MINV
Matthews Asia Innovators Active ETF
MINV is actively managed to hold stocks of innovative companies in Asia. Holdings are fundamentally screened for sustainable growth.
International
EQUITY
Rules-Based
MANAGEMENT STYLE
79 bp
EXPENSES
$68.2 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Matthews International Capital Man |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 13, 2022 |
| Assets (mns) | $68 |
| Expense ratio | 79 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TAIWAN SEMICONDUCTOR MANUFAC | 10.1 % |
| TENCENT HOLDINGS LTD | 5.5 % |
| SAMSUNG ELECTRONICS CO LTD | 5.1 % |
| SEA LTD. (SINGAPORE) SPONSORED ADR CLASS | 4.7 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 4.6 % |
| RELIANCE INDS-SPONS GDR 144A | 4.1 % |
| HYNIX SEMICONDUCTOR INC | 3.6 % |
| ZOMATO LTD. | 3.6 % |
| TRIP.COM GROUP LTD. SPONSORED ADR | 3.0 % |
| MEITUAN DIANPING | 2.6 % |
Constituent Breakdown
| Number of holdings | 62 |
| Herfindahl-Hirschman Index | 333 |
| Wgt avg mkt cap (mns) | $192,614 |
| Large cap (>$10bn) | 87.6% |
| Mid cap ($2-10bn) | 12.4% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 14.7% |
| Emerging mkts. | 85.3% |
Country Exposure
 |
CHINA | 30.7 % |
 |
TAIWAN | 22.3 % |
 |
INDIA | 20.5 % |
 |
SOUTH KOREA | 10.7 % |
 |
SINGAPORE | 5.2 % |
 |
JAPAN | 3.0 % |
 |
UNITED STATES | 1.6 % |
 |
NETHERLANDS | 1.1 % |
 |
CAYMAN ISLANDS | 1.0 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 12.8% | 12.4% | -- | -- | -- | -- | 3.3% | Volatility | 16.6% | 17.4% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.94 | 35% |
| MSCI EAFE | 1.07 | 51% |
| MSCI Emg Mkts | 1.32 | 94% |
Liquidity Measures
| Avg. volume (000) | 4 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.30% |
| ADV of underlying (mns) | $14,462 |
Technical Indicators
| Recent close | $25.72 |
| 30d moving avg. | $27.46 |
| Annualized volatility | 27.5% |
| Relative strength (RSI) | 58 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. MINV |
Expenses vs. MINV |
ALTAR Score™ vs. MINV |
|---|---|---|---|---|
| MEM | Matthews Emerging Markets Equity Active ETF | 43.6% | 0 bp | +4.8% |
| AIA | iShares Asia 50 ETF | 36.9% | -29 bp | +5.7% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 35.5% | -30 bp | +5.6% |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | 33.9% | -9 bp | +5.3% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 32.6% | -64 bp | +6.3% |
| XSOE | WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 32.0% | -47 bp | +5.3% |
| JEMA | JPMorgan ActiveBuilders Emerging Markets Equity ETF | 31.8% | -46 bp | +6.1% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 31.3% | -49 bp | +6.4% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 31.1% | -13 bp | +5.8% |
| DEHP | Dimensional Emerging Markets High Profitability ETF | 30.9% | -38 bp | +5.6% |
Risk and Returns: MINV vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
MINV
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
MINV
1.0%
Cat. Avg
7.2%
Fund Category: International
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 1.0% |
Recommendation
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
Category Overview
There are 258 funds in the International category, with an average ALTAR Score™
of 7.2% and a standard deviation of
2.4%. MINV's ALTAR Score™ is approximately
2.5 standard deviations
below
the category average. This places MINV in the 1st percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
MINV
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based International Equity ETFs |
| # of ETFs | 152 |
| Avg. Expense Ratio | 42.9 bp |
| Std. Deviation | 24.3 bp |
| MINV (79 bp) Percentile rank | 93 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| MINV | 79.0 | 30.0 | 109 |
| Peer Avg. | 69.6 | 66.4 | 136.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .