Key Takeaways
- • VanEck's Global Gold Miners Index (GDX) and Global Junior Gold Miners Index (GDXJ) will rebalance on September 12, 2026, with constituent calculations based on end-of-August closing prices, triggering pre-rebalancing pressure on gold stocks.
- • Four Indonesian gold stocks currently trade in the two indices: PT Amman Mineral Internasional Tbk (AMMN) and PT Bumi Resources Minerals Tbk (BRMS) in GDX; PT Merdeka Gold Resources Tbk (EMAS), PT Archi Indonesia Tbk (ARCI), PT J Resources Asia Pasifik Tbk (PSAB), and BRMS in GDXJ.
- • Expected index changes include promotion of EMAS from GDXJ to GDX, retention of AMMN and BRMS in GDX, retention of EMAS, BRMS, and ARCI in GDXJ, and potential removal of PSAB from GDXJ—though projections remain subject to changes in float factor calculations.
- • VanEck ETFs tracking these benchmarks manage USD 39.48 billion in assets (approximately IDR 690 trillion), creating material market impact during rebalancing events.
- • Analyst projections from Stockbit Sekuritas Digital remain conditional, with actual index composition changes dependent on final float factor adjustments at Market Vectors Index Solutions.
Summary
Gold producer stocks included in VanEck's flagship mining indices faced selling pressure on September 10, 2026, ahead of a scheduled rebalancing by Market Vectors Index Solutions, the index provider behind the Global Gold Miners Index (GDX) and Global Junior Gold Miners Index (GDXJ). The rebalancing will take effect on September 12, 2026, based on closing prices recorded at the end of August.
The rebalancing event carries significant market implications given the scale of assets tied to these benchmarks. VanEck-managed ETFs using GDX and GDXJ as benchmarks currently control USD 39.48 billion in assets, equivalent to approximately IDR 690 trillion based on prevailing exchange rates. This substantial asset base amplifies the impact of index composition changes on constituent stocks.
Four Indonesian gold mining stocks are currently represented across the two indices following the March 2026 review. AMMN and BRMS are constituents of the GDX, while EMAS, ARCI, PSAB, and BRMS trade in the GDXJ. Research from Stockbit Sekuritas Digital projects material compositional shifts in the September rebalancing. The analysis anticipates promotion of EMAS from GDXJ to GDX, reflecting an upgrade in its index tier. AMMN and BRMS are expected to remain in GDX. Within GDXJ, EMAS, BRMS, and ARCI are projected to retain their positions, though PSAB faces potential removal.
Analysts at Stockbit Sekuritas Digital emphasized that these projections remain subject to revision, particularly if Market Vectors Index Solutions modifies the float factor calculations used to determine index eligibility and weighting. Such methodological adjustments can materially alter expected inclusion or exclusion of constituent stocks prior to the official rebalancing date.
The rebalancing event carries significant market implications given the scale of assets tied to these benchmarks. VanEck-managed ETFs using GDX and GDXJ as benchmarks currently control USD 39.48 billion in assets, equivalent to approximately IDR 690 trillion based on prevailing exchange rates. This substantial asset base amplifies the impact of index composition changes on constituent stocks.
Four Indonesian gold mining stocks are currently represented across the two indices following the March 2026 review. AMMN and BRMS are constituents of the GDX, while EMAS, ARCI, PSAB, and BRMS trade in the GDXJ. Research from Stockbit Sekuritas Digital projects material compositional shifts in the September rebalancing. The analysis anticipates promotion of EMAS from GDXJ to GDX, reflecting an upgrade in its index tier. AMMN and BRMS are expected to remain in GDX. Within GDXJ, EMAS, BRMS, and ARCI are projected to retain their positions, though PSAB faces potential removal.
Analysts at Stockbit Sekuritas Digital emphasized that these projections remain subject to revision, particularly if Market Vectors Index Solutions modifies the float factor calculations used to determine index eligibility and weighting. Such methodological adjustments can materially alter expected inclusion or exclusion of constituent stocks prior to the official rebalancing date.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.