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Matthews Emerging Markets ex China Active ETF
MEMX

Snapshot
  • Seeks Alpha in Global Emerging Markets ex China—capitalizes on consumption and innovation trends
  • Quality Growth Portfolio—based on deep, holistic analysis
  • All-Cap, Company-First Approach—emphasizes fundamental research over top-down country or sector allocation

01/10/2023

Inception Date

12.36%

NAV YTD Return

(as of 07/10/2025)

$32.81

NAV

(as of 07/10/2025)

-0.05

1 Day NAV Change

(as of 07/10/2025)

Objective

Long term capital appreciation.

Strategy

Under normal circumstances, the Matthews Emerging Markets ex China 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 emerging market countries excluding China. Emerging market 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. Certain emerging market countries may also be classified as “frontier” market countries, which are a subset of emerging market countries with newer or even less developed economies and markets, such as Sri Lanka and Vietnam. The list of emerging market countries and frontier market countries may change from time to time. The Fund may also invest in companies located in developed countries or China; however, the Fund may not invest in any company located in a developed country or China if, at the time of purchase, more than 20% of the Fund’s assets are invested in a combination of developed market and Chinese companies. The Fund may concentrate its investments (meaning more than 25% of its assets) from time to time in a single country, with the exception of China.

Risks

Investments in emerging and frontier securities may involve 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 markets countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.

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

Fund Facts
Inception Date 01/10/2023
Fund Assets $35.30 million (07/11/2025)
Currency USD
Ticker MEMX
Cusip 577-125-792
Primary Exchange NYSE Arca
Benchmark MSCI Emerging Markets ex China Index
Geographic Focus Emerging Markets excluding China- 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 0.79%

NAV & Market Price

(as of 07/10/2025)
NAV $32.81
NAV Change -0.05
Market Price $32.74
Market Price Change -0.03
Day's Trading Volume 3,903 Shares
Median BID/ASK Spread (30 Day) 0.21% (as of 07/10/2025)
Premium Discount -0.21%
Number of days at Premium/Discount
2025 2024
Q3 Q2 Q1
Premium 0 10 1 191
Discount 7 52 58 54

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 06/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Emerging Markets ex China Active ETF - MEMX
01/10/2023
NAV
7.03% 16.84% 12.16% 9.32% n.a. n.a. n.a. 12.52%
Market Price
7.38% 16.89% 12.90% 9.20% n.a. n.a. n.a. 12.50%
MSCI Emerging Markets ex China Index
7.12% 16.80% 14.91% 10.19% n.a. n.a. n.a. 14.12%
As of 06/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Emerging Markets ex China Active ETF - MEMX
01/10/2023
NAV
7.03% 16.84% 12.16% 9.32% n.a. n.a. n.a. 12.52%
Market Price
7.38% 16.89% 12.90% 9.20% n.a. n.a. n.a. 12.50%
MSCI Emerging Markets ex China Index
7.12% 16.80% 14.91% 10.19% n.a. n.a. n.a. 14.12%
For the years ended December 31st
Name 2024
Matthews Emerging Markets ex China Active ETF - MEMX
NAV
6.83%
Market Price
5.55%
MSCI Emerging Markets ex China Index (USD)
4.20%

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 07/14/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $3,914,496 16,990 11.1
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $1,461,251 32,116 4.1
HDB HDFC BANK, LTD. ADR 2781648 $851,692 11,205 2.4
IBN ICICI BANK, LTD. ADR 2569286 $805,642 24,208 2.3
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $677,804 18,000 1.9
BANDHAN BANDHAN BANK, LTD. BG1SV45 $668,945 326,884 1.9
000660 SK HYNIX, INC. 6450267 $583,713 2,727 1.7
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $581,615 116,323 1.6
035420 NAVER CORP. 6560393 $571,151 3,106 1.6
ISAT PT INDOSAT TBK B00FYK2 $501,824 3,873,600 1.4
105560 KB FINANCIAL GROUP, INC. B3DF0Y6 $493,890 5,793 1.4
APHS APOLLO HOSPITALS ENTERPRISE 6273583 $481,712 5,749 1.4
SBILIFE SBI LIFE INSURANCE CO., LTD. BZ60N32 $474,354 22,178 1.3
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $473,219 27,156 1.3
BHARTI BHARTI AIRTEL, LTD. 6442327 $472,640 21,101 1.3
IHH IHH HEALTHCARE BHD B83X6P8 $472,089 305,100 1.3
HUVR HINDUSTAN UNILEVER, LTD. 6261674 $471,747 16,065 1.3
5904 POYA INTERNATIONAL CO., LTD. 6541826 $471,382 27,000 1.3
2308 DELTA ELECTRONICS, INC. 6260734 $446,426 27,000 1.3
207940 SAMSUNG BIOLOGICS CO., LTD. BYNJCV6 $428,685 558 1.2
BVN CIA DE MINAS BUENAVENTURA SAA ADR 2210476 $425,967 25,235 1.2
ADNOCDR ADNOC DRILLING CO. PJSC BN12D39 $422,524 269,901 1.2
2383 ELITE MATERIAL CO., LTD. 6316121 $418,766 13,000 1.2
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $417,547 53,613 1.2
CPALL/F CP ALL PUBLIC CO., LTD. B08YDF9 $415,224 303,300 1.2
KTC/F KRUNGTHAI CARD PCL BF2LWT8 $414,416 518,100 1.2
VIVA3 VIVARA PARTICIPACOES SA BKTPCJ8 $413,866 90,400 1.2
BMRI PT BANK MANDIRI PERSERO TBK 6651048 $411,550 1,342,300 1.2
BDMS/F BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO., LTD. F SHARES BLZGSM7 $406,645 660,900 1.2
TPEIR PIRAEUS FINANCIAL HOLDINGS SA BNC0DB0 $405,686 52,983 1.1
RAIL3 RUMO SA BYXZ2W5 $398,497 129,700 1.1
MM MAHINDRA & MAHINDRA, LTD. 6100186 $397,603 11,101 1.1
ICT INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. 6455819 $392,202 50,340 1.1
2454 MEDIATEK, INC. 6372480 $388,881 8,000 1.1
RADL3 RAIA DROGASIL SA B7FQV64 $384,031 155,400 1.1
PKO PKO BANK POLSKI SA B03NGS5 $381,107 17,842 1.1
267260 HD HYUNDAI ELECTRIC CO., LTD. BD4HFR9 $377,581 1,174 1.1
SNB THE SAUDI NATIONAL BANK BSHYYN1 $376,028 37,648 1.1
MELI MERCADOLIBRE, INC. B23X1H3 $374,830 157 1.1
086790 HANA FINANCIAL GROUP, INC. B0RNRF5 $371,689 5,487 1.1
ABG ABSA GROUP, LTD. BFX05H3 $369,573 38,001 1.0
012450 HANWHA AEROSPACE CO., LTD. 6772671 $365,551 624 1.0
DFI DFI RETAIL GROUP HOLDINGS, LTD. 6180274 $363,773 126,310 1.0
FCX FREEPORT-MCMORAN, INC. 2352118 $362,211 7,813 1.0
ACB ASIA COMMERCIAL BANK JSC B1GJZD5 $360,078 414,240 1.0
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $358,032 137,700 1.0
EIM EICHER MOTORS, LTD. BMW4CV8 $357,669 5,468 1.0
INPST INPOST SA BN4N9C0 $355,275 23,407 1.0
SBIN STATE BANK OF INDIA BSQCB24 $354,115 37,574 1.0
SULAIMA DR SULAIMAN AL HABIB MEDICAL SERVICES GROUP CO. BLGM738 $352,862 4,994 1.0
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $352,253 3,000 1.0
GLO GLOBE TELECOM, INC. 6284864 $348,687 11,820 1.0
GPL GODREJ PROPERTIES, LTD. BGQL729 $346,772 13,486 1.0
8069 E INK HOLDINGS, INC. 6744283 $343,506 47,000 1.0
145020 HUGEL, INC. BZ1G175 $339,472 1,346 1.0
DSY DISCOVERY, LTD. 6177878 $339,228 28,829 1.0
BAF BAJAJ FINANCE, LTD. BTFGH15 $336,962 30,972 1.0
SHP SHOPRITE HOLDINGS, LTD. 6801575 $325,216 21,482 0.9
MRCO MARICO, LTD. B1S34K5 $319,054 37,726 0.9
CIMB CIMB GROUP HOLDINGS BHD 6075745 $316,681 201,600 0.9
BPI BANK OF THE PHILIPPINE ISLANDS 6074968 $296,572 136,170 0.8
SBSP3 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP B1YCHL8 $296,499 14,800 0.8
JFC JOLLIBEE FOODS CORP. 6474494 $287,071 71,420 0.8
RENT3 LOCALIZA RENT A CAR SA B08K3S0 $286,196 43,500 0.8
PBR PETROLEO BRASILEIRO SA ADR 2616580 $285,348 22,258 0.8
GGAL GRUPO FINANCIERO GALICIA SA ADR 2613570 $282,412 5,996 0.8
SE SEA, LTD. ADR BYWD7L4 $280,508 1,892 0.8
2317 HON HAI PRECISION INDUSTRY CO., LTD. 6438564 $259,842 47,000 0.7
ETERNAL ETERNAL, LTD. BL6P210 $250,698 81,681 0.7
ITUB ITAU UNIBANCO HOLDING SA ADR 2849739 $249,467 39,598 0.7
AMRT PT SUMBER ALFARIA TRIJAYA TBK BCDBLJ9 $244,813 1,725,400 0.7
BIMAS BIM BIRLESIK MAGAZALAR AS B0D0006 $223,490 18,111 0.6
NPN NASPERS, LTD. N SHARES BN0VX82 $195,585 637 0.6
GENTERA GENTERA SAB DE CV BHWQZW1 $179,302 80,306 0.5
005380 HYUNDAI MOTOR CO. 6451055 $174,007 1,151 0.5
GFNORTE GRUPO FINANCIERO BANORTE SAB DE CV CLASS O 2421041 $165,846 19,050 0.5
CASH CASH AND OTHERS $956,208 2.7
CURR EUR $9 0.0
CURR GBP $1 0.0
CURR INR $119,541 0.3
CURR TWD $0 0.0
TOTAL 30.1

Portfolio Breakdown (%)

(as of 06/30/2025)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 26.8 26.7 0.1
Information Technology 25.3 30.0 -4.7
Consumer Discretionary 9.4 6.4 3.0
Industrials 8.5 7.9 0.6
Consumer Staples 8.4 4.9 3.5
Health Care 7.2 2.9 4.3
Communication Services 5.9 5.0 0.9
Energy 3.3 5.0 -1.7
Materials 2.1 6.9 -4.8
Utilities 1.2 2.8 -1.6
Real Estate 0.0 1.5 -1.5
Cash and Other Assets, Less Liabilities 1.7 0.0 1.7

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

Country Fund Benchmark Difference
Taiwan 20.5 26.3 -5.8
India 20.3 25.3 -5.0
South Korea 14.4 15.0 -0.6
Brazil 7.4 6.2 1.2
South Africa 3.6 4.5 -0.9
Indonesia 3.6 1.6 2.0
Thailand 3.4 1.4 2.0
Malaysia 3.1 1.8 1.3
Mexico 2.7 2.7 0.0
Philippines 2.7 0.6 2.1
Singapore 2.5 0.0 2.5
Poland 2.1 1.6 0.5
United States 2.1 0.0 2.1
Saudi Arabia 2.0 4.9 -2.9
Vietnam 1.9 0.0 1.9
United Arab Emirates 1.2 2.2 -1.0
Peru 1.2 0.4 0.8
Greece 1.0 0.9 0.1
China/Hong Kong 1.0 0.1 0.9
Argentina 0.9 0.0 0.9
Turkey 0.6 0.7 -0.1
Kuwait 0.0 1.1 -1.1
Qatar 0.0 1.0 -1.0
Chile 0.0 0.6 -0.6
Hungary 0.0 0.4 -0.4
Colombia 0.0 0.2 -0.2
Czech Republic 0.0 0.2 -0.2
Egypt 0.0 0.1 -0.1
Cash and Other Assets, Less Liabilities 1.7 0.0 1.7

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 49.6 57.1 -7.5
Large Cap ($10B-$25B) 21.1 26.2 -5.1
Mid Cap ($3B-$10B) 24.0 16.4 7.6
Small Cap (under $3B) 3.7 0.3 3.4
Cash and Other Assets, Less Liabilities 1.7 0.0 1.7

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 76 645
Weighted Average Market Cap $166.5 billion $189.4 billion
Active Share 80.3 n.a.
P/E using FY1 estimates 15.2x 13.9x
P/E using FY2 estimates 13.2x 12.4x
Price/Cash Flow 9.9 8.8
Price/Book 2.6 2.1
Return On Equity 20.3 19.3
EPS Growth (3 Yr) 20.9% 10.1%

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 $0.28813 $0.00000 $0.00000 $0.28813 1.0%
12/14/2023 12/15/2023 12/21/2023 12/14/2023 $0.31323 $0.00000 $0.00000 $0.31323 1.2%

 

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

Jeremy  Sutch, CFA photo
Sean  Taylor 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.