Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

KODEX Semicon (091160 KS) Tactical Outlook After September Rebalance

KRX Confirms 20% Samsung and Hynix Caps for Thursday’s Semis Rebalance

Sharing Feedback from KRX on Final Constituent Count for KRX Semis Rebal

KRX Semis Set for Heavy Passive Flow Attention in September

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Index Rebalance

<ul>
<li>KRX Semis is September’s key passive event, but TIGER’s unusual 6% Hynix underweight and sampling approach ahead of the rebalance has raised fresh tracking concerns.</li>
<li>Mirae’s sampling explanation is questionable, with TIGER effectively running an active tilt before reversing KRW 80bn of Hynix and Samsung trades last Wednesday. FSS review remains unclear.</li>
<li>Full replication is the base case. Pre position TES and TSE, then target spillover flows as Hynix and Samsung revert to the 20% cap, with Hynix driving KRW 1.2tn.</li>
</ul>


KRX Semis is September’s key passive event, but TIGER’s unusual 6% Hynix underweight and sampling approach ahead of the rebalance has raised fresh tracking concerns.
Mirae’s sampling explanation is questionable, with TIGER effectively running an active tilt before reversing KRW 80bn of Hynix and Samsung trades last Wednesday. FSS review remains unclear.
Full replication is the base case. Pre position TES and TSE, then target spillover flows as Hynix and Samsung revert to the 20% cap, with Hynix driving KRW 1.2tn.


On the Risk of TIGER (Or Even KODEX) Repeating Its Weird Practice Ahead of KRX Semis Sept Rebalance

Tes Co Ltd

On the Risk of TIGER (Or Even KODEX) Repeating Its Weird Practice Ahead of KRX Semis Sept Rebalance