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.
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%
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.
The risks associated with investing in the Fund can be found in the prospectus
NAV & Market Price
(as of 08/04/2025)
NAV
$32.99
NAV Change
+0.39
Market Price
$32.97
Market Price Change
+0.44
Day's Trading Volume
15,168 Shares
Median BID/ASK Spread (30 Day)
0.21% (as of 08/04/2025)
Premium Discount
-0.06%
Number of days at Premium/Discount
2025
2024
Q3
Q2
Q1
Premium
0
10
1
191
Discount
23
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
As of 07/31/2025
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
0.70%
14.04%
12.95%
10.90%
n.a.
n.a.
n.a.
12.39%
Market Price
-0.15%
13.59%
12.73%
9.73%
n.a.
n.a.
n.a.
11.99%
MSCI Emerging Markets ex China Index
0.90%
13.43%
15.94%
10.19%
n.a.
n.a.
n.a.
14.02%
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 08/05/2025)
Ticker
Name
SEDOL
Market Value
Shares
% Net Assets
TSM
TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR
2113382
$3,337,635
13,965
10.5
005930
SAMSUNG ELECTRONICS CO., LTD.
6771720
$1,436,264
28,546
4.5
HDB
HDFC BANK, LTD. ADR
2781648
$761,511
9,957
2.4
IBN
ICICI BANK, LTD. ADR
2569286
$714,249
21,520
2.3
2330
TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.
6889106
$683,232
18,000
2.2
BANDHAN
BANDHAN BANK, LTD.
BG1SV45
$556,941
290,560
1.8
GRAB
GRAB HOLDINGS, LTD. CLASS A
BP6NH40
$512,859
103,399
1.6
ACB
ASIA COMMERCIAL BANK JSC
B1GJZD5
$498,016
559,840
1.6
035420
NAVER CORP.
6560393
$462,885
2,758
1.5
000660
SK HYNIX, INC.
6450267
$450,890
2,421
1.4
IHH
IHH HEALTHCARE BHD
B83X6P8
$428,326
270,900
1.4
APHS
APOLLO HOSPITALS ENTERPRISE
6273583
$426,246
5,113
1.3
2317
HON HAI PRECISION INDUSTRY CO., LTD.
6438564
$421,377
70,000
1.3
2308
DELTA ELECTRONICS, INC.
6260734
$416,460
21,000
1.3
HUVR
HINDUSTAN UNILEVER, LTD.
6261674
$414,275
14,277
1.3
SBILIFE
SBI LIFE INSURANCE CO., LTD.
BZ60N32
$411,835
19,712
1.3
BHARTI
BHARTI AIRTEL, LTD.
6442327
$409,620
18,755
1.3
KTC/F
KRUNGTHAI CARD PCL
BF2LWT8
$397,258
460,500
1.3
BVN
CIA DE MINAS BUENAVENTURA SAA ADR
2210476
$392,578
22,433
1.2
RELIANC
RELIANCE INDUSTRIES, LTD.
6099626
$388,659
24,138
1.2
VIVA3
VIVARA PARTICIPACOES SA
BKTPCJ8
$387,862
80,200
1.2
BDMS/F
BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO., LTD. F SHARES
BLZGSM7
$383,863
587,700
1.2
CPALL/F
CP ALL PUBLIC CO., LTD.
B08YDF9
$380,152
269,700
1.2
207940
SAMSUNG BIOLOGICS CO., LTD.
BYNJCV6
$376,744
498
1.2
3661
ALCHIP TECHNOLOGIES, LTD.
B4TPSL0
$376,731
3,000
1.2
ADNOCDR
ADNOC DRILLING CO. PJSC
BN12D39
$376,217
239,907
1.2
012450
HANWHA AEROSPACE CO., LTD.
6772671
$373,765
552
1.2
RADL3
RAIA DROGASIL SA
B7FQV64
$372,668
138,000
1.2
TPEIR
PIRAEUS FINANCIAL HOLDINGS SA
BNC0DB0
$372,107
47,097
1.2
267260
HD HYUNDAI ELECTRIC CO., LTD.
BD4HFR9
$371,579
1,042
1.2
2383
ELITE MATERIAL CO., LTD.
6316121
$371,213
10,000
1.2
105560
KB FINANCIAL GROUP, INC.
B3DF0Y6
$368,950
4,715
1.2
MM
MAHINDRA & MAHINDRA, LTD.
6100186
$360,131
9,865
1.1
2454
MEDIATEK, INC.
6372480
$355,829
8,000
1.1
ICT
INTERNATIONAL CONTAINER TERMINAL SERVICES, INC.
6455819
$355,424
44,760
1.1
RAIL3
RUMO SA
BYXZ2W5
$344,242
115,300
1.1
SHFL
SHRIRAM FINANCE, LTD.
BS4DBX0
$339,708
47,655
1.1
ABG
ABSA GROUP, LTD.
BFX05H3
$337,485
33,777
1.1
BMRI
PT BANK MANDIRI PERSERO TBK
6651048
$336,254
1,192,900
1.1
MELI
MERCADOLIBRE, INC.
B23X1H3
$333,020
139
1.1
5904
POYA INTERNATIONAL CO., LTD.
6541826
$331,477
21,270
1.0
PKO
PKO BANK POLSKI SA
B03NGS5
$329,181
15,862
1.0
SNB
THE SAUDI NATIONAL BANK
BSHYYN1
$323,447
33,466
1.0
GLO
GLOBE TELECOM, INC.
6284864
$313,351
10,500
1.0
MWG
MOBILE WORLD INVESTMENT CORP.
BP3RNW5
$312,330
122,100
1.0
EIM
EICHER MOTORS, LTD.
BMW4CV8
$311,756
4,862
1.0
SULAIMA
DR SULAIMAN AL HABIB MEDICAL SERVICES GROUP CO.
BLGM738
$308,313
4,442
1.0
SBIN
STATE BANK OF INDIA
BSQCB24
$303,149
33,398
1.0
DSY
DISCOVERY, LTD.
6177878
$302,338
25,625
1.0
INPST
INPOST SA
BN4N9C0
$302,164
20,803
1.0
8069
E INK HOLDINGS, INC.
6744283
$293,425
41,000
0.9
086790
HANA FINANCIAL GROUP, INC.
B0RNRF5
$289,973
4,875
0.9
GPL
GODREJ PROPERTIES, LTD.
BGQL729
$286,871
11,986
0.9
CIMB
CIMB GROUP HOLDINGS BHD
6075745
$285,770
179,400
0.9
145020
HUGEL, INC.
BZ1G175
$281,021
1,196
0.9
FCX
FREEPORT-MCMORAN, INC.
2352118
$280,636
6,943
0.9
SHP
SHOPRITE HOLDINGS, LTD.
6801575
$278,199
19,094
0.9
BAF
BAJAJ FINANCE, LTD.
BTFGH15
$278,004
27,528
0.9
MRCO
MARICO, LTD.
B1S34K5
$276,671
33,532
0.9
DFI
DFI RETAIL GROUP HOLDINGS, LTD.
6180274
$275,578
80,110
0.9
BPI
BANK OF THE PHILIPPINE ISLANDS
6074968
$263,648
121,050
0.8
SE
SEA, LTD. ADR
BYWD7L4
$263,637
1,682
0.8
GGAL
GRUPO FINANCIERO GALICIA SA ADR
2613570
$262,769
5,330
0.8
ISAT
PT INDOSAT TBK
B00FYK2
$260,806
1,925,500
0.8
SBSP3
CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP
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.
Jeremy Sutch is a Portfolio Manager at Matthews. Prior to joining the firm in 2015, he was Director and Global Head of Emerging Companies at Standard Chartered Bank in Hong Kong from 2012 to 2015, responsible for the fundamental analysis of companies in Asia, with a particular focus on small- and mid-capitalization companies. From 2009 to 2012, he was Managing Director at MJP Capital in Hong Kong, which he co-founded. His prior experience has included managing small-cap equities at Indus Capital Advisors and serving as Head of Hong Kong Research for ABN AMRO Asia Securities. Jeremy earned an M.A. in French and History from the University of Edinburgh.
Sean Taylor is Chief Investment Officer and Portfolio Manager at Matthews. As Chief Investment Officer, Sean oversees the firm’s investment process and investment professionals and sets the research agenda for the investment team. Prior to joining the firm in October 2023, he was Chief Investment Officer APAC, Global Head of Emerging Markets Equity at DWS Group based in Hong Kong since he joined the company in 2013. From 2004 to 2011, he was an Investment Director at GAM, based in London and Dubai. From 1997 to 2004, he was at Societe Generale as Head of International and Emerging Markets. Sean has 30 years of experience, including more than a decade as CIO. He oversaw a number of emerging markets active strategies, including Latin America, India, China, Brazil, Russia as well as international and global strategies. He received his MBA from Manchester Business School and is a graduate of the Royal Military Academy, Sandhurst.
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.