ETF Evaluator:
Matthews India Active ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in India Equity Over the Last Year
| 3.1% | VanEck India Growth Ldrs ETF (GLIN) |
| 1.7% | Matthews India Active ETF (INDE) |
| -0.8% | Simplify Tara India Opportunities ETF (IOPP) |
| -1.6% | First Trust India NIFTY 50 Equal Wtd ETF (NFTY) |
| -2.0% | Columbia India Consumer ETF (INCO) |
Risk
Index
Risk
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ETF Details
Matthews India Active ETF Overview
Matthews India Active ETF (INDE) is an actively managed International Equity India Equity exchange-traded fund (ETF). Matthews Asia Funds launched the ETF in 2023.
The investment seeks long-term capital appreciation.
Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in the common stocks, preferred stocks and convertible securities, of any duration or credit quality, including those that are unrated, or would be below investment grade (referred to as “junk bonds”) if rated, of companies located in India. The fund is non-diversified.
About Matthews India Active ETF (INDE)
There are 1 members of the management team with an average tenure of 2.86 years: Peeyush Mittal (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: MSCI India NR USD index with a weighting of 100%. Matthews India Active ETF has 72 securities in its portfolio. The top 10 holdings constitute 43.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Matthews India Active ETF is part of the Equity global asset class and is within the International Equity ETF group. Matthews India Active ETF has 98.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 98.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Matthews India Active ETF has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $708 million average for the India Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
INDE Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Matthews India Active ETF expense ratio is above average compared to funds in the India Equity category. Matthews India Active ETF has an expense ratio of 0.79%, which is 14% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Matthews India Active ETF has a portfolio turnover rate of 67%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 35% for the India Equity category.
Recently, in the month of July 2026, Matthews India Active ETF returned 0.6%, which earned it a grade of F, as the India Equity category had an average return of 1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Matthews India Active ETF has a trailing yield of 1.79%, which is above the 0.82% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Matthews India Active ETF Grades
Year to date, the ETF has returned -2.1%, 4.3 percentage points better than the category, which translates into a grade of A. The fund has returned 1.7% over the past year (grade of A).
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INDE Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| INDE Return (NAV) | 0.6% | 9.2% | 1.7% | na | na | na |
| INDE Return (Price) | 0.2% | 9.8% | 3.6% | na | na | na |
| NAV +/- Price Return | 0.466% | -0.585% | -1.876% | na | na | na |
| India Equity Avg | 1.6% | 3.3% | -4.7% | 5.3% | 4.9% | 6.8% |
| INDE Grade (NAV) | F | A | A | na | na | na |
| +/- Category (NAV) | -0.9% | 5.8% | 6.4% | na | na | na |
| INDE Tax-Cost Ratio | na | na | 0.7% | na | na | na |
INDE Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| INDE Return (NAV) | -2.1% | 2.2% | 11.6% | na | na | na | na | na | na | na | na |
| INDE Return (Price) | -0.7% | 1.9% | 11.0% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.637% | -0.137% | -0.056% | na | na | na | na | na | na | na | na |
| India Equity Avg | -6.4% | 0.7% | 12.4% | 26.7% | -9.8% | 26.5% | 13.6% | -0.2% | -13.5% | 44.0% | 0.8% |
| INDE Grade (NAV) | A | C | C | na | na | na | na | na | na | na | na |
| +/- Category | 4.3% | 1.5% | -0.8% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.8% |
| Total Assets: | $ 18 Mil |
| Share Class Assets: | $ 18 Mil |
| Turnover: | 67.5% |
| Expense Ratio: | 0.79% |
| Index Fund: | No |
| Index Tracked: | MSCI India NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.9 years | |||
| Average Tenure: 2.9 years | |||
| Managers (Year): Mittal Peeyush (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 72 |
| % in Top 10 Holdings: | 43.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 98.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 98.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Matthews Asia Funds |
| Phone Number: | 833-228-5605 |
| Website: | www.matthewsasia.com/ |
| Inception Date: | September 21, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.79% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.69% |
