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

Chagee Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides a wide range of freshly-made tea drinks. Chagee Holdings serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a> is looking to raise up to US$473m in its IPO, valuing the company at up to US$5.2bn. The offering is expected to price today, list tomorrow.</li>
<li>Media reports indicate that cornerstone investors have indicated demand for US$205m of the offering. There is no mention of a lock-up on those investors yet.</li>
<li>The stock could be added in one global index in August (with a higher probability of inclusion in November), while inclusion in the other global index is likely in December.</li>
</ul>



Chagee Holdings (CHA US) is looking to raise up to US$473m in its IPO, valuing the company at up to US$5.2bn. The offering is expected to price today, list tomorrow.
Media reports indicate that cornerstone investors have indicated demand for US$205m of the offering. There is no mention of a lock-up on those investors yet.
The stock could be added in one global index in August (with a higher probability of inclusion in November), while inclusion in the other global index is likely in December.


Chagee Holdings (CHA US) IPO: Global Index Inclusion Timeline

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

CRH Public Limited Company provides building materials. The Company manufactures and distributes a wide range of architectural, infrastructure, and construction products for infrastructure, housing, and commercial projects. CRH serves customers Worldwide.

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!


[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Klarna is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry.

<ul>
<li>Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.</li>
<li>Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.</li>
<li>Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.</li>
</ul>


Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.
Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.
Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.


Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

Amcor PLC operates as a packaging company. The Company offers wide range of flexible and rigid packaging, specialty cartons, closures, and services for food, beverage, pharmaceutical, and medical sectors. Amcor serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amcor-plc" target="_blank" data-smartkarma-citation="entities:36919:1" rel="noopener">Amcor (AMCR US)</a> and <a href="https://www.smartkarma.com/entities/berry-global-group-inc" target="_blank" data-smartkarma-citation="entities:9428:1" rel="noopener">Berry Global Group (BERY US)</a> all-stock merger creates a $24B packaging leader with $650M in synergies by year three.</li>
<li>
<a href="https://www.smartkarma.com/entities/berry-global-group-inc" target="_blank" data-smartkarma-citation="entities:9428:1" rel="noopener">Berry Global Group (BERY US)</a> shareholders to receive 7.25 <a href="https://www.smartkarma.com/entities/amcor-plc" target="_blank" data-smartkarma-citation="entities:36919:1" rel="noopener">Amcor (AMCR US)</a> shares per share held, with the deal expected to close soon.</li>
<li>The merger's impact on major U.S. indices expected on an intra-quarter basis.</li>
</ul>



Amcor (AMCR US) and Berry Global Group (BERY US) all-stock merger creates a $24B packaging leader with $650M in synergies by year three.

Berry Global Group (BERY US) shareholders to receive 7.25 Amcor (AMCR US) shares per share held, with the deal expected to close soon.
The merger's impact on major U.S. indices expected on an intra-quarter basis.


Amcor’s $8B+ Berry Pick: A Juicy Shake-Up for the US Index

CoreWeave, Inc. provides software solutions and cloud services. The Company offers cloud infrastructure platform that manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. CoreWeave serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is forecasted to be added to snp TMI at the June 2025 review after failing the fast-entry fcap threshold of $2bn. </li>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is ineligible in 2025 for inclusion to Global-F and rasel due to public voting rights below 5%. </li>
<li>Lock-Up expiry causes free float thus public voting rights to increase above 5%. Addition to Global-F SmallCap and R1000 is expected in March and June 2026, respectively.
</li>
</ul>



CoreWeave (CRWV US) is forecasted to be added to snp TMI at the June 2025 review after failing the fast-entry fcap threshold of $2bn. 

CoreWeave (CRWV US) is ineligible in 2025 for inclusion to Global-F and rasel due to public voting rights below 5%. 
Lock-Up expiry causes free float thus public voting rights to increase above 5%. Addition to Global-F SmallCap and R1000 is expected in March and June 2026, respectively.



CoreWeave (CRWV US): Global & US Index Exclusion Over Low IPO Float & Public Voting Rights

US/EU Index Events
Index Rebalance and Events

Chagee Holdings (CHA US) IPO: Global Index Inclusion Timeline

Chagee is looking to raise up to US$473m in its IPO, valuing the company up to US$5.2bn. Pricing expected today, listing tomorrow. With Mixue and...

Brian Freitas

[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

The S&P 500 June 2025 rebal will have fun at both ends of the spectrum. A bunch of intra-review changes at the top are likely, and a few S&P...

Travis Lundy

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

Amcor’s $8B+ Berry Pick: A Juicy Shake-Up for the US Index

Amcor and Berry’s all-stock merger forms a $24B packaging leader with $650M in synergies. Berry shareholders get 7.25 Amcor shares per Berry share....

Harry Kalfas

CoreWeave (CRWV US): Global & US Index Exclusion Over Low IPO Float & Public Voting Rights

CoreWeave (CRWV) is expected to join snp TMI in June 2025 but remains ineligible for rasel and Global Indices for six months due to low float and...

Dimitris Ioannidis