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Matthews India Active ETF
INDE

Snapshot
  • Unconstrained all-cap strategy focused on companies with a sustainable competitive edge and pricing power, which are able to perform throughout economic cycles
  • Fundamental bottom-up approach to seek well-run entrepreneurial companies with sustainable organic growth and trustworthy managements
  • Bias toward businesses that cater to rising domestic consumer demand and to policy-independent sectors

09/21/2023

Inception Date

0.90%

NAV YTD Return

(as of 07/09/2025)

$30.24

NAV

(as of 07/09/2025)

+0.13

1 Day NAV Change

(as of 07/09/2025)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews India Active ETF seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in publicly traded common stocks, preferred stocks and convertible securities of companies located in India. The Matthews India Active ETF seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health.

Risks

Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. In addition, investments in a single-country ETF, which is considered a non-diversified fund, may be subject to a higher degree of market risk than diversified funds because of concentration in a specific country.

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

Fund Facts
Inception Date 09/21/2023
Fund Assets $14.46 million (07/10/2025)
Currency USD
Ticker INDE
Cusip 577-130-610
Primary Exchange NYSE Arca
Benchmark MSCI India Index
Geographic Focus India
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 07/09/2025)
NAV $30.24
NAV Change +0.13
Market Price $30.26
Market Price Change +0.05
Day's Trading Volume 243 Shares
Median BID/ASK Spread (30 Day) 0.46% (as of 07/09/2025)
Premium Discount +0.07%
Number of days at Premium/Discount
2025 2024
Q3 Q2 Q1
Premium 4 17 15 208
Discount 2 43 44 40

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 India Active ETF - INDE
09/21/2023
NAV
2.55% 8.45% 0.60% -0.79% n.a. n.a. n.a. 11.47%
Market Price
2.69% 9.19% 1.14% -1.15% n.a. n.a. n.a. 11.52%
MSCI India Index
3.44% 9.73% 6.55% 2.28% n.a. n.a. n.a. 17.75%
S&P Bombay Stock Exchange 100 Index
3.30% 9.21% 7.37% 3.77% n.a. n.a. n.a. 16.53%
As of 06/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews India Active ETF - INDE
09/21/2023
NAV
2.55% 8.45% 0.60% -0.79% n.a. n.a. n.a. 11.47%
Market Price
2.69% 9.19% 1.14% -1.15% n.a. n.a. n.a. 11.52%
MSCI India Index
3.44% 9.73% 6.55% 2.28% n.a. n.a. n.a. 17.75%
S&P Bombay Stock Exchange 100 Index
3.30% 9.21% 7.37% 3.77% n.a. n.a. n.a. 16.53%
For the years ended December 31st
Name 2024
Matthews India Active ETF - INDE
NAV
11.61%
Market Price
10.97%
MSCI India Index (USD)
12.41%
S&P Bombay Stock Exchange 100 Index (USD)
10.20%

Effective April 29, 2024, the primary benchmark changed from the S&P Bombay Stock Exchange 100 Index to the MSCI India 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 07/11/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
HDFCB HDFC BANK, LTD. BK1N461 $1,158,364 49,454 8.0
ICICIBC ICICI BANK, LTD. BSZ2BY7 $903,220 54,323 6.2
ETERNAL ETERNAL, LTD. BL6P210 $807,614 263,164 5.6
BAF BAJAJ FINANCE, LTD. BTFGH15 $646,588 58,440 4.5
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $646,196 82,762 4.5
SWIGGY SWIGGY, LTD. BSF1LT9 $608,206 135,536 4.2
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $553,539 31,249 3.8
INFO INFOSYS, LTD. 6205122 $534,766 28,347 3.7
BHARTI BHARTI AIRTEL, LTD. 6442327 $485,743 21,178 3.4
TJL THANGA MAYIL JEWELLERY, LTD. B61J988 $406,761 18,073 2.8
MM MAHINDRA & MAHINDRA, LTD. 6100186 $397,023 10,753 2.7
CIFC CHOLAMANDALAM INVESTMENT AND FINANCE CO., LTD. BJ9K2H4 $384,593 21,296 2.7
MRCO MARICO, LTD. B1S34K5 $322,894 38,044 2.2
TECHNOE TECHNO ELECTRIC & ENGINEERING CO., LTD. BDFFZP0 $315,236 16,736 2.2
KMB KOTAK MAHINDRA BANK, LTD. 6135661 $299,576 11,643 2.1
AXSB AXIS BANK, LTD. BPFJHC7 $272,103 20,017 1.9
HUVR HINDUSTAN UNILEVER, LTD. 6261674 $250,399 8,905 1.7
MAXF MAX FINANCIAL SERVICES, LTD. B1TJG95 $246,704 13,350 1.7
AVALON AVALON TECHNOLOGIES, LTD. BMTQ4G6 $238,302 23,431 1.6
CAMPUS CAMPUS ACTIVEWEAR, LTD. BN71Y82 $228,219 67,978 1.6
UTCEM ULTRATECH CEMENT, LTD. B01GZF6 $218,316 1,494 1.5
TCS TATA CONSULTANCY SERVICES, LTD. B01NPJ1 $214,172 5,424 1.5
NLL NEULAND LABORATORIES, LTD. 6314727 $212,216 1,530 1.5
IXIGO LE TRAVENUES TECHNOLOGY, LTD. BPK85H0 $205,510 100,526 1.4
PRINCPI PRICE PIPES & FITTINGS, LTD. BK59J71 $202,937 47,452 1.4
SBC SHIVALIK BIMETAL CONTROLS, LTD. B06D3R0 $192,522 30,140 1.3
ARJN AMRUTANJAN HEALTH CARE, LTD. BDQPZX7 $182,862 21,273 1.3
TVSL TVS MOTOR CO., LTD. 6726548 $176,380 5,338 1.2
MIDHANI MISHRA DHATU NIGAM, LTD. BFMNFV7 $157,815 32,438 1.1
LATENTV LATENT VIEW ANALYTICS, LTD. BPG97T3 $152,331 29,690 1.1
INDIGO INTERGLOBE AVIATION, LTD. BYYZ7D0 $145,845 2,139 1.0
AUPS AURIONPRO SOLUTIONS LTD B0C5XF8 $144,908 7,687 1.0
SBIN STATE BANK OF INDIA BSQCB24 $143,231 15,183 1.0
MSIL MARUTI SUZUKI INDIA, LTD. 6633712 $140,751 953 1.0
CROMPTO CROMPTON GREAVES CONSUMER ELECTRICALS, LTD. BD87BS8 $140,558 35,017 1.0
METROHL METROPOLIS HEALTHCARE, LTD. BHHLPD2 $139,837 6,065 1.0
TATACON TATA CONSUMER PRODUCTS, LTD. 6121488 $131,455 10,340 0.9
ITC ITC, LTD. B0JGGP5 $130,383 26,790 0.9
CLGT COLGATE-PALMOLIVE INDIA, LTD. 6139696 $125,843 4,470 0.9
TTAN TITAN CO., LTD. 6139340 $113,234 2,836 0.8
FB FEDERAL BANK, LTD. BFT7KB7 $111,450 45,245 0.8
SUNP SUN PHARMACEUTICAL INDUSTRIES, LTD. 6582483 $108,134 5,571 0.7
PSYS PERSISTENT SYSTEMS, LTD. BLC87W9 $106,579 1,607 0.7
ICICIGI ICICI LOMBARD GENERAL INSURANCE CO., LTD. BYXH7P9 $98,577 4,233 0.7
ELCN ELECON ENGINEERING CO., LTD. BSWYQD0 $88,878 11,735 0.6
POLICYB PB FINTECH, LTD. BP4DVR3 $88,813 4,152 0.6
GPPV GUJARAT PIPAVAV PORT, LTD. B53NR43 $88,546 48,541 0.6
ZYDUSLI ZYDUS LIFESCIENCES, LTD. BYM8TG8 $87,218 7,678 0.6
KKC CUMMINS INDIA, LTD. 6294863 $80,977 1,971 0.6
NAM NIPPON LIFE INDIA ASSET MANAGEMENT, LTD. BF29PR1 $76,999 8,091 0.5
GCPL GODREJ CONSUMER PRODUCTS, LTD. B1BDGY0 $75,924 5,054 0.5
DIVI DIVI'S LABORATORIES, LTD. 6602518 $74,558 933 0.5
LPC LUPIN, LTD. 6143761 $73,668 3,330 0.5
BRIT BRITANNIA INDUSTRIES, LTD. BGSQG47 $73,500 1,071 0.5
DELHIVE DELHIVERY, LTD. BN7FZ69 $73,477 15,161 0.5
360ONE 360 ONE WAM, LTD. BQKRHR8 $72,974 5,233 0.5
TMX THERMAX, LTD. B10SSP1 $72,336 1,804 0.5
HCLT HCL TECHNOLOGIES, LTD. 6294896 $70,141 3,611 0.5
VBL VARUN BEVERAGES, LTD. BQB80M6 $69,722 12,989 0.5
ABB ABB INDIA, LTD. B1Y9QS9 $68,740 999 0.5
TDPS TD POWER SYSTEMS, LTD. BQMSXV5 $63,983 10,957 0.4
COFORGE COFORGE, LTD. BVK9DQ0 $62,702 2,845 0.4
HDB HDFC BANK, LTD. ADR 2781648 $51,682 674 0.4
HONASA HONASA CONSUMER, LTD. BSCC0R6 $50,430 14,331 0.3
CASH CASH AND OTHERS $-426,132 -2.9
CURR INR $16,158 0.1
TOTAL 46.7

Portfolio Breakdown (%)

(as of 06/30/2025)
  • Sector Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 36.4 29.6 6.8
Consumer Discretionary 22.5 12.4 10.1
Industrials 9.2 9.0 0.2
Consumer Staples 8.9 6.2 2.7
Information Technology 8.7 9.9 -1.2
Health Care 6.2 5.6 0.6
Materials 4.1 7.9 -3.8
Energy 3.8 9.1 -5.3
Communication Services 3.4 4.9 -1.5
Utilities 0.0 3.7 -3.7
Real Estate 0.0 1.6 -1.6
Liabilities in Excess of Cash and Other Assets -3.2 0.0 -3.2

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 53.1 62.8 -9.7
Large Cap ($10B-$25B) 22.4 28.0 -5.6
Mid Cap ($3B-$10B) 6.4 9.3 -2.9
Small Cap (under $3B) 21.3 0.0 21.3
Liabilities in Excess of Cash and Other Assets -3.2 0.0 -3.2

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 63 158
Weighted Average Market Cap $55.7 billion $68.3 billion
Active Share 53.1 n.a.
P/E using FY1 estimates 26.7x 23.7x
P/E using FY2 estimates 23.6x 20.7x
Price/Cash Flow 23.1 17.0
Price/Book 5.1 4.1
Return On Equity 16.8 20.4
EPS Growth (3 Yr) 16.8% 16.1%

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 $0.01653 $0.14240 $0.00886 $0.16779 0.5%

 

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

Peeyush  Mittal, CFA photo
Swagato  Ghosh photo

 

Visit our Glossary of Terms page for definitions and additional information.

Index Definitions

The Benchmark used for comparison under "Portfolio Breakdown" and "Portfolio Characteristics" is the S&P Bombay Stock Exchange 100 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.