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

Index Rebalance

<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

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>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

Event-Driven

<ul>
<li>This 10-name ETF saw Hynix stay above 30% over December’s last five sessions. FnGuide updates weights Jan 6, with TIGER rebalancing off Jan 5 close.</li>
<li>This ETF’s first ad-hoc rebalance plus ₩1T Q4 retail inflows push AUM to ₩2.9T, making it Korea’s largest sector ETF. Price swings could get wild.</li>
<li>Hynix dropping from 32% to 25% triggers ₩200B passive out, while eight smaller names soak cash. Single-day ad-hoc flow could drive notable price impact despite high volumes.</li>
</ul>


This 10-name ETF saw Hynix stay above 30% over December’s last five sessions. FnGuide updates weights Jan 6, with TIGER rebalancing off Jan 5 close.
This ETF’s first ad-hoc rebalance plus ₩1T Q4 retail inflows push AUM to ₩2.9T, making it Korea’s largest sector ETF. Price swings could get wild.
Hynix dropping from 32% to 25% triggers ₩200B passive out, while eight smaller names soak cash. Single-day ad-hoc flow could drive notable price impact despite high volumes.


TIGER Semis ETF: Hynix Cut Spurs ₩200B Passive Out, 8 Smaller Names Soak Cash Jan 5

Mirae Asset TIGER Fn Semiconductor Top 10 ETF / Event-Driven

Mirae Asset TIGER Fn Semiconductor Top 10 ETF (396500 KS)

Mirae Asset TIGER Fn Semiconductor Top 10 ETF

<ul>
<li>KRW 5T fund—the public-participation slice of the KRW 35T joint vehicle—is the main conduit for flows into local equities.</li>
<li>The KRW 150T policy fund launches December, but pre-emptive flows could hit early, led by the KRW 5T ETF-heavy, retail-accessible Public Participation Fund.</li>
<li>The KRW 5T Public Participation Fund, ETF-heavy and thematic in AI, semis, Mobility, and Biotech, could drive concentrated, short-term rallies; position early ahead of year-end flows.</li>
</ul>


KRW 5T fund—the public-participation slice of the KRW 35T joint vehicle—is the main conduit for flows into local equities.
The KRW 150T policy fund launches December, but pre-emptive flows could hit early, led by the KRW 5T ETF-heavy, retail-accessible Public Participation Fund.
The KRW 5T Public Participation Fund, ETF-heavy and thematic in AI, semis, Mobility, and Biotech, could drive concentrated, short-term rallies; position early ahead of year-end flows.


KRW 150T Korea Policy Fund: Watch the Flow Play from the KRW 5T Retail/ETF-Heavy Slice

<ul>
<li>From a trading view, no confirmed new ETFs under the National Growth Fund yet; market expects existing ETFs to be the main liquidity and sector play tools instead.</li>
<li>Out of the KRW 150tn, ETF flows likely come from the 100tn private pool—conservative case: ~3% (KRW 4.5tn), base case: 5–7%, aggressive: up to 10% (KRW 15tn).</li>
<li>Even conservatively, about KRW 3 trillion could flow into sector ETFs, a signficant AUM boost, mainly concentrated in AI, defense, aerospace, and biotech—driving notable inflow impact.</li>
</ul>


From a trading view, no confirmed new ETFs under the National Growth Fund yet; market expects existing ETFs to be the main liquidity and sector play tools instead.
Out of the KRW 150tn, ETF flows likely come from the 100tn private pool—conservative case: ~3% (KRW 4.5tn), base case: 5–7%, aggressive: up to 10% (KRW 15tn).
Even conservatively, about KRW 3 trillion could flow into sector ETFs, a signficant AUM boost, mainly concentrated in AI, defense, aerospace, and biotech—driving notable inflow impact.


Korea’s Next Policy Momentum Play: Rapid Unfolding of the National Growth Fund

South Korea

Mirae Asset TIGER Fn Semiconductor TOP 10 ETF is an exchange-traded fund incorproated in South Korea. The objective of the fund is to provide investment return that corresponds closely to the performance of the FnGuide Semiconductor TOP10 Index.

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Mirae Asset TIGER Fn Semiconductor Top 10 ETF (396500 KS)

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

TIGER Semis ETF: Hynix Cut Spurs ₩200B Passive Out, 8 Smaller Names Soak Cash Jan 5

TIGER Semis Top 10 (396500 KS): same setup as Dec. Hynix >30% for 5 straight days into month-end, technically triggering a 25% cap rebalance (T+3)....

Sanghyun Park

KRW 150T Korea Policy Fund: Watch the Flow Play from the KRW 5T Retail/ETF-Heavy Slice

This post dives into the KRW 150T Korea Policy Fund, highlighting the flow dynamics from the KRW 5T retail- and ETF-heavy slice.

Sanghyun Park

Korea’s Next Policy Momentum Play: Rapid Unfolding of the National Growth Fund

This post flags Korea’s upcoming policy driver—the swift activation of the National Growth Fund—which is set to be a major catalyst for market...

Sanghyun Park

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