{
  "snapshot": {
    "date": "2026-07-20",
    "fetched_at": "2026-07-20T02:56:24.749Z",
    "total_market_cap_usd": 5008339873,
    "constituents_count": 21,
    "missing_count": 3,
    "constituents": [
      {
        "id": "tether-gold",
        "symbol": "XAUT",
        "name": "Tether Gold",
        "metal": "gold",
        "market_cap_usd": 2463653256,
        "price_usd": 4020.17,
        "volume_24h_usd": 97049759,
        "missing": false,
        "weight_pct": 49.191015755172174
      },
      {
        "id": "pax-gold",
        "symbol": "PAXG",
        "name": "PAX Gold",
        "metal": "gold",
        "market_cap_usd": 1803169882,
        "price_usd": 4016.96,
        "volume_24h_usd": 48139151,
        "missing": false,
        "weight_pct": 36.003344975066554
      },
      {
        "id": "kinesis-gold",
        "symbol": "KAU",
        "name": "Kinesis Gold",
        "metal": "gold",
        "market_cap_usd": 308591071,
        "price_usd": 129.32,
        "volume_24h_usd": 7195.85,
        "missing": false,
        "weight_pct": 6.161544120909544
      },
      {
        "id": "kinesis-silver",
        "symbol": "KAG",
        "name": "Kinesis Silver",
        "metal": "silver",
        "market_cap_usd": 208098794,
        "price_usd": 55.09,
        "volume_24h_usd": 182450,
        "missing": false,
        "weight_pct": 4.155045369861224
      },
      {
        "id": "pleasing-gold",
        "symbol": "PGOLD",
        "name": "Pleasing Gold",
        "metal": "gold",
        "market_cap_usd": 78376037,
        "price_usd": 4018.24,
        "volume_24h_usd": 1.85,
        "missing": false,
        "weight_pct": 1.5649105090196822
      },
      {
        "id": "matrixdock-gold",
        "symbol": "XAUM",
        "name": "Matrixdock Gold",
        "metal": "gold",
        "market_cap_usd": 65727605,
        "price_usd": 4022.13,
        "volume_24h_usd": 423411,
        "missing": false,
        "weight_pct": 1.312363111663768
      },
      {
        "id": "goldfish-gold",
        "symbol": "GGBR",
        "name": "Goldfish Gold",
        "metal": "gold",
        "market_cap_usd": 30951222,
        "price_usd": 4.02,
        "volume_24h_usd": 99694,
        "missing": false,
        "weight_pct": 0.6179936423016793
      },
      {
        "id": "streamex-gldy",
        "symbol": "GLDY",
        "name": "Streamex GLDY",
        "metal": "gold",
        "market_cap_usd": 12365294,
        "price_usd": 4017.67,
        "volume_24h_usd": 0,
        "missing": false,
        "weight_pct": 0.24689406696740768
      },
      {
        "id": "uranium",
        "symbol": "XU3O8",
        "name": "Uranium³O₈",
        "metal": "uranium",
        "market_cap_usd": 8503654,
        "price_usd": 5.31,
        "volume_24h_usd": 553363,
        "missing": false,
        "weight_pct": 0.16978987480149393
      },
      {
        "id": "gold-token-sa-dgld-tokenized-gold",
        "symbol": "DGLD",
        "name": "Gold Token SA DGLD",
        "metal": "gold",
        "market_cap_usd": 8163460,
        "price_usd": 4071.86,
        "volume_24h_usd": 19.94,
        "missing": false,
        "weight_pct": 0.16299732460269475
      },
      {
        "id": "vnx-gold",
        "symbol": "VNXAU",
        "name": "VNX Gold",
        "metal": "gold",
        "market_cap_usd": 5651244,
        "price_usd": 128.15,
        "volume_24h_usd": 865.39,
        "missing": false,
        "weight_pct": 0.11283667129832584
      },
      {
        "id": "comtech-gold",
        "symbol": "CGO",
        "name": "Comtech Gold",
        "metal": "gold",
        "market_cap_usd": 5047545,
        "price_usd": 129.42,
        "volume_24h_usd": 841556,
        "missing": false,
        "weight_pct": 0.10078279685472935
      },
      {
        "id": "matrixdock-silver",
        "symbol": "XAGM",
        "name": "Matrixdock Silver",
        "metal": "silver",
        "market_cap_usd": 3886642,
        "price_usd": 58.89,
        "volume_24h_usd": 6873.46,
        "missing": false,
        "weight_pct": 0.07760339950075909
      },
      {
        "id": "gold-dao",
        "symbol": "GOLDAO",
        "name": "Gold DAO",
        "metal": "gold",
        "market_cap_usd": 2373710,
        "price_usd": 0.00349943,
        "volume_24h_usd": 2590.36,
        "missing": false,
        "weight_pct": 0.04739514610014167
      },
      {
        "id": "kinka",
        "symbol": "XNK",
        "name": "Kinka",
        "metal": "gold",
        "market_cap_usd": 1936088,
        "price_usd": 4016.78,
        "volume_24h_usd": 75869,
        "missing": false,
        "weight_pct": 0.03865728063779109
      },
      {
        "id": "gold-token",
        "symbol": "GLDT",
        "name": "Gold Token",
        "metal": "gold",
        "market_cap_usd": 614910,
        "price_usd": 1.034,
        "volume_24h_usd": 2894.41,
        "missing": false,
        "weight_pct": 0.012277721073104177
      },
      {
        "id": "gold-fgld-finest-tokenized-gold",
        "symbol": "FGLD",
        "name": "fGLD",
        "metal": "gold",
        "market_cap_usd": 194007,
        "price_usd": 125.82,
        "volume_24h_usd": 251.63,
        "missing": false,
        "weight_pct": 0.0038736788021494564
      },
      {
        "id": "tenbin-gold",
        "symbol": "TGLD",
        "name": "Tenbin Gold",
        "metal": "gold",
        "market_cap_usd": 1035452,
        "price_usd": 4007.92,
        "volume_24h_usd": 23.53,
        "missing": false,
        "weight_pct": 0.020674555366781915
      },
      {
        "id": "cobalt-xco",
        "symbol": "xCo",
        "name": "Trilitech Cobalt",
        "metal": "cobalt",
        "market_cap_usd": 0,
        "price_usd": 0,
        "volume_24h_usd": 0,
        "missing": true,
        "weight_pct": 0
      },
      {
        "id": "nickel-xni",
        "symbol": "xNi",
        "name": "Trilitech Nickel",
        "metal": "nickel",
        "market_cap_usd": 0,
        "price_usd": 0,
        "volume_24h_usd": 0,
        "missing": true,
        "weight_pct": 0
      },
      {
        "id": "rare-earths-basket-rare",
        "symbol": "RARE",
        "name": "Noemon Rare Earths Basket",
        "metal": "rare-earths",
        "market_cap_usd": 0,
        "price_usd": 0,
        "volume_24h_usd": 0,
        "missing": true,
        "weight_pct": 0
      }
    ]
  },
  "index": {
    "gmri": 95.38,
    "gmri_ew": 96.14,
    "base_total_mcap": 5250675836,
    "today_total_mcap": 5008339873,
    "active_constituents": 18,
    "universe_size": 21,
    "family": {
      "live": {
        "TS-GMRI-EW": {
          "code": "TS-GMRI-EW",
          "name": "TS-GMRI Equal-Weighted",
          "n": 18,
          "value": 96.14,
          "notes": "Each active constituent weighted 1/N at base."
        },
        "TS-GMRI-CAP20": {
          "code": "TS-GMRI-CAP20",
          "name": "TS-GMRI Issuer-Capped 20%",
          "n": 18,
          "value": 100.55,
          "notes": "Single-issuer weight capped at 20%; excess pro-rata to uncapped. Unverified issuers treated standalone."
        },
        "TS-GMRI-AU": {
          "code": "TS-GMRI-AU",
          "name": "TS-GMRI Gold",
          "n": 15,
          "value": 96.02,
          "notes": "Subset: tokens backed by physical gold."
        },
        "TS-GMRI-PRE": {
          "code": "TS-GMRI-PRE",
          "name": "TS-GMRI Precious",
          "n": 17,
          "value": 95.38,
          "notes": "Subset: gold + silver + platinum + palladium."
        },
        "TS-GMRI-AG": {
          "code": "TS-GMRI-AG",
          "name": "TS-GMRI Silver",
          "n": 2,
          "value": 82.8,
          "notes": "Subset: tokens backed by physical silver."
        }
      },
      "slots": [
        {
          "code": "TS-GMRI-BASE",
          "name": "TS-GMRI Base Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "No live retail tokens for base metals as of base date. Methodology slot registered for prior art."
        },
        {
          "code": "TS-GMRI-BTR",
          "name": "TS-GMRI Battery Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Battery metals are the dominant narrative in commodity tokenization (energy transition, EV supply chain). No live retail tokens as of base date 22 June 2026. Methodology registered for prior art."
        },
        {
          "code": "TS-GMRI-FE",
          "name": "TS-GMRI Bulk Ferrous",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Iron ore is the largest mined commodity by volume globally. Tokenization pilots discussed (e.g. SGX, Comex) but no live retail tokens at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-CRT",
          "name": "TS-GMRI Critical Materials",
          "n": 1,
          "threshold": 3,
          "status": "Active constituents: 1. Publish threshold: N>=3.",
          "reason": "4 eligible constituents (XU3O8 uranium concentrate, xCo Trilitech cobalt, xNi Trilitech nickel, RARE Noemon rare-earths basket). 2 distinct issuers (Uranium Digital, Trilitech + Noemon via metals.io). Threshold met on 2026-07-02 after Trilitech xCo/xNi launch (25 June 2026) and RARE basket inclusion."
        },
        {
          "code": "TS-GMRI-FA",
          "name": "TS-GMRI Ferroalloys",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Ferroalloys are essential steelmaking inputs but trade physically. No live retail tokens at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-LT",
          "name": "TS-GMRI Light Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Light metals overlap partially with base metals (Al) and critical (Ti, Be). Dedicated slot allows aerospace/EV body-panel narrative segmentation. No live retail tokens at base date."
        },
        {
          "code": "TS-GMRI-MN",
          "name": "TS-GMRI Minor Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Minor metals trade thinly, often as by-products. No retail tokenization exists at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-REF",
          "name": "TS-GMRI Refractory Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Refractory metals are strategic for high-temperature alloys and electronics. No live retail tokens at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-STL",
          "name": "TS-GMRI Steel",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Steel is the most produced metal globally. SGX iron-ore-linked products and limited steel futures exist; no live retail tokenization at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-JUR",
          "name": "TS-GMRI by Jurisdiction",
          "threshold_per_jurisdiction": 2,
          "max_verified_per_jurisdiction": 1,
          "status": "CH-vault/BVI-issuer: 1 verified issuer(s); US-NYDFS: 1 verified issuer(s); KY/LI: 1 verified issuer(s); SG: 1 verified issuer(s); LI: 1 verified issuer(s); AE-Dubai: 1 verified issuer(s)",
          "reason": "Awaiting issuer diversification — current map has 1 verified issuer per jurisdiction. Publish threshold: >=2 verified issuers per jurisdiction."
        }
      ]
    },
    "per_token": [
      {
        "symbol": "XAUT",
        "metal": "gold",
        "base_mcap": 2566854319,
        "today_mcap": 2463653256,
        "base_price": 4188.1,
        "today_price": 4020.17,
        "return_pct": -4.020526690435833
      },
      {
        "symbol": "PAXG",
        "metal": "gold",
        "base_mcap": 1906909991,
        "today_mcap": 1803169882,
        "base_price": 4195.65,
        "today_price": 4016.96,
        "return_pct": -5.440220539491635
      },
      {
        "symbol": "KAU",
        "metal": "gold",
        "base_mcap": 306789740,
        "today_mcap": 308591071,
        "base_price": 128.57,
        "today_price": 129.32,
        "return_pct": 0.5871549028986456
      },
      {
        "symbol": "KAG",
        "metal": "silver",
        "base_mcap": 251575935,
        "today_mcap": 208098794,
        "base_price": 66.61,
        "today_price": 55.09,
        "return_pct": -17.2819156967458
      },
      {
        "symbol": "PGOLD",
        "metal": "gold",
        "base_mcap": 81230358,
        "today_mcap": 78376037,
        "base_price": 4164.58,
        "today_price": 4018.24,
        "return_pct": -3.513859929067409
      },
      {
        "symbol": "XAUM",
        "metal": "gold",
        "base_mcap": 64218820,
        "today_mcap": 65727605,
        "base_price": 4179.21,
        "today_price": 4022.13,
        "return_pct": 2.3494436677597097
      },
      {
        "symbol": "GGBR",
        "metal": "gold",
        "base_mcap": 24140660,
        "today_mcap": 30951222,
        "base_price": 4.2,
        "today_price": 4.02,
        "return_pct": 28.211995860925086
      },
      {
        "symbol": "GLDY",
        "metal": "gold",
        "base_mcap": 12937920,
        "today_mcap": 12365294,
        "base_price": 4203.73,
        "today_price": 4017.67,
        "return_pct": -4.425951002943284
      },
      {
        "symbol": "XU3O8",
        "metal": "uranium",
        "base_mcap": 8605983,
        "today_mcap": 8503654,
        "base_price": 5.37,
        "today_price": 5.31,
        "return_pct": -1.1890448772673645
      },
      {
        "symbol": "DGLD",
        "metal": "gold",
        "base_mcap": 6703870,
        "today_mcap": 8163460,
        "base_price": 4180.29,
        "today_price": 4071.86,
        "return_pct": 21.772349404150138
      },
      {
        "symbol": "VNXAU",
        "metal": "gold",
        "base_mcap": 5953992,
        "today_mcap": 5651244,
        "base_price": 135.15,
        "today_price": 128.15,
        "return_pct": -5.0847901710314725
      },
      {
        "symbol": "CGO",
        "metal": "gold",
        "base_mcap": 5275580,
        "today_mcap": 5047545,
        "base_price": 135.27,
        "today_price": 129.42,
        "return_pct": -4.322463122538189
      },
      {
        "symbol": "XAGM",
        "metal": "silver",
        "base_mcap": 4433126,
        "today_mcap": 3886642,
        "base_price": 67.18,
        "today_price": 58.89,
        "return_pct": -12.327283275954715
      },
      {
        "symbol": "GOLDAO",
        "metal": "gold",
        "base_mcap": 2037734,
        "today_mcap": 2373710,
        "base_price": 0.00300412,
        "today_price": 0.00349943,
        "return_pct": 16.487726072195883
      },
      {
        "symbol": "XNK",
        "metal": "gold",
        "base_mcap": 2026773,
        "today_mcap": 1936088,
        "base_price": 4204.92,
        "today_price": 4016.78,
        "return_pct": -4.474354059384056
      },
      {
        "symbol": "TGLD",
        "metal": "gold",
        "base_mcap": 74886,
        "today_mcap": 1035452,
        "base_price": 3793.5,
        "today_price": 4007.92,
        "return_pct": 1282.7043773201933
      },
      {
        "symbol": "GLDT",
        "metal": "gold",
        "base_mcap": 692969,
        "today_mcap": 614910,
        "base_price": 1.17,
        "today_price": 1.034,
        "return_pct": -11.264428856124875
      },
      {
        "symbol": "FGLD",
        "metal": "gold",
        "base_mcap": 213180,
        "today_mcap": 194007,
        "base_price": 138.25,
        "today_price": 125.82,
        "return_pct": -8.993808049535602
      }
    ],
    "date": "2026-07-20",
    "fetched_at": "2026-07-20T02:56:24.749Z",
    "base_date": "2026-06-22",
    "base_value": 100
  }
}