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>The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.</li>
<li>The changes at the October rebalance were announced after market close on 6 October with implementation scheduled at the close on 15 October.</li>
<li>There are 217 adds and 224 deletes for the index with an estimated round-trip trade of US$2.3bn. There are many stocks with over 2x ADV to trade.</li>
</ul>


The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.
The changes at the October rebalance were announced after market close on 6 October with implementation scheduled at the close on 15 October.
There are 217 adds and 224 deletes for the index with an estimated round-trip trade of US$2.3bn. There are many stocks with over 2x ADV to trade.


WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Timing:<a href="https://www.smartkarma.com/entities/fortescue-metals-group-ltd" target="_blank" data-smartkarma-citation="entities:41:1" rel="noopener">Fortescue (FMG AU)</a> is scheduled to report its FY2025 full-year results on Tuesday, 26 August 2025.</li>
<li>
Highlight: The options market provides estimates for the anticipated price move and the upcoming dividend. Implied volatility is projected to decline post-event; this Insight maps the resulting term structure.</li>
<li>
Why Read: Get the expected move, the dividend outlook, and a clear view of the post-event volatility term structure to be ready for results day.</li>
</ul>



Timing:Fortescue (FMG AU) is scheduled to report its FY2025 full-year results on Tuesday, 26 August 2025.

Highlight: The options market provides estimates for the anticipated price move and the upcoming dividend. Implied volatility is projected to decline post-event; this Insight maps the resulting term structure.

Why Read: Get the expected move, the dividend outlook, and a clear view of the post-event volatility term structure to be ready for results day.


Fortescue (FMG AU) Results on 26 Aug: Expected Price Swings and Volatility Outlook

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> reported 1H25 results on 30 July, cutting its interim dividend by 16%.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto's</a> share price fell more than expected after earnings, exceeding both historical and implied moves. A surprise US copper tariff announcement further amplified the decline.</li>
<li>This Insight breaks down drivers of the post-earnings move and evaluates the potential outcome of a short-vol strategy — offering a practical case study for refining similar trades.</li>
</ul>



Context:Rio Tinto Ltd (RIO AU) reported 1H25 results on 30 July, cutting its interim dividend by 16%.

Rio Tinto's share price fell more than expected after earnings, exceeding both historical and implied moves. A surprise US copper tariff announcement further amplified the decline.
This Insight breaks down drivers of the post-earnings move and evaluates the potential outcome of a short-vol strategy — offering a practical case study for refining similar trades.


Rio Tinto (RIO AU): Post-Earnings Drop Exceeds Expectations

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> / <a href="https://www.smartkarma.com/entities/rio-tinto-plc" target="_blank" data-smartkarma-citation="entities:22114:1" rel="noopener">(RIO LN)</a> / <a href="https://www.smartkarma.com/entities/rio-tinto-plc-057cb83c-c6f0-460f-976f-c58c789ef28c" target="_blank" data-smartkarma-citation="entities:28506:1" rel="noopener">(RIO US)</a> is scheduled to report its 2025 half year results on Wednesday, 30 July 2025 at 16:15 AEST.
</li>
<li>
Actionable Option Strategy: Options imply a move noticeably larger than the historical average, opening up a potential short-term yield opportunity. Trade setup discussed in detail.</li>
<li>
Why Read: The Insight outlines yield-focused short-vol strategies, the expected volatility crush, and a forecast for Rio’s interim dividend based on payout policy and timing.</li>
</ul>



Rio Tinto Ltd (RIO AU) / (RIO LN) / (RIO US) is scheduled to report its 2025 half year results on Wednesday, 30 July 2025 at 16:15 AEST.


Actionable Option Strategy: Options imply a move noticeably larger than the historical average, opening up a potential short-term yield opportunity. Trade setup discussed in detail.

Why Read: The Insight outlines yield-focused short-vol strategies, the expected volatility crush, and a forecast for Rio’s interim dividend based on payout policy and timing.


Rio Tinto (RIO AU) 1H25 Results on 30 July: Earning Yield from Volatility Premium

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Iron ore prices continue to inch lower as import options for China increase. China accounts for 72% of the seaborne market. </li>
<li>For China, imports from Brazil and Australia account for 82% of its overall number.  South Africa and India are 5% but the other category (13%) is now growing. </li>
<li>Can Imports from other regions, such as Canada, Ukraine, Africa, Iran, and Peru, increase? Data shows that it is happening. </li>
</ul>


Iron ore prices continue to inch lower as import options for China increase. China accounts for 72% of the seaborne market. 
For China, imports from Brazil and Australia account for 82% of its overall number.  South Africa and India are 5% but the other category (13%) is now growing. 
Can Imports from other regions, such as Canada, Ukraine, Africa, Iran, and Peru, increase? Data shows that it is happening. 


Iron Ore: China Imports From Ukraine, Iran, And Peru Show An Increasing Trend

Brazil

Vale S.A. is a Brazilian multinational corporation primarily engaged in metals and mining, and one of the largest logistics operators in Brazil. It is a leading global producer of iron ore and nickel, also producing copper, manganese, ferroalloys, and other base metals. The company operates integrated logistics systems including railways, maritime terminals, and ports. Headquartered in Rio de Janeiro, Brazil, the company was founded in 1942.

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

Vale (VALE3 BR)

WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade

There are 217 adds/224 deletes for the WisdomTree Emerging Markets High Dividend Index. The round-trip trade is around US$2.3bn and there are a...

Brian Freitas

Fortescue (FMG AU) Results on 26 Aug: Expected Price Swings and Volatility Outlook

Fortescue (FMG AU) to report FY2025 results on 26 August 2025. Options market anticipates price move, dividend outlook, and post-event volatility....

Gaudenz Schneider

Rio Tinto (RIO AU): Post-Earnings Drop Exceeds Expectations

Rio Tinto Ltd cuts dividend by 16% after 1H25 results, leading to unexpected share price drop exacerbated by surprise US copper tariff announcement.

Gaudenz Schneider

Rio Tinto (RIO AU) 1H25 Results on 30 July: Earning Yield from Volatility Premium

Reminder: Rio Tinto (RIO AU) reports today at 16:15 AEST (Sydney) / 07:15 BST (London) / 02:15 EDT (New York). Since yesterday’s publication, the...

Gaudenz Schneider

Iron Ore: China Imports From Ukraine, Iran, And Peru Show An Increasing Trend

We assess the impact of rising exports from geographic destinations other than Australia and Brazil on iron ore, providing data on increases in...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade

There are 217 adds/224 deletes for the WisdomTree Emerging Markets High Dividend Index. The round-trip trade is around US$2.3bn and there are a...

Brian Freitas

Fortescue (FMG AU) Results on 26 Aug: Expected Price Swings and Volatility Outlook

​Fortescue (FMG AU) to report FY2025 results on 26 August 2025. Options market anticipates price move, dividend outlook, and post-event volatility....

Gaudenz Schneider

Rio Tinto (RIO AU): Post-Earnings Drop Exceeds Expectations

​Rio Tinto Ltd cuts dividend by 16% after 1H25 results, leading to unexpected share price drop exacerbated by surprise US copper tariff announcement.

Gaudenz Schneider

Rio Tinto (RIO AU) 1H25 Results on 30 July: Earning Yield from Volatility Premium

Reminder: Rio Tinto (RIO AU) reports today at 16:15 AEST (Sydney) / 07:15 BST (London) / 02:15 EDT (New York). Since yesterday’s publication, the...

Gaudenz Schneider

Iron Ore: China Imports From Ukraine, Iran, And Peru Show An Increasing Trend

We assess the impact of rising exports from geographic destinations other than Australia and Brazil on iron ore, providing data on increases in...

Sameer Taneja

Fortescue (FMG AU) to report FY2025 results on 26 August 2025. Options market anticipates price move, dividend outlook, and post-event volatility....

Rio Tinto Ltd cuts dividend by 16% after 1H25 results, leading to unexpected share price drop exacerbated by surprise US copper tariff announcement.