Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

United Integrated Services / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the December 2024 index rebal event.</li>
<li>Currently, we see one change for T50 and two changes for T100 but there are four more weeks to the base date and our expectations can change until then.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the December 2024 index rebal event.
Currently, we see one change for T50 and two changes for T100 but there are four more weeks to the base date and our expectations can change until then.


Quiddity Leaderboard T50/​​​100 Dec 24: Two Important Takeaways for the TDIV Index

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2024 index rebal event.</li>
<li>I currently see 5 ADDs and 4 DELs but some of these names are different from what we had last time (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-tdiv-dec-24-5-adds-4-dels-likely-us-1-38bn-one-way" target="_blank" rel="noopener">link</a>).</li>
<li>The current estimate for one-way flow in December 2024 is US$1.54bn.</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2024 index rebal event.
I currently see 5 ADDs and 4 DELs but some of these names are different from what we had last time (link).
The current estimate for one-way flow in December 2024 is US$1.54bn.


Quiddity Leaderboard TDIV Dec 24: Trade Successful; +9.5% in Three Weeks; More Upside Possible.

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

Event-Driven

<ul>
<li>Using data from the close on 15 November, there could be 6 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.</li>
<li>There will also be capping and funding flows that will lead to a one-way turnover of 16.9% and a one-way trade of TWD 57.5bn (US$1.77bn).</li>
<li>Short interest is at the highs in most forecast deletes, while the trend is mixed among the potential inclusions.</li>
</ul>


Using data from the close on 15 November, there could be 6 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
There will also be capping and funding flows that will lead to a one-way turnover of 16.9% and a one-way trade of TWD 57.5bn (US$1.77bn).
Short interest is at the highs in most forecast deletes, while the trend is mixed among the potential inclusions.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes, Capping, US$3.5bn Trade

<ul>
<li>Using data from the close on 11 October, there could be 6 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.</li>
<li>There will also be capping and funding flows that will lead to a one-way turnover of 15% and a one-way trade of TWD 49bn (US$1.52bn)</li>
<li>Shorts have been building up in some of the forecast deletes and in a couple of the forecast adds as well.</li>
</ul>


Using data from the close on 11 October, there could be 6 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
There will also be capping and funding flows that will lead to a one-way turnover of 15% and a one-way trade of TWD 49bn (US$1.52bn)
Shorts have been building up in some of the forecast deletes and in a couple of the forecast adds as well.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: Big Impact and US$3bn Round-Trip Trade

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2024 index rebal event.</li>
<li>I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.</li>
<li>The current estimate for one-way flow in December 2024 is US$1.38bn.</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2024 index rebal event.
I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
The current estimate for one-way flow in December 2024 is US$1.38bn.


Quiddity Leaderboard TDIV Dec 24: 5 ADDs/4 DELs Likely; US$1.38bn One-Way

Taiwan

Formosa Sumco Technology Corporation specializes in testing and manufacture of Silicon chip materials.

Price Gauge
52-week Range	0.00 - 0.00
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Formosa Sumco Technology (3532 TT)

Quiddity Leaderboard T50/100 Dec 24: Two Important Takeaways for the TDIV Index

United Intergrated Services (2404 TT) has outperformed Formosa Sumco (3532 TT) by 21% since 22nd October. UIS (2404) is a T100+TDIV expected ADD...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Dec 24: Trade Successful; +9.5% in Three Weeks; More Upside Possible.

The base date for the TDIV Dec24 rebal is 25th December 2024 (next Monday). The trade suggested in this insight has been performing very well and...

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes, Capping, US$3.5bn Trade

There could be 6 adds, 5 deletes, capping and funding changes, leading to a one-way turnover of 16.9% and a round-trip trade of US$3.55bn. There...

Brian Freitas

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Big Impact and US$3bn Round-Trip Trade

The ETF could have 6 adds and 5 deletes in Dec. There will also be capping and funding flows that will lead to a one-way turnover of 15% and a...

Brian Freitas

Quiddity Leaderboard TDIV Dec 24: 5 ADDs/4 DELs Likely; US$1.38bn One-Way

The top 5 expected Inflow and Outflow names have more than 5x ADV to buy. However, the inflow names have been underperforming the outflow names for...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard T50/​​​100 Dec 24: Two Important Takeaways for the TDIV Index

United Intergrated Services (2404 TT) has outperformed Formosa Sumco (3532 TT) by 21% since 22nd October. UIS (2404) is a T100+TDIV expected ADD...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Dec 24: Trade Successful; +9.5% in Three Weeks; More Upside Possible.

The base date for the TDIV Dec24 rebal is 25th December 2024 (next Monday). The trade suggested in this insight has been performing very well and...

Janaghan Jeyakumar, CFA

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes, Capping, US$3.5bn Trade

There could be 6 adds, 5 deletes, capping and funding changes, leading to a one-way turnover of 16.9% and a round-trip trade of US$3.55bn. There...

Brian Freitas

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: Big Impact and US$3bn Round-Trip Trade

The ETF could have 6 adds and 5 deletes in Dec. There will also be capping and funding flows that will lead to a one-way turnover of 15% and a...

Brian Freitas

Quiddity Leaderboard TDIV Dec 24: 5 ADDs/4 DELs Likely; US$1.38bn One-Way

The top 5 expected Inflow and Outflow names have more than 5x ADV to buy. However, the inflow names have been underperforming the outflow names for...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Dec 24: Two Important Takeaways for the TDIV Index

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes, Capping, US$3.5bn Trade

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Big Impact and US$3bn Round-Trip Trade