Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The index changes for the T50, T100, and TDIV indices were confirmed after market close on Friday 6th March 2026.</li>
<li>There will be five ADDs/DELs for T50, five ADDs/six DELs for T100, and one DEL for TDIV.</li>
<li>All of these are exactly in line with our final expectations. The announced reserve lists for T50/T100 were also perfectly in line with rankings presented in our base date Leaderboard.</li>
</ul>


The index changes for the T50, T100, and TDIV indices were confirmed after market close on Friday 6th March 2026.
There will be five ADDs/DELs for T50, five ADDs/six DELs for T100, and one DEL for TDIV.
All of these are exactly in line with our final expectations. The announced reserve lists for T50/T100 were also perfectly in line with rankings presented in our base date Leaderboard.


Quiddity T50/100/TDIV Mar26 Results: 100% Hit Rate; US$1.7bn+ Total One-Way Flows

<ul>
<li>The TDIV index tracks the top 50 names on 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 a look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the March 2026 index rebal event.</li>
<li>We expect one delete for the TDIV index for the March 2026 index rebal event. We estimate the one-way capping flow to be US$101mn.</li>
</ul>


The TDIV index tracks the top 50 names on the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
In this insight, we take a look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the March 2026 index rebal event.
We expect one delete for the TDIV index for the March 2026 index rebal event. We estimate the one-way capping flow to be US$101mn.


Quiddity Leaderboard TDIV Mar26: One Delete; ~10x ADV to Sell

<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>Today is the base date for the March 2026 index review and the expected ADDs/DELs discussed in this insight are our final index change expectations.</li>
<li>We expect five changes for T50 and 5 ADDs/6 DELs for the March 2026 index rebal event. One of the T100 expected DELs is also a TDIV expected DEL.</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).
Today is the base date for the March 2026 index review and the expected ADDs/DELs discussed in this insight are our final index change expectations.
We expect five changes for T50 and 5 ADDs/6 DELs for the March 2026 index rebal event. One of the T100 expected DELs is also a TDIV expected DEL.


Quiddity Leaderboard T50/​​​100 Mar26: Final Ranks; One TDIV DEL Likely

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-acceptance-corp" target="_blank" data-smartkarma-citation="entities:13398:1" rel="noopener">Taiwan Acceptance (9941 TT)</a> should be deleted from the Yuanta/​P-Shares Taiwan Dividend Plus ETF in March and that will trigger selling of over 8 days of ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/tung-ho-steel-enterprise-corporation" target="_blank" data-smartkarma-citation="entities:2831:1" rel="noopener">Tung Ho Steel Enterprise (2006 TT)</a> is very close to deletion zone and price movements over the next few weeks will determine if it stays or goes.</li>
<li>If deleted from the ETF, passives will sell between 6-7.6% of float in the stocks and that could lead to a sharp drop in the stock price.</li>
</ul>



Taiwan Acceptance (9941 TT) should be deleted from the Yuanta/​P-Shares Taiwan Dividend Plus ETF in March and that will trigger selling of over 8 days of ADV.

Tung Ho Steel Enterprise (2006 TT) is very close to deletion zone and price movements over the next few weeks will determine if it stays or goes.
If deleted from the ETF, passives will sell between 6-7.6% of float in the stocks and that could lead to a sharp drop in the stock price.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 1 Delete in March, Maybe 2

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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>There continues to be little traction above $93 on MSCI ACWI (ACWI-US), which remains the top-end of our anticipated 2023 trading range. Important downside targets are $86, $84, and $75-77.</li>
<li>Additionally, the EURO STOXX 50 remains below 2-year resistance at 4400-4415.</li>
<li>We remain overweight Europe, Japan, and India, and we prefer to only add exposure on a pullback -- especially in Japan where indexes are bullish yet extended.</li>
</ul>


There continues to be little traction above $93 on MSCI ACWI (ACWI-US), which remains the top-end of our anticipated 2023 trading range. Important downside targets are $86, $84, and $75-77.
Additionally, the EURO STOXX 50 remains below 2-year resistance at 4400-4415.
We remain overweight Europe, Japan, and India, and we prefer to only add exposure on a pullback -- especially in Japan where indexes are bullish yet extended.


No Traction Above $93 on ACWI-US or 4400-4415 on EURO STOXX 50. Buys in Defensives/Japan/EM

Taiwan

Taiwan Acceptance Corp. provides car financing and leasing services.

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Taiwan Acceptance (9941 TT)

Quiddity T50/100/TDIV Mar26 Results: 100% Hit Rate; US$1.7bn+ Total One-Way Flows

Yulon Finance (9941 TT) is confirmed as a TDIV DEL because it is a T100 DEL which makes it ineligible for the TDIV index. There could be more than...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Mar26: One Delete; ~10x ADV to Sell

Yulon Finance (9941 TT) is expected to have around 10x ADV to sell. However, the stock has significantly underperformed peers in recent weeks...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Mar26: Final Ranks; One TDIV DEL Likely

Most T50 expected ADDs/DELs have individual flow sizes of US$150mn or more. On average, the expected DELs have higher impact with most names having...

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 1 Delete in March, Maybe 2

There could be 1, maybe 2, deletions from the Div+ ETF in March. Passive selling impact is high in both names and free float will increase by 6...

Brian Freitas

No Traction Above $93 on ACWI-US or 4400-4415 on EURO STOXX 50. Buys in Defensives/Japan/EM

No Traction Above $93 on MSCI $ACWI or 4400-4415 on EURO #STOXX 50. Continues to reinforce our view from early-January that $93 on ACWI caps upside...

Vermilion Research

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52-week Range

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Quiddity T50/100/TDIV Mar26 Results: 100% Hit Rate; US$1.7bn+ Total One-Way Flows

Yulon Finance (9941 TT) is confirmed as a TDIV DEL because it is a T100 DEL which makes it ineligible for the TDIV index. There could be more than...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Mar26: One Delete; ~10x ADV to Sell

Yulon Finance (9941 TT) is expected to have around 10x ADV to sell. However, the stock has significantly underperformed peers in recent weeks...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​​100 Mar26: Final Ranks; One TDIV DEL Likely

Most T50 expected ADDs/DELs have individual flow sizes of US$150mn or more. On average, the expected DELs have higher impact with most names having...

Janaghan Jeyakumar, CFA

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 1 Delete in March, Maybe 2

There could be 1, maybe 2, deletions from the Div+ ETF in March. Passive selling impact is high in both names and free float will increase by 6...

Brian Freitas

No Traction Above $93 on ACWI-US or 4400-4415 on EURO STOXX 50. Buys in Defensives/Japan/EM

No Traction Above $93 on MSCI $ACWI or 4400-4415 on EURO #STOXX 50. Continues to reinforce our view from early-January that $93 on ACWI caps upside...

Vermilion Research

Quiddity Leaderboard T50/100 Mar26: Final Ranks; One TDIV DEL Likely

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 1 Delete in March, Maybe 2