Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

The Shanghai Commerical & Sa / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.</li>
<li>We currently see three changes for T50 and three other changes for T100 in December 2025.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.
We currently see three changes for T50 and three other changes for T100 in December 2025.


Quiddity Leaderboard T50/​​​100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

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

Yang Ming Marine Transport / Index Rebalance

<ul>
<li>There are 5 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation starting on 20 June and ending on 26 June.</li>
<li>Estimated one-way turnover is 17.7% resulting in a round-trip trade of TWD 158bn (US$5.3bn). There are 10 stocks with over 5 days of ADV to trade.</li>
<li>There are a few stocks that have same-way or opposing flows from other index trackers over the next couple of weeks and those stocks could outperform/underperform their peers.</li>
</ul>


There are 5 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation starting on 20 June and ending on 26 June.
Estimated one-way turnover is 17.7% resulting in a round-trip trade of TWD 158bn (US$5.3bn). There are 10 stocks with over 5 days of ADV to trade.
There are a few stocks that have same-way or opposing flows from other index trackers over the next couple of weeks and those stocks could outperform/underperform their peers.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: Huge Turnover & Flow Overlap

Taishin Financial Holding / Index Rebalance

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th June 2025.</li>
<li>There will be one ADD/DEL for T50, two ADDs/DELs for T100, and five ADDs/DELs for TDIV. </li>
<li>All of these are exactly in line with our final expectations.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th June 2025.
There will be one ADD/DEL for T50, two ADDs/DELs for T100, and five ADDs/DELs for TDIV. 
All of these are exactly in line with our final expectations.


Quiddity TDIV/50/100 Jun25 Results: 100% Hit Rate; Positioned for High-Impact Sector-Neutral Trades

Uni President Enterprises / Index Rebalance

<ul>
<li>There should be 5 changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June. Most changes are due to missing dividend forecasts for constituent stocks.</li>
<li>Constituent changes along with capping changes will lead to a one-way turnover of 17.6% and in a round-trip trade of TWD 157bn (US$5.2bn).</li>
<li>There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan dividend yield weighted indices and presents some interesting trading opportunities.</li>
</ul>


There should be 5 changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June. Most changes are due to missing dividend forecasts for constituent stocks.
Constituent changes along with capping changes will lead to a one-way turnover of 17.6% and in a round-trip trade of TWD 157bn (US$5.2bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan dividend yield weighted indices and presents some interesting trading opportunities.


Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Five Changes; US$5.2bn Trade; Other Index Flows

<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

Taiwan

Sinbon Electronics Co., Ltd. markets cable, connectors, and modems.  The Company exports its products mainly to other Asian countries, America, and Europe.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sinbon Electronincs (3023 TT)

Quiddity Leaderboard T50/100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

There could be ~19x ADV of net passive selling for Shanghai Commerical (5876 TT). Separately, Tung Ho Steel (2006 TT) could get deleted from T100...

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: Huge Turnover & Flow Overlap

There are 5 changes in June. One-way turnover is around 17.7% and round-trip trade is TWD US$5.3bn. 10 stocks have over 5x ADV to trade. Some...

Brian Freitas

Quiddity TDIV/50/100 Jun25 Results: 100% Hit Rate; Positioned for High-Impact Sector-Neutral Trades

We expect US$2.5bn one-way flows for the TDIV index in June 2025. The top flow names have 10x ADV or more to trade. There are opportunities for...

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Five Changes; US$5.2bn Trade; Other Index Flows

There could be 5 changes in June with one-way turnover of 17.6% and a round-trip trade of US$5.2bn. Multiple stocks will have flows from other div...

Brian Freitas

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard T50/​​​100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

There could be ~19x ADV of net passive selling for Shanghai Commerical (5876 TT). Separately, Tung Ho Steel (2006 TT) could get deleted from T100...

Janaghan Jeyakumar, CFA

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: Huge Turnover & Flow Overlap

There are 5 changes in June. One-way turnover is around 17.7% and round-trip trade is TWD US$5.3bn. 10 stocks have over 5x ADV to trade. Some...

Brian Freitas

Quiddity TDIV/50/100 Jun25 Results: 100% Hit Rate; Positioned for High-Impact Sector-Neutral Trades

We expect US$2.5bn one-way flows for the TDIV index in June 2025. The top flow names have 10x ADV or more to trade. There are opportunities for...

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Five Changes; US$5.2bn Trade; Other Index Flows

There could be 5 changes in June with one-way turnover of 17.6% and a round-trip trade of US$5.2bn. Multiple stocks will have flows from other div...

Brian Freitas

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

Quiddity Leaderboard T50/100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: Huge Turnover & Flow Overlap