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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

23.52%

NAV YTD Return

(as of 12/09/2024)

$29.21

NAV

(as of 12/09/2024)

+0.44

1 Day NAV Change

(as of 12/09/2024)

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 $74.21 million (12/09/2024)
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 12/09/2024)
NAV $29.21
NAV Change +0.44
Market Price $29.52
Market Price Change +0.67
Day's Trading Volume 4,970 Shares
Median BID/ASK Spread (30 Day) 0.71% (as of 12/09/2024)
Premium Discount +1.06%
Number of days at Premium/Discount
2024 2023
Q4 Q3 Q2 Q1
Premium 39 36 30 30 165
Discount 10 25 32 30 78

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 11/30/2024
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
-0.32% 4.80% 18.72% 20.68% n.a. n.a. n.a. 5.26%
Market Price
0.61% 5.84% 20.72% 22.50% n.a. n.a. n.a. 5.72%
MSCI All Country Asia ex Japan Index
-3.28% 0.24% 12.29% 16.28% n.a. n.a. n.a. 7.07%
As of 09/30/2024
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
7.76% 6.12% 22.07% 29.39% n.a. n.a. n.a. 7.01%
Market Price
6.70% 5.52% 21.70% 28.87% n.a. n.a. n.a. 6.55%
MSCI All Country Asia ex Japan Index
8.47% 10.55% 21.52% 29.39% n.a. n.a. n.a. 11.53%
For the years ended December 31st
Name 2023
Matthews Asia Innovators Active ETF - MINV
NAV
-1.83%
Market Price
-2.66%
MSCI All Country Asia ex Japan Index (USD)
6.34%

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 12/10/2024)
Ticker Name SEDOL Market Value Shares % Net Assets
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $8,074,496 244,000 10.8
SE SEA, LTD. ADR BYWD7L4 $5,036,184 44,119 6.8
700 TENCENT HOLDINGS, LTD. BMMV2K8 $3,609,695 67,000 4.8
ZOMATO ZOMATO, LTD. BL6P210 $3,067,704 880,199 4.1
PDD PDD HOLDINGS, INC. ADR BYVW0F7 $3,050,955 27,653 4.1
TCOM TRIP.COM GROUP, LTD. ADR BK1K3N2 $3,037,303 40,465 4.1
3690 MEITUAN CLASS B BGJW376 $2,915,635 132,000 3.9
MMYT MAKEMYTRIP, LTD. B552PC2 $2,461,511 21,397 3.3
9988 ALIBABA GROUP HOLDING, LTD. BK6YZP5 $2,301,787 205,900 3.1
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $1,760,401 47,366 2.4
DIDIY DIDI GLOBAL, INC. ADR BMBR6F0 $1,734,740 349,746 2.3
ICICIBC ICICI BANK, LTD. BSZ2BY7 $1,714,677 109,871 2.3
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $1,471,864 276,147 2.0
002371 NAURA TECHNOLOGY GROUP CO., LTD. A SHARES BD5LYF1 $1,464,017 25,000 2.0
000660 SK HYNIX, INC. 6450267 $1,425,329 12,125 1.9
2317 HON HAI PRECISION INDUSTRY CO., LTD. 6438564 $1,380,637 230,000 1.9
CAMS COMPUTER AGE MANAGEMENT SERVICES, LTD. BLF7FN0 $1,334,404 21,456 1.8
601318 PING AN INSURANCE GROUP CO. OF CHINA, LTD. A SHARES BP3R284 $1,188,139 147,200 1.6
FPT FPT CORP. B1HMWH6 $1,183,637 204,270 1.6
BILI BILIBILI, INC. ADR BFNLRN6 $1,152,864 49,671 1.5
2382 QUANTA COMPUTER, INC. 6141011 $1,075,204 118,000 1.4
3533 LOTES CO., LTD. B1GJFG8 $1,072,187 18,000 1.4
1211 BYD CO., LTD. H SHARES 6536651 $1,039,069 29,500 1.4
CPNG COUPANG, INC. BNYHDF3 $1,032,373 44,062 1.4
3908 CHINA INTERNATIONAL CAPITAL CORP., LTD. H SHARES BZ169C6 $956,575 489,200 1.3
NLL NEULAND LABORATORIES, LTD. 6314727 $952,711 4,734 1.3
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $947,253 4,756 1.3
JYOTICN JYOTI CNC AUTOMATION, LTD. BRXJDQ9 $910,099 57,742 1.2
035420 NAVER CORP. 6560393 $906,105 6,461 1.2
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $905,803 11,000 1.2
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD. A SHARES BHQPSY7 $879,958 22,300 1.2
IH INDIAN HOTELS CO., LTD. B1FRT61 $838,803 84,891 1.1
TME TENCENT MUSIC ENTERTAINMENT GROUP ADR BFZYWR2 $823,408 62,569 1.1
SWIGGY SWIGGY, LTD. BSF1LT9 $812,364 128,212 1.1
INFO INFOSYS, LTD. 6205122 $812,131 35,771 1.1
2423 KE HOLDINGS, INC. A SHARES BN7SX97 $766,257 115,100 1.0
HDFCAMC HDFC ASSET MANAGEMENT CO., LTD. BG0R3M5 $764,456 14,493 1.0
669 TECHTRONIC INDUSTRIES CO., LTD. B0190C7 $744,655 51,000 1.0
BBRI PT BANK RAKYAT INDONESIA PERSERO TBK 6709099 $737,985 2,667,000 1.0
1024 KUAISHOU TECHNOLOGY BLC90T0 $736,093 118,100 1.0
BHARTI BHARTI AIRTEL, LTD. 6442327 $723,475 38,251 1.0
CIFC CHOLAMANDALAM INVESTMENT AND FINANCE CO., LTD. BJ9K2H4 $721,509 47,676 1.0
5274 ASPEED TECHNOLOGY, INC. B80VKP3 $612,590 5,000 0.8
000333 MIDEA GROUP CO., LTD. A SHARES BD5CPP1 $584,570 54,300 0.8
005380 HYUNDAI MOTOR CO. 6451055 $516,769 3,694 0.7
DIXON DIXON TECHNOLOGIES INDIA, LTD. BNC5412 $438,516 2,142 0.6
CASH CASH AND OTHERS $3,781,890 5.1
CURR CNY $2,244 0.0
CURR EUR $4 0.0
CURR INR $4,359 0.0
TOTAL 47.4

Portfolio Breakdown (%)

(as of 09/30/2024)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Consumer Discretionary 33.2 15.0 18.2
Information Technology 29.9 25.1 4.8
Communication Services 15.7 10.1 5.6
Financials 8.2 21.1 -12.9
Industrials 5.9 7.5 -1.6
Real Estate 2.3 2.4 -0.1
Health Care 2.2 3.7 -1.5
Energy 1.7 3.6 -1.9
Consumer Staples 1.2 4.3 -3.1
Materials 0.0 4.5 -4.5
Utilities 0.0 2.8 -2.8
Liabilities in Excess of Cash and Other Assets -0.3 0.0 -0.3

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 38.2 36.5 1.7
India 24.7 22.2 2.5
Taiwan 14.9 19.8 -4.9
South Korea 8.4 11.9 -3.5
Singapore 8.1 3.6 4.5
Macau 1.6 0.2 1.4
Vietnam 1.5 0.0 1.5
Indonesia 1.3 1.9 -0.6
United States 1.0 0.0 1.0
Brazil 0.5 0.0 0.5
Malaysia 0.0 1.7 -1.7
Thailand 0.0 1.7 -1.7
Philippines 0.0 0.6 -0.6
Liabilities in Excess of Cash and Other Assets -0.3 0.0 -0.3

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 72.9 63.8 9.1
Large Cap ($10B-$25B) 13.1 21.7 -8.6
Mid Cap ($3B-$10B) 11.0 14.3 -3.3
Small Cap (under $3B) 3.4 0.2 3.2
Liabilities in Excess of Cash and Other Assets -0.3 0.0 -0.3

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 09/30/2024)
Fund Benchmark
Number of Positions 56 1,070
Weighted Average Market Cap $190.3 billion $170.6 billion
Active Share 65.4 n.a.
P/E using FY1 estimates 19.3x 14.2x
P/E using FY2 estimates 17.0x 12.7x
Price/Cash Flow 17.4 9.5
Price/Book 3.7 1.9
Return On Equity 14.7 15.0
EPS Growth (3 Yr) 17.4% 12.9%

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
12/14/2023 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
Michael J. Oh, CFA

Lead 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.