Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

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

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?</li>
<li>Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher </li>
<li>TechChain Insights: Taiwan’s Battery Cell Moment? USA &amp; EU Supply Chain Under Strategic Pressure </li>
</ul>


U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?
Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher 
TechChain Insights: Taiwan’s Battery Cell Moment? USA &amp; EU Supply Chain Under Strategic Pressure 


Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

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

Taishin Financial Holding / 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>Today is the base date for the final ranks and we see five ADDs and five DELs.</li>
<li>We estimate one-way flow to be around US$2.55bn with multiple expected ADDs having 10x ADV or more to trade.</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.
Today is the base date for the final ranks and we see five ADDs and five DELs.
We estimate one-way flow to be around US$2.55bn with multiple expected ADDs having 10x ADV or more to trade.


Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea

<ul>
<li>
TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand</li>
<li>
Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology</li>
<li>
Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG</li>
</ul>



TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand

Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG


Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

Taiwan

Nuvoton Technology Corp. manudfactures a wide range of semiconductor products. The Company's products lines are Consumer Electronics integrated Circuits (IC) and Computer IC.

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Nuvoton Technology (4919 TT)

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

Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

Vincent Fernando, 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

Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea

There are a couple of changes to our expected ADDs list. Expected DELs remain unchanged. We see an interesting sector-neutral trade involving...

Janaghan Jeyakumar, CFA

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

​TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

Vincent Fernando, 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

Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea

There are a couple of changes to our expected ADDs list. Expected DELs remain unchanged. We see an interesting sector-neutral trade involving...

Janaghan Jeyakumar, CFA

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

​TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.