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 are 5 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 December. <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> is a surprise add (as are some of the others).</li>
<li>Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.</li>
<li>The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.</li>
</ul>


There are 5 additions for the VanEck Gold Miners ETF/USA (GDX US) in December. Zijin Gold (2259 HK) is a surprise add (as are some of the others).
Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.
The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.


Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Global J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.</li>
<li>There will be no index changes for the December 2025 rebal event.</li>
<li>We expect one-way flow of US$386mm for the December 2025 rebal.</li>
</ul>


The MV Global J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
There will be no index changes for the December 2025 rebal event.
We expect one-way flow of US$386mm for the December 2025 rebal.


[Quiddity Index] MV Junior Gold Miners Dec25 Rebalance Results: Flow Expectations

<ul>
<li>The MV Junior 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/September. During these reviews, names can be added or deleted from the index. </li>
<li>
<strong>There will be no index changes for the December 2025 rebal event.</strong> However, we expect a one-way flow of US$175mm for December 2025.</li>
</ul>


The MV Junior 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/September. During these reviews, names can be added or deleted from the index. 

There will be no index changes for the December 2025 rebal event. However, we expect a one-way flow of US$175mm for December 2025.


[Quiddity Index] MV Junior Gold Miners Index Dec25: Limited Flow Expectations

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> transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.</li>
<li>With float below 10%, <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> should miss inclusion in the index in December, while <a href="https://www.smartkarma.com/entities/dundee-precious-metals-inc" target="_blank" data-smartkarma-citation="entities:42245:1" rel="noopener">Dundee Precious Metals (DPM CN)</a> is a potential inclusion.</li>
<li>There are big capping changes with estimated one-way turnover of 6.4% and a round-trip trade of US$4.1bn.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.
With float below 10%, Zijin Gold (2259 HK) should miss inclusion in the index in December, while Dundee Precious Metals (DPM CN) is a potential inclusion.
There are big capping changes with estimated one-way turnover of 6.4% and a round-trip trade of US$4.1bn.


Gold Miners ETF (GDX US) Dec Rebalance: Zijin Gold Is a Miss; One Add Likely; US$4.1bn Trade

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.</li>
<li>This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index.</li>
<li>There will be no index changes for the December 2025 rebal event. However, we currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.
This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index.
There will be no index changes for the December 2025 rebal event. However, we currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.


[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

United States

Coeur Mining, Inc., through its subsidiaries, explores, develops, operates, and/or owns silver and gold mining properties and companies.  The Company's properties are located primarily in the United States, Australia, and South America.

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

Coeur Mining (CDE US)

Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

The flows have changed following the non-inclusion of Zijin Gold in the index. With cornerstones locked up till end-March, Zijin Gold will not be...

Brian Freitas

[Quiddity Index] MV Junior Gold Miners Dec25 Rebalance Results: Flow Expectations

There are no ADDs and no DELETEs to the MV Junior Gold Miners Index for Dec 2025 (19 December) but there is about US$800mm to trade and several...

Travis Lundy

[Quiddity Index] MV Junior Gold Miners Index Dec25: Limited Flow Expectations

There are minimal flow expectations for the December rebalance of the Junior Gold Miners Index. We wait for spring. Directional volatility is more...

Travis Lundy

Gold Miners ETF (GDX US) Dec Rebalance: Zijin Gold Is a Miss; One Add Likely; US$4.1bn Trade

DPM Metals is a potential add, Zijin Gold is a likely miss in Dec. There are big capping changes with estimated one-way turnover of 6.4% and a...

Brian Freitas

[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

The MV Junior Gold Miners Index gets a rebal but not a review in December so flows are limited to capping and recapping. So far not significant....

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)