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

Shinhan SOL Shipbuilding TOP3 Plus ETF / Event-Driven

<ul>
<li>New futures launched on KRX Semis, PLUS K-Defense, and SOL Shipbuilding ETFs — the first sector-focused ETFs over 1T KRW to get futures.</li>
<li>All three sectors dominate Korea’s market, already absorbing liquidity, and ETF futures could trigger delta-hedge arb flows, pushing liquidity even higher.</li>
<li>All three indices are top-heavy, so flows in big-weight names can create spot-futures dislocations and alpha on individual spreads—especially during early MM liquidity and aggressive basis plays.</li>
</ul>


New futures launched on KRX Semis, PLUS K-Defense, and SOL Shipbuilding ETFs — the first sector-focused ETFs over 1T KRW to get futures.
All three sectors dominate Korea’s market, already absorbing liquidity, and ETF futures could trigger delta-hedge arb flows, pushing liquidity even higher.
All three indices are top-heavy, so flows in big-weight names can create spot-futures dislocations and alpha on individual spreads—especially during early MM liquidity and aggressive basis plays.


Introducing Trading Opportunities from Newly Listed Top 3 Korea Sector ETF Futures

Sejin Heavy Industries Co Ltd / Event-Driven

<ul>
<li>HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.</li>
<li>No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.</li>
<li>Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.</li>
</ul>


HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.


Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal

Index Rebalance

<ul>
<li>Top 3 stays unchanged — HD KSOE beats HHI on consolidated sales, and index rules push HHI to the Plus side since a group sibling’s already in the Top 3.</li>
<li>Plus Universe also looks stable, but HD Hyundai Mipo’s weight drops from 14.12% to 10% Friday — triggering ~₩40B in passive outflows, a key flow trade setup.</li>
<li>₩40B sell vs. ₩60–90B daily turnover, all hitting via one ETF desk (Shinhan SOL) Friday afternoon — flow size could move the tape. Should keep it on our radar.</li>
</ul>


Top 3 stays unchanged — HD KSOE beats HHI on consolidated sales, and index rules push HHI to the Plus side since a group sibling’s already in the Top 3.
Plus Universe also looks stable, but HD Hyundai Mipo’s weight drops from 14.12% to 10% Friday — triggering ~₩40B in passive outflows, a key flow trade setup.
₩40B sell vs. ₩60–90B daily turnover, all hitting via one ETF desk (Shinhan SOL) Friday afternoon — flow size could move the tape. Should keep it on our radar.


Friday’s Cap Reversion in the SOL Shipbuilding Top 3 ETF Sets up a Clean Flow Trade Opportunity

<ul>
<li>March 5 price action overshot passive impact. Theme-trade momentum, one-way institutional flows, and ETF rebalancing (~10% turnover) juiced the move—Hanwha Ocean -5.41%, Samsung Heavy +5.34%, HD KSOE +6.58%.</li>
<li>June’s rebalance gets spicier—another ETF, ARIRANG K-Defense ETF (449450 KS), also runs the same 20% reversion on June 13, doubling the flow impact and setting up amplified price action.</li>
<li>Key 20% reversion hits: Hanwha Ocean (SOL Shipbuilding) &amp; Hanwha Aerospace (PLUS K-Defense). ~5%p passive outflows (~0.1x DTV) expected, with Hanwha Ocean facing double impact from both ETFs.</li>
</ul>


March 5 price action overshot passive impact. Theme-trade momentum, one-way institutional flows, and ETF rebalancing (~10% turnover) juiced the move—Hanwha Ocean -5.41%, Samsung Heavy +5.34%, HD KSOE +6.58%.
June’s rebalance gets spicier—another ETF, ARIRANG K-Defense ETF (449450 KS), also runs the same 20% reversion on June 13, doubling the flow impact and setting up amplified price action.
Key 20% reversion hits: Hanwha Ocean (SOL Shipbuilding) &amp; Hanwha Aerospace (PLUS K-Defense). ~5%p passive outflows (~0.1x DTV) expected, with Hanwha Ocean facing double impact from both ETFs.


Hunting for Outsized Moves in Off-The-Radar Korean Sector ETFs: SOL Shipbuilding & PLUS K-Defense

<ul>
<li>This 20% reversion and 30% cap setup creates solid flow trades. With just 13 holdings, SOL ETF’s weight swings hard—Hanwha Ocean's already pushing 27% post-rebal.</li>
<li>Constituent changes drive the biggest dislocations—still the main setup. "The other 10" names are FICS-screened by market cap (May/Nov cut), making rotations fairly predictable.</li>
<li>With AUM only ramping recently, this ETF is still in price discovery mode. Pre-positioning ahead of flows has juice, making it a prime target for aggressive flow trading.</li>
</ul>


This 20% reversion and 30% cap setup creates solid flow trades. With just 13 holdings, SOL ETF’s weight swings hard—Hanwha Ocean's already pushing 27% post-rebal.
Constituent changes drive the biggest dislocations—still the main setup. "The other 10" names are FICS-screened by market cap (May/Nov cut), making rotations fairly predictable.
With AUM only ramping recently, this ETF is still in price discovery mode. Pre-positioning ahead of flows has juice, making it a prime target for aggressive flow trading.


SOL Shipbuilding Top 3 ETF Throws off Some Serious Flow Trading Plays with Plenty of Juice

South Korea

Shinhan SOL Shipbuilding TOP3 Plus ETF is an exchange-traded fund incorporated in South Korea. The objective of the fund is to achieve return that closely replicates the performance of FnGuide Shipbuilding TOP3 Plus Index (PR).

Shinhan SOL Shipbuilding TOP3 Plus ETF (466920 KS)

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Shinhan SOL Shipbuilding TOP3 Plus ETF (466920 KS)

Introducing Trading Opportunities from Newly Listed Top 3 Korea Sector ETF Futures

This post introduces key trading opportunities emerging from the newly listed top 3 sector ETF futures in Korea’s local market.

Sanghyun Park

Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal

HD Hyundai Mipo is out of SOL Shipbuilding TOP3 Plus ETF, with Sejin Heavy (075580 KS) set to replace. I checked with FnGuide on timing; they said...

Sanghyun Park

Friday’s Cap Reversion in the SOL Shipbuilding Top 3 ETF Sets up a Clean Flow Trade Opportunity

This post breaks down Friday’s cap reversion in the SOL Shipbuilding Top 3 ETF — a setup that presents a clear flow trade opportunity.

Sanghyun Park

Hunting for Outsized Moves in Off-The-Radar Korean Sector ETFs: SOL Shipbuilding & PLUS K-Defense

This post dives into hunting for outsized moves in off-the-radar Korean sector ETFs: SOL Shipbuilding and PLUS K-Defense.

Sanghyun Park

SOL Shipbuilding Top 3 ETF Throws off Some Serious Flow Trading Plays with Plenty of Juice

The Shipbuilding Top 3 ETF’s ad-hoc rebalance (25% reversion after hitting the 30% cap) is locked in. Hanwha Ocean blew past 30%, so the rebal...

Sanghyun Park

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