Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Index Rebalance

Wonik Holdings Co., Ltd / Index Rebalance

Wonik Holdings Co., Ltd manufactures, sells, and exports semiconductor processing equipment such as gas supply systems, gas purifiers, and scrubbers.  The Company's products include gas cabinets, controller composition, valve manifold boxes (VMB), a line of gas purifiers, and plasma-enhanced chemical vapor disposition (PE-CVD).

<ul>
<li>FnGuide’s December MKF500 rebalance adds Wonik Holdings (030530) to the semis bucket, clearing screens for TIGER Semiconductor TOP 10 ETF, Korea’s largest sector ETF.</li>
<li>October rebalance: Wonik IPS added at 5% weight, pulling ₩100B passive flows and ripping 15%+ as retail chased.</li>
<li>For April rebalance, Wonik Holdings’ high volume lowers theoretical passive impact, but strong retail chasing could trigger Oct 2–style price action—definitely worth monitoring.</li>
</ul>


FnGuide’s December MKF500 rebalance adds Wonik Holdings (030530) to the semis bucket, clearing screens for TIGER Semiconductor TOP 10 ETF, Korea’s largest sector ETF.
October rebalance: Wonik IPS added at 5% weight, pulling ₩100B passive flows and ripping 15%+ as retail chased.
For April rebalance, Wonik Holdings’ high volume lowers theoretical passive impact, but strong retail chasing could trigger Oct 2–style price action—definitely worth monitoring.


High-Conviction TIGER Semi Top 10 Rebal Trade from MKF500 Rebalance Cues

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Miwon Specialty Chemical / Index Rebalance

Miwon Specialty Chemical Co., Ltd. produces and supplies basic raw materials for energy curing systems. The Company produces acrylate, methacrylate monomers, oligomers, photoinitiators, and other related chemicals. Miwon Specialty Chemical serves customers in South Korea.

<ul>
<li>In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2026.</li>
<li>We provide 8 potential deletion candidates including Miwon Specialty Chemical (268280 KS), SeAH Steel Holdings (003030 KS), Asia Holdings (002030 KS), and Miwon Commercial (002840 KS).</li>
<li>Eight potential additions in KOSPI200 in June 2026 are up on average 41.7% on average in the past six months, outperforming KOSPI in the same period. </li>
</ul>


In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2026.
We provide 8 potential deletion candidates including Miwon Specialty Chemical (268280 KS), SeAH Steel Holdings (003030 KS), Asia Holdings (002030 KS), and Miwon Commercial (002840 KS).
Eight potential additions in KOSPI200 in June 2026 are up on average 41.7% on average in the past six months, outperforming KOSPI in the same period. 


An Early Look at Potential Additions and Deletions to KOSPI200 in June 2026

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

Zijin Gold is a leading gold mining company formed by combining all the gold mines of Zijin Mining (ZM), located outside of China. Leveraging ZM’s competitive advantage in management of exploration, development and operation of low-grade and refractory resources, ZG has emerged as a global leading and market-oriented gold mining company, vertically integrated through the value chain.

<ul>
<li>There are 5 additions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in December. <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> is a surprise add (as are some of the others).</li>
<li>Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.</li>
<li>The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.</li>
</ul>


There are 5 additions for the VanEck Gold Miners ETF/USA (GDX US) in December. Zijin Gold (2259 HK) is a surprise add (as are some of the others).
Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.
The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.


Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

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

Index Rebalance
Index Inclusion / Exclusions Analysis

High-Conviction TIGER Semi Top 10 Rebal Trade from MKF500 Rebalance Cues

This post flags a high-conviction trade in the TIGER Semiconductor Top 10 rebalance, taking cues from FnGuide’s MKF500 regular rebalance.

Sanghyun Park

An Early Look at Potential Additions and Deletions to KOSPI200 in June 2026

In this insight, we provide an early look at the potential additions (8) and deletions (8) to KOSPI200 rebalance in June 2026.

Douglas Kim

Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

The flows have changed following the non-inclusion of Zijin Gold in the index. With cornerstones locked up till end-March, Zijin Gold will not be...

Brian Freitas

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