Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul><li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.</li><li>The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.</li><li>Based on the current numbers, we see one change for the F100 index and four changes for the F250 index in December 2025.</li></ul>

In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.Based on the current numbers, we see one change for the F100 index and four changes for the F250 index in December 2025.

Quiddity Leaderboard F100/F250 Dec25: One F100 ADD, Four F250 ADDs Likely; One Day to Base Date

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shawbrook-group-plc" target="_blank" data-smartkarma-citation="entities:22139:1" rel="noopener">Shawbrook (SHAW LN)</a>, the biggest UK IPO of the year, is expected to be included in UK 250 and All-Share at a market cap of ~£2bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/pan-african-resources-plc" target="_blank" data-smartkarma-citation="entities:23518:1" rel="noopener">Pan African Resources (PAF LN)</a> transferred its listing to the Main Market resulting in its anticipated addition to UK 250 and All-Share at a market cap of ~£1.8bn.</li>
<li>Princes Group (PRN LN) is anticipated to be included in UK 250 and All-Share following its IPO in November at a market cap of ~£1bn.</li>
</ul>



Shawbrook (SHAW LN), the biggest UK IPO of the year, is expected to be included in UK 250 and All-Share at a market cap of ~£2bn.

Pan African Resources (PAF LN) transferred its listing to the Main Market resulting in its anticipated addition to UK 250 and All-Share at a market cap of ~£1.8bn.
Princes Group (PRN LN) is anticipated to be included in UK 250 and All-Share following its IPO in November at a market cap of ~£1bn.


UK Index Dec25 Forecast: Largest UK IPO of the Year Among Inclusions

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>The MV Global Gold Miners index represents the performance of large- and mid-cap gold and silver mining companies listed around the world. It underlies the biggest listed sector ETF (GDX).</li>
<li>We currently don't see any index changes for the December 2026 rebal. The potential ADDs would need to significantly outperform to trigger an index change.</li>
<li>The Vault-Genesis deal is likely to complete before the December 2026 rebal and is expected to trigger passive flows in MV Global Gold and MV Junior Gold Miners indices.</li>
</ul>


The MV Global Gold Miners index represents the performance of large- and mid-cap gold and silver mining companies listed around the world. It underlies the biggest listed sector ETF (GDX).
We currently don't see any index changes for the December 2026 rebal. The potential ADDs would need to significantly outperform to trigger an index change.
The Vault-Genesis deal is likely to complete before the December 2026 rebal and is expected to trigger passive flows in MV Global Gold and MV Junior Gold Miners indices.


[Quiddity Index] MV Global Gold Miners Dec26 Rebal: No Changes Likely; Vault-Genesis Deal Flows

Amman Mineral Internasional / Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.</li>
<li>We saw no changes for the September 2026 rebal event. There will be no index changes for the September 2026 rebal event.</li>
<li>We expect a one-way flow of US$687mm for September 2026.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.
We saw no changes for the September 2026 rebal event. There will be no index changes for the September 2026 rebal event.
We expect a one-way flow of US$687mm for September 2026.


[Quiddity Index] MV Global Gold Miners Sep26 Results: No Changes; ~US$690mm One-Way

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world. </li>
<li>Currently, we still don't see any index changes for September 2026. The official results will be announced at the close of 11th September 2026.</li>
<li>We see around US$230mm of one-way flow. But this could drastically change if any 'Large-Small- weight' name changes occur.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world. 
Currently, we still don't see any index changes for September 2026. The official results will be announced at the close of 11th September 2026.
We see around US$230mm of one-way flow. But this could drastically change if any 'Large-Small- weight' name changes occur.


[Quiddity Index] MV Global Gold Miners Sep26 Rebal: Base Date Soon; Vault-Genesis Deal Consequences

South Africa

Pan African Resources is a mid-tier gold producer with a portfolio of high-grade, long-life underground mines and low-cost surface remining projects. The company's primary activities include the mining, extraction, and sale of gold, with operations in South Africa and Australia, including projects for copper and cobalt deposits. It was founded in 2000 and is headquartered in Johannesburg, South Africa.

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Pan African Resources (PAF LN)

Quiddity Leaderboard F100/F250 Dec25: One F100 ADD, Four F250 ADDs Likely; One Day to Base Date

We achieved 100% hit rate for the F100/250 Dec25 index review. The results were confirmed publicly after market close yesterday. I have summarized...

Afridi Reyal

UK Index Dec25 Forecast: Largest UK IPO of the Year Among Inclusions

Shawbrook’s IPO and Pan African Resources’ listing transfer are expected to result in the largest UK index additions forecasted for December 2025.

Dimitris Ioannidis

[Quiddity Index] MV Global Gold Miners Dec26 Rebal: No Changes Likely; Vault-Genesis Deal Flows

For now, no changes are expected for the GDX ETF rebal in December 2026. Between now and then, there will be ad hoc changes due to the expected...

Travis Lundy

[Quiddity Index] MV Global Gold Miners Sep26 Results: No Changes; ~US$690mm One-Way

The MV Global Gold Miners Index has no changes. We saw one potential low conviction possibility but no likely ADDs (and we got none). There are,...

Travis Lundy

[Quiddity Index] MV Global Gold Miners Sep26 Rebal: Base Date Soon; Vault-Genesis Deal Consequences

The MV Global Gold Miners Index often has ADDs but we see no changes for Sep 2026. We just see some capping flows which are relatively minor.

Travis Lundy

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