# TS-GMRI Methodology v1.1 — Addendum (Wrapper Extension) **Author:** Andrey Kuznetsov, Hong Kong **Publisher:** TrueSource Metals (Hong Kong) **Status:** Locked addendum to TS-GMRI Methodology v1.0 **First published:** 17 June 2026 **License:** CC BY-ND 4.0 non-commercial; commercial use requires written agreement **Parent document:** [TS-GMRI Methodology v1.0](https://www.truesourcemetals.com/gmri/methodology-v1.0.md) (SHA-256 dc8a47bf7f5326415c9295750b956453092e63ff278d76ad616d3934c03804ce) --- ## 0. Scope of this addendum This addendum **does not modify** v1.0. The v1.0 framework — base date, base value, weighting equations, eligibility section, re-balancing schedule, all 16 originally registered family members — remains canonical, byte-stable, and Bitcoin-stamped. This addendum **extends** the TS-GMRI family with one new registered methodology slot and formalises the concept of a **wrapper dimension** in the universe, alongside the existing dimensions of *filter* (which metals) and *weighting* (how they combine). --- ## 1. New concept: wrapper dimension Up to v1.0, every TS-GMRI member shared the same wrapper type: > **Wrapper = direct physical-metal claim.** A constituent token represents a fractional ownership interest in a specific quantity of physical metal held in a vault, refinery, or other physical custody, redeemable or backed 1:1 in audited form. v1.1 introduces an explicit **wrapper field** on each family member. The wrapper field declares the *type of legal claim* the underlying constituent represents. Permitted values: | Wrapper code | Meaning | Example constituents | |---|---|---| | `physical` | Direct claim on physical metal in vault | PAXG, XAUT, KAU, KAG, XAUM, XAGM, … (the v1.0 universe) | | `equity` | Tokenized share in a metal-producing company | Robinhood EU stock tokens (BHP, RIO, NEM, FCX), Dinari dShares (dFCX, dNEM), Backed Finance xStocks | | `etf-wrap` | Tokenized share in an existing physical-metal ETF | Backed Finance bGLD (PAX Gold), tokenized GLD/SLV/GDX (where issued) | | `royalty` | Tokenized share in a royalty/streaming company | Future tokenization of Wheaton, Franco-Nevada, Royal Gold, Triple Flag (none live as of 17 June 2026) | | `derivative` | Tokenized swap, perp, or forward on metal | Excluded; methodology slot reserved for prior art only | **Wrappers are not additive.** A reader may not sum TS-GMRI (physical wrapper) with TS-GMRI-PROD (equity wrapper) to derive a single "metals exposure" figure. The underlying economic claims are mathematically distinct (a kilogram of bullion ≠ a share of a mining company), and the risk decompositions differ materially. All sixteen v1.0 family members are hereby tagged `wrapper = physical`. This tagging is a documentation refinement only; no value, weight, or eligibility rule changes. --- ## 2. New family member: TS-GMRI-PROD (slot, awaiting constituents) | Field | Value | |---|---| | Code | `GMRI-PROD` | | Display name | **TS-GMRI Metal Producers (Equity Wrapper)** | | Wrapper | `equity` | | Filter rule | `wrapper = equity AND issuer_business = metal_producer` | | Weighting | Market-cap weighted with 25% single-issuer cap | | Base date | 7 June 2026 (shared with rest of family) | | Base value | 100 | | Publication threshold | N ≥ 3 eligible constituents from ≥ 2 distinct tokenization issuers | | Current N | 0 | | Current value | Not published (below threshold) | | Status | Methodology slot — pre-launch | ### 2.1 Eligibility A constituent token is eligible for TS-GMRI-PROD if and only if **all** of the following are satisfied: 1. The underlying equity is listed on a recognised stock exchange in the LSE, NYSE, NASDAQ, HKEX, ASX, TSX, SGX, JPX, or SIX universe. 2. The issuing company's primary business (≥ 50% of revenue or ≥ 50% of identifiable assets) is metal extraction, processing, refining, recycling, or royalty/streaming of physical metals, as defined by GICS Materials sub-industries 1510101010 through 1510304030. 3. The tokenization wrapper is regulated by a tier-1 jurisdiction regulator: US SEC/FINRA broker-dealer, EU MiFID II investment firm, CH FINMA, HK SFC Type 1/4/7, or SG MAS CMS. 4. The token issuer has published the on-chain smart contract address(es) of the constituent token, and maintains a verifiable 1:1 backing audit performed at least monthly by a qualified independent auditor. 5. The constituent token has a 30-day rolling average daily on-chain trading volume of at least USD 50,000 across its primary venues, as measured by CoinGecko or equivalent aggregator. 6. The token issuer publishes regular share-backing attestation (monthly minimum). A constituent that ceases to satisfy any of the above is removed at the next scheduled re-balance (monthly), with no retroactive adjustment to historical index values. ### 2.2 Weighting TS-GMRI-PROD uses **market-cap weighted, issuer-capped at 25%**, with overflow redistributed pro-rata to uncapped issuers. The cap is set higher than the 20% used in TS-GMRI-CAP20 because the producer universe is expected to be smaller (N = 3 to 30) and the cap-redistribution effect therefore more material. The cap is reviewed annually at the calendar-year-end re-balance. Market cap is computed as: token's on-chain circulating supply × the issuer's published share price at 23:59 UTC on the re-balance date. Where the issuer publishes the share-price in a currency other than USD, the WM/Reuters 16:00 London Fix on the same date is used for conversion. ### 2.3 Risk decomposition vs core TS-GMRI A TS-GMRI-PROD constituent's price equals (approximately): > producer equity value × tokenization wrapper basis A TS-GMRI (core) constituent's price equals (approximately): > reference metal price × redemption discount/premium The TS-GMRI-PROD price therefore carries three additional risk dimensions that TS-GMRI does not: 1. **Operational leverage:** miner equity moves more than the underlying metal in both directions, by a factor approximately equal to (1 + debt/equity) × (1 − all-in-sustaining-cost / metal price). 2. **Management quality:** capex discipline, hedge book, jurisdiction allocation, dividend policy. 3. **Securities regulation:** the wrapper is a security in every tier-1 jurisdiction; the constituent token is subject to KYC/AML, suitability, and trading-venue restrictions that do not apply to physical-metal wrappers. These risks are inherent to the equity asset class. The index does not attempt to hedge them; TS-GMRI-PROD is published as a *benchmark of the wrapper's natural performance*, not a synthetic pure-metal exposure. ### 2.4 Rationale for slot registration on 17 June 2026 As of the slot registration date, no operator has published a public benchmark dedicated to tokenized metal-producer equities. The natural analogs in conventional finance — GDX (VanEck Gold Miners), COPX (Copper Miners), SIL (Silver Miners), LIT (Lithium & Battery Tech), URA / URNM (Uranium), PICK (iShares Diversified Mining) — are each multi-billion-dollar products and have been live for 10–20 years. The tokenized equivalent is in early formation: - **Robinhood EU stock tokens** (live since June 2025) include BHP, Rio Tinto, Newmont, Freeport-McMoRan, SQM, Albemarle. - **Dinari dShares** offers dFCX, dNEM, dSQM and others to non-US investors. - **Backed Finance xStocks** has confirmed the technical capability to add miner-equity wrappers; no dedicated launches as of 17 June 2026. - **Swarm Markets** (BaFin-regulated) hosts tokenized equities including selected miners. The publication threshold of N ≥ 3 from ≥ 2 distinct tokenization issuers is expected to be met within the 2026 H2 – 2027 H1 window. The slot is registered now to establish prior art for the methodology framework, in line with the v1.0 principle of *registering rules ahead of constituents* (the same approach used for TS-GMRI-BASE, -BTR, -FE, -LT, -MN, -REF, -STL, -CRT, -FA, and -JUR at v1.0 publication). --- ## 3. Family member count update The TS-GMRI family now comprises **17 registered members**: - 6 live: TS-GMRI, TS-GMRI-EW, TS-GMRI-CAP20, TS-GMRI-AU, TS-GMRI-PRE, TS-GMRI-NONAU. - 11 methodology slots (pre-launch): TS-GMRI-BASE, TS-GMRI-BTR, TS-GMRI-FE, TS-GMRI-CRT, TS-GMRI-FA, TS-GMRI-LT, TS-GMRI-MN, TS-GMRI-REF, TS-GMRI-STL, **TS-GMRI-PROD (new in v1.1)**, TS-GMRI-JUR. All other v1.0 specifications — eligibility (Section 3 of v1.0), data discipline, re-balancing schedule, governance, license, and the v1.0 base date and value — are preserved without amendment. --- ## 4. Integrity proof This addendum is timestamped via OpenTimestamps onto the Bitcoin blockchain. The published artifacts are: - `methodology-v1.1-addendum.md` (this file, locked source) - `methodology-v1.1-addendum.pdf` (typeset copy of this file) - `methodology-v1.1-addendum.sha256.txt` (SHA-256 hex digest of the .md) - `methodology-v1.1-addendum.ots` (OpenTimestamps proof referencing the .md SHA-256) The OpenTimestamps proof references the SHA-256 of `methodology-v1.1-addendum.md` only. Any modification of this addendum invalidates the proof and is detectable. --- ## 5. Trademark notice TrueSource Metals™, TS-GMRI™, Global Metals RWA Index™, TS-GMRI-PROD™, TS-GMRI-EW™, TS-GMRI-CAP20™, TS-GMRI-AU™, TS-GMRI-PRE™, TS-GMRI-NONAU™, TS-GMRI-BASE™, TS-GMRI-BTR™, TS-GMRI-FE™, TS-GMRI-CRT™, TS-GMRI-FA™, TS-GMRI-LT™, TS-GMRI-MN™, TS-GMRI-REF™, TS-GMRI-STL™, TS-GMRI-JUR™, OTSFA™ are unregistered trademarks claimed by TrueSource Metals (Hong Kong), first published 7 June 2026 (core family) and 17 June 2026 (TS-GMRI-PROD). All other names, marks and logos are the property of their respective owners. --- *End of v1.1 addendum. v1.0 remains canonical for all matters not explicitly amended above.*