Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization on the Taiwan Stock Exchange. The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>Currently, we see four T50 changes and nine other T100 changes for the June 2026 index rebal event.</li>
<li>Among the expected T100 deletes, we see three TDIV members that could get deleted from TDIV in June 2026, with a fourth sitting close to the border.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization on the Taiwan Stock Exchange. The T100 index represents the next 100 largest names (51-150 ranks).
Currently, we see four T50 changes and nine other T100 changes for the June 2026 index rebal event.
Among the expected T100 deletes, we see three TDIV members that could get deleted from TDIV in June 2026, with a fourth sitting close to the border.


Quiddity Leaderboard T50/​​​100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

<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 June 2026 index rebal event.</li>
<li>As of the latest data, we expect 5 ADDs and 4 DELs and one-way flows of ~US$2.94bn, including capping effects. There are 5-7 other companies which could become ADDs. </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 June 2026 index rebal event.
As of the latest data, we expect 5 ADDs and 4 DELs and one-way flows of ~US$2.94bn, including capping effects. There are 5-7 other companies which could become ADDs. 


Quiddity Leaderboard TDIV Jun26: Many Borderline Potential ADDs in the Race

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>There could be 5 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF and 1 deletion for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/hon-precision-inc" target="_blank" data-smartkarma-citation="entities:44938:1" rel="noopener">Hon Precision (7769 TT)</a> is an inclusion to a global index at the end of February, and this inclusion will add to the flow and impact for the stock.  </li>
<li>There has been a big uptick in short interest in the forecast deletes and there will be short covering on a drop in the stock prices.</li>
</ul>


There could be 5 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF and 1 deletion for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in March.

Hon Precision (7769 TT) is an inclusion to a global index at the end of February, and this inclusion will add to the flow and impact for the stock.  
There has been a big uptick in short interest in the forecast deletes and there will be short covering on a drop in the stock prices.


Taiwan Top 50 / Yuanta Div+ ETF Rebalance Preview: Big Flow for the Adds; Big Impact for Deletes

<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>
<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

Taiwan

Tung Ho Steel Enterprise Corporation manufactures and markets steel rods, H-shaped steel frames, steel plates, and reinforcements.

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

Tung Ho Steel Enterprise (2006 TT)

Quiddity Leaderboard T50/100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

There are six TDIV members close to T100 deletion. Three of them are already in the money. The other three are just outside the border.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Jun26: Many Borderline Potential ADDs in the Race

There are many potential ADDs close to the cut-off rank of 35. The ranks have an inverse relationship with price in the TDIV selection process...

Janaghan Jeyakumar, CFA

Taiwan Top 50 / Yuanta Div+ ETF Rebalance Preview: Big Flow for the Adds; Big Impact for Deletes

There could be 5 changes for the Top50 ETF and 1 deletion for the TWDP ETF. There is big flow for the forecast adds and big impact for the forecast...

Brian Freitas

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard T50/​​​100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

There are six TDIV members close to T100 deletion. Three of them are already in the money. The other three are just outside the border.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Jun26: Many Borderline Potential ADDs in the Race

There are many potential ADDs close to the cut-off rank of 35. The ranks have an inverse relationship with price in the TDIV selection process...

Janaghan Jeyakumar, CFA

Taiwan Top 50 / Yuanta Div+ ETF Rebalance Preview: Big Flow for the Adds; Big Impact for Deletes

There could be 5 changes for the Top50 ETF and 1 deletion for the TWDP ETF. There is big flow for the forecast adds and big impact for the forecast...

Brian Freitas

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

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

Quiddity Leaderboard T50/100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

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