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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

22.71%

NAV YTD Return

(as of 10/09/2025)

$35.83

NAV

(as of 10/09/2025)

-0.04

1 Day NAV Change

(as of 10/09/2025)

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 $33.68 million (10/09/2025)
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 10/09/2025)
NAV $35.83
NAV Change -0.04
Market Price $35.72
Market Price Change -0.24
Day's Trading Volume 1,007 Shares
Median BID/ASK Spread (30 Day) 0.20% (as of 10/09/2025)
Premium Discount -0.31%
Number of days at Premium/Discount
2025 2024
Q4 Q3 Q2 Q1
Premium 2 4 10 1 191
Discount 5 59 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 09/30/2025
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
5.24% 6.66% 19.63% 15.08% n.a. n.a. n.a. 13.97%
Market Price
5.32% 6.51% 20.25% 14.42% n.a. n.a. n.a. 13.89%
MSCI Emerging Markets ex China Index
6.05% 7.04% 22.99% 13.29% n.a. n.a. n.a. 15.59%
As of 09/30/2025
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
5.24% 6.66% 19.63% 15.08% n.a. n.a. n.a. 13.97%
Market Price
5.32% 6.51% 20.25% 14.42% n.a. n.a. n.a. 13.89%
MSCI Emerging Markets ex China Index
6.05% 7.04% 22.99% 13.29% n.a. n.a. n.a. 15.59%
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 10/10/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $4,100,559 13,674 12.2
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $1,744,267 27,951 5.2
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $848,876 18,000 2.5
000660 SK HYNIX, INC. 6450267 $657,512 2,371 2.0
HDB HDFC BANK, LTD. ADR 2781648 $581,702 16,730 1.7
IBN ICICI BANK, LTD. ADR 2569286 $564,584 18,295 1.7
ACB ASIA COMMERCIAL BANK JSC B1GJZD5 $560,675 548,140 1.7
BVN CIA DE MINAS BUENAVENTURA SAA ADR 2210476 $547,612 21,966 1.6
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $501,300 81,248 1.5
2317 HON HAI PRECISION INDUSTRY CO., LTD. 6438564 $500,532 69,000 1.5
2308 DELTA ELECTRONICS, INC. 6260734 $490,756 15,000 1.5
035420 NAVER CORP. 6560393 $479,149 2,701 1.4
267260 HD HYUNDAI ELECTRIC CO., LTD. BD4HFR9 $446,998 1,020 1.3
2454 MEDIATEK, INC. 6372480 $440,485 10,000 1.3
BANDHAN BANDHAN BANK, LTD. BG1SV45 $433,921 235,936 1.3
APHS APOLLO HOSPITALS ENTERPRISE 6273583 $433,840 5,006 1.3
KTC/F KRUNGTHAI CARD PCL BF2LWT8 $433,055 450,900 1.3
012450 HANWHA AEROSPACE CO., LTD. 6772671 $415,361 540 1.2
TPEIR PIRAEUS FINANCIAL HOLDINGS SA BNC0DB0 $405,163 46,116 1.2
RADL3 RAIA DROGASIL SA B7FQV64 $404,665 114,900 1.2
BHARTI BHARTI AIRTEL, LTD. 6442327 $401,649 18,364 1.2
ICT INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. 6455819 $395,889 43,830 1.2
CPALL/F CP ALL PUBLIC CO., LTD. B08YDF9 $390,538 264,100 1.2
105560 KB FINANCIAL GROUP, INC. B3DF0Y6 $378,119 4,617 1.1
ADNOCDR ADNOC DRILLING CO. PJSC BN12D39 $376,054 234,909 1.1
MM MAHINDRA & MAHINDRA, LTD. 6100186 $374,530 9,659 1.1
ABG ABSA GROUP, LTD. BFX05H3 $371,667 33,073 1.1
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $369,955 119,600 1.1
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $366,751 23,635 1.1
DSY DISCOVERY, LTD. 6177878 $359,131 29,762 1.1
BDMS/F BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO., LTD. F SHARES BLZGSM7 $352,691 575,500 1.0
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $351,602 46,662 1.0
360ONE 360 ONE WAM, LTD. BQKRHR8 $347,616 28,463 1.0
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $345,347 3,000 1.0
207940 SAMSUNG BIOLOGICS CO., LTD. BYNJCV6 $345,252 488 1.0
WEGE3 WEG SA 2945422 $343,314 49,500 1.0
VCB BANK FOR FOREIGN TRADE JSC B622TR5 $339,976 140,400 1.0
IHH IHH HEALTHCARE BHD B83X6P8 $337,756 175,800 1.0
SNB THE SAUDI NATIONAL BANK BSHYYN1 $336,531 32,769 1.0
PHNX PHOENIX MILLS, LTD. B0SXY97 $331,859 18,488 1.0
SBILIFE SBI LIFE INSURANCE CO., LTD. BZ60N32 $331,096 16,244 1.0
B3SA3 B3 SA - BRASIL BOLSA BALCAO BG36ZK1 $321,920 135,000 1.0
SBIN STATE BANK OF INDIA BSQCB24 $317,513 32,702 0.9
VIVA3 VIVARA PARTICIPACOES SA BKTPCJ8 $315,630 62,400 0.9
CIMB CIMB GROUP HOLDINGS BHD 6075745 $315,477 175,700 0.9
5904 POYA INTERNATIONAL CO., LTD. 6541826 $315,207 21,270 0.9
005380 HYUNDAI MOTOR CO. 6451055 $312,527 2,026 0.9
SE SEA, LTD. ADR BYWD7L4 $309,636 1,647 0.9
2345 ACCTON TECHNOLOGY CORP. 6005214 $309,486 9,000 0.9
MELI MERCADOLIBRE, INC. B23X1H3 $309,400 136 0.9
PKO PKO BANK POLSKI SA B03NGS5 $309,359 15,532 0.9
8069 E INK HOLDINGS, INC. 6744283 $307,849 40,000 0.9
012330 HYUNDAI MOBIS CO., LTD. 6449544 $305,501 1,467 0.9
SHP SHOPRITE HOLDINGS, LTD. 6801575 $305,032 18,696 0.9
086790 HANA FINANCIAL GROUP, INC. B0RNRF5 $295,848 4,773 0.9
FCX FREEPORT-MCMORAN, INC. 2352118 $294,421 6,798 0.9
SBSP3 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP B1YCHL8 $291,999 12,700 0.9
ETERNAL ETERNAL, LTD. BL6P210 $276,622 71,090 0.8
GPL GODREJ PROPERTIES, LTD. BGQL729 $268,514 11,736 0.8
DFI DFI RETAIL GROUP HOLDINGS, LTD. 6180274 $266,594 78,410 0.8
XP XP, INC. A SHARES BK4Y052 $266,469 16,388 0.8
GLO GLOBE TELECOM, INC. 6284864 $265,672 10,280 0.8
RENT3 LOCALIZA RENT A CAR SA B08K3S0 $259,398 37,900 0.8
AMRT PT SUMBER ALFARIA TRIJAYA TBK BCDBLJ9 $249,687 2,151,600 0.7
INPST INPOST SA BN4N9C0 $244,408 20,370 0.7
IH INDIAN HOTELS CO., LTD. B1FRT61 $244,074 29,600 0.7
ITUB ITAU UNIBANCO HOLDING SA ADR 2849739 $238,856 34,467 0.7
145020 HUGEL, INC. BZ1G175 $234,417 1,171 0.7
INXW INOX WIND, LTD. BWFGTS7 $234,017 141,361 0.7
1319 TONG YANG INDUSTRY CO., LTD. 6898845 $229,485 76,000 0.7
2382 QUANTA COMPUTER, INC. 6141011 $224,467 23,000 0.7
ISAT PT INDOSAT TBK B00FYK2 $215,946 1,885,400 0.6
GOTO PT GOTO GOJEK TOKOPEDIA TBK BQ3R601 $211,340 63,574,900 0.6
BBAJIOO BANCO DEL BAJIO SA BYSX0F3 $207,659 83,229 0.6
BIMAS BIM BIRLESIK MAGAZALAR AS B0D0006 $205,367 15,766 0.6
BV2FFX7 NASPERS, LTD. N SHARES BV2FFX7 $202,989 2,765 0.6
2383 ELITE MATERIAL CO., LTD. 6316121 $202,230 5,000 0.6
GGAL GRUPO FINANCIERO GALICIA SA ADR 2613570 $180,056 5,219 0.5
GENTERA GENTERA SAB DE CV BHWQZW1 $169,067 69,897 0.5
HNAL HINDUSTAN AERONAUTICS, LTD. BR56KD4 $167,181 3,063 0.5
010620 HD HYUNDAI MIPO CO., LTD. 6451066 $166,883 1,161 0.5
RAIL3 RUMO SA BYXZ2W5 $162,016 56,100 0.5
GFNORTE GRUPO FINANCIERO BANORTE SAB DE CV CLASS O 2421041 $159,854 16,579 0.5
009540 HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. 6446620 $159,657 552 0.5
SUZB3 SUZANO SA B02GKC7 $157,378 17,700 0.5
CASH CASH AND OTHERS $123,683 0.4
CURR EUR $9 0.0
CURR GBP $1 0.0
CURR INR $8,068 0.0
CURR TWD $2,329 0.0
TOTAL 31.5

Portfolio Breakdown (%)

(as of 09/30/2025)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 28.2 33.0 -4.8
Financials 24.4 25.2 -0.8
Consumer Discretionary 11.5 6.0 5.5
Industrials 10.5 7.7 2.8
Consumer Staples 6.7 4.4 2.3
Health Care 5.7 2.8 2.9
Communication Services 4.2 4.6 -0.4
Materials 2.4 7.8 -5.4
Energy 2.2 4.6 -2.4
Real Estate 1.8 1.4 0.4
Utilities 1.0 2.6 -1.6
Cash and Other Assets, Less Liabilities 1.6 0.0 1.6

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

Country Fund Benchmark Difference
Taiwan 23.0 28.1 -5.1
South Korea 17.8 15.9 1.9
India 17.6 22.1 -4.5
Brazil 7.8 6.3 1.5
South Africa 3.6 5.1 -1.5
Thailand 3.6 1.5 2.1
Indonesia 3.0 1.6 1.4
Vietnam 2.7 0.0 2.7
Philippines 2.6 0.6 2.0
Malaysia 2.4 1.7 0.7
Singapore 2.4 0.0 2.4
United States 1.8 0.0 1.8
Mexico 1.7 2.9 -1.2
Poland 1.7 1.5 0.2
Peru 1.6 0.5 1.1
Greece 1.2 0.9 0.3
United Arab Emirates 1.1 2.1 -1.0
Saudi Arabia 1.0 4.8 -3.8
China/Hong Kong 0.8 0.1 0.7
Turkey 0.6 0.7 -0.1
Argentina 0.4 0.0 0.4
Kuwait 0.0 1.1 -1.1
Qatar 0.0 1.0 -1.0
Chile 0.0 0.7 -0.7
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 1.6 0.0 1.6

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 48.1 58.7 -10.6
Large Cap ($10B-$25B) 21.3 26.0 -4.7
Mid Cap ($3B-$10B) 21.6 15.2 6.4
Small Cap (under $3B) 7.4 0.1 7.3
Cash and Other Assets, Less Liabilities 1.6 0.0 1.6

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 09/30/2025)
Fund Benchmark
Number of Positions 82 635
Weighted Average Market Cap $208.1 billion $236.9 billion
Active Share 77.6 n.a.
P/E using FY1 estimates 15.8x 15.1x
P/E using FY2 estimates 13.5x 13.3x
Price/Cash Flow 10.4 9.6
Price/Book 2.5 2.3
Return On Equity 20.1 19.3
EPS Growth (3 Yr) 21.9% 9.8%

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.