Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The index changes for the T50, T100, and TDIV indices were confirmed after market close on Friday 6th March 2026.</li>
<li>There will be five ADDs/DELs for T50, five ADDs/six DELs for T100, and one DEL for TDIV.</li>
<li>All of these are exactly in line with our final expectations. The announced reserve lists for T50/T100 were also perfectly in line with rankings presented in our base date Leaderboard.</li>
</ul>


The index changes for the T50, T100, and TDIV indices were confirmed after market close on Friday 6th March 2026.
There will be five ADDs/DELs for T50, five ADDs/six DELs for T100, and one DEL for TDIV.
All of these are exactly in line with our final expectations. The announced reserve lists for T50/T100 were also perfectly in line with rankings presented in our base date Leaderboard.


Quiddity T50/100/TDIV Mar26 Results: 100% Hit Rate; US$1.7bn+ Total One-Way Flows

E.Sun Financial Holding Co / Index Rebalance

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th December 2025.</li>
<li>There will be four ADD/DELs for T50, three separate ADDs/DELs for T100, and three ADDs/DELs for TDIV. </li>
<li>All of these changes were correctly predicted except for one surprise TDIV addition.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th December 2025.
There will be four ADD/DELs for T50, three separate ADDs/DELs for T100, and three ADDs/DELs for TDIV. 
All of these changes were correctly predicted except for one surprise TDIV addition.


Quiddity TDIV/50/100 Dec 25 Results: 19/20 Correctly Predicted; ~US$3bn Combined One-Way Flows

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

Teco Electric & Machinery / Index Rebalance

<ul>
<li>With the review period now complete, there could be 3 constituent changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.</li>
<li>Constituent changes along with capping changes will lead to a one-way turnover of 12.7% and in a round-trip trade of TWD 125bn (US$4bn).</li>
<li>There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.</li>
</ul>


With the review period now complete, there could be 3 constituent changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
Constituent changes along with capping changes will lead to a one-way turnover of 12.7% and in a round-trip trade of TWD 125bn (US$4bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.


Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade

<ul>
<li>The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.</li>
<li>Today is the base date for the final ranks and we see four ADDs and four DELs for the December 2025 rebal.</li>
<li>We estimate one-way flow to be around US$2.2bn with many flow names having multiple days of volume to trade.</li>
</ul>


The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
Today is the base date for the final ranks and we see four ADDs and four DELs for the December 2025 rebal.
We estimate one-way flow to be around US$2.2bn with many flow names having multiple days of volume to trade.


Quiddity Leaderboard TDIV Dec25: Final Expectations: Many Changes to Rankings; Final Expectations

<ul>
<li>Following multiple amendments to the methodology, there could be 4 changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.</li>
<li>Constituent changes along with capping changes will lead to a one-way turnover of 18.1% and in a round-trip trade of TWD 173.2bn (US$5.56bn).</li>
<li>There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.</li>
</ul>


Following multiple amendments to the methodology, there could be 4 changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
Constituent changes along with capping changes will lead to a one-way turnover of 18.1% and in a round-trip trade of TWD 173.2bn (US$5.56bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.


Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Four Changes; US$5.6bn Trade

Taiwan

Evergreen Aviation Technologies Corporation provides aircraft maintenance solutions. The Company offers aircraft maintenance, repair, and overhaul services. Evergreen Aviation Technologies serves airline companies.

Evergreen Aviation Technologies (2645 TT)

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Evergreen Aviation Technologies (2645 TT)

Quiddity T50/100/TDIV Mar26 Results: 100% Hit Rate; US$1.7bn+ Total One-Way Flows

Yulon Finance (9941 TT) is confirmed as a TDIV DEL because it is a T100 DEL which makes it ineligible for the TDIV index. There could be more than...

Janaghan Jeyakumar, CFA

Quiddity TDIV/50/100 Dec 25 Results: 19/20 Correctly Predicted; ~US$3bn Combined One-Way Flows

For T50, T100, and TDIV indices, we expect the combined one-way flow to be around US$3bn during the December 2025 index rebal event. There are...

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade

There could be 3 changes for the ETF in Dec. Estimated one-way turnover is 12.7% and round-trip trade is TWD 125bn (US$4bn). There will be same-way...

Brian Freitas

Quiddity Leaderboard TDIV Dec25: Final Expectations: Many Changes to Rankings; Final Expectations

The top 5 inflow names have more than 9x ADV to trade and top 5 outflow names have more the 2x ADV to trade. The official index changes will be...

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Four Changes; US$5.6bn Trade

There could be 4 changes in Dec. Estimated one-way turnover is 18.1% and round-trip trade is US$5.56bn. Some stocks will have same-way or opposite...

Brian Freitas

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