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Matthews Emerging Markets Discovery Active ETF
MEMS

Snapshot
  • Seeks alpha in innovative, capital efficient entrepreneurial companies in emerging markets
  • Focus on firms that have a strong competitive advantage through pricing power, distribution capability, and/or differentiated technologies and services
  • Bias toward businesses that cater to rising domestic consumer demand

01/10/2024

Inception Date

-0.55%

NAV YTD Return

(as of 04/24/2025)

$23.46

NAV

(as of 04/24/2025)

+0.19

1 Day NAV Change

(as of 04/24/2025)

Objective

Long-term capital appreciation.

Strategy

Under normal circumstances, the Matthews Emerging Markets Discovery Active ETF seeks to achieve its investment objective by investing at least 65% of its net assets, which include borrowings for investment purposes, in the common and preferred stocks of Small Companies (defined below). The remainder of the portfolio will be comprised of other investments that facilitate the investment strategy, and Matthews expects that the remainder of the portfolio will be comprised of mid-capitalization companies. In addition, at least 80% of the Fund’s net assets, which includes borrowings for investment purposes, will be invested in the common and preferred stocks of companies located in emerging market countries, such as China and India.

Risks

Investing in international and emerging markets may involve additional 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 securities involves greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. The Fund is non-diversified as it concentrates its investments in small sized companies. Investing in small- and mid-size companies is more risky and volatile than investing in large companies as they may be more volatile and less liquid than larger companies. The ETF is new with a limited history.

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

Fund Facts
Inception Date 01/10/2024
Fund Assets $16.82 million (04/25/2025)
Currency USD
Ticker MEMS
Cusip 577-125-743
Primary Exchange NASDAQ
Benchmark MSCI Emerging Markets Small Cap Index
Geographic Focus Emerging Markets - 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 0.99%
Net Expense Ratio 0.89%

NAV & Market Price

(as of 04/24/2025)
NAV $23.46
NAV Change +0.19
Market Price $23.60
Market Price Change +0.45
Day's Trading Volume 103 Shares
Median BID/ASK Spread (30 Day) 0.29% (as of 04/24/2025)
Premium Discount +0.61%
Number of days at Premium/Discount
2025 2024
Q2 Q1
Premium 8 51 220
Discount 9 8 20

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 03/31/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Emerging Markets Discovery Active ETF - MEMS
01/10/2024
NAV
0.39% -1.99% -1.99% -6.68% n.a. n.a. n.a. -5.13%
Market Price
1.04% -0.98% -0.98% -6.22% n.a. n.a. n.a. -4.31%
MSCI Emerging Markets Small Cap Index
-0.11% -5.41% -5.41% -1.56% n.a. n.a. n.a. 0.74%
As of 03/31/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Emerging Markets Discovery Active ETF - MEMS
01/10/2024
NAV
0.39% -1.99% -1.99% -6.68% n.a. n.a. n.a. -5.13%
Market Price
1.04% -0.98% -0.98% -6.22% n.a. n.a. n.a. -4.31%
MSCI Emerging Markets Small Cap Index
-0.11% -5.41% -5.41% -1.56% n.a. n.a. n.a. 0.74%

The Fund’s primary benchmark index is the MSCI Emerging Markets 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 04/28/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
BANDHAN BANDHAN BANK, LTD. BG1SV45 $1,241,889 641,333 7.4
145020 HUGEL, INC. BZ1G175 $970,522 3,874 5.8
LEGN LEGEND BIOTECH CORP. ADR BMX9K07 $667,089 19,460 4.0
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $579,028 75,508 3.4
YMM FULL TRUCK ALLIANCE CO., LTD. ADR BMD2L36 $540,187 48,188 3.2
YDUQ3 YDUQS PARTICIPACOES SA BJGV3C2 $451,827 181,200 2.7
RDCK RADICO KHAITAN, LTD. B0VY3T0 $409,733 14,337 2.4
CARTRAD CARTRADE TECH, LTD. BNK8Z10 $405,032 20,555 2.4
TADAWUL SAUDI TADAWUL GROUP HOLDING CO. BMZQ749 $381,808 7,315 2.3
INPST INPOST SA BN4N9C0 $357,343 21,798 2.1
SBFG3 GRUPO SBF SA BNDRCL3 $351,666 189,800 2.1
PHNX PHOENIX MILLS, LTD. B0SXY97 $339,789 17,822 2.0
WBC WE BUY CARS HOLDINGS, LTD. BSB8C80 $313,190 134,433 1.9
ZH ZHIHU, INC. ADR BQSB1R0 $310,989 78,138 1.8
VAMO3 VAMOS LOCACAO DE CAMINHOES MAQUINAS E EQUIPAMENTOS SA BJLSQZ2 $307,610 325,900 1.8
6643 M31 TECHNOLOGY CORP. BF0N865 $305,642 19,600 1.8
INXW INOX WIND, LTD. BWFGTS7 $294,389 146,119 1.8
UNOMIND UNO MINDA, LTD. BYVC6Y8 $265,366 25,417 1.6
5904 POYA INTERNATIONAL CO., LTD. 6541826 $264,670 18,040 1.6
GTCAP GT CAPITAL HOLDINGS, INC. B77H110 $258,406 29,250 1.5
PARAUCO PARQUE ARAUCO SA 2684349 $249,824 109,291 1.5
TBCG TBC BANK GROUP PLC BYT1830 $248,391 4,102 1.5
FNXC FINOLEX CABLES, LTD. B1LDTB8 $241,088 23,822 1.4
ASTOR ASTOR TRANSFORMATOR ENERJI TURIZM INSAAT VE PETROL SANAYI TICARET AS BMHB9P7 $233,761 88,575 1.4
GENTERA GENTERA SAB DE CV BHWQZW1 $230,155 132,400 1.4
603605 PROYA COSMETICS CO., LTD. A SHARES BKM3FN4 $230,028 19,800 1.4
OMU OLD MUTUAL, LTD. BDVPYN5 $224,777 378,050 1.3
TPEIR PIRAEUS FINANCIAL HOLDINGS SA BNC0DB0 $218,585 38,609 1.3
780 TONGCHENG TRAVEL HOLDINGS, LTD. BGM5R25 $218,292 82,800 1.3
6415 SILERGY CORP. BH4DMW9 $216,993 17,000 1.3
2383 ELITE MATERIAL CO., LTD. 6316121 $210,993 12,000 1.3
084370 EUGENE TECHNOLOGY CO., LTD. B0TBHH9 $210,820 8,631 1.3
VIVA3 VIVARA PARTICIPACOES SA BKTPCJ8 $204,375 54,900 1.2
FPT FPT CORP. B1HMWH6 $192,650 44,600 1.1
3324 AURAS TECHNOLOGY CO., LTD. B015YP6 $185,283 12,000 1.1
ACCE ACTION CONSTRUCTION EQUIPMENT, LTD. B131PK1 $183,478 13,028 1.1
RAINBOW RAINBOW CHILDREN'S MEDICARE, LTD. BNG3NL5 $182,778 11,178 1.1
1590 AIRTAC INTERNATIONAL GROUP B52J816 $175,902 7,000 1.0
6669 WIWYNN CORP. BF4QXG5 $175,779 3,000 1.0
282330 BGF RETAIL CO., LTD. BD95QN1 $170,664 2,329 1.0
2192 MEDLIVE TECHNOLOGY CO., LTD. BN7RMD1 $167,690 107,500 1.0
1995 EVER SUNSHINE SERVICES GROUP, LTD. BNT8LB3 $160,447 662,000 1.0
6865 FLAT GLASS GROUP CO., LTD. H SHARES BYQ9774 $151,969 140,000 0.9
MBB MILITARY COMMERCIAL JOINT STOCK BANK B6SDL09 $150,876 166,710 0.9
BHARTIH BHARTI HEXACOM, LTD. BMDR2V6 $148,378 7,999 0.9
1368 XTEP INTERNATIONAL HOLDINGS, LTD. B2RJYH8 $148,134 234,500 0.9
6533 ANDES TECHNOLOGY CORP. BWT3K58 $147,451 17,000 0.9
SEERA SEERA GROUP HOLDING B6WTLK3 $133,092 20,665 0.8
352480 C&C INTERNATIONAL CO., LTD. BMD55Q6 $129,054 5,654 0.8
BCI BANCO DE CREDITO E INVERSIONES SA 2069355 $125,611 3,111 0.7
AGUAS/A AGUAS ANDINAS SA CLASS A 2311238 $119,227 310,053 0.7
BZ KANZHUN, LTD. ADR BM91SH0 $118,255 8,235 0.7
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $116,948 50,300 0.7
SENCO SENCO GOLD, LTD. BSS9GR3 $113,452 25,901 0.7
2327 YAGEO CORP. 6984380 $112,203 8,000 0.7
MAPI PT MITRA ADIPERKASA TBK B03VZ37 $111,476 1,394,900 0.7
600885 HONGFA TECHNOLOGY CO., LTD. A SHARES BYQDM93 $108,443 24,100 0.6
BLACKBU ZINKA LOGISTICS SOLUTIONS, LTD. BT6PDB3 $107,370 22,554 0.6
BLX BANCO LATINOAMERICANO COME-E 2069485 $106,065 2,740 0.6
SECB SECURITY BANK CORP. 6792334 $104,995 93,020 0.6
BRAC BRAC BANK PLC B1QS725 $93,461 229,978 0.6
300012 CENTRE TESTING INTERNATIONAL GROUP CO., LTD. A SHARES B4VM756 $91,487 58,200 0.5
GVTD GE VERNOVA T&D INDIA, LTD. 6139890 $89,171 5,150 0.5
121600 ADVANCED NANO PRODUCTS CO., LTD. B404429 $84,580 2,186 0.5
694 BEIJING CAPITAL INTERNATIONAL AIRPORT CO., LTD. H SHARES 6208422 $82,727 230,000 0.5
336370 SOLUS ADVANCED MATERIALS CO., LTD. BJVLVG7 $73,724 12,718 0.4
2368 GOLD CIRCUIT ELECTRONICS, LTD. 6107585 $71,972 12,000 0.4
LUN LUNDIN MINING CORP. 2866857 $67,797 7,800 0.4
3888 KINGSOFT CORP., LTD. B27WRM3 $66,780 14,000 0.4
6531 AP MEMORY TECHNOLOGY CORP. BWY5316 $63,668 9,000 0.4
1375 CENTRAL CHINA SECURITIES CO., LTD. H SHARES BNB33V0 $44,535 235,000 0.3
NTU NUTUN, LTD. B7WF5R3 $36,561 347,723 0.2
NLG NAM LONG INVESTMENT CORP. B9FCRR9 $29,268 27,200 0.2
300763 GINLONG TECHNOLOGIES CO., LTD. A SHARES BMQBTQ9 $28,049 4,000 0.2
247540 ECOPRO BM CO., LTD. BJ321P7 $12,892 179 0.1
CASH CASH AND OTHERS $78,325 0.5
CURR BRL $0 0.0
CURR CLP $1,706 0.0
CURR CNY $2 0.0
CURR KRW $69 0.0
CURR PHP $1,860 0.0
CURR TWD $0 0.0
TOTAL 35.7

Portfolio Breakdown (%)

(as of 03/31/2025)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Industrials 19.6 17.7 1.9
Financials 19.4 11.7 7.7
Consumer Discretionary 18.0 11.4 6.6
Information Technology 14.2 15.3 -1.1
Health Care 11.6 10.0 1.6
Consumer Staples 5.7 6.6 -0.9
Real Estate 4.8 6.5 -1.7
Communication Services 4.4 3.7 0.7
Materials 0.9 11.8 -10.9
Utilities 0.7 3.2 -2.5
Energy 0.0 2.1 -2.1
Cash and Other Assets, Less Liabilities 0.7 0.0 0.7

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

Country Fund Benchmark Difference
India 27.3 27.3 0.0
China/Hong Kong 23.5 11.3 12.2
South Korea 9.9 11.0 -1.1
Taiwan 9.5 18.9 -9.4
Brazil 7.2 4.0 3.2
South Africa 3.5 4.1 -0.6
Chile 3.5 0.9 2.6
Saudi Arabia 3.2 4.3 -1.1
Vietnam 2.8 0.0 2.8
Philippines 2.2 0.9 1.3
Poland 1.9 2.1 -0.2
Turkey 1.6 2.1 -0.5
Mexico 0.9 1.4 -0.5
United Kingdom 0.9 0.0 0.9
Indonesia 0.7 1.7 -1.0
Bangladesh 0.6 0.0 0.6
Malaysia 0.0 2.8 -2.8
Thailand 0.0 2.6 -2.6
Kuwait 0.0 1.3 -1.3
United Arab Emirates 0.0 1.3 -1.3
Greece 0.0 0.8 -0.8
Qatar 0.0 0.7 -0.7
Colombia 0.0 0.1 -0.1
Czech Republic 0.0 0.1 -0.1
Egypt 0.0 0.1 -0.1
Hungary 0.0 0.1 -0.1
Peru 0.0 0.1 -0.1
Cash and Other Assets, Less Liabilities 0.7 0.0 0.7

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 0.0 0.0 0.0
Large Cap ($10B-$25B) 7.4 0.1 7.3
Mid Cap ($3B-$10B) 33.7 17.7 16.0
Small Cap (under $3B) 58.2 82.2 -24.0
Cash and Other Assets, Less Liabilities 0.7 0.0 0.7

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 03/31/2025)
Fund Benchmark
Number of Positions 73 1,940
Weighted Average Market Cap $4.0 billion $2.0 billion
Active Share 97.5 n.a.
P/E using FY1 estimates 13.3x 13.3x
P/E using FY2 estimates 11.6x 11.6x
Price/Cash Flow 8.5 7.6
Price/Book 1.9 1.4
Return On Equity 13.6 11.9
EPS Growth (3 Yr) 15.9% 11.2%

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 $0.33495 $0.00000 $0.00000 $0.33495 1.4%

 

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

Vivek  Tanneeru photo
Vivek Tanneeru

Lead Manager

Jeremy  Sutch, CFA photo
Jeremy Sutch, CFA

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.

The views and opinions in the commentary were as of the report date, subject to change and may not reflect current views. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. It should not be assumed that any investment will be profitable or will equal the performance of any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned.