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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

12.97%

NAV YTD Return

(as of 07/16/2024)

$31.18

NAV

(as of 07/16/2024)

+0.03

1 Day NAV Change

(as of 07/16/2024)

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 $27.44 million (07/16/2024)
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 07/16/2024)
NAV $31.18
NAV Change +0.03
Market Price $31.30
Market Price Change +0.12
Day's Trading Volume 516 Shares
Median BID/ASK Spread (30 Day) 0.19% (as of 07/16/2024)
Premium Discount +0.38%
Number of days at Premium/Discount
2024 2023
Q3 Q2 Q1
Premium 11 57 60 240
Discount 0 3 1 3

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 06/30/2024
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
4.67% 4.64% 9.60% 15.43% n.a. n.a. n.a. 14.76%
Market Price
3.95% 4.02% 9.12% 14.37% n.a. n.a. n.a. 14.80%
MSCI Emerging Markets ex China Index
6.13% 4.37% 8.66% 18.99% n.a. n.a. n.a. 16.88%
As of 06/30/2024
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
4.67% 4.64% 9.60% 15.43% n.a. n.a. n.a. 14.76%
Market Price
3.95% 4.02% 9.12% 14.37% n.a. n.a. n.a. 14.80%
MSCI Emerging Markets ex China Index
6.13% 4.37% 8.66% 18.99% n.a. n.a. n.a. 16.88%

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 07/17/2024)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $3,738,288 20,094 13.6
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $991,179 15,656 3.6
005935 SAMSUNG ELECTRONICS CO., LTD., PFD. 6773812 $786,927 15,937 2.9
HDB HDFC BANK, LTD. ADR 2781648 $654,435 10,739 2.4
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $626,285 16,606 2.3
BIMAS BIM BIRLESIK MAGAZALAR AS B0D0006 $615,600 34,788 2.2
SHFL SHRIRAM TRANSPORT FINANCE CO., LTD. 6802608 $587,717 17,461 2.1
DESP DESPEGAR.COM CORP BDFS4G3 $580,904 40,090 2.1
IBN ICICI BANK, LTD. ADR 2569286 $580,137 19,586 2.1
UTCEM ULTRATECH CEMENT, LTD. B01GZF6 $576,876 4,136 2.1
DNP DINO POLSKA SA BD0YVN2 $566,128 5,640 2.1
EMAAR EMAAR PROPERTIES PJSC B01RM25 $551,109 249,596 2.0
BAP CREDICORP LTD 2232878 $517,487 3,025 1.9
000660 SK HYNIX, INC. 6450267 $512,507 3,047 1.9
WEGE3 WEG SA 2945422 $498,104 57,800 1.8
KSPI JSC KASPI.KZ ADR BJY21K1 $456,175 3,290 1.7
BPAC11 BANCO BTG PACTUAL SA-UNIT BZBZVC7 $441,987 74,700 1.6
2317 HON HAI PRECISION INDUSTR 6438564 $411,298 63,000 1.5
FCX FREEPORT-MCMORAN INC 2352118 $410,224 8,193 1.5
GFNORTE GRUPO FINANCIERO BANORTE- 2421041 $409,371 48,800 1.5
BHARTI BHARTI AIRTEL, LTD. 6442327 $405,219 23,097 1.5
105560 KB FINANCIAL GROUP, INC. B3DF0Y6 $404,518 6,663 1.5
BMRI PT BANK MANDIRI PERSERO 6651048 $402,428 1,025,400 1.5
000270 KIA MOTORS CORP. 6490928 $396,669 4,471 1.4
LPC LUPIN, LTD. 6143761 $396,121 17,946 1.4
FPT FPT CORP. B1HMWH6 $391,747 74,198 1.4
MELI MERCADOLIBRE INC B23X1H3 $388,817 226 1.4
GLOB GLOBANT SA BP40HF4 $380,285 1,893 1.4
IH INDIAN HOTELS CO LTD B1FRT61 $378,352 53,891 1.4
006400 SAMSUNG SDI CO., LTD. 6771645 $363,313 1,398 1.3
NU NU HOLDINGS LTD/CAYMAN IS BN6NP19 $349,834 25,761 1.3
BDO BDO UNIBANK INC B5VJH76 $334,212 139,610 1.2
2454 MEDIATEK, INC. 6372480 $329,798 8,000 1.2
INFY INFOSYS, LTD. ADR 2398822 $327,151 15,835 1.2
BUPA BUPA ARABIA FOR COOPERATI B2RLCR0 $320,406 4,970 1.2
MSIL MARUTI SUZUKI INDIA, LTD. 6633712 $306,959 2,030 1.1
PBR PETROLEO BRASILEIRO-SPON 2616580 $304,134 20,022 1.1
5274 ASPEED TECHNOLOGY INC B80VKP3 $284,436 2,000 1.0
DMART AVENUE SUPERMARTS LTD BYW1G33 $283,861 4,708 1.0
CPI CAPITEC BANK HOLDINGS LTD 6440859 $281,527 1,837 1.0
CPALL/F CP ALL PCL-FOREIGN B08YDF9 $276,204 175,700 1.0
ADNOCDR ADNOC DRILLING CO PJSC BN12D39 $264,648 219,921 1.0
005380 HYUNDAI MOTOR CO. 6451055 $262,165 1,323 1.0
GCC* GCC SAB DE CV 2946663 $255,634 28,500 0.9
SPINNEY SPINNEYS 1961 HOLDING PLC BQ68C25 $250,468 613,312 0.9
FIBRAPL PROLOGIS PROPERTY MEXICO BN56JP1 $244,188 66,281 0.9
ANTO ANTOFAGASTA PLC 0045614 $243,535 8,839 0.9
ALE ALLEGRO.EU SA BMBQDF6 $237,614 26,067 0.9
PRIO3 PRIO SA BYY0144 $223,191 26,600 0.8
VBL VARUN BEVERAGES LTD BQLPLZ7 $218,668 11,431 0.8
PWGR POWER GRID CORP. OF INDIA, LTD. B233HS6 $193,650 47,268 0.7
FERTIGL FERTIGLOBE PLC BMXCL70 $182,309 279,009 0.7
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $168,206 66,600 0.6
ASTOR ASTOR TRANSFORMATOR ENERJ BMHB9P7 $168,146 59,566 0.6
VALE VALE SA-SP ADR 2857334 $167,869 14,610 0.6
KMB KOTAK MAHINDRA BANK, LTD. 6135661 $162,240 7,512 0.6
ZOMATO ZOMATO LTD BL6P210 $138,299 53,153 0.5
MBB MILITARY COMMERCIAL JOINT STOCK BANK B6SDL09 $68,275 73,580 0.2
CASH CASH AND OTHERS $2,165,415 7.9
CURR AED $81 0.0
CURR EUR $8 0.0
CURR GBP $0 0.0
CURR INR $3 0.0
CURR SAR $5,300 0.0
TOTAL 35.5

Portfolio Breakdown (%)

(as of 06/30/2024)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 30.5 31.6 -1.1
Financials 20.4 23.4 -3.0
Consumer Discretionary 10.7 6.9 3.8
Materials 8.1 8.0 0.1
Consumer Staples 8.1 5.5 2.6
Energy 5.3 5.6 -0.3
Industrials 4.5 7.5 -3.0
Real Estate 2.9 1.3 1.6
Communication Services 1.5 4.2 -2.7
Health Care 1.3 3.1 -1.8
Utilities 0.7 3.0 -2.3
Cash and Other Assets, Less Liabilities 6.1 0.0 6.1

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

Country Fund Benchmark Difference
India 20.5 25.6 -5.1
Taiwan 17.1 25.7 -8.6
South Korea 14.3 16.2 -1.9
Brazil 7.2 5.7 1.5
United Arab Emirates 4.7 1.5 3.2
United States 4.2 0.0 4.2
Mexico 3.8 2.8 1.0
Turkey 3.3 1.0 2.3
Poland 3.1 1.3 1.8
Argentina 2.4 0.0 2.4
Vietnam 2.3 0.0 2.3
Philippines 2.0 0.7 1.3
Peru 1.8 0.4 1.4
Kazakhstan 1.6 0.0 1.6
Indonesia 1.4 2.1 -0.7
Saudi Arabia 1.3 5.2 -3.9
Thailand 1.0 1.8 -0.8
Chile 0.9 0.6 0.3
United Kingdom 0.7 0.0 0.7
France 0.4 0.0 0.4
South Africa 0.0 3.9 -3.9
Malaysia 0.0 1.8 -1.8
Qatar 0.0 1.1 -1.1
Kuwait 0.0 1.0 -1.0
Greece 0.0 0.7 -0.7
Hungary 0.0 0.3 -0.3
China/Hong Kong 0.0 0.2 -0.2
Czech Republic 0.0 0.2 -0.2
Colombia 0.0 0.1 -0.1
Egypt 0.0 0.1 -0.1
Cash and Other Assets, Less Liabilities 6.1 0.0 6.1

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 55.2 53.6 1.6
Large Cap ($10B-$25B) 19.8 24.6 -4.8
Mid Cap ($3B-$10B) 14.8 21.0 -6.2
Small Cap (under $3B) 4.0 0.8 3.2
Cash and Other Assets, Less Liabilities 6.1 0.0 6.1

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 06/30/2024)
Fund Benchmark
Number of Positions 60 673
Weighted Average Market Cap $169.6 billion $162.4 billion
Active Share 83.0 n.a.
P/E using FY1 estimates 14.9x 14.5x
P/E using FY2 estimates 12.4x 12.4x
Price/Cash Flow 9.9 9.5
Price/Book 2.7 2.1
Return On Equity 19.8 16.7
EPS Growth (3 Yr) 26.3% 22.1%

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
12/14/2023 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

Alex  Zarechnak photo
Alex Zarechnak

Lead Manager

Jeremy  Sutch, CFA photo
Jeremy Sutch, CFA

Lead Manager

Peeyush  Mittal, CFA photo
Peeyush Mittal, CFA

Co-Manager

Sean  Taylor photo
Sean Taylor

Co-Manager

Sojung  Park photo
Sojung Park

Co-Manager

 

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.