Matthews Asia Innovators Active ETF March 31, 2024
Schedule of Investments (unaudited)
COMMON EQUITIES: 97.1%  
  Shares Value 
India: 23.9%
Zomato, Ltd.a  1,830,891 $3,997,545
Reliance Industries, Ltd.  73,562 2,621,075
Tata Motors, Ltd.  181,859 2,164,799
ICICI Bank, Ltd.  127,122 1,666,407
Bajaj Finance, Ltd.  18,219 1,582,701
Axis Bank, Ltd.  104,141 1,307,592
Delhivery, Ltd.a  149,632 799,359
HDFC Asset Management Co., Ltd.b,c  14,658 659,783
Lupin, Ltd.  22,130 429,001
Cummins India, Ltd.  10,092 363,767
Indian Hotels Co., Ltd.  48,969 347,088
Total India   15,939,117
China/Hong Kong: 23.8%
Meituan Class Ba,b,c  197,300 2,440,269
Tencent Holdings, Ltd.  56,700 2,200,929
Trip.com Group, Ltd. ADRa  42,101 1,847,813
PDD Holdings, Inc. ADRa  13,794 1,603,552
Alibaba Group Holding, Ltd.  167,700 1,505,271
Lam Research Corp.  1,246 1,210,576
NAURA Technology Group Co., Ltd. A Shares  24,800 1,047,589
Innovent Biologics, Inc.a,b,c  208,500 1,004,344
Contemporary Amperex Technology Co., Ltd. A Shares  38,600 1,003,651
DiDi Global, Inc.a  218,431 836,591
Shenzhen Inovance Technology Co., Ltd. A Shares  77,400 642,086
KE Holdings, Inc. ADR  37,059 508,820
Total China/Hong Kong   15,851,491
Taiwan: 18.5%
Taiwan Semiconductor Manufacturing Co., Ltd.  275,000 6,607,871
Alchip Technologies, Ltd.  17,000 1,681,222
MediaTek, Inc.  21,000 761,167
ASPEED Technology, Inc.  7,000 728,358
Unimicron Technology Corp.  118,000 700,548
Eclat Textile Co., Ltd.  38,000 649,492
Wiwynn Corp.  9,000 615,870
Accton Technology Corp.  23,000 329,511
M31 Technology Corp.  7,000 281,063
Total Taiwan   12,355,102
South Korea: 13.8%
Samsung Electronics Co., Ltd.  54,998 3,300,901
SK Hynix, Inc.  18,523 2,451,847
Hyundai Motor Co.  9,351 1,646,193
Samsung SDI Co., Ltd.  2,443 866,505
Kakao Corp.  16,187 654,093
NEXTIN, Inc.  6,167 320,203
Total South Korea   9,239,742
United States: 8.7%
NVIDIA Corp.  3,547 3,204,927
   
  Shares Value 
Broadcom, Inc.  1,100 $1,457,951
Meta Platforms, Inc. Class A  2,319 1,126,060
Total United States   5,788,938
Singapore: 3.0%
Sea, Ltd. ADRa  36,916 1,982,758
Total Singapore   1,982,758
Indonesia: 2.4%
PT Bank Rakyat Indonesia Persero Tbk  4,204,100 1,604,214
Total Indonesia   1,604,214
Netherlands: 2.0%
ASML Holding NV  1,370 1,329,544
Total Netherlands   1,329,544
Brazil: 1.0%
NU Holdings, Ltd. Class Aa  54,699 652,559
Total Brazil   652,559
TOTAL COMMON EQUITIES 64,743,465
(Cost $52,162,807)    
SHORT-TERM INVESTMENTS: 1.5%  
Money Market Funds: 1.5%
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%d 1,017,847 1,017,847
(Cost $1,017,847)    
Total Investments: 98.6%   65,761,312
(Cost $53,180,654)    
CASH AND OTHER ASSETS,
LESS LIABILITIES: 1.4% 		  921,721
Net Assets: 100.0%   $66,683,033
    
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, 2024, the aggregate value is $4,104,396, which is 6.16% 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, 2024.
ADR American Depositary Receipt
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