| Matthews Emerging Markets Discovery Active ETF | September 30, 2024 |
| COMMON EQUITIES: 97.9% | ||
| Shares | Value | |
| China/Hong Kong: 29.0% | ||
| Full Truck Alliance Co., Ltd. ADR | 61,801 | $556,827 |
| Legend Biotech Corp. ADRb | 9,041 | 440,568 |
| Silergy Corp. | 19,000 | 280,979 |
| Flat Glass Group Co., Ltd. H Shares | 162,000 | 272,798 |
| Zhihu, Inc. ADRb | 61,806 | 237,953 |
| Medlive Technology Co., Ltd.c,d | 198,500 | 236,130 |
| Tongcheng Travel Holdings, Ltd.d | 91,600 | 235,383 |
| Airtac International Group | 8,000 | 230,800 |
| Xtep International Holdings, Ltd. | 245,500 | 190,901 |
| Beijing Capital International Airport Co., Ltd. H Sharesb | 458,000 | 170,994 |
| Ginlong Technologies Co., Ltd. A Shares | 12,500 | 148,600 |
| Ever Sunshine Services Group, Ltd.d | 440,000 | 141,616 |
| Centre Testing International Group Co., Ltd. A Shares | 57,900 | 124,117 |
| Proya Cosmetics Co., Ltd. A Shares | 5,900 | 92,808 |
| Hongfa Technology Co., Ltd. A Shares | 19,900 | 92,553 |
| Innovent Biologics, Inc.b,c,d | 15,000 | 90,956 |
| Hainan Meilan International Airport Co., Ltd. H Sharesb | 65,000 | 73,891 |
| SITC International Holdings Co., Ltd. | 26,000 | 70,293 |
| AK Medical Holdings, Ltd.c,d | 36,000 | 24,332 |
| Total China/Hong Kong | 3,712,499 | |
| India: 26.5% | ||
| Shriram Finance, Ltd. | 23,455 | 1,001,147 |
| Bandhan Bank, Ltd.c,d | 282,965 | 671,069 |
| Phoenix Mills, Ltd. | 21,382 | 470,920 |
| Finolex Cables, Ltd. | 15,881 | 267,680 |
| Radico Khaitan, Ltd. | 9,558 | 233,295 |
| UNO Minda, Ltd. | 16,945 | 222,759 |
| Cartrade Tech, Ltd.b | 13,703 | 157,705 |
| Barbeque Nation Hospitality, Ltd.b | 17,353 | 133,148 |
| Rainbow Children’s Medicare, Ltd. | 7,452 | 124,481 |
| Hindware Home Innovation, Ltd. | 19,062 | 73,665 |
| Shankara Building Products, Ltd. | 7,074 | 44,406 |
| Total India | 3,400,275 | |
| Taiwan: 10.3% | ||
| M31 Technology Corp. | 11,600 | 301,670 |
| Elite Material Co., Ltd. | 18,000 | 254,246 |
| Wiwynn Corp. | 4,000 | 216,770 |
| Poya International Co., Ltd. | 12,040 | 200,499 |
| Andes Technology Corp.b | 11,000 | 129,651 |
| AURAS Technology Co., Ltd. | 5,000 | 106,173 |
| AP Memory Technology Corp. | 6,000 | 57,542 |
| Formosa Sumco Technology Corp. | 13,000 | 56,483 |
| Total Taiwan | 1,323,034 | |
| Brazil: 7.9% | ||
| Grupo SBF SA | 126,500 | 383,277 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 217,300 | 263,754 |
| Vivara Participacoes SA | 36,600 | 180,991 |
| YDUQS Participacoes SA | 105,500 | 178,035 |
| Total Brazil | 1,006,057 | |
| Shares | Value | |
| South Korea: 7.4% | ||
| Hugel, Inc.b | 2,844 | $520,867 |
| Eugene Technology Co., Ltd. | 7,547 | 219,017 |
| Advanced Nano Products Co., Ltd. | 1,457 | 104,843 |
| Solus Advanced Materials Co., Ltd. | 8,479 | 81,049 |
| Ecopro BM Co., Ltd.b | 119 | 16,790 |
| Total South Korea | 942,566 | |
| Chile: 3.3% | ||
| Parque Arauco SA | 103,477 | 182,545 |
| Banco de Credito e Inversiones SA | 2,786 | 86,847 |
| Lundin Mining Corp. | 7,600 | 79,716 |
| Aguas Andinas SA Class A | 226,054 | 69,989 |
| Total Chile | 419,097 | |
| Saudi Arabia: 3.0% | ||
| Saudi Tadawul Group Holding Co. | 4,876 | 294,790 |
| Seera Group Holdingb | 13,777 | 88,140 |
| Total Saudi Arabia | 382,930 | |
| Poland: 2.1% | ||
| InPost SAb | 14,532 | 274,741 |
| Total Poland | 274,741 | |
| Philippines: 2.1% | ||
| GT Capital Holdings, Inc. | 19,500 | 254,027 |
| Cebu Air, Inc.b | 20,400 | 13,087 |
| Total Philippines | 267,114 | |
| Vietnam: 1.5% | ||
| FPT Corp. | 18,800 | 102,935 |
| Military Commercial Joint Stock Bank | 38,200 | 39,965 |
| Mobile World Investment Corp. | 13,800 | 38,257 |
| Nam Long Investment Corp. | 7,900 | 13,362 |
| Total Vietnam | 194,519 | |
| South Africa: 1.5% | ||
| We Buy Cars Pty, Ltd.b | 89,622 | 153,526 |
| Transaction Capital, Ltd.b | 231,815 | 39,415 |
| Total South Africa | 192,941 | |
| Indonesia: 1.2% | ||
| PT Mitra Adiperkasa Tbk | 929,900 | 108,100 |
| PT Summarecon Agung Tbk | 876,100 | 40,217 |
| Total Indonesia | 148,317 | |
| Thailand: 0.9% | ||
| Siam Wellness Group Public Co., Ltd. F Shares | 507,000 | 115,809 |
| Total Thailand | 115,809 | |
| Bangladesh: 0.5% | ||
| BRAC Bank PLC | 153,319 | 69,307 |
| Total Bangladesh | 69,307 | |
| Mexico: 0.5% | ||
| Banco del Bajio SAc,d | 26,300 | 61,745 |
| Total Mexico | 61,745 | |
| Matthews Emerging Markets Discovery Active ETF | September 30, 2024 |
| COMMON EQUITIES (continued) | ||
| Shares | Value | |
| Turkey: 0.2% | ||
| Ford Otomotiv Sanayi AS | 985 | $26,449 |
| Total Turkey | 26,449 | |
| TOTAL COMMON EQUITIES | 12,537,400 | |
| (Cost $11,858,667) | ||
| PREFERRED EQUITIES: 1.7% | ||
| Brazil: 1.7% | ||
| Banco Pan SA, Pfd. | 117,500 | 216,841 |
| Total Brazil | 216,841 | |
| TOTAL PREFERRED EQUITIES | 216,841 | |
| (Cost $199,811) | ||
| SHORT-TERM INVESTMENTS: 0.9% | ||
| Money Market Funds: 0.9% | ||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.81%e | 112,684 | 112,684 |
| (Cost $112,684) | ||
| Total Investments: 100.5% | 12,866,925 | |
| (Cost $12,171,162) | ||
| LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS: (0.5%) | (61,975) | |
| Net Assets: 100.0% | $12,804,950 | |
| 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, 2024, the aggregate value is $1,084,232, which is 8.47% 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, 2024. |
| ADR | American Depositary Receipt |
| Pfd. | Preferred |
