The NYSE Arca Gold Miners Index is undergoing a major revamp - effective September 20, the index will expand its universe of securities to non-U.S.-listed companies, and will begin excluding those firms will less than $750M in market cap. The index will also include the use of ADRs and GDRs.
A "buffer" below the $750M mark will be used to reduce turnover as well as to grandfather in any company currently in the index with greater than $450M market cap.
IndexUniverse Director of Research Elisabeth Kashner isn't pleased: "We ignore this development at our peril ... If indexes can be retooled as funds can be, then it makes indexes less useful as yardsticks."