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

Northern Star Resources / Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.</li>
<li>The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 27.4% resulting in a round-trip trade of US$12.5bn.</li>
<li>The forecast adds have continued to underperform the forecast deletes as the big valuation gap that had opened up since the announcement of the benchmark switch narrows.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 27.4% resulting in a round-trip trade of US$12.5bn.
The forecast adds have continued to underperform the forecast deletes as the big valuation gap that had opened up since the announcement of the benchmark switch narrows.


Gold Miners ETF (GDX US): Further Capping Pushes Trade to Over US$12.5bn

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in June but there are plenty of float and capping changes.</li>
<li>Estimated one-way turnover is 4.1% resulting in a round-trip trade of US$528m. There are 5 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The sell flows in <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a> will partially offset the buying from the passive S&amp;P/ASX 50 Index trackers.</li>
</ul>


There are no constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in June but there are plenty of float and capping changes.
Estimated one-way turnover is 4.1% resulting in a round-trip trade of US$528m. There are 5 stocks with over 1x ADV to trade from passive trackers.
The sell flows in Evolution Mining (EVN AU) will partially offset the buying from the passive S&amp;P/ASX 50 Index trackers.


MV Global Junior Gold Miners Index Rebalance: Stocks at Their Highs

<ul>
<li>There are 7 adds for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in March. There are plenty of float and capping changes too.</li>
<li>Estimated one-way turnover is 5.3% resulting in a round-trip trade of US$610m. There are 11 stocks with over 1x ADV to trade from passive trackers.</li>
<li>
<a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources /Australi (SPR AU)</a> and <a href="https://www.smartkarma.com/entities/ora-banda-mining-ltd" target="_blank" data-smartkarma-citation="entities:2970:1" rel="noopener">Ora Banda Mining (OBM AU)</a> will be added to some of the S&amp;P/ASX indices at the same time, increasing flow and impact.</li>
</ul>


There are 7 adds for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in March. There are plenty of float and capping changes too.
Estimated one-way turnover is 5.3% resulting in a round-trip trade of US$610m. There are 11 stocks with over 1x ADV to trade from passive trackers.

Spartan Resources /Australi (SPR AU) and Ora Banda Mining (OBM AU) will be added to some of the S&amp;P/ASX indices at the same time, increasing flow and impact.


MV Global Junior Gold Miners Index Rebalance: 7 Adds & Other Changes Lead to US$610m Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Junior Gold Miners Index represents the performance of small-cap gold and silver mining companies listed around the world.</li>
<li>This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.</li>
<li>Below we take a look at the latest lists of potential ADDs and DELs for the Index Rebal Event in March 2025. </li>
</ul>


The MV Junior Gold Miners Index represents the performance of small-cap gold and silver mining companies listed around the world.
This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.
Below we take a look at the latest lists of potential ADDs and DELs for the Index Rebal Event in March 2025. 


[Quiddity Index Jan25] MV Junior Gold Miners Index Mar 25 Rebal: Multiple Adds, 4.4% 1-Way Turnover

Bumi Resources Minerals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kinross-gold-corp-4566bc5d-6053-4c59-9b54-891e37079607" target="_blank" data-smartkarma-citation="entities:33288:1" rel="noopener">Kinross Gold Corp (KGC US)</a>, <a href="https://www.smartkarma.com/entities/fresnillo-plc" target="_blank" data-smartkarma-citation="entities:21939:1" rel="noopener">Fresnillo PLC (FRES LN)</a>, <a href="https://www.smartkarma.com/entities/kingsgate-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:12544:1" rel="noopener">Kingsgate Consolidated (KCN AU)</a>, Dakota Gold are adds; <a href="https://www.smartkarma.com/entities/merdeka-copper-gold-tbk-pt" target="_blank" data-smartkarma-citation="entities:28447:1" rel="noopener">Merdeka Copper Gold Tbk PT (MDKA IJ)</a> and PGM Gold Mining are deletes.</li>
<li>One way turnover is US$390m and there is a big impact on a lot of stocks due to addition, deletion and float changes. Implementation at the close on 17 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals Tbk (BRMS IJ)</a> was added to the GDXJ in March and rallied over 30% in 4 days since announcement. Buying this time will be even larger.</li>
</ul>



Kinross Gold Corp (KGC US), Fresnillo PLC (FRES LN), Kingsgate Consolidated (KCN AU), Dakota Gold are adds; Merdeka Copper Gold Tbk PT (MDKA IJ) and PGM Gold Mining are deletes.
One way turnover is US$390m and there is a big impact on a lot of stocks due to addition, deletion and float changes. Implementation at the close on 17 June.

Bumi Resources Minerals Tbk (BRMS IJ) was added to the GDXJ in March and rallied over 30% in 4 days since announcement. Buying this time will be even larger.


MVIS Global Junior Gold Miners Index Rebalance: Big Flows & Impact

United States

Coeur Mining, Inc., through its subsidiaries, explores, develops, operates, and/or owns silver and gold mining properties and companies.  The Company's properties are located primarily in the United States, Australia, and South America.

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Coeur Mining (CDE US)

Gold Miners ETF (GDX US): Further Capping Pushes Trade to Over US$12.5bn

The GDX benchmark change is expected to result in 27.4% turnover and a US$12.5bn trade. Multiple days of ADV need to be traded in a lot of stocks....

Brian Freitas

MV Global Junior Gold Miners Index Rebalance: Stocks at Their Highs

No constituent changes in June. Estimated one-way turnover is 4.1% and the round-trip trade is US$528m. There are 5 stocks with over 1x ADV to...

Brian Freitas

MV Global Junior Gold Miners Index Rebalance: 7 Adds & Other Changes Lead to US$610m Trade

7 adds, float and capping changes lead to one-way turnover of 5.3% and a round-trip trade of US$610m. Spartan is also and ASX200 add while OBM is...

Brian Freitas

[Quiddity Index Jan25] MV Junior Gold Miners Index Mar 25 Rebal: Multiple Adds, 4.4% 1-Way Turnover

The MV Junior Gold Miners Index rebalances twice a year. It is an interesting index as it has an upper cutoff AND caps. For March, there's one...

Travis Lundy

MVIS Global Junior Gold Miners Index Rebalance: Big Flows & Impact

There are 4 adds and 2 deletes for the GDXJ Index resulting in one-way turnover of 10% and a one-way trade of US$390m. BRMS IJ has a big float...

Brian Freitas

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