Matthews Emerging Markets ex China Active ETF	September 30, 2023
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 91.8%

	Shares		Value
INDIA: 20.0%
HDFC Bank, Ltd. ADR		4,435		$261,710
Infosys, Ltd. ADR		12,785		218,751
ICICI Bank, Ltd. ADR		8,526		197,121
Restaurant Brands Asia, Ltd.b		87,697		131,692
UltraTech Cement, Ltd.		1,316		130,819
Dabur India, Ltd.		18,737		124,460
PI Industries, Ltd.		2,615		108,736
Indian Hotels Co., Ltd.		20,745		102,699
Kotak Mahindra Bank, Ltd.		4,272		89,292
Hindustan Unilever, Ltd.		1,846		54,810
Total India				1,420,090
BRAZIL: 10.4%
Banco BTG Pactual SA		31,200		193,675
Vinci Partners Investments, Ltd. Class A		13,048		133,090
Vale SA ADR		8,988		120,439
Hapvida Participacoes e Investimentos SAb,c,d		126,100		118,411
Armac Locacao Logistica E Servicos SA		36,000		92,352
WEG SA		11,500		83,334
Total Brazil				741,301
MEXICO: 10.0%
Prologis Property Mexico SA de CV REIT		72,900		251,481
GCC SAB de CV		14,900		140,550
Grupo Financiero Banorte SAB de CV Class O		14,200		119,387
Becle SAB de CV		46,200		110,326
Grupo Aeroportuario del Sureste SAB de CV ADR		363		89,193
Total Mexico				710,937
TAIWAN: 8.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		7,276		632,284
Total Taiwan				632,284
VIETNAM: 6.2%
FPT Corp.		77,620		296,364
Military Commercial Joint Stock Bank		121,080		92,161
HDBank		76,600		54,681
Total Vietnam				443,206
UNITED STATES: 5.4%
Globant SAb		827		163,622
Applied Materials, Inc.		1,060		146,757
Freeport-McMoRan, Inc.		1,919		71,560
Total United States				381,939
FRANCE: 4.2%
TotalEnergies SE ADR		3,064		201,489
LVMH Moet Hennessy Louis Vuitton SE		127		96,328
Total France				297,817
PHILIPPINES: 3.3%
Wilcon Depot, Inc.		311,200		121,013
Ayala Corp.		10,480		115,588
Total Philippines				236,601

	Shares		Value
AUSTRALIA: 3.1%
Woodside Energy Group, Ltd.		9,449	$	222,530
Total Australia				222,530
UNITED ARAB EMIRATES: 2.8%
Fertiglobe PLC		109,411		103,958
Americana Restaurants International PLC		89,142		99,504
Total United Arab Emirates				203,462
SOUTH KOREA: 2.8%
LG Chem, Ltd.		297		109,278
Kia Corp.		1,475		88,977
Total South Korea				198,255
UNITED KINGDOM: 2.3%
Prudential PLC		15,394		166,998
Total United Kingdom				166,998
INDONESIA: 2.3%
PT Bank Rakyat Indonesia Persero Tbk		478,000		161,601
Total Indonesia				161,601
KAZAKHSTAN: 1.8%
Kaspi.KZ JSC GDRd		1,335		129,228
Total Kazakhstan				129,228
POLAND: 1.7%
Dino Polska SAb,c,d		1,489		121,097
Total Poland				121,097
SWITZERLAND: 1.5%
Cie Financiere Richemont SA Class A		856		104,801
Total Switzerland				104,801
ZAMBIA: 1.3%
First Quantum Minerals, Ltd.		3,800		90,194
Total Zambia				90,194
SINGAPORE: 1.2%
CapitaLand Investment, Ltd.		36,400		82,673
CapitaLand Ascott Trust		2,677		1,883
Total Singapore				84,556
THAILAND: 1.1%
Bangkok Dusit Medical Services Public Co., Ltd. F Shares		104,900		76,671
Total Thailand				76,671
TURKEY: 0.8%
BIM Birlesik Magazalar AS		5,695		57,064
Total Turkey				57,064

1 MATTHEWS ASIA FUNDS

Matthews Emerging Markets ex China Active ETF	September 30, 2023
Schedule of Investmentsa (unaudited) (continued)

COMMON EQUITIES (continued)

	Shares		Value
CHILE: 0.7%
Antofagasta PLC		2,853		$49,761
Total Chile				49,761
TOTAL COMMON EQUITIES				6,530,393
(Cost $6,592,681)
PREFERRED EQUITIES: 5.7%
SOUTH KOREA: 5.7%
Samsung Electronics Co., Ltd., Pfd.		10,026		404,933
Total South Korea				404,933
TOTAL PREFERRED EQUITIES				404,933
(Cost $437,069)
SHORT-TERM INVESTMENTS: 2.2%
MONEY MARKET FUNDS: 2.2%
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.22%e		160,383		160,383
(Cost $160,383)
TOTAL INVESTMENTS: 99.7%				7,095,709
(Cost $7,190,133)
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.3%				18,323
NET ASSETS: 100.0%			$	7,114,032

a Certain securities were fair valued under the valuation policies approved by the Board of Trustees.

b Non-income producing security.

c 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 $239,508, which is 3.37% of net assets.

d The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

e Rate shown is the current yield as of September 30, 2023.

ADR American Depositary Receipt

GDR Global Depositary Receipt

JSC Joint Stock Co.

Pfd. Preferred

REIT Real Estate Investment Trust

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