Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Taishin Financial Holding / Index Rebalance

Taishin Financial Holding Co., Ltd. is a holding company. Through its subsidiaries, the Company conducts commercial banking business, such as deposits, loans, discount bills, guarantees, remittances, and foreign exchange transactions.

<ul>
<li>There are 8 adds and 8 deletes for the TIP Customized Taiwan Select High Dividend Index in December. The TIP Taiwan Select High Dividend ETF has an AUM of US$13bn.</li>
<li>The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.</li>
<li>There are a few surprises and those stocks could outperform peers over the rest of the trading period.</li>
</ul>


There are 8 adds and 8 deletes for the TIP Customized Taiwan Select High Dividend Index in December. The TIP Taiwan Select High Dividend ETF has an AUM of US$13bn.
The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.
There are a few surprises and those stocks could outperform peers over the rest of the trading period.


TIP Customized Taiwan Select High Dividend Index Rebalance: US$7bn Trade over the Next Week

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

The FTSE/JSE Top40 Index is a capitalization weighted index. Companies included in this index are the 40 largest companies by market capitalization included in the FTSE/JSE All Shares Index. The index was developed with a base value of 10399.53 as of June 21, 2002.

<ul><li>JSE indices are due for rebalancing in the closing auction on Friday.</li><li>There will be no changes to the Top 40 index. GLN will be added to the RESI 10 and BHG will be deleted.</li><li>ISO will be added to ALSI (+Small Cap index), the exposure is estimated to be c 3bps of the Capped ALSI.</li></ul>

JSE indices are due for rebalancing in the closing auction on Friday.There will be no changes to the Top 40 index. GLN will be added to the RESI 10 and BHG will be deleted.ISO will be added to ALSI (+Small Cap index), the exposure is estimated to be c 3bps of the Capped ALSI.

JSE December 2025 Rebalance: No Top 40 Changes

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

G Mining Ventures Corp. acquires, explores, and develops gold mineral properties.

<ul>
<li>The MV Global Gold Miners index represents the performance of high and mid-cap gold and silver mining companies listed around the world.</li>
<li>There will be five ADDs for the December 2025 rebal event. We predicted two and the other three are surprises.</li>
<li>We expect <em>one</em>-way flow of US$4.1bn and turnover of ~15% for December 2025. Most of this is <em>re</em>-capping flows of the megacaps.</li>
</ul>


The MV Global Gold Miners index represents the performance of high and mid-cap gold and silver mining companies listed around the world.
There will be five ADDs for the December 2025 rebal event. We predicted two and the other three are surprises.
We expect one-way flow of US$4.1bn and turnover of ~15% for December 2025. Most of this is re-capping flows of the megacaps.


[Quiddity Index] MV Global Gold Miners Dec25 Rebalance Results: Five ADDs; US$4bn One-Way Flow

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Ferrovial SE is a global operator of sustainable infrastructure. The Company specializes in construction, promotion, investment, and operation of toll roads, airports, electrical transmission networks, water treatment plants, and other infrastructures. Ferrovial serves customers worldwide.

<ul>
<li>Nasdaq-100 inclusion confirmed, effective Dec 22, moving the thesis from probability to outcome and validating Ferrovial’s U.S.-centric infrastructure positioning.</li>
<li>Index inclusion should drive about $315m of passive inflows, supporting near-term demand and delivering longer-lasting benefits through improved liquidity, spreads, and U.S. investor coverage.</li>
<li>Beyond the index event, value creation remains tied to U.S. managed lanes and the JFK New Terminal One, underpinning durable EBITDA growth through 2027.</li>
</ul>


Nasdaq-100 inclusion confirmed, effective Dec 22, moving the thesis from probability to outcome and validating Ferrovial’s U.S.-centric infrastructure positioning.
Index inclusion should drive about $315m of passive inflows, supporting near-term demand and delivering longer-lasting benefits through improved liquidity, spreads, and U.S. investor coverage.
Beyond the index event, value creation remains tied to U.S. managed lanes and the JFK New Terminal One, underpinning durable EBITDA growth through 2027.


Ferrovial: Nasdaq-100 Inclusion Confirmed – From Probability to Outcome

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Medline Industries is a medical supply company, manufacturer and distributor.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medline-inc" target="_blank" data-smartkarma-citation="entities:45954:1" rel="noopener">Medline (MDLN US)</a> goes public on 17 December on Nasdaq with an estimated market cap of $40bn, 27% lower than the consensus of $55bn.</li>
<li>Inclusion in US indices is expected in March 2026, as the security meets US eligibility criteria before the lock-up expiry.</li>
<li>Inclusion in Global indices is expected in May and June 2026 with a potential delay to August due to low float cap.</li>
</ul>



Medline (MDLN US) goes public on 17 December on Nasdaq with an estimated market cap of $40bn, 27% lower than the consensus of $55bn.
Inclusion in US indices is expected in March 2026, as the security meets US eligibility criteria before the lock-up expiry.
Inclusion in Global indices is expected in May and June 2026 with a potential delay to August due to low float cap.


Medline (MDLN US): Global & US Index Inclusion; Overestimated Valuation?

Index Rebalance
Index Inclusion / Exclusions Analysis

TIP Customized Taiwan Select High Dividend Index Rebalance: US$7bn Trade over the Next Week

There are 8 adds and 8 deletes for the index. Estimated one-way turnover is 26.9% resulting in a round-trip trade of US$7bn. There are a few...

Brian Freitas

JSE December 2025 Rebalance: No Top 40 Changes

The end of an era: SWIX indices to be terminated 31 Dec 2025, methodology adopted throughout index series since the harmonisation in March 2024

DMA

[Quiddity Index] MV Global Gold Miners Dec25 Rebalance Results: Five ADDs; US$4bn One-Way Flow

The Index Provider announced last night that Zijin Gold (2259 HK) - which they had added to the MV Global Gold Miners Index last Friday - would NOT...

Travis Lundy

Ferrovial: Nasdaq-100 Inclusion Confirmed – From Probability to Outcome

Ferrovial’s Nasdaq-100 inclusion is confirmed for Dec 22, validating its U.S.-centric strategy and likely triggering ~$315m passive inflows, with...

Jesus Rodriguez Aguilar

Medline (MDLN US): Global & US Index Inclusion; Overestimated Valuation?

Medline goes public on Nasdaq with an estimated $40bn market cap - below consensus expectations - and projected US and Global index inclusions in...

Dimitris Ioannidis