Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Flow Dynamics in Seed Window for 2x Leveraged Samsung and Hynix ETFs

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Focus is on rotation from semi leveraged ETFs, about KRW 700bn to 1tn in 5 days, mainly cannibalizing KODEX and TIGER which proxy Samsung and Hynix leverage.</li>
<li>Better trade is smaller names, not Samsung or Hynix. Futures likely take heavy sell pressure post listing, driving outsized basis blowout and spot futures dislocation versus turnover.</li>
<li>Screen names are Hanmi, Leeno, Wonik IPS, EO Technics, ISC. Expect 1 to 1.3x futures sell flow. Play via cash shorts or basis on backwardation.</li>
</ul>


Focus is on rotation from semi leveraged ETFs, about KRW 700bn to 1tn in 5 days, mainly cannibalizing KODEX and TIGER which proxy Samsung and Hynix leverage.
Better trade is smaller names, not Samsung or Hynix. Futures likely take heavy sell pressure post listing, driving outsized basis blowout and spot futures dislocation versus turnover.
Screen names are Hanmi, Leeno, Wonik IPS, EO Technics, ISC. Expect 1 to 1.3x futures sell flow. Play via cash shorts or basis on backwardation.


Flow Cannibalization Trade Setup Around Samsung and Hynix Leveraged ETF Listings

Hanmi Semiconductor

Flow Cannibalization Trade Setup Around Samsung and Hynix Leveraged ETF Listings