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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

-6.11%

NAV YTD Return

(as of 12/07/2023)

$22.76

NAV

(as of 12/07/2023)

-0.09

1 Day NAV Change

(as of 12/07/2023)

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 $82.52 million (12/08/2023)
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 12/07/2023)
NAV $22.76
NAV Change -0.09
Market Price $22.84
Market Price Change +0.12
Day's Trading Volume 1,741 Shares
Median BID/ASK Spread (30 Day) 0.26% (as of 12/07/2023)
Premium Discount +0.35%
Number of days at Q3 2023 2022
Premium 28 72
Discount 31 48

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.

Performance

  • Monthly
  • Quarterly
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As of 11/30/2023
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
8.63% -0.51% -3.42% -2.58% n.a. n.a. n.a. -4.64%
Market Price
7.87% -1.19% -4.08% -5.17% n.a. n.a. n.a. -4.96%
MSCI All Country Asia ex Japan Index
6.96% 0.11% 2.70% 2.55% n.a. n.a. n.a. 0.88%
As of 09/30/2023
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
-4.59% -4.67% -7.39% 0.31% n.a. n.a. n.a. -8.46%
Market Price
-5.30% -5.86% -8.07% 0.00% n.a. n.a. n.a. -8.87%
MSCI All Country Asia ex Japan Index
-2.65% -3.22% -0.13% 11.28% n.a. n.a. n.a. -1.29%

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 12/11/2023)
Ticker Name SEDOL Market Value Shares % Net Assets
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $7,289,165 401,000 8.8
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $6,241,356 112,353 7.6
PDD PDD HOLDINGS INC BYVW0F7 $6,024,333 43,353 7.3
700 TENCENT HOLDINGS, LTD. BMMV2K8 $3,662,598 93,600 4.4
ZOMATO ZOMATO LTD BL6P210 $3,556,716 2,472,503 4.3
000660 SK HYNIX, INC. 6450267 $2,931,066 30,044 3.6
AXSB AXIS BANK, LTD. BPFJHC7 $2,829,472 208,571 3.4
ICICIBC ICICI BANK, LTD. BSZ2BY7 $2,732,586 225,411 3.3
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $2,484,406 84,358 3.0
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $2,339,791 22,000 2.8
HDFCB HDFC BANK, LTD. BK1N461 $2,267,155 114,352 2.7
BBRI PT BANK RAKYAT INDONESIA PERSERO 6709099 $1,677,582 4,840,800 2.0
NVDA NVIDIA CORP 2379504 $1,495,014 3,147 1.8
EDU NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP, INC. ADR BMCMBJ3 $1,383,994 17,216 1.7
MM MAHINDRA & MAHINDRA, LTD. 6100186 $1,379,803 68,955 1.7
1299 AIA GROUP, LTD. B4TX8S1 $1,322,816 161,800 1.6
035420 NAVER CORP. 6560393 $1,305,100 7,842 1.6
ASML ASML HOLDING NV-NY REG SH B908F01 $1,277,949 1,835 1.5
YMM FULL TRUCK ALLIANCE -SPN BMD2L36 $1,240,809 175,752 1.5
BEKE KE HOLDINGS INC-ADR BMBX7M2 $1,190,620 78,849 1.4
ABB ABB INDIA LTD B1Y9QS9 $1,174,674 20,635 1.4
TCOM CTRIP.COM INTERNATIONAL, LTD. ADR BK1K3N2 $1,174,662 35,704 1.4
2345 ACCTON TECHNOLOGY CORP 6005214 $1,136,698 67,000 1.4
IH INDIAN HOTELS CO LTD B1FRT61 $1,128,070 215,991 1.4
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD. A SHARES BHQK864 $1,088,410 26,400 1.3
603259 WUXI APPTEC CO., LTD. BHWLWV4 $1,060,665 100,200 1.3
BABA ALIBABA GROUP HOLDING, LTD. ADR BP41ZD1 $1,029,943 14,277 1.2
POLICYB PB FINTECH LTD BP4DVR3 $997,323 101,553 1.2
TTAN TITAN CO., LTD. 6139340 $986,937 22,642 1.2
3533 LOTES CO LTD B1GJFG8 $982,731 32,000 1.2
AVGO BROADCOM, INC. BDZ78H9 $977,351 1,035 1.2
BZ KANZHUN LTD - ADR BM91SH0 $917,989 60,394 1.1
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $901,143 8,980 1.1
6643 M31 TECHNOLOGY CORP BF0N865 $886,869 27,000 1.1
002472 ZHEJIANG SHUANGHUAN DRIVE BP91M35 $882,690 240,600 1.1
3037 UNIMICRON TECHNOLOGY CORP 6137720 $862,553 155,000 1.0
006400 SAMSUNG SDI CO., LTD. 6771645 $850,142 2,469 1.0
CPNG COUPANG INC BNYHDF3 $849,747 54,124 1.0
MBB MILITARY COMMERCIAL JOINT STOCK BANK B6SDL09 $846,754 1,127,300 1.0
LEGN LEGEND BIOTECH CORP-ADR BMX9K07 $836,026 14,103 1.0
GCPL GODREJ CONSUMER PRODUCTS B1BDGY0 $833,607 68,044 1.0
HDFCLIF HDFC LIFE INSURANCE CO LT BF0TRG6 $831,872 103,338 1.0
1024 KUAISHOU TECHNOLOGY BLC90T0 $817,079 118,500 1.0
NU NU HOLDINGS LTD/CAYMAN IS BN6NP19 $753,462 91,662 0.9
MAPI MITRA ADIPERKASA TBK PT B03VZ37 $709,123 6,625,600 0.9
DIDIY DIDI GLOBAL INC BMBR6F0 $592,346 157,121 0.7
2313 SHENZHOU INTERNATIONAL GROUP HOLDINGS, LTD. B0MP1B0 $585,137 58,400 0.7
5269 ASMEDIA TECHNOLOGY INC B6ZZQ69 $450,610 9,000 0.5
000270 KIA MOTORS CORP. 6490928 $418,811 6,335 0.5
TME TENCENT MUSIC ENTERTAINMENT GROUP ADR BFZYWR2 $418,365 50,896 0.5
CASH CASH AND OTHERS $1,894,017 2.3
TOTAL 48.6

Portfolio Breakdown (%)

(as of 09/30/2023)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 28.9 23.1 5.8
Consumer Discretionary 28.4 14.9 13.5
Financials 15.1 21.1 -6.0
Communication Services 12.0 9.9 2.1
Industrials 5.1 7.4 -2.3
Health Care 3.3 3.9 -0.6
Energy 2.4 3.7 -1.3
Real Estate 2.0 3.2 -1.2
Consumer Staples 1.3 5.0 -3.7
Materials 0.0 5.3 -5.3
Utilities 0.0 2.5 -2.5
Cash and Other Assets, Less Liabilities 1.4 0.0 1.4

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 38.0 40.4 -2.4
India 23.8 18.1 5.7
Taiwan 13.7 16.8 -3.1
South Korea 9.9 14.0 -4.1
Indonesia 3.0 2.3 0.7
United States 3.0 0.0 3.0
Vietnam 2.3 0.0 2.3
Singapore 1.5 3.8 -2.3
Japan 1.3 0.0 1.3
France 1.2 0.0 1.2
Netherlands 1.0 0.0 1.0
Thailand 0.0 2.1 -2.1
Malaysia 0.0 1.6 -1.6
Philippines 0.0 0.7 -0.7
Macau 0.0 0.2 -0.2
Cash and Other Assets, Less Liabilities 1.4 0.0 1.4

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 61.7 57.5 4.2
Large Cap ($10B-$25B) 15.7 20.6 -4.9
Mid Cap ($3B-$10B) 17.0 20.0 -3.0
Small Cap (under $3B) 4.3 1.9 2.4
Cash and Other Assets, Less Liabilities 1.4 0.0 1.4

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 09/30/2023)
Fund Benchmark
Number of Positions 51 1,244
Weighted Average Market Cap $138.1 billion $104.8 billion
Active Share 73.2 n.a.
P/E using FY1 estimates 21.2x 13.2x
P/E using FY2 estimates 16.6x 11.4x
Price/Cash Flow 13.5 6.8
Price/Book 3.1 1.5
Return On Equity 14.2 15.2
EPS Growth (3 Yr) 33.7% 18.5%

Sources: Factset Research Systems, Inc.

Portfolio Managers

Michael J. Oh, CFA photo
Michael J. Oh, CFA

Lead Manager

Taizo  Ishida photo
Taizo Ishida

Co-Manager

Inbok  Song photo
Inbok Song

Co-Manager

 

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.