Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed globally. Last month the index inorganically gained significant tracking AUM.</li>
<li>This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the December 2025 index rebal event are presented here.</li>
<li>We expect 2 high-conviction ADDs for December 2025, with one-way flow of US$1.85bn. Healthy start for this new-ish index.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed globally. Last month the index inorganically gained significant tracking AUM.
This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the December 2025 index rebal event are presented here.
We expect 2 high-conviction ADDs for December 2025, with one-way flow of US$1.85bn. Healthy start for this new-ish index.


[Quiddity Index] MV Global Gold Miners Dec25: 2 ADDs Expected; US$1.8bn One-Way Flows

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

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

Amman Mineral Internasional / 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>We forecast 8 adds and 25 deletes for the ETF. Estimated one-way turnover is 15.77% resulting in a round-trip trade of US$6.18bn.</li>
<li>The forecast adds have outperformed the forecast deletes since the announcement of the benchmark switch and over shorter time frames too. The valuation gap has opened up.</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.
We forecast 8 adds and 25 deletes for the ETF. Estimated one-way turnover is 15.77% resulting in a round-trip trade of US$6.18bn.
The forecast adds have outperformed the forecast deletes since the announcement of the benchmark switch and over shorter time frames too. The valuation gap has opened up.


Gold Miners ETF (GDX US): Big Outperformance Driven by Benchmark Change; Valuation Gap Opens Up

<ul>
<li>The MV Global Gold Miners Index (GDX) represents the performance of large-cap and mid-cap gold and silver mining companies listed around the world.</li>
<li>This index is reviewed/rebalanced quarterly.  For September, there is a big increase in flow events as the VanEck Gold Miners ETF changes benchmark to the GDX Index.</li>
<li>There are a bunch of changes to go with the change in benchmark leading to US$5.8bn of two-way flows. It's a big deal. </li>
</ul>


The MV Global Gold Miners Index (GDX) represents the performance of large-cap and mid-cap gold and silver mining companies listed around the world.
This index is reviewed/rebalanced quarterly.  For September, there is a big increase in flow events as the VanEck Gold Miners ETF changes benchmark to the GDX Index.
There are a bunch of changes to go with the change in benchmark leading to US$5.8bn of two-way flows. It's a big deal. 


[Quiddity Index] Van Eck Gold Miners ETF (GDX) Sep25 Rebal - $5.8bn of Gold Stocks To Trade

<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> announced last month it would change its benchmark for the September rebalance, to the Market Vectors Global Gold Miners Index. </li>
<li>That means name changes based on methodology and universe changes. So we introduce coverage of the index, its rebalances, and the big flow in September.</li>
<li>We also add in cross flows from the MV Junior Gold Miners Index, offer spreadsheets, flow tables, leaderboards for the GDX index. Lots of data here.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) announced last month it would change its benchmark for the September rebalance, to the Market Vectors Global Gold Miners Index. 
That means name changes based on methodology and universe changes. So we introduce coverage of the index, its rebalances, and the big flow in September.
We also add in cross flows from the MV Junior Gold Miners Index, offer spreadsheets, flow tables, leaderboards for the GDX index. Lots of data here.


[Quiddity Index] Van Eck Gold Miners ETF (GDX) - Benchmark Change for Sep Rebal - $2.8bn One Way

Canada

G Mining Ventures Corp. acquires, explores, and develops gold mineral properties.

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G Mining Ventures (GMIN CN)

[Quiddity Index] MV Global Gold Miners Dec25: 2 ADDs Expected; US$1.8bn One-Way Flows

The MV GDX Index is the new benchmark for the GDX ETF. Big flows last month on the benchmark change, and now two potential ADDs for December. One...

Travis Lundy

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

Gold Miners ETF (GDX US): Big Outperformance Driven by Benchmark Change; Valuation Gap Opens Up

We see 8 adds and 25 deletes for GDX. Estimated one-way turnover is 15.77% and round-trip trade is US$6.18bn. Forecast adds have outperformed...

Brian Freitas

[Quiddity Index] Van Eck Gold Miners ETF (GDX) Sep25 Rebal - $5.8bn of Gold Stocks To Trade

The Van Eck Gold Miners ETF rebal in September comes with a change in benchmark which makes this a bigger deal than normal. That adds flows. We see...

Travis Lundy

[Quiddity Index] Van Eck Gold Miners ETF (GDX) - Benchmark Change for Sep Rebal - $2.8bn One Way

The Van Eck Global Gold Miners ETF will change benchmarks in September. That means $2.8bn of flow as we calculate it with multiple ADDs and a...

Travis Lundy

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