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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7580-7629 holds.</li>
<li>At the same time, if SPX breaks below 7580 we would look for a 7-10% peak-to-trough decline, while being mindful of support at 7250-7300.</li>
<li>A.I. areas were hit hard yesterday following the "pacing the frontier" developments over the weekend, and we believe caution is warranted on semiconductors, memory, neoclouds, and photonics names.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7580-7629 holds.
At the same time, if SPX breaks below 7580 we would look for a 7-10% peak-to-trough decline, while being mindful of support at 7250-7300.
A.I. areas were hit hard yesterday following the "pacing the frontier" developments over the weekend, and we believe caution is warranted on semiconductors, memory, neoclouds, and photonics names.


Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM

VanEck Oil Services ETF / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>As long as last Wednesday's (Aug. 12) bullish gaps remain unfilled and hold as support on semiconductors (SOXX, SMH), generative A.I. (CHAT), memory(DRAM), neoclouds(NCLD), and momentum(MTUM), bulls are in control</li>
<li>Specifically, we are bullish as long as price is above last Tuesday's highs on the aforementioned ETFs. On SPX, we will remain bullish as long as support at 7580-7629 holds.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
As long as last Wednesday's (Aug. 12) bullish gaps remain unfilled and hold as support on semiconductors (SOXX, SMH), generative A.I. (CHAT), memory(DRAM), neoclouds(NCLD), and momentum(MTUM), bulls are in control
Specifically, we are bullish as long as price is above last Tuesday's highs on the aforementioned ETFs. On SPX, we will remain bullish as long as support at 7580-7629 holds.


Energy Improving; Levels to Watch on A.I. And Technology $SOXX $CHAT $DRAM $MTUM

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>A clearing event sets up the catalyst for a bounce in the AI/Memory names</li>
<li>Joint Yen Intervention sets up the DXY for a breakdown</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
A clearing event sets up the catalyst for a bounce in the AI/Memory names
Joint Yen Intervention sets up the DXY for a breakdown


AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>A month since Roundhill’s GigaDevice inclusion started offering indirect exposure to China’s emerging memory ecosystem; CXMT’s Shanghai debut now puts its largest DRAM manufacturer on investors’ screens.</li>
<li>CXMT’s share gains are real, but Q1 revenue momentum was amplified by tight supply and pricing; Counterpoint’s 11% 2028 bit-share forecast remains below viable scale.</li>
<li>Tencent contracts and IPO funds give CXMT time to upgrade its mix, but Korea’s $518 billion buildout sets the deadline for becoming an advanced-memory competitor.</li>
</ul>


A month since Roundhill’s GigaDevice inclusion started offering indirect exposure to China’s emerging memory ecosystem; CXMT’s Shanghai debut now puts its largest DRAM manufacturer on investors’ screens.
CXMT’s share gains are real, but Q1 revenue momentum was amplified by tight supply and pricing; Counterpoint’s 11% 2028 bit-share forecast remains below viable scale.
Tencent contracts and IPO funds give CXMT time to upgrade its mix, but Korea’s $518 billion buildout sets the deadline for becoming an advanced-memory competitor.


CXMT’s $8.6B Memory Clock: GigaDevice, Korea and China’s Fourth DRAM Bet

United States

Roundhill Memory ETF is an exchange traded fund launched and managed by Roundhill Financial Inc. The fund is co-managed by Exchange Traded Concepts, LLC. It invests in public equity markets. It invests in stocks of companies operating across Information Technology sectors. The fund invests in growth and value stocks of companies of diversified market capitalization. The fund invests directly and through derivatives. It uses derivatives such as swaps and futures to create its portfolio. Roundhill ETF Trust - Roundhill Memory ETF was formed on Mar 31,2026 and is domiciled in the United States.

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Roundhill Memory ETF (DRAM US)

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

Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM

Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM, PBR, REPYY, EC, YPF, UGP, GPRK, GTE, COP, EOG,...

Vermilion Research

Energy Improving; Levels to Watch on A.I. And Technology $SOXX $CHAT $DRAM $MTUM

Energy $XLE $OIH $IEO Improving; Levels to Watch in A.I. and Technology Areas $CHAT $SOXX $MTUM $DRAM. Still bullish $SPX, but some reason for...

Vermilion Research

Overview#71 – Cheque Please

A review of recent events/data impacting our investment themes and outlook. We look at hyperscaler results and the joint US/Japan intervention

Rikki Malik

CXMT’s $8.6B Memory Clock: GigaDevice, Korea and China’s Fourth DRAM Bet

Investors eye China's CXMT as it emerges in the memory market, facing competition from Korea's advanced-memory industry, all while GigaDevice got...

Mint Finance

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

Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM

Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM, PBR, REPYY, EC, YPF, UGP, GPRK, GTE, COP, EOG,...

Vermilion Research

Energy Improving; Levels to Watch on A.I. And Technology $SOXX $CHAT $DRAM $MTUM

Energy $XLE $OIH $IEO Improving; Levels to Watch in A.I. and Technology Areas $CHAT $SOXX $MTUM $DRAM. Still bullish $SPX, but some reason for...

Vermilion Research

Overview#71 – Cheque Please

A review of recent events/data impacting our investment themes and outlook. We look at hyperscaler results and the joint US/Japan intervention

Rikki Malik

CXMT’s $8.6B Memory Clock: GigaDevice, Korea and China’s Fourth DRAM Bet

​Investors eye China's CXMT as it emerges in the memory market, facing competition from Korea's advanced-memory industry, all while GigaDevice got...

Mint Finance

Investors eye China's CXMT as it emerges in the memory market, facing competition from Korea's advanced-memory industry, all while GigaDevice got...