UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-08510
(Exact name of registrant as specified in charter)
Four Embarcadero Center, Suite 550
San Francisco, CA 94111
(Address of principal executive offices) (Zip code)
Mark W. Headley, President
Four Embarcadero Center, Suite 550
San Francisco, CA 94111
(Name and address of agent for service)
Registrant's telephone number, including area code:
415-788-7553
Date of fiscal year end:
December 31
Date of reporting period:
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Samsung Electronics Co., Ltd. | |
| NetEase, Inc. | |
| Hana Financial Group, Inc. | |
| Alibaba Group Holding, Ltd. | |
| HDFC Bank, Ltd. | |
| Shriram Finance, Ltd. | |
| Itau Unibanco Holding SA | |
| China Construction Bank Corp. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Equity Fund
MIEFX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Samsung Electronics Co., Ltd. | |
| NetEase, Inc. | |
| Hana Financial Group, Inc. | |
| Alibaba Group Holding, Ltd. | |
| HDFC Bank, Ltd. | |
| Shriram Finance, Ltd. | |
| Itau Unibanco Holding SA | |
| China Construction Bank Corp. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Equity Fund
MEGMX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Bandhan Bank, Ltd. | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Meituan | |
| Legend Biotech Corp. | |
| JD Health International, Inc. | |
| Indus Towers, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| YDUQS Participacoes SA | |
| Full Truck Alliance Co., Ltd. | |
| Swiggy, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Sustainable Future Fund
MISFX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Bandhan Bank, Ltd. | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Meituan | |
| Legend Biotech Corp. | |
| JD Health International, Inc. | |
| Indus Towers, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| YDUQS Participacoes SA | |
| Full Truck Alliance Co., Ltd. | |
| Swiggy, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Sustainable Future Fund
MASGX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Bandhan Bank, Ltd. | |
| Hugel, Inc. | |
| Legend Biotech Corp. | |
| YDUQS Participacoes SA | |
| We Buy Cars Holdings, Ltd. | |
| Grupo SBF SA | |
| Cartrade Tech, Ltd. | |
| Elite Material Co., Ltd. | |
| Radico Khaitan, Ltd. | |
| Full Truck Alliance Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Small Companies Fund
MISMX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Bandhan Bank, Ltd. | |
| Hugel, Inc. | |
| Legend Biotech Corp. | |
| YDUQS Participacoes SA | |
| We Buy Cars Holdings, Ltd. | |
| Grupo SBF SA | |
| Cartrade Tech, Ltd. | |
| Elite Material Co., Ltd. | |
| Radico Khaitan, Ltd. | |
| Full Truck Alliance Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Small Companies Fund
MSMLX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Sea, Ltd. | |
| Eternal, Ltd. | |
| Sony Group Corp. | |
| Hitachi, Ltd. | |
| Mitsubishi UFJ Financial Group, Inc. | |
| Samsung Electronics Co., Ltd. | |
| MakeMyTrip, Ltd. | |
| Tokyo Electron, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Growth Fund
MIAPX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Sea, Ltd. | |
| Eternal, Ltd. | |
| Sony Group Corp. | |
| Hitachi, Ltd. | |
| Mitsubishi UFJ Financial Group, Inc. | |
| Samsung Electronics Co., Ltd. | |
| MakeMyTrip, Ltd. | |
| Tokyo Electron, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Growth Fund
MPACX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| China Merchants Bank Co., Ltd. | |
| KB Financial Group, Inc. | |
| Samsung Electronics Co., Ltd. | |
| SK Hynix, Inc. | |
| Bharti Airtel, Ltd. | |
| Eternal, Ltd. | |
| Sea, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Pacific Tiger Fund
MIPTX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| China Merchants Bank Co., Ltd. | |
| KB Financial Group, Inc. | |
| Samsung Electronics Co., Ltd. | |
| SK Hynix, Inc. | |
| Bharti Airtel, Ltd. | |
| Eternal, Ltd. | |
| Sea, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Pacific Tiger Fund
MAPTX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Sea, Ltd. | |
| Eternal, Ltd. | |
| Samsung Electronics Co., Ltd. | |
| MakeMyTrip, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| PDD Holdings, Inc. | |
| SK Hynix, Inc. | |
| Xiaomi Corp. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Innovators Fund
MITEX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Sea, Ltd. | |
| Eternal, Ltd. | |
| Samsung Electronics Co., Ltd. | |
| MakeMyTrip, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| PDD Holdings, Inc. | |
| SK Hynix, Inc. | |
| Xiaomi Corp. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Innovators Fund
MATFX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Tencent Holdings, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| China Merchants Bank Co., Ltd. | |
| China Construction Bank Corp. | |
| JD.com, Inc. | |
| PDD Holdings, Inc. | |
| Ping An Insurance Group Co. of China, Ltd. | |
| Meituan | |
| New China Life Insurance Co., Ltd. | |
| DiDi Global, Inc. ADR | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Fund
MICFX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Tencent Holdings, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| China Merchants Bank Co., Ltd. | |
| China Construction Bank Corp. | |
| JD.com, Inc. | |
| PDD Holdings, Inc. | |
| Ping An Insurance Group Co. of China, Ltd. | |
| Meituan | |
| New China Life Insurance Co., Ltd. | |
| DiDi Global, Inc. ADR | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Fund
MCHFX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| NetEase Cloud Music, Inc. | |
| Hongfa Technology Co., Ltd. | |
| Atour Lifestyle Holdings, Ltd. | |
| DPC Dash, Ltd. | |
| ACM Research, Inc. | |
| Full Truck Alliance Co., Ltd. | |
| Yantai Jereh Oilfield Services Group Co., Ltd. | |
| Tongcheng Travel Holdings, Ltd. | |
| Zhejiang Shuanghuan Driveline Co., Ltd. | |
| Kanzhun, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Small Companies Fund
MICHX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| NetEase Cloud Music, Inc. | |
| Hongfa Technology Co., Ltd. | |
| Atour Lifestyle Holdings, Ltd. | |
| DPC Dash, Ltd. | |
| ACM Research, Inc. | |
| Full Truck Alliance Co., Ltd. | |
| Yantai Jereh Oilfield Services Group Co., Ltd. | |
| Tongcheng Travel Holdings, Ltd. | |
| Zhejiang Shuanghuan Driveline Co., Ltd. | |
| Kanzhun, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Small Companies Fund
MCSMX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| HDFC Bank, Ltd. | |
| ICICI Bank, Ltd. | |
| Eternal, Ltd. | |
| Shriram Finance, Ltd. | |
| Reliance Industries, Ltd. | |
| Swiggy, Ltd. | |
| Bharti Airtel, Ltd. | |
| Bajaj Finance, Ltd. | |
| Infosys, Ltd. | |
| Mahindra & Mahindra, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews India Fund
MIDNX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| HDFC Bank, Ltd. | |
| ICICI Bank, Ltd. | |
| Eternal, Ltd. | |
| Shriram Finance, Ltd. | |
| Reliance Industries, Ltd. | |
| Swiggy, Ltd. | |
| Bharti Airtel, Ltd. | |
| Bajaj Finance, Ltd. | |
| Infosys, Ltd. | |
| Mahindra & Mahindra, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews India Fund
MINDX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Sony Group Corp. | |
| Tokio Marine Holdings, Inc. | |
| Mitsubishi UFJ Financial Group, Inc. | |
| Hitachi, Ltd. | |
| Tokyo Electron, Ltd. | |
| NEC Corp. | |
| Ajinomoto Co., Inc. | |
| Shin-Etsu Chemical Co., Ltd. | |
| Mitsui Fudosan Co., Ltd. | |
| ITOCHU Corp. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Japan Fund
MIJFX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Sony Group Corp. | |
| Tokio Marine Holdings, Inc. | |
| Mitsubishi UFJ Financial Group, Inc. | |
| Hitachi, Ltd. | |
| Tokyo Electron, Ltd. | |
| NEC Corp. | |
| Ajinomoto Co., Inc. | |
| Shin-Etsu Chemical Co., Ltd. | |
| Mitsui Fudosan Co., Ltd. | |
| ITOCHU Corp. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Japan Fund
MJFOX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Hana Financial Group, Inc. | |
| Samsung Electronics Co., Ltd. | |
| NEC Corp. | |
| AIA Group, Ltd. | |
| ITOCHU Corp. | |
| Commonwealth Bank of Australia | |
| Hikari Tsushin, Inc. | |
| Telstra Group, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Dividend Fund
MIPIX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Hana Financial Group, Inc. | |
| Samsung Electronics Co., Ltd. | |
| NEC Corp. | |
| AIA Group, Ltd. | |
| ITOCHU Corp. | |
| Commonwealth Bank of Australia | |
| Hikari Tsushin, Inc. | |
| Telstra Group, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Dividend Fund
MAPIX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Tencent Holdings, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| Ping An Insurance Group Co. of China, Ltd. | |
| China Merchants Bank Co., Ltd. | |
| China Construction Bank Corp. | |
| Anhui Expressway Co., Ltd. | |
| China Suntien Green Energy Corp., Ltd. | |
| Industrial & Commercial Bank of China, Ltd. | |
| China Everbright Environment Group, Ltd. | |
| PetroChina Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Dividend Fund
MICDX 0625
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings
| Tencent Holdings, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| Ping An Insurance Group Co. of China, Ltd. | |
| China Merchants Bank Co., Ltd. | |
| China Construction Bank Corp. | |
| Anhui Expressway Co., Ltd. | |
| China Suntien Green Energy Corp., Ltd. | |
| Industrial & Commercial Bank of China, Ltd. | |
| China Everbright Environment Group, Ltd. | |
| PetroChina Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Dividend Fund
MCDFX 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews Emerging Markets Equity Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| HDFC Bank, Ltd. | |
| NetEase, Inc. | |
| JD.com, Inc. | |
| Itau Unibanco Holding SA | |
| Samsung Electronics Co., Ltd. | |
| Alibaba Group Holding, Ltd. | |
| Hana Financial Group, Inc. | |
| China Merchants Bank Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Equity Active ETF
MEM 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews Emerging Markets ex China Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Samsung Electronics Co., Ltd. | |
| HDFC Bank, Ltd. | |
| ICICI Bank, Ltd. | |
| Bandhan Bank, Ltd. | |
| PT Indosat Tbk | |
| NAVER Corp. | |
| SK Hynix, Inc. | |
| Grab Holdings, Ltd. | |
| Bharti Airtel, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets ex China Active ETF
MEMX 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews Emerging Markets Sustainable Future Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| Bandhan Bank, Ltd. | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Meituan | |
| Legend Biotech Corp. | |
| JD Health International, Inc. | |
| Indus Towers, Ltd. | |
| Full Truck Alliance Co., Ltd. | |
| YDUQS Participacoes SA | |
| Elite Material Co., Ltd. | |
| Swiggy, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Sustainable Future Active ETF
EMSF 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews Asia Innovators Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Sea, Ltd. | |
| Eternal, Ltd. | |
| Samsung Electronics Co., Ltd. | |
| MakeMyTrip, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| PDD Holdings, Inc. | |
| SK Hynix, Inc. | |
| Xiaomi Corp. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Innovators Active ETF
MINV 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews Pacific Tiger Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| China Merchants Bank Co., Ltd. | |
| Alibaba Group Holding, Ltd. | |
| KB Financial Group, Inc. | |
| Samsung Electronics Co., Ltd. | |
| Bharti Airtel, Ltd. | |
| SK Hynix, Inc. | |
| Sea, Ltd. | |
| Eternal, Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Pacific Tiger Active ETF
ASIA 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews China Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| Tencent Holdings, Ltd. | |
| Alibaba Group Holding, Ltd. | |
| China Merchants Bank Co., Ltd. | |
| China Construction Bank Corp. | |
| JD.com, Inc. | |
| PDD Holdings, Inc. | |
| Meituan | |
| Ping An Insurance Group Co. of China, Ltd. | |
| DiDi Global, Inc. ADR | |
| New China Life Insurance Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Active ETF
MCH 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews India Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| HDFC Bank, Ltd. | |
| ICICI Bank, Ltd. | |
| Eternal, Ltd. | |
| Shriram Finance, Ltd. | |
| Bajaj Finance, Ltd. | |
| Swiggy, Ltd. | |
| Reliance Industries, Ltd. | |
| Infosys, Ltd. | |
| Bharti Airtel, Ltd. | |
| Cholamandalam Investment and Finance Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews India Active ETF
INDE 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews Japan Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| Sony Group Corp. | |
| Tokio Marine Holdings, Inc. | |
| Mitsubishi UFJ Financial Group, Inc. | |
| Hitachi, Ltd. | |
| Tokyo Electron, Ltd. | |
| NEC Corp. | |
| Shin-Etsu Chemical Co., Ltd. | |
| Ajinomoto Co., Inc. | |
| ITOCHU Corp. | |
| Mitsui Fudosan Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Japan Active ETF
JPAN 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews Korea Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| SK Hynix, Inc. | |
| Samsung Electronics Co., Ltd. | |
| Samsung Electronics Co., Ltd., Pfd. | |
| NAVER Corp. | |
| KB Financial Group, Inc. | |
| Hana Financial Group, Inc. | |
| HD HYUNDAI MIPO | |
| SK Square Co., Ltd. | |
| KT&G Corp. | |
| Samsung Biologics Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Korea Active ETF
MKOR 0625
Listed on the
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews Asia Dividend Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Tencent Holdings, Ltd. | |
| Hana Financial Group, Inc. | |
| ITOCHU Corp. | |
| NEC Corp. | |
| AIA Group, Ltd. | |
| Ajinomoto Co., Inc. | |
| Commonwealth Bank of Australia | |
| HDFC Bank, Ltd. | |
| NetEase, Inc. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Asia Dividend Active ETF
ADVE 0625
Listed on the NASDAQ
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews China Discovery Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| NetEase Cloud Music, Inc. | |
| Hongfa Technology Co., Ltd. | |
| Atour Lifestyle Holdings, Ltd. | |
| DPC Dash, Ltd. | |
| ACM Research, Inc. | |
| Yantai Jereh Oilfield Services Group Co., Ltd. | |
| Tongcheng Travel Holdings, Ltd. | |
| Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. | |
| Zhejiang Shuanghuan Driveline Co., Ltd. | |
| Full Truck Alliance Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews China Discovery Active ETF
MCHS 0625
Listed on the NASDAQ
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthews Emerging Markets Discovery Active ETF | $ |
| * | |
Key Fund Statistics
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate for the reporting period |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
Top Ten Holdings *
| Bandhan Bank, Ltd. | |
| Hugel, Inc. | |
| Legend Biotech Corp. | |
| YDUQS Participacoes SA | |
| We Buy Cars Holdings, Ltd. | |
| Radico Khaitan, Ltd. | |
| Full Truck Alliance Co., Ltd. | |
| Grupo SBF SA | |
| Cartrade Tech, Ltd. | |
| Elite Material Co., Ltd. | |
| TOTAL |
Country Allocation
Sector Allocation
* Excludes short-term securities, if any.
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Matthews Emerging Markets Discovery Active ETF
MEMS 0625
