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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

9.46%

NAV YTD Return

(as of 04/16/2024)

$28.80

NAV

(as of 04/16/2024)

-0.79

1 Day NAV Change

(as of 04/16/2024)

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 $2.30 million (04/16/2024)
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 04/16/2024)
NAV $28.80
NAV Change -0.79
Market Price $28.89
Market Price Change -0.58
Day's Trading Volume 1,029 Shares
Median BID/ASK Spread (30 Day) 0.23% (as of 04/16/2024)
Premium Discount +0.31%
Number of days at Premium/Discount
2024 2023
Q2 Q1
Premium 7 55 51
Discount 5 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.

Performance

  • Monthly
  • Quarterly
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As of 03/31/2024
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
5.57% 15.24% 15.24% n.a. n.a. n.a. n.a. 21.91%
Market Price
6.18% 16.24% 16.24% n.a. n.a. n.a. n.a. 22.88%
MSCI Japan Index
3.16% 11.16% 11.16% n.a. n.a. n.a. n.a. 16.74%
As of 03/31/2024
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
5.57% 15.24% 15.24% n.a. n.a. n.a. n.a. 21.91%
Market Price
6.18% 16.24% 16.24% n.a. n.a. n.a. n.a. 22.88%
MSCI Japan Index
3.16% 11.16% 11.16% n.a. n.a. n.a. n.a. 16.74%

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 04/17/2024)
Ticker Name SEDOL Market Value Shares % Net Assets
4063 SHIN-ETSU CHEMICAL CO., LTD. 6804585 $98,124 2,400 4.3
8035 TOKYO ELECTRON LTD 6895675 $97,451 400 4.2
6501 HITACHI, LTD. 6429104 $90,891 1,000 3.9
8766 TOKIO MARINE HOLDINGS, INC. 6513126 $90,050 3,000 3.9
6861 KEYENCE CORP. 6490995 $84,358 200 3.7
8591 ORIX CORP. 6661144 $80,079 3,900 3.5
8001 ITOCHU CORP. 6467803 $77,634 1,800 3.4
8306 MITSUBISHI UFJ FINANCIAL GROUP, INC. 6335171 $74,215 7,600 3.2
6701 NEC CORP 6640400 $71,258 1,000 3.1
4901 FUJIFILM HOLDINGS CORP 6356525 $70,260 3,200 3.1
6723 RENESAS ELECTRONICS CORP 6635677 $60,551 3,600 2.6
3099 ISETAN MITSUKOSHI HOLDING B2Q4CL4 $56,872 3,800 2.5
2802 AJINOMOTO CO., INC. 6010906 $56,752 1,600 2.5
8058 MITSUBISHI CORP. 6596785 $56,476 2,500 2.5
6902 DENSO CORP. 6640381 $56,427 3,000 2.4
4543 TERUMO CORP. 6885074 $56,381 3,300 2.4
7532 PAN PACIFIC INTERNATIONAL 6269861 $56,124 2,300 2.4
4684 OBIC CO LTD 6136749 $55,777 400 2.4
9983 FAST RETAILING CO., LTD. 6332439 $52,879 200 2.3
8801 MITSUI FUDOSAN CO., LTD. 6597603 $52,449 5,000 2.3
7203 TOYOTA MOTOR CORP. 6900643 $49,572 2,100 2.2
8253 CREDIT SAISON CO LTD 6591809 $46,812 2,500 2.0
7267 HONDA MOTOR CO., LTD. 6435145 $45,741 3,900 2.0
6098 RECRUIT HOLDINGS CO., LTD. BQRRZ00 $41,965 1,000 1.8
8802 MITSUBISHI ESTATE CO LTD 6596729 $41,038 2,200 1.8
7936 ASICS CORP 6057378 $39,329 900 1.7
6674 GS YUASA CORP 6744250 $36,948 1,900 1.6
8113 UNICHARM CORP. 6911485 $35,384 1,200 1.5
4568 DAIICHI SANKYO CO LTD B0J7D91 $35,368 1,200 1.5
4183 MITSUI CHEMICALS INC 6597368 $34,592 1,200 1.5
9697 CAPCOM CO LTD 6173694 $34,189 2,000 1.5
6146 DISCO CORP. 6270948 $34,092 100 1.5
9616 KYORITSU MAINTENANCE CO., LTD. 6489603 $33,722 1,600 1.5
9435 HIKARI TSUSHIN, INC. 6416322 $33,025 200 1.4
4887 SAWAI GROUP HOLDINGS CO L BMC9NN2 $29,856 800 1.3
141A TRIAL HOLDINGS INC BMGS119 $29,356 1,800 1.3
5101 YOKOHAMA RUBBER CO LTD 6986461 $28,656 1,100 1.2
5233 TAIHEIYO CEMENT CORP 6660204 $26,790 1,200 1.2
6503 MITSUBISHI ELECTRIC CORP. 6597045 $26,109 1,600 1.1
6481 THK CO., LTD. 6869131 $24,771 1,100 1.1
3092 ZOZO, INC. B292RC1 $22,868 1,000 1.0
7988 NIFCO, INC. 6639163 $22,590 900 1.0
9984 SOFTBANK GROUP CORP. 6770620 $20,981 400 0.9
1812 KAJIMA CORP 6481320 $20,807 1,100 0.9
5401 NIPPON STEEL CORP 6642569 $18,077 800 0.8
8111 GOLDWIN INC 6376169 $18,020 300 0.8
4180 APPIER GROUP INC BMH40Q4 $1,700 200 0.1
CASH CASH AND OTHERS $76,189 3.3
TOTAL 36.2

Portfolio Breakdown (%)

(as of 03/31/2024)
  • Sector Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 20.8 15.6 5.2
Consumer Discretionary 19.6 19.6 0.0
Industrials 18.2 22.2 -4.0
Financials 12.6 13.3 -0.7
Materials 7.5 4.5 3.0
Consumer Staples 5.3 5.2 0.1
Health Care 5.1 7.6 -2.5
Real Estate 4.2 3.1 1.1
Communication Services 3.0 6.8 -3.8
Utilities 0.0 1.1 -1.1
Energy 0.0 0.9 -0.9
Cash and Other Assets, Less Liabilities 3.6 0.0 3.6

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) 57.9 66.2 -8.3
Large Cap ($10B-$25B) 17.7 21.9 -4.2
Mid Cap ($3B-$10B) 14.1 11.8 2.3
Small Cap (under $3B) 6.7 0.0 6.7
Cash and Other Assets, Less Liabilities 3.6 0.0 3.6

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 03/31/2024)
Fund Benchmark
Number of Positions 46 218
Weighted Average Market Cap $57.6 billion $72.9 billion
Active Share 64.7 n.a.
P/E using FY1 estimates 19.2x 16.9x
P/E using FY2 estimates 17.3x 15.6x
Price/Cash Flow 12.4 11.1
Price/Book 2.0 1.6
Return On Equity 13.5 12.2
EPS Growth (3 Yr) 17.1% 13.8%

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
12/14/2023 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.