MEMS (placeholder - clarify)
Financials · Asset Management & Custody Banks
MEMS is a small-cap EM active ETF run by Matthews Asia, a specialist in Asian and emerging market equities since 1991. Portfolio manager Jeremy Sutch brings small/mid-cap EM expertise honed at Standard Chartered.
Bull case:
- Small-cap EM premium historically outperforms large-cap EM over full cycles
- Active stock selection in inefficient EM small-cap universe creates alpha opportunity vs passive
- Concentrated in high-growth markets: India, Taiwan, Korea dominate top holdings
- Holdings span secular themes -- AI semiconductors ($ASPEED, $YAGEO, $ASMPT), Indian financials ($BANDHAN), and biotech ($LEGN)
- Inception-to-date +28.75% (1Y) vs benchmark -- early alpha confirmation
Bear case:
- Tiny AUM ($22.6M) creates liquidity/closure risk for an active ETF
- EM small-cap carries elevated political, FX, and liquidity risk vs developed markets
- 0.89% net expense ratio is expensive vs passive EM alternatives
- Non-diversified structure (65% small-cap + >=80% EM) concentrates drawdowns during EM risk-off
- Low daily volume (~320 shares/day) -- wide bid/ask spreads likely
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