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

Aspen Group is a property company specializing in the investment, ownership and management of high yielding commercial properties including tourism and caravan parks.  The Group also provides fund management services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aspen-group" target="_blank" data-smartkarma-citation="entities:20680:1" rel="noopener">Aspen Group (APZ AU)</a> will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.</li>
<li>Estimated passive buying in <a href="https://www.smartkarma.com/entities/aspen-group" target="_blank" data-smartkarma-citation="entities:20680:1" rel="noopener">Aspen Group (APZ AU)</a> is U$21m and positioning in the stock could continue to build in the next few days.</li>
<li>Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.</li>
</ul>



Aspen Group (APZ AU) will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.
Estimated passive buying in Aspen Group (APZ AU) is U$21m and positioning in the stock could continue to build in the next few days.
Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.


Aspen Group (APZ AU): Global Sector Index Inclusion

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Pan African Resources PLC engages in the exploration and mining of gold and platinum-group element (PGE) properties in South Africa. The company operates through five segments: Barberton Mines, Evander Mines, Phoenix Platinum, Corporate and Growth Projects, and Funding Company. Its PGE properties comprise platinum, palladium, rhodium, iridium, and ruthenium deposits. The company?s assets include Barberton Mines comprising three gold mines and the Barberton Tailings Retreatment Plant, as well as Evander Mines consisting of a gold mine and the Evander Tailings Treatment Plant in Mpumalanga; and Phoenix Platinum, a Chrome Tailing Retreatment Plant located in Rustenburg, South Africa. It also provides funding services. The company was incorporated in 2000 and is based in Johannesburg, South Africa.

<ul><li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.</li><li>The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.</li><li>Based on the current numbers, we see one change for the F100 index and four changes for the F250 index in December 2025.</li></ul>

In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.Based on the current numbers, we see one change for the F100 index and four changes for the F250 index in December 2025.

Quiddity Leaderboard F100/F250 Dec25: One F100 ADD, Four F250 ADDs Likely; One Day to Base Date

CMOC Group Limited operates as a mineral mining and exploration company. The Company focuses on non-ferrous metal mining. CMOC Group specializes in mining and trading of base and rare metals.

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<li>
<a href="https://www.smartkarma.com/entities/cmoc-group-ltd" target="_blank" data-smartkarma-citation="entities:28168:1" rel="noopener">CMOC (603993 CH)</a> and <a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power Supply (300274 CH)</a> will replace <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> and <a href="https://www.smartkarma.com/entities/bank-of-jiangsu-co-ltd" target="_blank" data-smartkarma-citation="entities:27216:1" rel="noopener">Bank of Jiangsu (600919 CH)</a> in the ETFs at the close on 19 December.</li>
<li>Passive trackers will need to trade between 0.1-0.5 days of ADV in the constituent changes.</li>
<li>The adds have outperformed the deletes by a big margin over the last 6 months. After a period of underperformance in November, the adds have started moving higher again.</li>
</ul>



CMOC (603993 CH) and Sungrow Power Supply (300274 CH) will replace S.F. Holding (002352 CH) and Bank of Jiangsu (600919 CH) in the ETFs at the close on 19 December.
Passive trackers will need to trade between 0.1-0.5 days of ADV in the constituent changes.
The adds have outperformed the deletes by a big margin over the last 6 months. After a period of underperformance in November, the adds have started moving higher again.


China A50 ETF Rebalance: Two Sets of Changes

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.

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.</li>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.</li>
<li>The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.</li>
</ul>



Marvell Technology (MRVL US) became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.

Marvell Technology (MRVL US) experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.
The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.


Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

Contemporary Amperex Technology (CATL) / Index Rebalance

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (3750 HK)

<ul>
<li>As forecast, there will be 3 constituent changes for the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI US)</a> at the close of trading on 19 December.</li>
<li>Two of the inclusions will also have inflows from the FGlobal Index at the same time, while the third is an <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a> add at the close tomorrow.</li>
<li>The HA premiums for <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> dropped prior to lock-up expiry and there could be a short-term premium expansion closer to index/ETF inclusion.</li>
</ul>


As forecast, there will be 3 constituent changes for the iShares China Large-Cap (FXI US) at the close of trading on 19 December.
Two of the inclusions will also have inflows from the FGlobal Index at the same time, while the third is an HSCEI INDEX add at the close tomorrow.
The HA premiums for CATL (3750 HK) and Jiangsu Hengrui Pharmaceuticals (1276 HK) dropped prior to lock-up expiry and there could be a short-term premium expansion closer to index/ETF inclusion.


FXI Rebalance: 3 Changes as H/A Premium Trades Back in Focus