXON TECHNOLOGIES INDIA, LTD. BNC5412 $162,426 944 0.4
669 TECHTRONIC INDUSTRIES CO., LTD. B0190C7 $159,408 14,500 0.4
FPT FPT CORP. B1HMWH6 $158,445 34,850 0.4
ACB ASIA COMMERCIAL BANK JSC B1GJZD5 $147,645 181,125 0.4
2423 KE HOLDINGS, INC. A SHARES BN7SX97 $143,710 23,800 0.4
IBN ICICI BANK, LTD. ADR 2569286 $139,859 4,160 0.4
005380 HYUNDAI MOTOR CO. 6451055 $135,169 873 0.4
259960 KRAFTON, INC. BMBP900 $103,291 387 0.3
8069 E INK HOLDINGS, INC. 6744283 $99,223 13,000 0.3
300015 AIER EYE HOSPITAL GROUP CO., LTD. A SHARES BD5CLQ4 $89,631 52,069 0.2
960 LONGFOR GROUP HOLDINGS, LTD. B56KLY9 $87,292 74,000 0.2
9618 JD.COM, INC. CLASS A BKPQZT6 $87,168 5,350 0.2
INFY INFOSYS, LTD. ADR 2398822 $70,648 3,738 0.2
CASH CASH AND OTHERS $1,171,673 3.2
CURR CNY $3,960 0.0
CURR HKD $11,418 0.0
CURR INR $31,619 0.1
CURR KRW $-74 0.0
TOTAL 38.9

Portfolio Breakdown (%)

(as of 03/31/2025)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 25.5 22.6 2.9
Information Technology 22.5 24.5 -2.0
Consumer Discretionary 19.1 15.7 3.4
Communication Services 10.8 11.3 -0.5
Industrials 6.0 7.1 -1.1
Health Care 3.8 3.5 0.3
Consumer Staples 3.1 3.8 -0.7
Real Estate 2.7 2.2 0.5
Materials 0.0 3.7 -3.7
Energy 0.0 3.2 -3.2
Utilities 0.0 2.5 -2.5
Cash and Other Assets, Less Liabilities 6.7 0.0 6.7

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 39.2 40.5 -1.3
Taiwan 18.1 19.1 -1.0
India 17.2 21.1 -3.9
South Korea 8.0 10.2 -2.2
Singapore 4.7 4.2 0.5
Indonesia 1.6 1.4 0.2
Malaysia 1.4 1.5 -0.1
Philippines 1.1 0.6 0.5
Vietnam 1.0 0.0 1.0
Thailand 0.9 1.3 -0.4
Macau 0.0 0.1 -0.1
Cash and Other Assets, Less Liabilities 6.7 0.0 6.7

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 64.8 63.9 0.9
Large Cap ($10B-$25B) 17.2 20.6 -3.4
Mid Cap ($3B-$10B) 10.6 15.2 -4.6
Small Cap (under $3B) 0.8 0.2 0.6
Cash and Other Assets, Less Liabilities 6.7 0.0 6.7

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 03/31/2025)
Fund Benchmark
Number of Positions 76 1,020
Weighted Average Market Cap $183.2 billion $170.5 billion
Active Share 62.7 n.a.
P/E using FY1 estimates 14.4x 13.1x
P/E using FY2 estimates 12.5x 11.8x
Price/Cash Flow 9.7 8.4
Price/Book 2.3 1.8
Return On Equity 18.6 17.5
EPS Growth (3 Yr) 15.3% 11.6%

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.