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!

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

Hua Nan Financial Holdings Co Ltd. / Index Rebalance

Hua Nan Financial Holdings Co Ltd. (2880 TT)

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th September 2025.</li>
<li>There will be two ADD/DEL for T50, five separate ADDs/DELs for T100, and no changes 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 5th September 2025.
There will be two ADD/DEL for T50, five separate ADDs/DELs for T100, and no changes for TDIV.
All of these are exactly in line with our final expectations.


Quiddity T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

<ul>
<li>There are 16 adds and 6 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$12.4bn.</li>
<li>The ETF has started trading the stocks and are expected to continue trading for the next 7 trading days. In reality, the process could drag on for some stocks.</li>
<li>The index committee appears to have a little discretion in choosing the inclusions with one expected add not being added and one lower ranked stock being added to the index.</li>
</ul>


There are 16 adds and 6 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$12.4bn.
The ETF has started trading the stocks and are expected to continue trading for the next 7 trading days. In reality, the process could drag on for some stocks.
The index committee appears to have a little discretion in choosing the inclusions with one expected add not being added and one lower ranked stock being added to the index.


TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected

Yang Ming Marine Transport / Index Rebalance

<ul>
<li>The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 363bn (US$12.1bn).</li>
<li>Following a change in methodology, there could be 16 adds and 6 deletes in June with an estimated one-way turnover of 39% and a round-trip trade of US$9bn.</li>
<li>We expect the adds to outperform the deletes over the next few days, following which reversion could set in.</li>
</ul>


The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 363bn (US$12.1bn).
Following a change in methodology, there could be 16 adds and 6 deletes in June with an estimated one-way turnover of 39% and a round-trip trade of US$9bn.
We expect the adds to outperform the deletes over the next few days, following which reversion could set in.


TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade

Taiwan

Yankey Engineering Co., Ltd. offers engineering services. The Company provides services for mechanical engineering, electronics factories, food biotechnology factories, commercial buildings, fire protection systems, , and other projects. Yankey Engineering provides its services throughout Taiwan.

Price Gauge
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Yankey Engineering (6691 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

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 T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

We expect US$866mn one-way flows for the TDIV index. There are few high-impact names with more than 3x ADV to trade. Some of the high-impact names...

Janaghan Jeyakumar, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected

A change in index methodology leads to 16 adds and 6 deletes in June. The ETF has started trading the stocks and will continue to trade for the...

Brian Freitas

TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade

A change in methodology could result in 16 adds and 6 deletes in June leading to one-way turnover of 39% and a round-trip trade of US$9bn. The adds...

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

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 T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

We expect US$866mn one-way flows for the TDIV index. There are few high-impact names with more than 3x ADV to trade. Some of the high-impact names...

Janaghan Jeyakumar, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected

A change in index methodology leads to 16 adds and 6 deletes in June. The ETF has started trading the stocks and will continue to trade for the...

Brian Freitas

TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade

A change in methodology could result in 16 adds and 6 deletes in June leading to one-way turnover of 39% and a round-trip trade of US$9bn. The adds...

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