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Matthews Emerging Markets Discovery Active ETF
MEMS

Snapshot
  • Seeks alpha in innovative, capital efficient entrepreneurial companies in emerging markets
  • Focus on firms that have a strong competitive advantage through pricing power, distribution capability, and/or differentiated technologies and services
  • Bias toward businesses that cater to rising domestic consumer demand

01/10/2024

Inception Date

16.49%

NAV YTD Return

(as of 09/16/2025)

$27.48

NAV

(as of 09/16/2025)

+0.02

1 Day NAV Change

(as of 09/16/2025)

Objective

Long-term capital appreciation.

Strategy

Under normal circumstances, the Matthews Emerging Markets Discovery Active ETF seeks to achieve its investment objective by investing at least 65% of its net assets, which include borrowings for investment purposes, in the common and preferred stocks of Small Companies (defined below). The remainder of the portfolio will be comprised of other investments that facilitate the investment strategy, and Matthews expects that the remainder of the portfolio will be comprised of mid-capitalization companies. In addition, at least 80% of the Fund’s net assets, which includes borrowings for investment purposes, will be invested in the common and preferred stocks of companies located in emerging market countries, such as China and India.

Risks

Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange rate fluctuations, a high level of volatility and limited regulation. Additionally, investing in emerging and frontier securities involves greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. The Fund is non-diversified as it concentrates its investments in small sized companies. Investing in small- and mid-size companies is more risky and volatile than investing in large companies as they may be more volatile and less liquid than larger companies. The ETF is new with a limited history.

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

Fund Facts
Inception Date 01/10/2024
Fund Assets $19.90 million (09/17/2025)
Currency USD
Ticker MEMS
Cusip 577-125-743
Primary Exchange NASDAQ
Benchmark MSCI Emerging Markets Small Cap Index
Geographic Focus Emerging Markets - Countries generally include every country in the world except the United States, Australia, Canada, Hong Kong, Israel, Japan, New Zealand, Singapore and most of the countries in Western Europe
Fees & Expenses
Gross Expense Ratio 0.99%
Net Expense Ratio 0.89%

NAV & Market Price

(as of 09/16/2025)
NAV $27.48
NAV Change +0.02
Market Price $27.54
Market Price Change 0.00
Day's Trading Volume 1,382 Shares
Median BID/ASK Spread (30 Day) 0.27% (as of 09/16/2025)
Premium Discount +0.20%
Number of days at Premium/Discount
2025 2024
Q3 Q2 Q1
Premium 32 33 51 220
Discount 22 28 8 20

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
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As of 08/31/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Emerging Markets Discovery Active ETF - MEMS
01/10/2024
NAV
2.83% 8.60% 12.46% 4.46% n.a. n.a. n.a. 4.56%
Market Price
3.51% 8.76% 12.59% 4.03% n.a. n.a. n.a. 4.64%
MSCI Emerging Markets Small Cap Index
2.69% 9.41% 14.78% 10.56% n.a. n.a. n.a. 13.13%
As of 06/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Emerging Markets Discovery Active ETF - MEMS
01/10/2024
NAV
6.88% 12.93% 10.68% 4.06% n.a. n.a. n.a. 3.97%
Market Price
7.21% 12.07% 10.98% 4.31% n.a. n.a. n.a. 4.17%
MSCI Emerging Markets Small Cap Index
5.79% 17.33% 10.99% 8.89% n.a. n.a. n.a. 12.16%

The Fund’s primary benchmark index is the MSCI Emerging Markets Index.

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 09/17/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
BANDHAN BANDHAN BANK, LTD. BG1SV45 $1,237,614 669,962 6.3
LEGN LEGEND BIOTECH CORP. ADR BMX9K07 $874,090 25,454 4.4
145020 HUGEL, INC. BZ1G175 $811,634 3,622 4.1
2383 ELITE MATERIAL CO., LTD. 6316121 $597,833 14,000 3.0
CARTRAD CARTRADE TECH, LTD. BNK8Z10 $554,078 20,555 2.8
INPST INPOST SA BN4N9C0 $505,933 39,416 2.6
2368 GOLD CIRCUIT ELECTRONICS, LTD. 6107585 $488,103 32,000 2.5
RDCK RADICO KHAITAN, LTD. B0VY3T0 $487,524 14,337 2.5
SBFG3 GRUPO SBF SA BNDRCL3 $476,648 189,800 2.4
YDUQ3 YDUQS PARTICIPACOES SA BJGV3C2 $450,505 171,300 2.3
YMM FULL TRUCK ALLIANCE CO., LTD. ADR BMD2L36 $449,460 33,195 2.3
WBC WE BUY CARS HOLDINGS, LTD. BSB8C80 $442,584 134,433 2.2
084370 EUGENE TECHNOLOGY CO., LTD. B0TBHH9 $414,134 9,846 2.1
ZH ZHIHU, INC. ADR BQSB1R0 $409,443 78,138 2.1
267250 HD HYUNDAI CO., LTD. BD4HFT1 $376,647 3,238 1.9
3324 AURAS TECHNOLOGY CO., LTD. B015YP6 $330,187 12,000 1.7
INXW INOX WIND, LTD. BWFGTS7 $329,073 191,525 1.7
6669 WIWYNN CORP. BF4QXG5 $319,022 3,000 1.6
TPEIR PIRAEUS FINANCIAL HOLDINGS SA BNC0DB0 $318,119 38,609 1.6
6643 M31 TECHNOLOGY CORP. BF0N865 $314,595 19,600 1.6
PHNX PHOENIX MILLS, LTD. B0SXY97 $312,267 17,016 1.6
GTCAP GT CAPITAL HOLDINGS, INC. B77H110 $312,251 26,560 1.6
UNOMIND UNO MINDA, LTD. BYVC6Y8 $304,445 20,293 1.5
VIVA3 VIVARA PARTICIPACOES SA BKTPCJ8 $296,827 54,900 1.5
GENTERA GENTERA SAB DE CV BHWQZW1 $296,694 118,300 1.5
TBCG TBC BANK GROUP PLC BYT1830 $272,368 4,497 1.4
2192 MEDLIVE TECHNOLOGY CO., LTD. BN7RMD1 $268,218 151,000 1.4
ASTOR ASTOR TRANSFORMATOR ENERJI TURIZM INSAAT VE PETROL SANAYI TICARET AS BMHB9P7 $262,208 99,312 1.3
VAMO3 VAMOS LOCACAO DE CAMINHOES MAQUINAS E EQUIPAMENTOS SA BJLSQZ2 $257,346 340,900 1.3
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $243,629 34,709 1.2
5904 POYA INTERNATIONAL CO., LTD. 6541826 $243,005 16,250 1.2
352480 C&C INTERNATIONAL CO., LTD. BMD55Q6 $241,265 7,746 1.2
MBB MILITARY COMMERCIAL JOINT STOCK BANK B6SDL09 $229,422 220,057 1.2
FNXC FINOLEX CABLES, LTD. B1LDTB8 $228,471 23,822 1.2
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $227,406 74,700 1.1
FPT FPT CORP. B1HMWH6 $216,142 55,085 1.1
PARAUCO PARQUE ARAUCO SA 2684349 $215,879 79,197 1.1
780 TONGCHENG TRAVEL HOLDINGS, LTD. BGM5R25 $211,479 71,600 1.1
BLACKBU ZINKA LOGISTICS SOLUTIONS, LTD. BT6PDB3 $207,313 30,063 1.0
ACCE ACTION CONSTRUCTION EQUIPMENT, LTD. B131PK1 $204,925 16,225 1.0
6415 SILERGY CORP. BH4DMW9 $201,682 21,000 1.0
NETWEB NETWEB TECHNOLOGIES INDIA, LTD. BQPDLK2 $194,632 6,030 1.0
BLX BANCO LATINOAMERICANO DE COMERCIO EXTERIOR SA E SHARES 2069485 $190,102 4,043 1.0
RAINBOW RAINBOW CHILDREN'S MEDICARE, LTD. BNG3NL5 $184,504 11,178 0.9
282330 BGF RETAIL CO., LTD. BD95QN1 $183,929 2,329 0.9
SENCO SENCO GOLD, LTD. BSS9GR3 $176,154 41,520 0.9
6533 ANDES TECHNOLOGY CORP. BWT3K58 $174,847 17,000 0.9
1519 FORTUNE ELECTRIC CO., LTD. 6347604 $173,122 8,800 0.9
BRAC BRAC BANK PLC B1QS725 $151,941 258,725 0.8
GVTD GE VERNOVA T&D INDIA, LTD. 6139890 $150,782 4,540 0.8
1368 XTEP INTERNATIONAL HOLDINGS, LTD. B2RJYH8 $141,959 177,000 0.7
OLAELEC OLA ELECTRIC MOBILITY, LTD. BP0RCP4 $137,276 203,747 0.7
SECB SECURITY BANK CORP. 6792334 $133,853 103,280 0.7
6865 FLAT GLASS GROUP CO., LTD. H SHARES BYQ9774 $132,069 83,000 0.7
BZ KANZHUN, LTD. ADR BM91SH0 $128,838 5,193 0.7
036530 SNT HOLDINGS CO., LTD. 6223328 $125,981 2,199 0.6
600885 HONGFA TECHNOLOGY CO., LTD. A SHARES BYQDM93 $124,959 33,740 0.6
586 CHINA CONCH VENTURE HOLDINGS, LTD. BH7HM06 $115,060 80,000 0.6
AVALON AVALON TECHNOLOGIES, LTD. BMTQ4G6 $110,938 10,136 0.6
300012 CENTRE TESTING INTERNATIONAL GROUP CO., LTD. A SHARES B4VM756 $107,214 58,200 0.5
AMBER AMBER ENTERPRISES INDIA, LTD. BDDX4S2 $106,111 1,168 0.5
MAPI PT MITRA ADIPERKASA TBK B03VZ37 $104,363 1,394,900 0.5
003570 SNT DYNAMICS CO., LTD. B11NWF3 $103,649 2,159 0.5
THEON THEON INTERNATIONAL PLC BQ7WV85 $99,537 2,906 0.5
3888 KINGSOFT CORP., LTD. B27WRM3 $99,328 22,400 0.5
BHARTIH BHARTI HEXACOM, LTD. BMDR2V6 $98,523 4,997 0.5
139130 IM FINANCIAL GROUP CO., LTD. B68N347 $89,095 8,369 0.5
138930 BNK FINANCIAL GROUP, INC. B3S98W7 $88,397 7,941 0.4
1995 EVER SUNSHINE SERVICES GROUP, LTD. BNT8LB3 $87,472 362,000 0.4
694 BEIJING CAPITAL INTERNATIONAL AIRPORT CO., LTD. H SHARES 6208422 $84,842 230,000 0.4
GOTO PT GOTO GOJEK TOKOPEDIA TBK BQ3R601 $78,687 22,695,000 0.4
1375 CENTRAL CHINA SECURITIES CO., LTD. H SHARES BNB33V0 $60,807 166,000 0.3
2327 YAGEO CORP. 6984380 $59,617 12,000 0.3
OMU OLD MUTUAL, LTD. BDVPYN5 $58,931 73,651 0.3
1590 AIRTAC INTERNATIONAL GROUP B52J816 $50,711 2,000 0.3
6531 AP MEMORY TECHNOLOGY CORP. BWY5316 $44,663 4,000 0.2
BCI BANCO DE CREDITO E INVERSIONES SA 2069355 $44,603 978 0.2
AGUAS/A AGUAS ANDINAS SA CLASS A 2311238 $42,846 110,288 0.2
NLG NAM LONG INVESTMENT CORP. B9FCRR9 $42,794 27,200 0.2
BCG BALTIC CLASSIFIEDS GROUP BN44P25 $40,674 9,264 0.2
SEERA SEERA GROUP HOLDING B6WTLK3 $20,376 2,763 0.1
TADAWUL SAUDI TADAWUL GROUP HOLDING CO. BMZQ749 $19,868 432 0.1
336370 SOLUS ADVANCED MATERIALS CO., LTD. BJVLVG7 $16,831 3,022 0.1
LUN LUNDIN MINING CORP. 2866857 $10,998 900 0.1
CASH CASH AND OTHERS $-65,986 -0.3
CURR BRL $0 0.0
CURR CNY $1 0.0
CURR EUR $0 0.0
CURR GBP $0 0.0
CURR INR $14,640 0.1
TOTAL 32.8

Portfolio Breakdown (%)

(as of 06/30/2025)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 19.9 12.2 7.7
Consumer Discretionary 19.9 10.6 9.3
Industrials 17.4 18.6 -1.2
Information Technology 15.1 15.9 -0.8
Health Care 12.5 10.6 1.9
Consumer Staples 5.7 6.0 -0.3
Communication Services 3.9 4.1 -0.2
Real Estate 3.5 5.8 -2.3
Energy 1.4 1.8 -0.4
Utilities 0.5 3.2 -2.7
Materials 0.3 11.3 -11.0
Liabilities in Excess of Cash and Other Assets -0.1 0.0 -0.1

Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.

Country Fund Benchmark Difference
India 26.3 27.2 -0.9
China/Hong Kong 19.9 11.3 8.6
Taiwan 12.2 18.9 -6.7
South Korea 11.5 13.4 -1.9
Brazil 7.8 4.2 3.6
South Africa 3.9 4.0 -0.1
Vietnam 3.2 0.0 3.2
Philippines 2.3 0.9 1.4
Chile 2.2 0.8 1.4
Poland 1.9 1.7 0.2
Mexico 1.5 1.4 0.1
Georgia 1.5 0.0 1.5
Greece 1.4 0.8 0.6
Turkey 1.1 1.8 -0.7
Indonesia 1.0 1.7 -0.7
Panama 0.9 0.0 0.9
Saudi Arabia 0.7 3.6 -2.9
Bangladesh 0.6 0.0 0.6
Malaysia 0.0 2.5 -2.5
Thailand 0.0 2.1 -2.1
Kuwait 0.0 1.3 -1.3
United Arab Emirates 0.0 1.2 -1.2
Qatar 0.0 0.7 -0.7
Colombia 0.0 0.1 -0.1
Czech Republic 0.0 0.1 -0.1
Egypt 0.0 0.1 -0.1
Hungary 0.0 0.1 -0.1
Peru 0.0 0.1 -0.1
Liabilities in Excess of Cash and Other Assets -0.1 0.0 -0.1

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 0.0 0.1 -0.1
Large Cap ($10B-$25B) 8.5 0.1 8.4
Mid Cap ($3B-$10B) 47.4 29.6 17.8
Small Cap (under $3B) 44.1 70.1 -26.0
Liabilities in Excess of Cash and Other Assets -0.1 0.0 -0.1

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 06/30/2025)
Fund Benchmark
Number of Positions 77 1,896
Weighted Average Market Cap $4.2 billion $11.3 billion
Active Share 97.4 n.a.
P/E using FY1 estimates 13.6x 14.9x
P/E using FY2 estimates 12.0x 12.7x
Price/Cash Flow 8.5 8.4
Price/Book 2.0 1.6
Return On Equity 15.5 12.4
EPS Growth (3 Yr) 33.3% 9.4%

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 $0.33495 $0.00000 $0.00000 $0.33495 1.4%

 

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

Vivek  Tanneeru photo
Jeremy  Sutch, CFA 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.

The views and opinions in the commentary were as of the report date, subject to change and may not reflect current views. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. It should not be assumed that any investment will be profitable or will equal the performance of any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned.