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.
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%
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.
The risks associated with investing in the Fund can be found in the prospectus
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
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
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.
Michael Oh is a Portfolio Manager at Matthews and manages the firm’s Asia Innovators and Asia Growth Strategies and co-manages the Korea Strategy. Michael joined Matthews in 2000, and has built his investment career at the firm. Michael was promoted from Research Analyst to Assistant Portfolio Manager in 2003. In 2006 and 2007, he was promoted to Lead Manager of the Matthews Asia Innovators Strategy and the Matthews Korea Strategy, respectively. From 2000-2003, Michael’s research focused on the technology sector supporting multiple strategies managed by the founders of the firm. As a research analyst, he contributed investment ideas to the broader Matthews investment teams. Michael received a B.A. in Political Economy of Industrial Societies from the University of California, Berkeley. He is fluent in Korean.
Inbok Song is a Portfolio Manager at Matthews and manages the firm’s Pacific Tiger and Asia ex Japan Total Return Equity Strategies and co-manages the Emerging Markets Sustainable Future and Asia Innovators Strategies. Prior to rejoining Matthews in 2019, Inbok spent three years at Seafarer Capital Partners as a portfolio manager, the firm’s Director of Research and chief data scientist. Previously she was at Thornburg Investment Management as an associate portfolio manager. From 2007 to 2015, she was at Matthews, most recently as a portfolio manager. From 2005 to 2006, Inbok served as an Analyst and Technology Specialist at T. Stone Corp., a private equity firm in Seoul, South Korea. From 2004 to 2005, she was a research engineer for Samsung SDI in Seoul. Inbok received both a B.A. and Masters in Materials Science and Engineering from Seoul National University. She received a Masters in International Management from the University of London, King’s College, and also an M.A. in Management Science and Engineering, with a concentration in finance from Stanford University. Inbok is fluent in Korean.
The MSCI All Country Asia ex Japan Index is a free float–adjusted market capitalization–weighted index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI All Country Asia Pacific Index is a free float–adjusted market capitalization–weighted index of the stock markets of Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges, Hong Kong-listed securities known as Red chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China) and foreign listings (e.g. ADRs).
The MSCI China All Shares Index captures large and mid-cap representation across China A shares, B shares, H shares, Red chips (issued by entities owned by national or local governments in China), P chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong,Shanghai, Shenzhen and outside of China.
The MSCI Emerging Markets (EM) Asia Index is a free float-adjusted market capitalization weighted index of the stock markets of China, India, Indonesia, Malaysia, Pakistan, Philippines, South Korea, Taiwan and Thailand. The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets ex China Index is a free float-adjusted market capitalization-weighted index that captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization weighted small cap index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungry, India, Indonesia, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan Thailand, Turkey and United Arab Emirates.
The S&P Bombay Stock Exchange 100 (S&P BSE 100) Index is a free float–adjusted market capitalization–weighted index of 100 stocks listed on the Bombay Stock Exchange.
The MSCI Japan Index is a free float–adjusted market capitalization–weighted index of Japanese equities listed in Japan.
The Korea Composite Stock Price Index (KOSPI) is a market capitalization–weighted index of all common stocks listed on the Korea Stock Exchange.
The MSCI All Country Asia ex Japan Small Cap Index is a free float–adjusted market capitalization–weighted small cap index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Small Cap Index is a free float-adjusted market capitalization-weighted small cap index of the Chinese equity securities markets, including H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges,Hong Kong-listed securities known as Red Chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g., ADRs).
The MSCI India Index is a free float-adjusted market capitalization-weighted index of Indian equities listed in India.
The MSCI Korea Index is a free float-adjusted market capitalization-weighted index of Korean equities listed in Korea.
The MSCI Korea 25/50 Index is designed to measure the performance of the large and mid cap segments of the Korean market. It applies certain investment limits that are imposed on regulated investment companies, or RICs, under the current US Internal Revenue Code.
Indexes are for comparative purposes only and it is not possible to invest directly in an index.
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.