| Matthews India Active ETF | March 31, 2024 |
| COMMON EQUITIES: 95.8% | ||
| Shares | Value | |
| Financials: 31.3% | ||
| Banks: 20.4% | ||
| ICICI Bank, Ltd. | 27,084 | $355,037 |
| HDFC Bank, Ltd. | 20,377 | 353,753 |
| IndusInd Bank, Ltd. | 10,659 | 198,476 |
| Axis Bank, Ltd. | 12,918 | 162,198 |
| Federal Bank, Ltd. | 72,913 | 131,309 |
| Kotak Mahindra Bank, Ltd. | 4,789 | 102,524 |
| State Bank of India | 7,172 | 64,696 |
| 1,367,993 | ||
| Consumer Finance: 8.3% | ||
| Shriram Finance, Ltd. | 11,801 | 333,955 |
| Bajaj Finance, Ltd. | 1,584 | 137,604 |
| Cholamandalam Investment and Finance Co., Ltd. | 5,827 | 80,807 |
| 552,366 | ||
| Financial Services: 1.5% | ||
| Jio Financial Services, Ltd.a | 15,711 | 66,638 |
| LIC Housing Finance, Ltd. | 4,576 | 33,521 |
| 100,159 | ||
| Insurance: 1.1% | ||
| PB Fintech, Ltd.a | 5,640 | 76,026 |
| Total Financials | 2,096,544 | |
| Consumer Discretionary: 14.4% | ||
| Automobiles: 5.4% | ||
| Bajaj Auto, Ltd. | 1,232 | 135,134 |
| TVS Motor Co., Ltd. | 4,472 | 115,381 |
| Maruti Suzuki India, Ltd. | 746 | 112,705 |
| 363,220 | ||
| Hotels, Restaurants & Leisure: 4.0% | ||
| Zomato, Ltd.a | 79,111 | 172,730 |
| Restaurant Brands Asia, Ltd.a | 48,288 | 58,622 |
| SAMHI Hotels, Ltd.a | 13,178 | 33,402 |
| 264,754 | ||
| Automobile Components: 2.0% | ||
| Sona Blw Precision Forgings, Ltd.b,c | 8,200 | 69,408 |
| Alicon Castalloy, Ltd. | 6,725 | 66,429 |
| 135,837 | ||
| Textiles, Apparel & Luxury Goods: 1.8% | ||
| Titan Co., Ltd. | 2,672 | 121,800 |
| Specialty Retail: 1.2% | ||
| Trent, Ltd. | 1,064 | 50,366 |
| Shankara Building Products, Ltd. | 3,965 | 30,481 |
| 80,847 | ||
| Total Consumer Discretionary | 966,458 | |
| Industrials: 11.4% | ||
| Machinery: 5.1% | ||
| Thermax, Ltd. | 3,699 | 185,936 |
| Cummins India, Ltd. | 4,238 | 152,759 |
| 338,695 | ||
| Shares | Value | |
| Electrical Equipment: 1.9% | ||
| Bharat Heavy Electricals, Ltd. | 41,976 | $124,464 |
| Construction & Engineering: 1.5% | ||
| Voltas, Ltd. | 7,693 | 101,791 |
| Air Freight & Logistics: 1.4% | ||
| Delhivery, Ltd.a | 17,196 | 91,864 |
| Professional Services: 0.5% | ||
| Latent View Analytics, Ltd.a | 6,092 | 37,088 |
| Transportation Infrastructure: 0.5% | ||
| Gujarat Pipavav Port, Ltd. | 14,217 | 36,232 |
| Building Products: 0.5% | ||
| Astral, Ltd. | 1,365 | 32,589 |
| Total Industrials | 762,723 | |
| Information Technology: 10.7% | ||
| IT Services: 9.0% | ||
| Infosys, Ltd. | 16,111 | 289,381 |
| Tata Consultancy Services, Ltd. | 4,443 | 206,498 |
| HCL Technologies, Ltd. | 2,536 | 46,934 |
| Persistent Systems, Ltd. | 686 | 32,774 |
| Coforge, Ltd. | 423 | 27,907 |
| 603,494 | ||
| Software: 1.1% | ||
| Newgen Software Technologies, Ltd. | 7,494 | 71,451 |
| Electronic Equipment, Instruments & Components: 0.6% | ||
| Kaynes Technology India, Ltd.a | 1,231 | 42,389 |
| Total Information Technology | 717,334 | |
| Health Care: 9.7% | ||
| Pharmaceuticals: 6.3% | ||
| Neuland Laboratories, Ltd. | 1,643 | 124,544 |
| Sun Pharmaceutical Industries, Ltd. | 5,420 | 105,313 |
| Lupin, Ltd. | 5,093 | 98,730 |
| Dr. Reddy’s Laboratories, Ltd. | 1,293 | 95,467 |
| 424,054 | ||
| Health Care Equipment & Supplies: 1.7% | ||
| Poly Medicure, Ltd. | 5,806 | 110,631 |
| Health Care Providers & Services: 1.2% | ||
| Metropolis Healthcare, Ltd.b,c | 3,825 | 79,048 |
| Life Sciences Tools & Services: 0.5% | ||
| Divi’s Laboratories, Ltd. | 758 | 31,312 |
| Total Health Care | 645,045 | |
| Consumer Staples: 7.1% | ||
| Personal Care Products: 3.0% | ||
| Godrej Consumer Products, Ltd. | 7,776 | 116,711 |
| Honasa Consumer, Ltd.a | 17,275 | 83,348 |
| 200,059 | ||
| Matthews India Active ETF | March 31, 2024 |
| COMMON EQUITIES (continued) | ||
| Shares | Value | |
| Food Products: 2.6% | ||
| Nestle India, Ltd. | 3,418 | $107,469 |
| Tata Consumer Products, Ltd. | 5,259 | 69,122 |
| 176,591 | ||
| Beverages: 1.5% | ||
| Varun Beverages, Ltd. | 5,770 | 96,759 |
| Total Consumer Staples | 473,409 | |
| Energy: 7.0% | ||
| Oil, Gas & Consumable Fuels: 7.0% | ||
| Reliance Industries, Ltd. | 13,141 | 468,225 |
| Total Energy | 468,225 | |
| Materials: 1.6% | ||
| Metals & Mining: 1.0% | ||
| APL Apollo Tubes, Ltd. | 3,562 | 63,890 |
| Chemicals: 0.6% | ||
| PI Industries, Ltd. | 944 | 43,775 |
| Total Materials | 107,665 | |
| Communication Services: 1.4% | ||
| Wireless Telecommunication Services: 1.4% | ||
| Bharti Airtel, Ltd. | 6,500 | 95,751 |
| Total Communication Services | 95,751 | |
| Real Estate: 1.2% | ||
| Real Estate Management & Development: 1.2% | ||
| Sunteck Realty, Ltd. | 8,734 | 40,789 |
| Ashiana Housing, Ltd. | 11,771 | 38,664 |
| Total Real Estate | 79,453 | |
| TOTAL COMMON EQUITIES | 6,412,607 | |
| (Cost $5,722,702) | ||
| SHORT-TERM INVESTMENTS: 6.4% | ||
| Shares | Value | |
| Money Market Funds: 6.4% | ||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%d | 429,399 | $429,399 |
| (Cost $429,399) | ||
| Total Investments: 102.2% | 6,842,006 | |
| (Cost $6,152,101) | ||
| LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS: (2.2%) | (145,646) | |
| Net Assets: 100.0% | $6,696,360 | |
| 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 $148,456, which is 2.22% 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. |