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

Zijin Gold International / Index Rebalance

<ul>
<li>There could be 3 inclusions for 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> in June. There are 3 more stocks that are close on free float market cap.</li>
<li>Following the lock-up expiry in March, <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>'s float increases above 10% and the stock is a high probability inclusion at the June rebalance. </li>
<li>With the 3 adds and capping changes, estimated one-way turnover is 2.4% resulting in a round-trip trade of US$1.6bn.</li>
</ul>


There could be 3 inclusions for the VanEck Gold Miners ETF/USA (GDX US) in June. There are 3 more stocks that are close on free float market cap.
Following the lock-up expiry in March, Zijin Gold (2259 HK)'s float increases above 10% and the stock is a high probability inclusion at the June rebalance. 
With the 3 adds and capping changes, estimated one-way turnover is 2.4% resulting in a round-trip trade of US$1.6bn.


Gold Miners ETF (GDX US) June Rebalance: 3 Adds Likely; US$1.6bn Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap global gold and silver mining companies. We expect 2-3 ADDs on average each quarter.</li>
<li>Based on the latest data, we now see six ADDs in June 2026 and a one-way flow of US$1.1bn.</li>
<li>The Regis-Vault merger could have consequences for the index in September 2026.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap global gold and silver mining companies. We expect 2-3 ADDs on average each quarter.
Based on the latest data, we now see six ADDs in June 2026 and a one-way flow of US$1.1bn.
The Regis-Vault merger could have consequences for the index in September 2026.


[Quiddity Index] MV Global Gold Miners Jun26: Six ADDs Likely; Base Date Approaching

Event-Driven

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver global mining companies. We expect 2-3 ADDs on average each quarter.</li>
<li>Based on the latest data, we now see five ADDs in June 2026 and we have a little over a month to the base date. </li>
<li>We expect one-way flow of US$1.2bn for the June 2026 rebal. </li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver global mining companies. We expect 2-3 ADDs on average each quarter.
Based on the latest data, we now see five ADDs in June 2026 and we have a little over a month to the base date. 
We expect one-way flow of US$1.2bn for the June 2026 rebal. 


[Quiddity Index] MV Global Gold Miners Jun26: Five ADDs Possible; US$1.2bn+ One-Way Flows

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver global mining companies. On average, we can expect 2-3 ADDs per quarter.</li>
<li>Based on the latest data, we expect four ADDs in June 2026, but things could change in the run-up to the May-end base date.</li>
<li>We expect one-way flows of around US$600mm for June 2026. However, that number could triple due to the peculiar index weighting criteria and names moving from 'small-cap' to 'large-cap.'</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver global mining companies. On average, we can expect 2-3 ADDs per quarter.
Based on the latest data, we expect four ADDs in June 2026, but things could change in the run-up to the May-end base date.
We expect one-way flows of around US$600mm for June 2026. However, that number could triple due to the peculiar index weighting criteria and names moving from 'small-cap' to 'large-cap.'


[Quiddity Index] MV Global Gold Miners Jun26: Multiple ADDs Expected; Bigger Flows in Jun26 Likely

<ul>
<li>There are 4 additions for 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> in March. Plus a whole bunch of float and capping changes.</li>
<li>Estimated one-way turnover is 7.5% and that leads to a round-trip trade of US$5.1bn. There are many stocks with multiple days of ADV to trade from passive trackers.</li>
<li>
<a href="https://www.smartkarma.com/entities/pan-american-silver-corp-ce7d7ca6-59e0-44f1-958f-e5b679750b06" target="_blank" data-smartkarma-citation="entities:25937:1" rel="noopener">Pan American Silver</a> and <a href="https://www.smartkarma.com/entities/royal-gold-inc" target="_blank" data-smartkarma-citation="entities:11226:1" rel="noopener">Royal Gold</a> are deletions from 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</a> while <a href="https://www.smartkarma.com/entities/greatland-resources-ltd" target="_blank" data-smartkarma-citation="entities:47602:1" rel="noopener">Greatland Resources (GGP AU)</a> is an inclusion to the ASX100 Index.</li>
</ul>


There are 4 additions for the VanEck Gold Miners ETF/USA (GDX US) in March. Plus a whole bunch of float and capping changes.
Estimated one-way turnover is 7.5% and that leads to a round-trip trade of US$5.1bn. There are many stocks with multiple days of ADV to trade from passive trackers.

Pan American Silver and Royal Gold are deletions from the VanEck Vectors Junior Gold Miners ETF while Greatland Resources (GGP AU) is an inclusion to the ASX100 Index.


Gold Miners ETF (GDX US) March Rebalance: 4 Adds and US$5.1bn Trade

Canada

Kinross Gold Corporation is involved in the exploration, development, and production of gold in countries located around the world.  The Company currently has operations in the United States, Brazil, Chile, Mauritania, Ghana and Russia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kinross Gold Corp (KGC US)

Gold Miners ETF (GDX US) June Rebalance: 3 Adds Likely; US$1.6bn Trade

The June changes for GDX will be announced after market close today and implemented after market close on 19 June. We forecast 5 adds: Zijin Gold,...

Brian Freitas

[Quiddity Index] MV Global Gold Miners Jun26: Six ADDs Likely; Base Date Approaching

The MV Global Gold Miners base date approaches. It is 8 days away. There is one high conviction ADD, and a medium. Lows are 40% likely in our model...

Travis Lundy

[Quiddity Index] MV Global Gold Miners Jun26: Five ADDs Possible; US$1.2bn+ One-Way Flows

One month left on the observation period for the Market Vector Global Gold Miners Index rebal. We expect Zijin Gold to be added but we see three...

Travis Lundy

[Quiddity Index] MV Global Gold Miners Jun26: Multiple ADDs Expected; Bigger Flows in Jun26 Likely

It's early - two months left - but it looks like there may be several ADDs in June 2026. There is also a possibility of one or two becoming "large...

Travis Lundy

Gold Miners ETF (GDX US) March Rebalance: 4 Adds and US$5.1bn Trade

The index rebalances at the close today. With gold trading lower since rebalance announcement and another big down move overnight (though off the...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)