TOP

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

-3.63%

NAV YTD Return

(as of 04/01/2025)

$28.14

NAV

(as of 04/01/2025)

+0.11

1 Day NAV Change

(as of 04/01/2025)

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 $36.21 million (04/02/2025)
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 04/01/2025)
NAV $28.14
NAV Change +0.11
Market Price $28.04
Market Price Change +0.05
Day's Trading Volume 2,061 Shares
Median BID/ASK Spread (30 Day) 0.21% (as of 04/01/2025)
Premium Discount -0.36%
Number of days at Premium/Discount
2025 2024
Q2 Q1
Premium 0 1 191
Discount 1 58 54

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
  • data_graph_selected Created with Sketch.
  • bar_graph_selected Created with Sketch.
As of 03/31/2025
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
-0.36% -4.01% -4.01% -2.10% n.a. n.a. n.a. 6.30%
Market Price
-0.14% -3.41% -3.41% -2.82% n.a. n.a. n.a. 6.26%
MSCI Emerging Markets ex China Index
0.10% -1.62% -1.62% -1.53% n.a. n.a. n.a. 8.00%
As of 03/31/2025
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
-0.36% -4.01% -4.01% -2.10% n.a. n.a. n.a. 6.30%
Market Price
-0.14% -3.41% -3.41% -2.82% n.a. n.a. n.a. 6.26%
MSCI Emerging Markets ex China Index
0.10% -1.62% -1.62% -1.53% n.a. n.a. n.a. 8.00%
For the years ended December 31st
Name 2024
Matthews Emerging Markets ex China Active ETF - MEMX
NAV
6.83%
Market Price
5.55%
MSCI Emerging Markets ex China Index (USD)
4.20%

Source: BNY Mellon Investment Servicing (US) Inc. All performance is in US$.

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 04/03/2025)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $3,719,103 21,827 10.3
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $1,320,128 32,928 3.6
IBN ICICI BANK, LTD. ADR 2569286 $1,121,308 35,665 3.1
HDB HDFC BANK, LTD. ADR 2781648 $1,037,729 15,697 2.9
BHARTI BHARTI AIRTEL, LTD. 6442327 $689,375 33,597 1.9
EMAAR EMAAR PROPERTIES PJSC B01RM25 $671,814 198,204 1.9
DFI DFI RETAIL GROUP HOLDINGS, LTD. 6180274 $605,258 254,310 1.7
HLBK HONG LEONG BANK BHD 6436892 $580,194 126,800 1.6
IH INDIAN HOTELS CO., LTD. B1FRT61 $570,146 58,729 1.6
IHH IHH HEALTHCARE BHD B83X6P8 $559,832 361,900 1.5
ICT INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. 6455819 $535,821 84,800 1.5
105560 KB FINANCIAL GROUP, INC. B3DF0Y6 $531,471 9,683 1.5
TALABAT TALABAT HOLDING PLC BRPSDQ4 $521,856 1,321,951 1.4
000660 SK HYNIX, INC. 6450267 $513,421 3,805 1.4
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $511,378 18,000 1.4
APHS APOLLO HOSPITALS ENTERPRISE 6273583 $503,073 6,390 1.4
PKO PKO BANK POLSKI SA B03NGS5 $492,395 25,024 1.4
BAP CREDICORP, LTD. 2232878 $480,902 2,484 1.3
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $470,927 32,186 1.3
ISAT PT INDOSAT TBK B00FYK2 $459,057 5,273,000 1.3
BVN CIA DE MINAS BUENAVENTURA SAA ADR 2210476 $455,154 29,905 1.3
ADNOCDR ADNOC DRILLING CO. PJSC BN12D39 $441,533 319,881 1.2
ADIB ABU DHABI ISLAMIC BANK PJSC 6001728 $434,196 96,307 1.2
SHFL SHRIRAM FINANCE, LTD. BS4DBX0 $433,329 57,952 1.2
SBSP3 CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP B1YCHL8 $430,056 24,000 1.2
CPI CAPITEC BANK HOLDINGS, LTD. 6440859 $426,949 2,677 1.2
INFY INFOSYS, LTD. ADR 2398822 $423,614 23,035 1.2
RJHI AL RAJHI BANK B12LZH9 $423,302 15,569 1.2
NU NU HOLDINGS, LTD. CLASS A BN6NP19 $421,450 39,797 1.2
GRAB GRAB HOLDINGS, LTD. CLASS A BP6NH40 $417,855 90,641 1.2
SE SEA, LTD. ADR BYWD7L4 $411,815 3,060 1.1
MM MAHINDRA & MAHINDRA, LTD. 6100186 $405,944 13,161 1.1
GENTERA GENTERA SAB DE CV BHWQZW1 $404,376 251,400 1.1
LPC LUPIN, LTD. 6143761 $401,793 17,096 1.1
SBILIFE SBI LIFE INSURANCE CO., LTD. BZ60N32 $400,254 21,942 1.1
CPNG COUPANG, INC. BNYHDF3 $391,259 17,397 1.1
ACB ASIA COMMERCIAL BANK JSC B1GJZD5 $386,776 382,200 1.1
BANDHAN BANDHAN BANK, LTD. BG1SV45 $381,841 215,480 1.1
AXSB AXIS BANK, LTD. BPFJHC7 $381,689 30,097 1.1
PBR PETROLEO BRASILEIRO SA ADR 2616580 $379,579 26,378 1.0
BAF BAJAJ FINANCE, LTD. BD2N0P2 $371,867 3,668 1.0
SNB THE SAUDI NATIONAL BANK BSHYYN1 $366,035 38,304 1.0
SHP SHOPRITE HOLDINGS, LTD. 6801575 $361,390 25,462 1.0
FCX FREEPORT-MCMORAN, INC. 2352118 $353,847 9,263 1.0
005380 HYUNDAI MOTOR CO. 6451055 $352,942 2,637 1.0
2383 ELITE MATERIAL CO., LTD. 6316121 $349,664 22,000 1.0
2454 MEDIATEK, INC. 6372480 $346,226 8,000 1.0
2308 DELTA ELECTRONICS, INC. 6260734 $345,457 31,000 1.0
RAIL3 RUMO SA BYXZ2W5 $340,121 115,000 0.9
INPST INPOST SA BN4N9C0 $338,226 22,253 0.9
2882 CATHAY FINANCIAL HOLDING CO., LTD. 6425663 $336,262 181,000 0.9
8069 E INK HOLDINGS, INC. 6744283 $335,716 41,000 0.9
035420 NAVER CORP. 6560393 $331,813 2,488 0.9
WEGE3 WEG SA 2945422 $326,674 41,500 0.9
282330 BGF RETAIL CO., LTD. BD95QN1 $311,968 4,499 0.9
BPI BANK OF THE PHILIPPINE ISLANDS 6074968 $290,377 120,330 0.8
VALE VALE SA ADR 2857334 $289,775 28,719 0.8
GAM GAMUDA BHD 6359881 $275,333 290,600 0.8
017670 SK TELECOM CO., LTD. 6224871 $271,229 7,129 0.7
FPT FPT CORP. B1HMWH6 $265,466 55,798 0.7
2317 HON HAI PRECISION INDUSTRY CO., LTD. 6438564 $263,877 57,000 0.7
ZYDUSLI ZYDUS LIFESCIENCES, LTD. BYM8TG8 $253,783 24,352 0.7
BIMAS BIM BIRLESIK MAGAZALAR AS B0D0006 $252,397 21,461 0.7
CPN/F CENTRAL PATTANA PUBLIC CO., LTD. B6SR6J5 $248,727 174,300 0.7
MELI MERCADOLIBRE, INC. B23X1H3 $241,754 125 0.7
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $240,670 3,000 0.7
ZOMATO ZOMATO, LTD. BL6P210 $240,048 96,811 0.7
1476 ECLAT TEXTILE CO., LTD. 6345783 $211,837 16,000 0.6
TCS TATA CONSULTANCY SERVICES, LTD. B01NPJ1 $186,458 4,499 0.5
SUNP SUN PHARMACEUTICAL INDUSTRIES, LTD. 6582483 $185,030 9,233 0.5
ITUB ITAU UNIBANCO HOLDING SA ADR 2849739 $184,121 33,295 0.5
CASH CASH AND OTHERS $2,987,677 8.3
CURR EUR $8 0.0
CURR GBP $1 0.0
CURR INR $561 0.0
TOTAL 30.0

Portfolio Breakdown (%)

(as of 12/31/2024)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 32.3 30.7 1.6
Financials 23.1 25.7 -2.6
Consumer Discretionary 8.0 6.7 1.3
Consumer Staples 5.8 5.1 0.7
Communication Services 5.0 4.8 0.2
Industrials 4.9 7.3 -2.4
Energy 4.0 5.1 -1.1
Health Care 3.9 3.4 0.5
Materials 2.3 6.8 -4.5
Real Estate 2.1 1.6 0.5
Utilities 1.8 2.8 -1.0
Cash and Other Assets, Less Liabilities 6.7 0.0 6.7

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

Country Fund Benchmark Difference
India 22.8 26.9 -4.1
Taiwan 22.4 27.2 -4.8
South Korea 9.9 12.5 -2.6
Brazil 4.6 5.6 -1.0
United Arab Emirates 4.1 1.9 2.2
United States 3.8 0.0 3.8
Philippines 3.3 0.7 2.6
Malaysia 3.1 2.1 1.0
Indonesia 3.1 2.0 1.1
Peru 2.5 0.4 2.1
Vietnam 2.4 0.0 2.4
South Africa 1.9 4.1 -2.2
Singapore 1.8 0.0 1.8
Mexico 1.5 2.4 -0.9
China/Hong Kong 1.3 0.1 1.2
Saudi Arabia 1.0 5.8 -4.8
Poland 1.0 1.1 -0.1
Chile 1.0 0.6 0.4
Thailand 0.9 2.0 -1.1
Turkey 0.8 0.9 -0.1
Qatar 0.0 1.2 -1.2
Kuwait 0.0 1.0 -1.0
Greece 0.0 0.6 -0.6
Hungary 0.0 0.3 -0.3
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 6.7 0.0 6.7

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 51.9 54.0 -2.1
Large Cap ($10B-$25B) 20.9 23.8 -2.9
Mid Cap ($3B-$10B) 17.2 21.0 -3.8
Small Cap (under $3B) 3.3 1.2 2.1
Cash and Other Assets, Less Liabilities 6.7 0.0 6.7

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 12/31/2024)
Fund Benchmark
Number of Positions 65 671
Weighted Average Market Cap $172.6 billion $176.9 billion
Active Share 82.0 n.a.
P/E using FY1 estimates 15.8x 14.3x
P/E using FY2 estimates 13.8x 12.7x
Price/Cash Flow 10.9 9.5
Price/Book 2.6 2.1
Return On Equity 18.7 17.6
EPS Growth (3 Yr) 27.0% 21.7%

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 $0.28813 $0.00000 $0.00000 $0.28813 1.0%
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

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.