Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Hua Nan Financial Holdings Co Ltd. / 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 September 2025.</li>
<li>There will be two ADD/DEL for T50, five separate ADDs/DELs for T100, and no changes for TDIV.</li>
<li>All of these are exactly in line with our final expectations.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th September 2025.
There will be two ADD/DEL for T50, five separate ADDs/DELs for T100, and no changes for TDIV.
All of these are exactly in line with our final expectations.


Quiddity T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th December 2024.</li>
<li>There will be one ADD/DEL for T50, five ADDs/DELs for T100, and 8 ADDs/7 DELs for TDIV. All of these are perfectly in line with our final expectations. </li>
<li>In this insight, we take a look at Quiddity's final flow expectations for the December 2024 index rebal event and potential trade ideas based on the flow dynamics.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th December 2024.
There will be one ADD/DEL for T50, five ADDs/DELs for T100, and 8 ADDs/7 DELs for TDIV. All of these are perfectly in line with our final expectations. 
In this insight, we take a look at Quiddity's final flow expectations for the December 2024 index rebal event and potential trade ideas based on the flow dynamics.


Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

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

Hua Nan Financial Holdings Co Ltd. / Event-Driven

<ul>
<li>There are 8 adds and 7 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December. We had a 100% hit rate on our forecasts.</li>
<li>Estimated one-way turnover is 22.1% resulting in a one-way trade of TWD 78.8bn (US$2.4bn). There are 16 stocks with over 5 days of ADV to trade.</li>
<li>There has been a big increase in short interest on some of the deletions and there could be some short covering the stocks closer to implementation date.</li>
</ul>


There are 8 adds and 7 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December. We had a 100% hit rate on our forecasts.
Estimated one-way turnover is 22.1% resulting in a one-way trade of TWD 78.8bn (US$2.4bn). There are 16 stocks with over 5 days of ADV to trade.
There has been a big increase in short interest on some of the deletions and there could be some short covering the stocks closer to implementation date.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: 15 Changes, 44% Turnover, US$4.8bn Trade, BIG Impact

Cheng Shin Rubber Ind Co., Ltd. / Index Rebalance

<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>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the September 2025 index rebal event.</li>
<li>We expect no changes for the TDIV index for September 2025 rebal and we estimate the one-way capping flow to be US$591mn.</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.
In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the September 2025 index rebal event.
We expect no changes for the TDIV index for September 2025 rebal and we estimate the one-way capping flow to be US$591mn.


Quiddity Leaderboard TDIV Sep25: US$591mn One-Way Flows; High-Impact for Some Names

Tung Ho Steel Enterprise / Index Rebalance

<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>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the September 2025 index rebal event.</li>
<li>Currently, we expect no changes for the TDIV index for the September 2025 review and we estimate the one-way capping flow to be US$662mn.</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.
In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the September 2025 index rebal event.
Currently, we expect no changes for the TDIV index for the September 2025 review and we estimate the one-way capping flow to be US$662mn.


Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names

Taiwan

Hua Nan Financial Holdings Co., Ltd. is a holding company. Through its subsidiaries, the Company conducts commercial banking, savings, trust, and international banking businesses. In addition, the Group also provides insurance services and acts as a dealer, broker, and underwriter for financial securities.

Hua Nan Financial Holdings Co Ltd. (2880 TT)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hua Nan Financial Holdings Co Ltd. (2880 TT)

Quiddity T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

We expect US$866mn one-way flows for the TDIV index. There are few high-impact names with more than 3x ADV to trade. Some of the high-impact names...

Janaghan Jeyakumar, CFA

Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

The TDIV Inclusions/Exclusions will be equally-distributed over five trading days from 20th December 2024 to 26th December 2024. It is a good time...

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: 15 Changes, 44% Turnover, US$4.8bn Trade, BIG Impact

There are 8 adds/7 deletes for the Yuanta Taiwan Divi+ ETF. Estimated one-way turnover is 22.1% and one-way trade is TWD 78.8bn (US$2.4bn). There...

Brian Freitas

Quiddity Leaderboard TDIV Sep25: US$591mn One-Way Flows; High-Impact for Some Names

The top inflow name and the top outflow name have around 3x-4x ADV to trade. Some more names have more than 1x ADV to trade. Others have...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names

Assuming no index changes take place in September 2025, we estimate one-way capping flows of US$662mn. Some of these names have fairly high impacts.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

We expect US$866mn one-way flows for the TDIV index. There are few high-impact names with more than 3x ADV to trade. Some of the high-impact names...

Janaghan Jeyakumar, CFA

Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

The TDIV Inclusions/Exclusions will be equally-distributed over five trading days from 20th December 2024 to 26th December 2024. It is a good time...

Janaghan Jeyakumar, CFA

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: 15 Changes, 44% Turnover, US$4.8bn Trade, BIG Impact

There are 8 adds/7 deletes for the Yuanta Taiwan Divi+ ETF. Estimated one-way turnover is 22.1% and one-way trade is TWD 78.8bn (US$2.4bn). There...

Brian Freitas

Quiddity Leaderboard TDIV Sep25: US$591mn One-Way Flows; High-Impact for Some Names

The top inflow name and the top outflow name have around 3x-4x ADV to trade. Some more names have more than 1x ADV to trade. Others have...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names

Assuming no index changes take place in September 2025, we estimate one-way capping flows of US$662mn. Some of these names have fairly high impacts.

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: 15 Changes, 44% Turnover, US$4.8bn Trade, BIG Impact