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.

Event-Driven

Samsung KODEX KOSDAQ 150 ETF / Event-Driven

<ul>
<li>The &gt;15% KOSDAQ rise was mostly flow-driven, with local brokers issuing new KOSDAQ 150 ETFs and local funds taking a large share—an unusual pattern versus historical flows.</li>
<li>The speed and concentration of flows suggest local money managers likely tapped MMF standby cash, not KOSPI, to fund KOSDAQ 150 ETF demand—an unusually aggressive short-term move.</li>
<li>KRW 6–7tn flowed into KOSDAQ 150 ETFs in under a week, creating concentrated flow pressure; retail rotation boosted mid/small-caps, suggesting a short-term long large-cap, short mid/small-cap setup.</li>
</ul>


The &gt;15% KOSDAQ rise was mostly flow-driven, with local brokers issuing new KOSDAQ 150 ETFs and local funds taking a large share—an unusual pattern versus historical flows.
The speed and concentration of flows suggest local money managers likely tapped MMF standby cash, not KOSPI, to fund KOSDAQ 150 ETF demand—an unusually aggressive short-term move.
KRW 6–7tn flowed into KOSDAQ 150 ETFs in under a week, creating concentrated flow pressure; retail rotation boosted mid/small-caps, suggesting a short-term long large-cap, short mid/small-cap setup.


Uncovering Hidden Risks in KOSDAQ 150 ETFs Amid KRW 6–7Tn Fresh Flows

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 70% of the review period complete, there could be 14 constituent changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> in June.</li>
<li>There has been huge interest in the KOSDAQ market lately and that has led to big ETF creations in the last few months. That leads to increased flow and impact.</li>
<li>The forecast adds have MASSIVELY outperformed the forecast deletes over the last few months and in the last week. While the flow/impact are huge, watch out for short-term reversal.</li>
</ul>


With 70% of the review period complete, there could be 14 constituent changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) in June.
There has been huge interest in the KOSDAQ market lately and that has led to big ETF creations in the last few months. That leads to increased flow and impact.
The forecast adds have MASSIVELY outperformed the forecast deletes over the last few months and in the last week. While the flow/impact are huge, watch out for short-term reversal.


KOSDAQ150 Index Rebalance Preview: Soaring AUM and Increased Flow/Impact

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, I provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2026.</li>
<li>I provide 9 potential deletion candidates including C&amp;C International Corp (352480 KS), Devsisters (194480 KS), and Webzen Inc (069080 KS). </li>
<li>The 7 potential addition candidates include Mezzion Pharma (140410 KS), Taihan Fiberoptics (010170 KS), and Seers (458870 KS). </li>
</ul>


In this insight, I provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2026.
I provide 9 potential deletion candidates including C&amp;C International Corp (352480 KS), Devsisters (194480 KS), and Webzen Inc (069080 KS). 
The 7 potential addition candidates include Mezzion Pharma (140410 KS), Taihan Fiberoptics (010170 KS), and Seers (458870 KS). 


An Early Look at the Potential KOSDAQ150 Rebalance Candidates in December 2026

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150)</a> rallied sharply on Friday. <a href="https://www.smartkarma.com/profiles/sanghyun-park" target="_blank" data-smartkarma-citation="accounts:354" rel="noopener">Sanghyun Park</a> discussed in detail what is his opinion on this market move, read <a href="https://www.smartkarma.com/insights/my-take-on-what-is-driving-the-kosdaq-tape-today" target="_blank" rel="noopener">his insight</a> for context.</li>
<li>If the nominal fund size is fundamentally insufficient to drive a 5% index move and the headline acted as a sentiment trigger in a liquidity vacuum, the move is fadeable.</li>
<li>This insight tries to examine statistically the current price move comparing it to previous past moves that our algorithmic model flagged as "similar", to determine where it could end.</li>
</ul>


The KOSDAQ 150 Index (KOSDQ150) rallied sharply on Friday. Sanghyun Park discussed in detail what is his opinion on this market move, read his insight for context.
If the nominal fund size is fundamentally insufficient to drive a 5% index move and the headline acted as a sentiment trigger in a liquidity vacuum, the move is fadeable.
This insight tries to examine statistically the current price move comparing it to previous past moves that our algorithmic model flagged as "similar", to determine where it could end.


KOSDAQ 150 (KOSDQ150): Where to Fade Friday's Spike

South Korea

The Samsung KODEX KOSDAQ150 ETF, launched in 2015, tracks the KOSDAQ 150 Index, providing exposure to South Korea's top small-to-mid-cap companies.

Price Gauge
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Samsung KODEX KOSDAQ 150 ETF (229200 KS)

Uncovering Hidden Risks in KOSDAQ 150 ETFs Amid KRW 6–7Tn Fresh Flows

This post highlights hidden risks in KOSDAQ 150 ETFs following KRW 6–7Tn inflows, and explores the short-term flow pressures and positioning...

Sanghyun Park

KOSDAQ150 Index Rebalance Preview: Soaring AUM and Increased Flow/Impact

There could be 14 constituent changes for the KOSDAQ150 in June. AUM linked to the index has soared over the last couple of months. The forecast...

Brian Freitas

An Early Look at the Potential KOSDAQ150 Rebalance Candidates in December 2026

In this insight, I provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2026.

Douglas Kim

KOSDAQ 150 (KOSDQ150): Where to Fade Friday's Spike

The KOSDAQ 150 Index rallied +6.2% on Friday, but the move may be fadeable this coming week. Our model's historical pattern matching shows the...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Uncovering Hidden Risks in KOSDAQ 150 ETFs Amid KRW 6–7Tn Fresh Flows

This post highlights hidden risks in KOSDAQ 150 ETFs following KRW 6–7Tn inflows, and explores the short-term flow pressures and positioning...

Sanghyun Park

KOSDAQ150 Index Rebalance Preview: Soaring AUM and Increased Flow/Impact

There could be 14 constituent changes for the KOSDAQ150 in June. AUM linked to the index has soared over the last couple of months. The forecast...

Brian Freitas

An Early Look at the Potential KOSDAQ150 Rebalance Candidates in December 2026

In this insight, I provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2026.

Douglas Kim

KOSDAQ 150 (KOSDQ150): Where to Fade Friday's Spike

​The KOSDAQ 150 Index rallied +6.2% on Friday, but the move may be fadeable this coming week. Our model's historical pattern matching shows the...

Nico Rosti

The KOSDAQ 150 Index rallied +6.2% on Friday, but the move may be fadeable this coming week. Our model's historical pattern matching shows the...