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Matthews Asia Innovators Active ETF
MINV

Snapshot
  • High-conviction, concentrated equity portfolio of innovative companies in Asia
  • All-cap fundamental approach focused on companies with unique offerings that create or expand markets
  • Capitalizing on the new economy and the rising disposable income in Asia

07/13/2022

Inception Date

37.30%

NAV YTD Return

(as of 10/09/2025)

$37.95

NAV

(as of 10/09/2025)

-0.10

1 Day NAV Change

(as of 10/09/2025)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews Asia Innovators 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 that Matthews believes are innovators in their products, services, processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets. The Fund 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. Sector funds may be subject to a higher degree of market risk than diversified funds because of a concentration in a specific sector. The Fund's value may be affected by changes in the science and technology-related industries.

These and other risks associated with investing in the Fund can be found in the prospectus.

Fund Facts
Inception Date 07/13/2022
Fund Assets $81.59 million (10/09/2025)
Currency USD
Ticker MINV
Cusip 577-125-826
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 excluding Japan, but including all other developed, emerging, and frontier countries and markets in the Asian region
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 10/09/2025)
NAV $37.95
NAV Change -0.10
Market Price $37.63
Market Price Change -0.66
Day's Trading Volume 3,572 Shares
Median BID/ASK Spread (30 Day) 0.53% (as of 10/09/2025)
Premium Discount -0.84%
Number of days at Premium/Discount
2025 2024
Q4 Q3 Q2 Q1
Premium 5 37 23 11 140
Discount 2 23 38 45 106

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 Asia Innovators Active ETF - MINV
07/13/2022
NAV
9.27% 18.69% 33.50% 28.61% 18.63% n.a. n.a. 13.30%
Market Price
9.37% 18.90% 35.47% 30.61% 18.95% n.a. n.a. 13.51%
MSCI All Country Asia ex Japan Index
6.84% 11.07% 27.50% 18.05% 19.34% n.a. n.a. 13.52%
As of 09/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Innovators Active ETF - MINV
07/13/2022
NAV
9.27% 18.69% 33.50% 28.61% 18.63% n.a. n.a. 13.30%
Market Price
9.37% 18.90% 35.47% 30.61% 18.95% n.a. n.a. 13.51%
MSCI All Country Asia ex Japan Index
6.84% 11.07% 27.50% 18.05% 19.34% n.a. n.a. 13.52%
For the years ended December 31st
Name 2024 2023
Matthews Asia Innovators Active ETF - MINV
NAV
17.60% -1.83%
Market Price
17.33% -2.66%
MSCI All Country Asia ex Japan Index (USD)
12.51% 6.34%

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 10/10/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $10,563,789 224,000 12.9
700 TENCENT HOLDINGS, LTD. BMMV2K8 $5,756,584 66,300 7.1
9988 ALIBABA GROUP HOLDING, LTD. BK6YZP5 $3,976,150 178,500 4.9
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $3,895,599 62,425 4.8
ETERNAL ETERNAL, LTD. BL6P210 $3,246,164 834,243 4.0
SE SEA, LTD. ADR BYWD7L4 $3,182,652 16,929 3.9
DIDIY DIDI GLOBAL, INC. ADR BMBR6F0 $3,019,780 468,910 3.7
PDD PDD HOLDINGS, INC. ADR BYVW0F7 $2,848,125 21,700 3.5
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD. A SHARES BHQPSY7 $1,809,656 31,500 2.2
002371 NAURA TECHNOLOGY GROUP CO., LTD. A SHARES BD5LYF1 $1,664,691 25,930 2.0
MMYT MAKEMYTRIP, LTD. B552PC2 $1,565,461 16,578 1.9
1810 XIAOMI CORP. CLASS B BG0ZMJ9 $1,514,117 220,800 1.9
012450 HANWHA AEROSPACE CO., LTD. 6772671 $1,462,226 1,901 1.8
2308 DELTA ELECTRONICS, INC. 6260734 $1,406,835 43,000 1.7
TME TENCENT MUSIC ENTERTAINMENT GROUP ADR BFZYWR2 $1,393,759 59,410 1.7
1024 KUAISHOU TECHNOLOGY BLC90T0 $1,365,118 119,600 1.7
CPNG COUPANG, INC. BNYHDF3 $1,344,355 41,403 1.6
TCOM TRIP.COM GROUP, LTD. ADR BK1K3N2 $1,334,237 18,763 1.6
000660 SK HYNIX, INC. 6450267 $1,327,781 4,788 1.6
035720 KAKAO CORP. 6194037 $1,273,215 30,467 1.6
600276 JIANGSU HENGRUI PHARMACEUTICALS CO., LTD. A SHARES BP3R369 $1,202,653 120,600 1.5
FUTU FUTU HOLDINGS, LTD. ADR BGK4T39 $1,197,642 6,883 1.5
DELHIVE DELHIVERY, LTD. BN7FZ69 $1,146,086 217,441 1.4
2454 MEDIATEK, INC. 6372480 $1,101,213 25,000 1.3
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD. A SHARES BHQK864 $1,047,265 30,100 1.3
BHARTI BHARTI AIRTEL, LTD. 6442327 $1,040,582 47,577 1.3
BZ KANZHUN, LTD. ADR BM91SH0 $921,441 39,361 1.1
028260 SAMSUNG C&T CORP. BSXN8K7 $907,602 6,544 1.1
9888 BAIDU, INC. CLASS A B0J2D41 $893,157 52,050 1.1
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $868,310 140,731 1.1
207940 SAMSUNG BIOLOGICS CO., LTD. BYNJCV6 $832,002 1,176 1.0
268 KINGDEE INTERNATIONAL SOFTWARE GROUP CO., LTD. 6327587 $812,774 370,000 1.0
2359 WUXI APPTEC CO., LTD. H SHARES BGHH0L6 $802,661 52,300 1.0
9999 NETEASE, INC. BM93SF4 $784,864 25,400 1.0
1211 BYD CO., LTD. H SHARES 6536651 $781,892 55,200 1.0
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $778,472 50,168 1.0
2360 CHROMA ATE, INC. 6212100 $774,075 38,000 0.9
MM MAHINDRA & MAHINDRA, LTD. 6100186 $766,780 19,775 0.9
2252 SHANGHAI MICROPORT MEDBOT GROUP CO., LTD. H SHARES BMX6SZ9 $762,569 193,500 0.9
2345 ACCTON TECHNOLOGY CORP. 6005214 $756,521 22,000 0.9
BAF BAJAJ FINANCE, LTD. BTFGH15 $681,947 59,126 0.8
2269 WUXI BIOLOGICS CAYMAN, INC. BL6B9P1 $668,636 127,000 0.8
POLICYB PB FINTECH, LTD. BP4DVR3 $647,316 33,114 0.8
1801 INNOVENT BIOLOGICS, INC. BGR6KX5 $629,526 51,500 0.8
2050 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. BV4K4Z5 $608,584 109,600 0.7
IXIGO LE TRAVENUES TECHNOLOGY, LTD. BPK85H0 $598,351 169,902 0.7
2268 WUXI XDC CAYMAN, INC. BQHNQ38 $577,771 58,000 0.7
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $575,578 5,000 0.7
601100 JIANGSU HENGLI HYDRAULIC CO., LTD. A SHARES BP3RFJ6 $549,532 37,700 0.7
NETWEB NETWEB TECHNOLOGIES INDIA, LTD. BQPDLK2 $546,031 12,232 0.7
002472 ZHEJIANG SHUANGHUAN DRIVELINE CO., LTD. A SHARES BP91M35 $508,219 73,700 0.6
CARTRAD CARTRADE TECH, LTD. BNK8Z10 $477,962 17,147 0.6
3690 MEITUAN CLASS B BGJW376 $443,435 33,300 0.5
064350 HYUNDAI ROTEM CO., LTD. BFPM3C8 $397,114 2,506 0.5
5274 ASPEED TECHNOLOGY, INC. B80VKP3 $372,693 2,000 0.5
140860 PARK SYSTEMS CORP. BD0CJ98 $350,228 1,936 0.4
2423 KE HOLDINGS, INC. A SHARES BN7SX97 $289,688 46,700 0.4
CASH CASH AND OTHERS $505,003 0.6
CURR CNY $5 0.0
CURR EUR $4 0.0
CURR INR $4,138 0.0
CURR TWD $28,718 0.0
TOTAL 49.0

Portfolio Breakdown (%)

(as of 09/30/2025)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 30.2 28.7 1.5
Consumer Discretionary 25.9 15.2 10.7
Communication Services 15.7 10.9 4.8
Industrials 14.4 7.6 6.8
Health Care 8.1 3.7 4.4
Financials 3.2 20.3 -17.1
Energy 1.0 2.8 -1.8
Real Estate 0.4 2.0 -1.6
Materials 0.0 3.7 -3.7
Consumer Staples 0.0 3.2 -3.2
Utilities 0.0 2.1 -2.1
Cash and Other Assets, Less Liabilities 1.2 0.0 1.2

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 47.4 40.0 7.4
Taiwan 18.2 21.9 -3.7
South Korea 14.8 12.4 2.4
India 13.6 17.2 -3.6
Singapore 4.8 4.0 0.8
Indonesia 0.0 1.3 -1.3
Malaysia 0.0 1.3 -1.3
Thailand 0.0 1.2 -1.2
Philippines 0.0 0.4 -0.4
Macau 0.0 0.1 -0.1
Cash and Other Assets, Less Liabilities 1.2 0.0 1.2

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 77.0 68.6 8.4
Large Cap ($10B-$25B) 11.8 21.1 -9.3
Mid Cap ($3B-$10B) 8.0 10.3 -2.3
Small Cap (under $3B) 2.0 0.0 2.0
Cash and Other Assets, Less Liabilities 1.2 0.0 1.2

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 56 1,001
Weighted Average Market Cap $284.8 billion $266.8 billion
Active Share 59.5 n.a.
P/E using FY1 estimates 25.5x 16.0x
P/E using FY2 estimates 20.4x 14.2x
Price/Cash Flow 19.8 10.1
Price/Book 4.1 2.1
Return On Equity 17.4 18.1
EPS Growth (3 Yr) 26.2% 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 $0.06796 $0.00000 $0.00000 $0.06796 0.2%
12/14/2023 12/15/2023 12/21/2023 12/14/2023 $0.23378 $0.00000 $0.00000 $0.23378 1.0%

 

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

Michael J. Oh, CFA photo
Inbok  Song 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.