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Matthews Japan Active ETF
JPAN

Snapshot
  • High-conviction growth strategy seeks alpha in Japan
  • Unconstrained all-cap approach seeking Japanese companies positioned to benefit from Asia's growth
  • Invests in companies leveraged to the fast growing consumer demand across Asia, global industry leaders and entrepreneurial companies providing innovative domestic solutions

09/21/2023

Inception Date

18.93%

NAV YTD Return

(as of 07/16/2024)

$31.29

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 Japan 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 Japan. The 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. 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 $3.76 million (07/16/2024)
Currency USD
Ticker JPAN
Cusip 577-130-594
Primary Exchange NYSE Arca
Benchmark MSCI Japan Index
Geographic Focus Japan
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 07/16/2024)
NAV $31.29
NAV Change -0.03
Market Price $31.65
Market Price Change +0.29
Day's Trading Volume 190 Shares
Median BID/ASK Spread (30 Day) 0.22% (as of 07/16/2024)
Premium Discount +1.15%
Number of days at Premium/Discount
2024 2023
Q3 Q2 Q1
Premium 10 44 55 51
Discount 1 18 6 16

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 Japan Active ETF - JPAN
09/21/2023
NAV
0.37% -2.34% 12.54% n.a. n.a. n.a. n.a. 19.06%
Market Price
0.84% -2.09% 13.81% n.a. n.a. n.a. n.a. 20.31%
MSCI Japan Index
-0.70% -4.24% 6.45% n.a. n.a. n.a. n.a. 11.79%
As of 06/30/2024
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Japan Active ETF - JPAN
09/21/2023
NAV
0.37% -2.34% 12.54% n.a. n.a. n.a. n.a. 19.06%
Market Price
0.84% -2.09% 13.81% n.a. n.a. n.a. n.a. 20.31%
MSCI Japan Index
-0.70% -4.24% 6.45% n.a. n.a. n.a. n.a. 11.79%

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
4063 SHIN-ETSU CHEMICAL CO., LTD. 6804585 $173,389 4,100 4.6
6501 HITACHI, LTD. 6429104 $167,105 7,000 4.5
8766 TOKIO MARINE HOLDINGS, INC. 6513126 $165,648 4,200 4.4
8035 TOKYO ELECTRON LTD 6895675 $159,248 700 4.2
8591 ORIX CORP. 6661144 $158,772 6,800 4.2
8306 MITSUBISHI UFJ FINANCIAL GROUP, INC. 6335171 $155,745 13,900 4.1
8001 ITOCHU CORP. 6467803 $152,331 3,000 4.1
6861 KEYENCE CORP. 6490995 $140,603 300 3.7
9983 FAST RETAILING CO., LTD. 6332439 $133,895 500 3.6
6758 SONY CORP. 6821506 $123,774 1,300 3.3
6723 RENESAS ELECTRONICS CORP 6635677 $123,068 6,000 3.3
4901 FUJIFILM HOLDINGS CORP 6356525 $111,059 4,600 3.0
2802 AJINOMOTO CO., INC. 6010906 $106,990 2,800 2.8
9697 CAPCOM CO LTD 6173694 $89,609 4,300 2.4
3099 ISETAN MITSUKOSHI HOLDING B2Q4CL4 $89,293 4,100 2.4
4543 TERUMO CORP. 6885074 $88,722 5,100 2.4
6098 RECRUIT HOLDINGS CO., LTD. BQRRZ00 $88,357 1,500 2.4
6902 DENSO CORP. 6640381 $83,970 5,200 2.2
7267 HONDA MOTOR CO., LTD. 6435145 $83,855 7,800 2.2
7936 ASICS CORP 6057378 $79,448 4,800 2.1
6701 NEC CORP 6640400 $68,678 800 1.8
4568 DAIICHI SANKYO CO LTD B0J7D91 $68,246 1,800 1.8
6503 MITSUBISHI ELECTRIC CORP. 6597045 $61,120 3,400 1.6
5233 TAIHEIYO CEMENT CORP 6660204 $61,107 2,400 1.6
6479 MINEBEA MITSUMI, INC. 6642406 $57,111 2,500 1.5
8253 CREDIT SAISON CO LTD 6591809 $56,182 2,600 1.5
4183 MITSUI CHEMICALS INC 6597368 $52,497 1,900 1.4
8801 MITSUI FUDOSAN CO., LTD. 6597603 $52,129 5,400 1.4
8113 UNICHARM CORP. 6911485 $51,815 1,600 1.4
4887 SAWAI GROUP HOLDINGS CO L BMC9NN2 $50,241 1,200 1.3
8802 MITSUBISHI ESTATE CO LTD 6596729 $49,428 3,000 1.3
7733 OLYMPUS CORP. 6658801 $46,300 2,800 1.2
7532 PAN PACIFIC INTERNATIONAL 6269861 $44,286 1,800 1.2
4684 OBIC CO LTD 6136749 $40,660 300 1.1
6481 THK CO., LTD. 6869131 $36,659 1,900 1.0
5101 YOKOHAMA RUBBER CO LTD 6986461 $35,512 1,700 0.9
8111 GOLDWIN INC 6376169 $34,893 600 0.9
6674 GS YUASA CORP 6744250 $31,241 1,700 0.8
6807 JAPAN AVIATION ELECTRONICS INDUSTRY, LTD. 6470351 $29,520 1,700 0.8
1812 KAJIMA CORP 6481320 $28,974 1,600 0.8
5401 NIPPON STEEL CORP 6642569 $28,034 1,300 0.7
6005 MIURA CO LTD 6597777 $26,876 1,200 0.7
7867 TOMY COMPANY LTD 6046923 $26,165 1,300 0.7
9616 KYORITSU MAINTENANCE CO., LTD. 6489603 $26,094 1,400 0.7
7988 NIFCO, INC. 6639163 $14,664 600 0.4
141A TRIAL HOLDINGS INC BMGS119 $9,515 600 0.3
CASH CASH AND OTHERS $192,302 5.1
TOTAL 40.8

Portfolio Breakdown (%)

(as of 06/30/2024)
  • Sector Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Consumer Discretionary 20.5 18.2 2.3
Information Technology 18.8 15.4 3.4
Industrials 16.3 23.0 -6.7
Financials 14.8 15.0 -0.2
Materials 8.4 4.2 4.2
Health Care 6.8 7.7 -0.9
Consumer Staples 4.5 5.2 -0.7
Real Estate 2.7 2.5 0.2
Communication Services 2.3 6.9 -4.6
Utilities 0.0 1.2 -1.2
Energy 0.0 0.9 -0.9
Cash and Other Assets, Less Liabilities 5.0 0.0 5.0

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) 58.2 66.7 -8.5
Large Cap ($10B-$25B) 19.4 21.2 -1.8
Mid Cap ($3B-$10B) 8.7 12.0 -3.3
Small Cap (under $3B) 8.7 0.0 8.7
Cash and Other Assets, Less Liabilities 5.0 0.0 5.0

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 44 203
Weighted Average Market Cap $50.8 billion $65.0 billion
Active Share 65.6 n.a.
P/E using FY1 estimates 17.1x 15.5x
P/E using FY2 estimates 15.3x 14.6x
Price/Cash Flow 11.3 10.1
Price/Book 1.8 1.5
Return On Equity 12.6 11.8
EPS Growth (3 Yr) 13.0% 10.9%

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 $0.13445 $0.00000 $0.00000 $0.13445 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

Shuntaro  Takeuchi photo
Shuntaro Takeuchi

Lead Manager

Donghoon  Han photo
Donghoon Han

Lead 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.