Reconstitution Log

Correction: Series Restoration and Date-Convention Restatement

Coverage restored. The July 7 – August 18, 2026 segment, declared a break in coverage on October 9, was recomputed from ASM.AX closing prices recovered from archived ASX trading data and is published in full. The archive used is at /data/archive/ASM.AX.csv. No break in coverage remains.

Date conventions corrected. Two defects in how the calculation dated its inputs were found and fixed on October 10. First, ASX bars were dated by their UTC timestamp, which from October 4, 2026 (Australian daylight time) assigned each Sydney session to the previous calendar day; four constituents were therefore priced one session ahead from October 5 onward, and a spurious level dated Sunday, October 4 was published. Second, the Friday USD conversion rate for AUD, CAD, GBP, and HKD was the Thursday rate, because the data source publishes no Friday-stamped FX bar; it is now the first spot rate after the Friday close. Bars are now dated by the exchange-local trading day, FX by the London close of the same calendar day.

Scope of restatement. 38 of the 87 previously published levels changed; the October 4 level was withdrawn. Changes are confined to Fridays, to days on which a constituent exchange was closed and carried a Friday price, and to October 5 – 9. The largest change is +0.68 index points (October 7); 27 of the 38 are within ±0.1. The Q3 rebalance inputs (September 18, a Friday) were recomputed under the corrected FX convention: the level on the rebalance close is 71.97 (previously 71.94), and three weights moved by less than one basis point — Ucore 5.47% (5.48%), Pensana 5.17% (5.16%), Mkango 4.25% (4.24%). The cap-bound set is unchanged. Constituent weights and the Q3 entry below reflect the corrected values.

The April 30 inception and June 18 rebalance inputs are unaffected (both Thursdays). Continuity at all three period boundaries verifies to within 0.0001 index points.

Methodology v2.1. The methodology is designated v2.1 as of October 10, 2026, carrying §8.4 (treatment of deletions), §12.1 (series coverage and breaks), and the §5.4 dating sentence, with a version history at §15. No change to eligibility, weighting, the single-name cap, or the rebalance schedule. Published levels are final from this date: the daily calculation re-derives only the most recent level, and any wider restatement is disclosed here.

Q3 2026 Quarterly Rebalance

Weights reset to free-float market capitalizations as of the September 18, 2026 close, subject to the 10% single-name cap (methodology §5.2). Free-float share counts and free-float percentages held constant from the inaugural workbook per §8.1; only price and FX inputs refreshed. Thirteen constituents, following the August 19 deletion of Australian Strategic Materials. Aggregate free-float market capitalization at the close: US$20.87 billion.

No constituent additions or deletions. The cap-bound set is unchanged: Lynas, MP Materials, JL Mag, USA Rare Earth, and Neo Performance Materials remain at the 10% cap; their uncapped free-float weights were 43.74%, 32.39%, 7.29%, 5.05%, and 3.30% respectively. Largest weight shifts in the uncapped tail versus the Q2 weights: Ucore −343 bp (8.90% → 5.47%), Meteoric +307 bp (4.94% → 8.01%), Mkango +137 bp (2.87% → 4.25%), Lindian +105 bp (6.48% → 7.53%), Pensana +67 bp (4.50% → 5.17%), Critical Metals −57 bp (6.54% → 5.97%), Aclara +47 bp (5.28% → 5.75%), Arafura +31 bp (7.56% → 7.87%). Ucore returned −55.3% in USD terms between the two rebalance dates; Meteoric +17.8%.

Timing: the rebalance was calculated and published on October 9, 2026, as of the September 18 close, using the closing prices and FX rates of that date. Published levels from September 21 onward have been restated under the new weights (see the August 19 entry for the concurrent restatement). Index level on the rebalance close: 71.97 (−28.03% since inception). Rebalance-date FX: the first spot rate after the September 18 close (see the October 10 correction entry).

Carried to the December 18 reconstitution: Aclara (ARA.TO) liquidity review against the §10.3 zone; Arafura (ARU.AX) and Pensana (PRE.L) free-float market capitalization against the §4.3 USD 50 million floor after further price weakness; candidate additions to replace the deleted constituent.

Corporate-Action Deletion: Australian Strategic Materials (ASM.AX)

Australian Strategic Materials was acquired by Energy Fuels Inc. through its subsidiary EFR Critical Minerals Pty Ltd under schemes of arrangement approved by the Federal Court of Australia on August 19, 2026 (consideration A$0.13 cash plus 0.053 New Energy Fuels CDIs per ASM share). ASM shares were suspended from ASX quotation at the close of trading on August 19, 2026; the schemes were implemented on August 28; ASM was removed from the ASX official list on August 31. Review was triggered under methodology §8.3 (takeover resulting in delisting); the §4.2 exclusion for suspensions exceeding ten consecutive trading days also applied from September 3.

Treatment (§8.4): ASM removed effective the August 19, 2026 close at its last traded price, A$1.17 (US$0.8336 at that day’s AUD/USD rate of 0.7125). Its price-drifted weight at the close was 3.22% of the index (2.94% at the Q2 rebalance). That weight was redistributed pro rata across the remaining thirteen constituents in proportion to their drifted weights; base prices reset to the August 19 closes; the 10% cap was not re-applied (four names stood above 10% on drift, the largest Neo Performance Materials at 12.19%, until the September 18 rebalance reset them). No replacement was added: the acquirer does not meet the §4.1 activity screen, and additions occur only at reconstitution. Index level on the effective date: 79.46 (−20.54% since inception), identical under the pre- and post-deletion periods.

Correction notice. This deletion was applied on October 9, 2026. From August 20 through October 8 the published daily levels carried ASM at its frozen August 19 price. Those levels have been restated under the deletion. The restatement is −0.03 index points on August 20, widening to −0.24 on September 18 and −0.75 on October 8 as the remaining constituents declined against the frozen ASM price. Levels through August 19 are unaffected. The same data-source change removed the April 30 – August 18 segment from the published history file. It has been restored in full: April 30 – July 6 from the archived series, and July 7 – August 18 (31 trading days) recomputed under the methodology in force from ASM.AX closing prices recovered from archived ASX trading data (the archive is published at /data/archive/ASM.AX.csv; its closes reconcile exactly to the April 30, June 18, and August 19 prices already embedded in the index). A break in coverage for July 7 – August 18 was declared on October 9, 2026 and withdrawn on October 10, 2026; no break remains in the series.

Q2 2026 Quarterly Rebalance

First scheduled rebalance. Weights reset to free-float market capitalizations as of the June 18, 2026 close, subject to the 10% single-name cap (methodology §5.2). Free-float share counts and free-float percentages held constant from the inaugural workbook per the standard rebalance-vs-reconstitution distinction; only price and FX inputs refreshed.

No constituent additions or deletions. The cap-bound set is unchanged: Lynas, MP Materials, JL Mag, USA Rare Earth, and Neo Performance Materials remain at the 10% cap. Largest weight shifts in the uncapped tail: Arafura −154 bp (9.10% → 7.56%), Lindian +95 bp (5.53% → 6.48%), Ucore +88 bp (8.02% → 8.90%), Aclara +63 bp, Pensana −60 bp. All other shifts < 30 bp. Neo Performance Materials returned +30.9% in USD terms but the move was fully absorbed by the cap.

Date: third-Friday convention introduced this quarter (replaces the prior end-of-month placeholder). Executed on Thursday June 18 because Friday June 19 was Juneteenth, a US market holiday; the prior-trading-day substitution clause in §8.1 applied. Index level on the rebalance close: 92.35 (−7.65% since inception).

Inception

Index launched with 14 inaugural constituents. Calculation date April 30, 2026. Methodology v2.0. See the Inaugural Constituent Note for the full construction record.