Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

<ul>
<li>FnGuide announced that Mirae Asset TIGER Semiconductor TOP 10 ETF, which operates based on its FnGuide's own index, surpassed 3 trillion won in net assets.</li>
<li>In this insight, we discuss the impact of this change on FnGuide Semiconductor Top10 Index Rebalance in April 2026. </li>
<li>ISC Co Ltd (095340 KS) is a potential inclusion candidate (borderline) in the FnGuide Semiconductor Top10 Index Rebalance in April 2026.</li>
</ul>


FnGuide announced that Mirae Asset TIGER Semiconductor TOP 10 ETF, which operates based on its FnGuide's own index, surpassed 3 trillion won in net assets.
In this insight, we discuss the impact of this change on FnGuide Semiconductor Top10 Index Rebalance in April 2026. 
ISC Co Ltd (095340 KS) is a potential inclusion candidate (borderline) in the FnGuide Semiconductor Top10 Index Rebalance in April 2026.


TIGER Semiconductor TOP 10 ETF > 3 Trillion Won in AUM: Impact on FnGuide Index's Next Rebalance

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.

<ul>
<li>TIGER signaled via local channels yesterday they’ll stick to methodology and proceed with the April 10 rebalance, effectively locking in the adds/drops.</li>
<li>March screening: 44 MKF500 semi names ranked by avg daily mcap for top 10. ISC in / Dongjin out is locked; no red flags for ISC.</li>
<li>Passive flow estimates: ETF &gt;KRW 8tn AUM. ISC/Dongjin show super chunky flows; Hynix 25% cap reset drives smaller-cap inflows. These under-owned names may see sharp moves.</li>
</ul>


TIGER signaled via local channels yesterday they’ll stick to methodology and proceed with the April 10 rebalance, effectively locking in the adds/drops.
March screening: 44 MKF500 semi names ranked by avg daily mcap for top 10. ISC in / Dongjin out is locked; no red flags for ISC.
Passive flow estimates: ETF &gt;KRW 8tn AUM. ISC/Dongjin show super chunky flows; Hynix 25% cap reset drives smaller-cap inflows. These under-owned names may see sharp moves.


TIGER Confirmed It Will Run the April 10 FnGuide Top 10 Semis Rebalance Strictly by the Book

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

<ul>
<li>With the averaging period for the April rebalance almost complete, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/mirae-asset-tiger-fn-semiconductor-top-10-etf" target="_blank" data-smartkarma-citation="entities:36845:1" rel="noopener">Mirae Asset TIGER Fn Semiconductor Top 10 (396500 KS)</a>'s AUM has topped US$5.5bn and the ETF will need to trade a VERY significant portion of float for the add/delete.</li>
<li>The forecast add has outperformed the forecast delete by 50% over the last month but positioning does not appear to be stretched in the stocks.</li>
</ul>


With the averaging period for the April rebalance almost complete, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.

Mirae Asset TIGER Fn Semiconductor Top 10 (396500 KS)'s AUM has topped US$5.5bn and the ETF will need to trade a VERY significant portion of float for the add/delete.
The forecast add has outperformed the forecast delete by 50% over the last month but positioning does not appear to be stretched in the stocks.


FnGuide Semiconductor Top10 Index Rebalance Preview: VERY Significant Impact for the Changes

<ul>
<li>With the averaging period for the April rebalance starting in one week, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/mirae-asset-tiger-fn-semiconductor-top-10-etf" target="_blank" data-smartkarma-citation="entities:36845:1" rel="noopener">Mirae Asset TIGER Fn Semiconductor Top 10 ETF (396500 KS)</a>'s AUM has soared over the last few months to top US$4bn and that increases the flow and impact. </li>
<li>Based on the passive assets tracking the index, there will be between 3.4-4x ADV to trade in the forecast changes. Plus, a big impact due to the funding trade.</li>
</ul>


With the averaging period for the April rebalance starting in one week, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.

Mirae Asset TIGER Fn Semiconductor Top 10 ETF (396500 KS)'s AUM has soared over the last few months to top US$4bn and that increases the flow and impact. 
Based on the passive assets tracking the index, there will be between 3.4-4x ADV to trade in the forecast changes. Plus, a big impact due to the funding trade.


FnGuide Semiconductor Top10 Index Rebalance Preview: Soaring AUM Increases Flow & Impact

<ul>
<li>Checked around, ISC isn’t getting skipped. Passes market cap screen → inclusion locked, even if passive flows spike. Semiconductor biz + index fit</li>
<li>ISC’s basically locked in. ₩1T market cap gap vs Wonik Holdings, diverging price action. AI semi cycle 2nd leg favors ISC; borderline names tricky, focus outright on ISC.</li>
<li>Wonik IPS spiked 15% on rebalance, ~20% pre-run. ISC stretched but 2nd-leg AI semi setup + 5% passive inflows, tight float → potential IPS-like move.</li>
</ul>


Checked around, ISC isn’t getting skipped. Passes market cap screen → inclusion locked, even if passive flows spike. Semiconductor biz + index fit
ISC’s basically locked in. ₩1T market cap gap vs Wonik Holdings, diverging price action. AI semi cycle 2nd leg favors ISC; borderline names tricky, focus outright on ISC.
Wonik IPS spiked 15% on rebalance, ~20% pre-run. ISC stretched but 2nd-leg AI semi setup + 5% passive inflows, tight float → potential IPS-like move.


ISC Set to Join Semicon TOP10 ETF: Passive Flows & AI Cycle Could Spark Wonik IPS-Like Move

South Korea

ISC Co., Ltd. manufactures semiconductor testing equipments such as test sockets, burn-in sockets, and interposers. Testing equipments are used in the final testing process of semiconductors including DRAM, NAND/NOR Flash Memory, and Graphic Processing Unit(GPU) and are supplied to semiconductor manufacturers  abroad.

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ISC Co Ltd (095340 KS)

TIGER Semiconductor TOP 10 ETF > 3 Trillion Won in AUM: Impact on FnGuide Index's Next Rebalance

ISC Co Ltd (095340 KS) is a potential inclusion candidate (borderline) in the FnGuide Semiconductor Top10 Index Rebalance in April 2026.

Douglas Kim

TIGER Confirmed It Will Run the April 10 FnGuide Top 10 Semis Rebalance Strictly by the Book

TIGER has confirmed that it will carry out the April 10 FnGuide Top 10 Semis rebalance strictly according to the standard methodology.

Sanghyun Park

FnGuide Semiconductor Top10 Index Rebalance Preview: VERY Significant Impact for the Changes

ISC could replace Dongjin Semi in the FnGuide Semi Top10 Index. AUM exceeds US$5.6bn and the ETF will need to trade a VERY significant % of float...

Brian Freitas

FnGuide Semiconductor Top10 Index Rebalance Preview: Soaring AUM Increases Flow & Impact

ETF AUM has crossed US$4bn and that increases flow and impact for the one set of forecast changes in April. Capping outflows for Hynix and Sammy...

Brian Freitas

ISC Set to Join Semicon TOP10 ETF: Passive Flows & AI Cycle Could Spark Wonik IPS-Like Move

This post looks into ISC (095340) joining TIGER Semiconductor TOP10 ETF — passive flows & AI cycle could trigger Wonik IPS-style price move.

Sanghyun Park

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