ADR$HELX$TMRA
The quiet discount in Japanese robotics ADRs
HELX has traded below its local line for eleven of the last fifteen sessions. We walk through the basis, the borrow picture, and what would need to be true for the gap to close.
Research
Article-first research from the Irradiance team. Every piece links its tickers, its data, and its methodology.
ETF$EMDX$CMDY
When an ETF premium is a fee, not a signal
Some persistent premiums are just stale iNAV. A framework for telling implementation friction apart from genuine mispricing, with three demo funds as examples.
Fundamental$NXMR$TQSA
Cheap for a reason? Quality-adjusted valuation in metals
Nordmar screens cheap against its peer regression — but only after adjusting for quality. What the residual actually measures, and what it misses.
Methodology$AURD$QNTA
Reading the basis: what “structural” really means
Ownership limits, depositary fees, short restrictions — the part of an ADR premium that never closes, and why we net it out before calling anything a signal.
ETF$GDEM$SMDX
Three screens for fast-reverting ETF premiums
Half-life, not size, decides whether a premium is tradeable. The screens we run internally, with the filter logic shown.
Fundamental$CLRA$HALC
Accruals: the least glamorous edge
Why the accrual component of the quality grade has done the work, and how to read it off the cash flow statement in two minutes.