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

<ul>
<li>There is 1 add for the MarketVector Global Gold Miners Index but 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</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn 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> 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 22.9% resulting in a round-trip trade of US$10.2bn.</li>
<li>The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.</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 22.9% resulting in a round-trip trade of US$10.2bn.
The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.


Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

<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/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The ADDs/DELs for the ASX index family for the December 2025 index rebal event were announced after market close on Friday 5th December 2025. </li>
<li>There are 20 ADDs and 20 DELs collectively for ASX 50, ASX 100, and ASX 200.  We got 19/20 predictions correct.</li>
<li>In this insight, we take a look at our final flow expectations for each of these confirmed index changes.</li>
</ul>


The ADDs/DELs for the ASX index family for the December 2025 index rebal event were announced after market close on Friday 5th December 2025. 
There are 20 ADDs and 20 DELs collectively for ASX 50, ASX 100, and ASX 200.  We got 19/20 predictions correct.
In this insight, we take a look at our final flow expectations for each of these confirmed index changes.


Quiddity ASX Dec25 Results: 19/20 Correctly Predicted; US$770mn Combined One-Way Flow; Avoid Crowds

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Thematic (Sector/Industry)

<ul><li>Gold equities have seen a significant run up in price, with strong earnings being reported in the past few months.</li><li>Despite the increase in gold price, generalist investors have been slow to enter the gold market, causing some skepticism about the sustainability of the price above $3,000.</li><li>However, industry experts believe there is still room for growth in the gold market, with potential for more retail and institutional investors to enter the space and drive margins higher.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Gold equities have seen a significant run up in price, with strong earnings being reported in the past few months.Despite the increase in gold price, generalist investors have been slow to enter the gold market, causing some skepticism about the sustainability of the price above $3,000.However, industry experts believe there is still room for growth in the gold market, with potential for more retail and institutional investors to enter the space and drive margins higher.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Gold Miners That Actually Compound (Greg Orrell)

Australia

Resolute Mining Limited explores for, produces and develops gold in Mali and Queensland, Australia. The Company's gold exploration projects include Syama and Ravenswood.

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

Resolute Mining (RSG AU)

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

The change in benchmark for GDX should result in 8 adds and 25 deletes in Sep. Estimated one-way turnover is 22.9% resulting in a round-trip trade...

Brian Freitas

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 ASX Dec25 Results: 19/20 Correctly Predicted; US$770mn Combined One-Way Flow; Avoid Crowds

Some of the DELs have fairly significant short interest and there could be some pre-positioning among the other names too. It might be worth...

Janaghan Jeyakumar, CFA

Gold Miners That Actually Compound (Greg Orrell)

Gold miners are experiencing strong earnings and profit margins due to the rise in gold prices, but generalist investors are slow to enter the gold...

Money of Mine

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)