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

<ul>
<li>There is 1 add for the MarketVector Global Gold Miners Index but 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</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn 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 semiannually in March/September. During these reviews, names can be added or deleted from the index. </li>
<li>
<strong>There will be no index changes for the December 2025 rebal event.</strong> However, we expect a one-way flow of US$175mm for December 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 semiannually in March/September. During these reviews, names can be added or deleted from the index. 

There will be no index changes for the December 2025 rebal event. However, we expect a one-way flow of US$175mm for December 2025.


[Quiddity Index] MV Junior Gold Miners Index Dec25: Limited Flow Expectations

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Cross Asset Strategy

<ul><li>During the third quarter of 2025, the Massif Capital Real Assets Strategy returned 36.1% net of fees, bringing our YTD returns to 41.5% net of fees.</li><li>Gross-of-fees gains from the long book were 35.9% and short book gains were 0.73%.</li><li>The Real Assets strategy has now been running for 27 quarters, and this was our best quarter to date, bringing our since-inception annualized net-of-fees returns to 14.6%.</li></ul>

During the third quarter of 2025, the Massif Capital Real Assets Strategy returned 36.1% net of fees, bringing our YTD returns to 41.5% net of fees.Gross-of-fees gains from the long book were 35.9% and short book gains were 0.73%.The Real Assets strategy has now been running for 27 quarters, and this was our best quarter to date, bringing our since-inception annualized net-of-fees returns to 14.6%.

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> transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.</li>
<li>With float below 10%, <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> should miss inclusion in the index in December, while <a href="https://www.smartkarma.com/entities/dundee-precious-metals-inc" target="_blank" data-smartkarma-citation="entities:42245:1" rel="noopener">Dundee Precious Metals (DPM CN)</a> is a potential inclusion.</li>
<li>There are big capping changes with estimated one-way turnover of 6.4% and a round-trip trade of US$4.1bn.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.
With float below 10%, Zijin Gold (2259 HK) should miss inclusion in the index in December, while Dundee Precious Metals (DPM CN) is a potential inclusion.
There are big capping changes with estimated one-way turnover of 6.4% and a round-trip trade of US$4.1bn.


Gold Miners ETF (GDX US) Dec Rebalance: Zijin Gold Is a Miss; One Add Likely; US$4.1bn Trade

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.</li>
<li>This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index.</li>
<li>There will be no index changes for the December 2025 rebal event. However, we currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.
This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index.
There will be no index changes for the December 2025 rebal event. However, we currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.


[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

Canada

Equinox Gold Corp. is a gold mining company. The Company operates mines and development projects in the Americas.

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Equinox Gold (EQX US)

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

[Quiddity Index] MV Junior Gold Miners Index Dec25: Limited Flow Expectations

There are minimal flow expectations for the December rebalance of the Junior Gold Miners Index. We wait for spring. Directional volatility is more...

Travis Lundy

Third Quarter 2025 Letter to Investors

During the third quarter of 2025, the Massif Capital Real Assets Strategy returned 36.1% net of fees, bringing our YTD returns to 41.5% net of fees.

Massif Capital Research

Gold Miners ETF (GDX US) Dec Rebalance: Zijin Gold Is a Miss; One Add Likely; US$4.1bn Trade

DPM Metals is a potential add, Zijin Gold is a likely miss in Dec. There are big capping changes with estimated one-way turnover of 6.4% and a...

Brian Freitas

[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

The MV Junior Gold Miners Index gets a rebal but not a review in December so flows are limited to capping and recapping. So far not significant....

Travis Lundy

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