Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

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> 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

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

<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> has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.</li>
<li>The benchmark change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 16.5% resulting in a one-way trade of US$3.15bn.</li>
<li>The flow and turnover numbers will change following constituent and capping changes for the MarketVector Global Gold Miners Index at the September rebalance.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.
The benchmark change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 16.5% resulting in a one-way trade of US$3.15bn.
The flow and turnover numbers will change following constituent and capping changes for the MarketVector Global Gold Miners Index at the September rebalance.


Gold Miners ETF (GDX US): Impact of Benchmark Change - Update

Wanguo International Mining / Index Rebalance

<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>The MV Jr-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 and September. There will be no index changes for the June 2025 index rebal event but there will be capping flows.</li>
<li>We expect one-way flows of US$81mm for June 2025 which translates to a turnover of 1.4%.</li>
</ul>


The MV Jr-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 and September. There will be no index changes for the June 2025 index rebal event but there will be capping flows.
We expect one-way flows of US$81mm for June 2025 which translates to a turnover of 1.4%.


Quiddity Leaderboard MV Jr-Gold Miners Jun25: Flow Expectations

<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

Canada

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

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G Mining Ventures (GMIN CN)

[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

Gold Miners ETF (GDX US): Impact of Benchmark Change - Update

Following the benchmark change, the GDX ETF could need to buy 8 stocks and sell 26 stocks. Estimated one-way turnover is 16.5% and the round-trip...

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

Quiddity Leaderboard MV Jr-Gold Miners Jun25: Flow Expectations

The June 2025 MV Junior Gold Miners Index rebal so far is looking small. There will be a small delete on De Grey and a funding event. For now, no...

Travis Lundy

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

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