| Matthews Asia Innovators Active ETF | March 31, 2023 |
Schedule of Investments (unaudited)
COMMON EQUITIES: 98.0%
| Shares | Value | |||||||
| CHINA/HONG KONG: 61.7% |
||||||||
| Alibaba Group Holding, Ltd. ADRa |
90,818 | $9,279,783 | ||||||
| Tencent Holdings, Ltd. |
184,100 | 9,047,928 | ||||||
| Trip.com Group, Ltd. ADRa |
170,646 | 6,428,235 | ||||||
| KE Holdings, Inc. ADRa |
336,863 | 6,346,499 | ||||||
| Meituan B Sharesa,b,c |
303,520 | 5,548,458 | ||||||
| H World Group, Ltd. ADRa |
105,217 | 5,153,529 | ||||||
| PDD Holdings, Inc. ADRa |
53,356 | 4,049,720 | ||||||
| China Resources Beer Holdings Co., Ltd. |
374,000 | 3,001,548 | ||||||
| Kuaishou Technologya,b,c |
387,300 | 2,982,476 | ||||||
| JD.com, Inc. ADR |
66,594 | 2,922,811 | ||||||
| Contemporary Amperex Technology Co., Ltd. A Shares |
43,000 | 2,542,506 | ||||||
| Wuliangye Yibin Co., Ltd. A Shares |
80,600 | 2,312,146 | ||||||
| Innovent Biologics, Inc.a,b,c |
511,500 | 2,290,362 | ||||||
| NARI Technology Co., Ltd. A Shares |
567,200 | 2,239,132 | ||||||
| Kanzhun, Ltd. ADRa |
112,801 | 2,146,603 | ||||||
| Li Ning Co., Ltd. |
266,500 | 2,101,459 | ||||||
| Alchip Technologies, Ltd. |
50,000 | 2,036,292 | ||||||
| Wuxi Biologics Cayman, Inc.a,b,c |
325,500 | 2,015,210 | ||||||
| Focus Media Information Technology Co., Ltd. A Shares |
1,959,800 | 1,960,570 | ||||||
| Baidu, Inc. ADRa |
12,532 | 1,891,329 | ||||||
| Ping An Insurance Group Co. of China, Ltd. A Shares |
240,100 | 1,594,303 | ||||||
| OPT Machine Vision Tech Co., Ltd. A Shares |
78,788 | 1,580,954 | ||||||
| BeiGene, Ltd. ADRa |
7,322 | 1,578,111 | ||||||
| Proya Cosmetics Co., Ltd. A Shares |
57,000 | 1,509,392 | ||||||
| BYD Co., Ltd. A Shares |
38,700 | 1,442,776 | ||||||
| StarPower Semiconductor, Ltd. A Shares |
36,000 | 1,439,256 | ||||||
| JD Health International, Inc.a,b,c |
192,550 | 1,432,483 | ||||||
|
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|
| ||||||
| Total China/Hong Kong |
86,873,871 | |||||||
|
|
|
| ||||||
| INDIA: 9.7% |
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| HDFC Bank, Ltd. |
222,994 | 4,367,353 | ||||||
| ICICI Bank, Ltd. |
228,317 | 2,437,150 | ||||||
| Reliance Industries, Ltd. |
74,342 | 2,108,660 | ||||||
| Bajaj Finance, Ltd. |
25,259 | 1,726,323 | ||||||
| Titan Co., Ltd. |
50,349 | 1,540,750 | ||||||
| Mahindra & Mahindra, Ltd. |
100,832 | 1,421,641 | ||||||
|
|
|
| ||||||
| Total India |
13,601,877 | |||||||
|
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|
| ||||||
| SOUTH KOREA: 8.9% |
||||||||
| Samsung Electronics Co., Ltd. |
128,061 | 6,295,582 | ||||||
| Samsung SDI Co., Ltd. |
4,637 | 2,617,963 | ||||||
| Coupang, Inc.a |
134,429 | 2,150,864 | ||||||
| NAVER Corp. |
9,071 | 1,407,491 | ||||||
|
|
|
| ||||||
| Total South Korea |
12,471,900 | |||||||
|
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|
| ||||||
| TAIWAN: 6.2% |
||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. |
398,000 | 6,967,206 | ||||||
| MediaTek, Inc. |
70,000 | 1,809,344 | ||||||
|
|
|
| ||||||
| Total Taiwan |
8,776,550 | |||||||
|
|
|
| ||||||
| Shares | Value | |||||||
| SINGAPORE: 5.7% |
||||||||
| Sea, Ltd. ADRa |
59,220 | $5,125,491 | ||||||
| Grab Holdings, Ltd. Class Aa |
945,632 | 2,846,352 | ||||||
|
|
|
| ||||||
| Total Singapore |
7,971,843 | |||||||
|
|
|
| ||||||
| UNITED STATES: 3.2% |
||||||||
| Meta Platforms, Inc. Class Aa |
7,401 | 1,568,568 | ||||||
| Broadcom, Inc. |
2,439 | 1,564,716 | ||||||
| Visa, Inc. Class A |
6,334 | 1,428,064 | ||||||
|
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|
| ||||||
| Total United States |
4,561,348 | |||||||
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| ||||||
| INDONESIA: 1.5% |
||||||||
| PT Bank Rakyat Indonesia Persero Tbk |
6,736,000 | 2,124,864 | ||||||
|
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|
| ||||||
| Total Indonesia |
2,124,864 | |||||||
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|
| ||||||
| VIETNAM: 1.1% |
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| Mobile World Investment Corp. |
925,200 | 1,519,921 | ||||||
|
|
|
| ||||||
| Total Vietnam |
1,519,921 | |||||||
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|
| ||||||
| TOTAL COMMON EQUITIES |
137,902,174 | |||||||
|
|
|
| ||||||
| (Cost $131,077,763) |
||||||||
| SHORT-TERM INVESTMENT: 2.9% |
||||||||
| MONEY MARKET FUNDS: 2.9% |
||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.64%d |
4,150,592 | 4,150,592 | ||||||
|
|
|
| ||||||
| (Cost $4,150,592) |
||||||||
| TOTAL INVESTMENTS: 100.9% |
142,052,766 | |||||||
| (Cost $135,228,355) |
||||||||
| LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS: (0.9%) |
|
(1,276,123 |
) | |||||
|
|
|
| ||||||
| NET ASSETS: 100.0% |
$140,776,643 | |||||||
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| a | Non-income producing security. |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At March 31, 2023, the aggregate value is $14,268,989, which is 10.14% of net assets. |
| c | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Rate shown is the current yield as of March 31, 2023. |
| ADR | American Depositary Receipt |
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