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 Mining Group Co Ltd H / 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> has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.</li>
<li>That change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 15.8% resulting in a one-way trade of US$3.1bn.</li>
<li>The flow and turnover numbers will change following the June rebalance of the NYSE Arca Gold Miners Index and the September rebalance of the MarketVector Global Gold Miners Index.</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.
That change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 15.8% resulting in a one-way trade of US$3.1bn.
The flow and turnover numbers will change following the June rebalance of the NYSE Arca Gold Miners Index and the September rebalance of the MarketVector Global Gold Miners Index.


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

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<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>Our latest estimates suggest there could be one regular change for F100 and four regular changes for the F250 index during the December 2025 rebal.</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>
</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.
Our latest estimates suggest there could be one regular change for F100 and four regular changes for the F250 index during the December 2025 rebal.
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.


Quiddity Leaderboard F100/F250 Dec25: New ADDs Identified; Several M&A-Related Changes Likely

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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<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

United Kingdom

Pan African Resources PLC engages in the exploration and mining of gold and platinum-group element (PGE) properties in South Africa. The company operates through five segments: Barberton Mines, Evander Mines, Phoenix Platinum, Corporate and Growth Projects, and Funding Company. Its PGE properties comprise platinum, palladium, rhodium, iridium, and ruthenium deposits. The company?s assets include Barberton Mines comprising three gold mines and the Barberton Tailings Retreatment Plant, as well as Evander Mines consisting of a gold mine and the Evander Tailings Treatment Plant in Mpumalanga; and Phoenix Platinum, a Chrome Tailing Retreatment Plant located in Rustenburg, South Africa. It also provides funding services. The company was incorporated in 2000 and is based in Johannesburg, South Africa.

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Pan African Resources (PAF LN)

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

The GDX ETF has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index. Estimated turnover...

Brian Freitas

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

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

The GDX ETF has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index. Estimated turnover...

Brian Freitas

Quiddity Leaderboard F100/F250 Dec25: New ADDs Identified; Several M&A-Related Changes Likely

The base date for the December 2025 review is Tuesday 2nd December 2025. The index changes could be publicly confirmed after market close on...

Janaghan Jeyakumar, CFA

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