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>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> is looking to raise around US$30bn via a new share issue to back ADRs listed on the NASDAQ.</li>
<li>The ADR to local share ratio is 10:1 and the ADRs are expected to start trading in the second half of July.</li>
<li>There will be passive buying from multiple index trackers and that will mop up a significant amount of the new share offering.</li>
</ul>



SK Hynix (000660 KS) is looking to raise around US$30bn via a new share issue to back ADRs listed on the NASDAQ.
The ADR to local share ratio is 10:1 and the ADRs are expected to start trading in the second half of July.
There will be passive buying from multiple index trackers and that will mop up a significant amount of the new share offering.


SK Hynix (000660 KS; SKHY US) ADR Issue: Large Index Flows & Potential Timing

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Korea’s new 2x single-stock ETFs on Samsung Electronics and SK hynix attracted strong early inflows, but performance since launch has been disappointing.</li>
<li>
Mechanics: Daily leveraged ETFs rebalance exposure each day, creating a pro-cyclical pattern: they buy after gains and sell after losses to maintain the 2x target.</li>
<li>
Implication: The structure can enhance returns in trending markets, but choppy conditions can rapidly erode value — making these products best suited to short-term tactical momentum exposure.</li>
</ul>



Context: Korea’s new 2x single-stock ETFs on Samsung Electronics and SK hynix attracted strong early inflows, but performance since launch has been disappointing.

Mechanics: Daily leveraged ETFs rebalance exposure each day, creating a pro-cyclical pattern: they buy after gains and sell after losses to maintain the 2x target.

Implication: The structure can enhance returns in trending markets, but choppy conditions can rapidly erode value — making these products best suited to short-term tactical momentum exposure.


Samsung Elec (005930 KS) & SK Hynix (000660 KS): New 2x Leveraged ETFs Face First Reality Check

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we look at Korea's compelling valuation versus AxJ equities, CATL’s blockbuster Hong Kong listing and its market implications, and explore copper's price surge amidst Chinese demand</li>
<li>Want to dig deeper? Comment or message with the themes you think should be highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
In this cut, we look at Korea's compelling valuation versus AxJ equities, CATL’s blockbuster Hong Kong listing and its market implications, and explore copper's price surge amidst Chinese demand
Want to dig deeper? Comment or message with the themes you think should be highlighted next


Curator's Cut: Korea's Value, CATL's Charge & Copper's Surge

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

<ul>
<li>Monthly deep-dive into price and vol metrics across Global indexes and macro assets.</li>
<li>In-Depth look at the current state of the markets as well as how volatility and price may unfold.</li>
<li>We highlight strong seasonal trends in April, with all markets typically rising and realized vol typically coming in below implied.</li>
</ul>


Monthly deep-dive into price and vol metrics across Global indexes and macro assets.
In-Depth look at the current state of the markets as well as how volatility and price may unfold.
We highlight strong seasonal trends in April, with all markets typically rising and realized vol typically coming in below implied.


April Global Macro Volatility: Strong Price and Vol Seasonals

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

South Korea

The KOSPI 200 Index is a capitalization-weighted index of 200 Korean stocks which make up 93% of the total market value of the Korea Stock Exchange. The index was developed with a base value of 100 as of January 3, 1990.

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

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

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

SK Hynix (000660 KS; SKHY US) ADR Issue: Large Index Flows & Potential Timing

Hynix is looking to raise US$30bn and list on the NASDAQ. Passive buying will mop up around 30% of the issue with smaller flows at the time of...

Brian Freitas

Samsung Elec (005930 KS) & SK Hynix (000660 KS): New 2x Leveraged ETFs Face First Reality Check

Yesterday’s double-digit drop in Samsung Elec and SK Hynix sent their leveraged ETFs down roughly 25%. To regain 22 June levels, the ETFs would...

Gaudenz Schneider

Curator's Cut: Korea's Value, CATL's Charge & Copper's Surge

This week's Curator's Cut highlights Korea's relative valuation, CATL's listing, and copper's surge. Share your thoughts on what themes should be...

Pranav Rao

April Global Macro Volatility: Strong Price and Vol Seasonals

Analysis of price and volatility metrics across global indexes and macro assets, showing strong seasonal trends in April with markets rising and...

John Ley

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SK Hynix (000660 KS; SKHY US) ADR Issue: Large Index Flows & Potential Timing

Hynix is looking to raise US$30bn and list on the NASDAQ. Passive buying will mop up around 30% of the issue with smaller flows at the time of...

Brian Freitas

Samsung Elec (005930 KS) & SK Hynix (000660 KS): New 2x Leveraged ETFs Face First Reality Check

Yesterday’s double-digit drop in Samsung Elec and SK Hynix sent their leveraged ETFs down roughly 25%. To regain 22 June levels, the ETFs would...

Gaudenz Schneider

Curator's Cut: Korea's Value, CATL's Charge & Copper's Surge

This week's ​Curator's Cut highlights Korea's relative valuation, CATL's listing, and copper's surge. Share your thoughts on what themes should be...

Pranav Rao

April Global Macro Volatility: Strong Price and Vol Seasonals

​Analysis of price and volatility metrics across global indexes and macro assets, showing strong seasonal trends in April with markets rising and...

John Ley

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

This week's Curator's Cut highlights Korea's relative valuation, CATL's listing, and copper's surge. Share your thoughts on what themes should be...

Analysis of price and volatility metrics across global indexes and macro assets, showing strong seasonal trends in April with markets rising and...

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...