Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized 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, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

Nikkei 225 Index Rebalance Preview (Mar 2026): Cutoff Done; Capping Confirmed; Constituent Changes?

Japan: (Forecast) Global Index Changes in March & Big Outperformance

Asia Pac: (Forecast) Global Index Changes in March as Adds Outperform Bigly

Advantest (6857 JP): Rally Leads to Potential NKY Capping

Fast Retailing (9983 JP): More Capping-Led Selling in September (And Maybe More in March)

Nikkei 225 Index Rebalance Preview (Mar 2026): Potential Adds, Deletes, Capping & Other Changes

Softbank Group (9984 JP): Breaks Through the 10% Nikkei225 Cap

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>
<a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a> now makes up 12.51% of the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> weight and there will be multiple levels of capping over the next 3 rebalances.</li>
<li>The passive selling is estimated to be 51.5m shares (JPY 1.3tn; US$8.4bn; 6.1x ADV) in total and will increase the real float of the stock significantly.</li>
<li>
<a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a> has continued to outperform its peers, and the valuation gap is getting wider.</li>
</ul>



Advantest Corp (6857 JP) now makes up 12.51% of the Nikkei 225 (NKY INDEX) weight and there will be multiple levels of capping over the next 3 rebalances.
The passive selling is estimated to be 51.5m shares (JPY 1.3tn; US$8.4bn; 6.1x ADV) in total and will increase the real float of the stock significantly.

Advantest Corp (6857 JP) has continued to outperform its peers, and the valuation gap is getting wider.


Advantest (6857 JP): Triple Capping over the Next Year