Matthews China Active ETF	September 30, 2023
Schedule of Investments (unaudited)
COMMON EQUITIES: 97.7%

	Shares		Value
CONSUMER DISCRETIONARY: 33.6%
Broadline Retail: 18.4%
Alibaba Group Holding, Ltd.a		226,500		$2,475,584
PDD Holdings, Inc. ADRa		20,245		1,985,427
JD.com, Inc. Class A		75,950		1,116,191
				5,577,202
Hotels, Restaurants & Leisure: 9.6%
Meituan Class Ba,b,c		98,510		1,441,453
Galaxy Entertainment Group, Ltd.		84,000		505,704
Luckin Coffee, Inc. ADRa		9,628		337,082
Yum China Holdings, Inc.		5,922		329,974
Trip.com Group, Ltd. ADRa		8,002		279,830
				2,894,043
Household Durables: 2.8%
Midea Group Co., Ltd. A Shares		59,400		452,323
Man Wah Holdings, Ltd.		565,200		396,918
				849,241
Diversified Consumer Services: 1.0%
China Education Group Holdings, Ltd.c		377,000		306,631
Automobiles: 1.0%
Yadea Group Holdings, Ltd.b,c		160,000		297,044
Specialty Retail: 0.8%
China Tourism Group Duty Free Corp., Ltd. A Shares		16,300		237,081
Total Consumer Discretionary				10,161,242
FINANCIALS: 19.7%
Capital Markets: 9.5%
CITIC Securities Co., Ltd. H Shares		599,500		1,215,557
China International Capital Corp., Ltd. H Sharesb,c		626,400		1,148,529
Hong Kong Exchanges & Clearing, Ltd.		8,000		298,882
East Money Information Co., Ltd. A Shares		101,040		210,796
				2,873,764
Banks: 6.4%
China Merchants Bank Co., Ltd. A Shares		290,800		1,315,949
China Construction Bank Corp. H Shares		1,124,000		634,343
				1,950,292
Insurance: 3.8%
PICC Property & Casualty Co., Ltd. H Shares		544,000		698,767
Ping An Insurance Group Co. of China, Ltd. H Shares		79,500		455,266
				1,154,033
Total Financials				5,978,089
COMMUNICATION SERVICES: 13.5%
Interactive Media & Services: 9.9%
Tencent Holdings, Ltd.		54,800		2,142,503
Kuaishou Technologya,b,c		65,700		527,238
Baidu, Inc. Class Aa		19,550		332,995
				3,002,736

	Shares		Value
Media: 1.9%
Focus Media Information Technology Co., Ltd. A Shares		598,511		$587,359
Entertainment: 1.7%
Tencent Music Entertainment Group ADRa		79,905		509,794
Total Communication Services				4,099,889
INDUSTRIALS: 7.6%
Electrical Equipment: 4.2%
Contemporary Amperex Technology Co., Ltd. A Shares		27,900		777,482
Sungrow Power Supply Co., Ltd. A Shares		40,000		491,425
				1,268,907
Machinery: 2.3%
Shenzhen Inovance Technology Co., Ltd. A Shares		48,200		439,875
Estun Automation Co., Ltd. A Shares		86,600		262,210
				702,085
Transportation Infrastructure: 1.1%
Shanghai International Airport Co., Ltd. A Sharesa		62,552		325,305
Total Industrials				2,296,297
REAL ESTATE: 5.6%
Real Estate Management & Development: 5.6%
KE Holdings, Inc. ADR		69,068		1,071,936
Country Garden Services Holdings Co., Ltd.		292,000		301,252
CIFI Holdings Group Co., Ltd.a		4,796,000		186,773
Times China Holdings, Ltd.a		2,317,000		128,692
Total Real Estate				1,688,653
CONSUMER STAPLES: 5.4%
Beverages: 4.2%
Wuliangye Yibin Co., Ltd. A Shares		23,200		497,069
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. A Shares		11,600		381,320
Tsingtao Brewery Co., Ltd. H Shares		46,000		376,488
				1,254,877
Consumer Staples Distribution & Retail: 1.2%
JD Health International, Inc.a,b,c		70,750		366,765
Total Consumer Staples				1,621,642
INFORMATION TECHNOLOGY: 4.7%
Electronic Equipment, Instruments & Components: 1.8%
SUPCON Technology Co., Ltd. A Shares		45,556		298,882
Wingtech Technology Co., Ltd. A Sharesa		43,200		258,817
				557,699
Semiconductors & Semiconductor Equipment: 1.5%
NAURA Technology Group Co., Ltd. A Shares		7,387		244,653
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. A Shares		31,603		206,949
				451,602

1 MATTHEWS ASIA FUNDS

Matthews China Active ETF	September 30, 2023
Schedule of Investments (unaudited) (continued)
COMMON EQUITIES (continued)	SHORT-TERM INVESTMENTS: 1.1%

	Shares		Value
Software: 1.4%
Shanghai Baosight Software Co., Ltd. A Shares		68,256		$423,266
Total Information Technology				1,432,567
HEALTH CARE: 4.7%
Life Sciences Tools & Services: 2.1%
Wuxi Biologics Cayman, Inc.a,b,c		109,000		635,335
Health Care Equipment & Supplies: 1.6%
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares		13,000		481,423
Health Care Providers & Services: 1.0%
Sinopharm Group Co., Ltd. H Shares		107,200		310,711
Total Health Care				1,427,469
ENERGY: 1.9%
Oil, Gas & Consumable Fuels: 1.9%
PetroChina Co., Ltd. H Shares		772,000		581,574
Total Energy				581,574
UTILITIES: 1.0%
Gas Utilities: 1.0%
ENN Energy Holdings, Ltd.		35,900		297,950
Total Utilities				297,950
TOTAL COMMON EQUITIES				29,585,372
(Cost $35,945,880)

	Shares		Value
MONEY MARKET FUNDS: 1.1%
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.22%d		313,661		313,661
(Cost $313,661)
TOTAL INVESTMENTS: 98.8%			$	29,899,033
(Cost $36,259,541)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.2%				375,066
NET ASSETS: 100.0%			$	30,274,099

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 September 30, 2023, the aggregate value is $4,416,364, which is 14.59% 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 September 30, 2023.

ADR American Depositary Receipt

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