SSI Securities Corporation has released a report forecasting changes to the ETF portfolio for Q4/2025. During this period, foreign ETFs are expected to rebalance their portfolios on December 19, 2025. Specifically, the MarketVector Vietnam Local Index will undergo a basket reshuffle with component changes, while the STOXX Vietnam Total Market Liquid Index will only update data and recalculate portfolio weights.
For the Xtrackers Vietnam Swap UCITS ETF (tracking the STOXX Vietnam Total Market Liquid Index), the current net asset value stands at $352.8 million (~9.3 trillion VND, up 39% year-to-date). The number of fund units has decreased by approximately 12%, with net outflows reaching $34.9 million (~929 billion VND).
In terms of trading, SSI Research projects the fund will buy stocks such as HPG (+4.4 million shares), SHB (+3.6 million shares), and SSI (+2 million shares)…
Conversely, the fund may sell VIC (−3 million shares).
Regarding the VanEck Vectors Vietnam ETF (tracking the MarketVector Vietnam Local Index), SSI anticipates no new stocks will be added to the index. VPL and TCX do not meet the criteria for inclusion this quarter, as TCX lacks the minimum listing time for expedited review, and VPL fails to meet liquidity requirements.
On the other hand, CTR is close to the top 98% threshold of free-float market capitalization among eligible stocks, making it a candidate for removal during the Q4 review.
Additionally, VIC’s share price has surged 103% since the last review, exceeding the 8% single-stock weight limit. SSI Research expects the VanEck Vectors Vietnam ETF to sell VIC to rebalance its portfolio.
The VanEck Vectors Vietnam ETF’s net asset value currently stands at $577 million (~15.2 trillion VND). Since the start of 2025, AUM has increased by 38.4%, with net outflows exceeding $47 million (~1.2 trillion VND).
In trading scenarios, under Scenario 1 (no portfolio changes), SSI predicts the strongest buying in HPG (7 million shares), followed by SSI (5.1 million shares) and VCB (3.6 million shares).
Selling pressure is expected to focus on VIC (4.6 million shares) and VCI (1.3 million shares).
Under Scenario 2 (CTR removed with no new additions), HPG could see purchases of 7 million shares, followed by SSI (5.2 million shares) and VCB (3.7 million shares).
On the selling side, besides VIC (−4.6 million shares) and VCI (−1.3 million shares), the ETF may also sell approximately 604,000 shares of CTR.
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