# TS-GMRI™ Family Taxonomy v1.1

**Companion document to TS-GMRI Methodology v1.0 (+ addenda).**
**Base date:** 22 June 2026 = 100.
**Publication:** v1.0 — 1 July 2026, 03:00 UTC. v1.1 — 1 July 2026, 22:00 UTC (Regions v1.1 expansion).
**Author:** Andrey Kuznetsov, TrueSource Metals.
**Immutability:** SHA-256 + OpenTimestamps Bitcoin proof (see companion `.ots`).

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## 1. Purpose

TrueSource Metals publishes the first index family dedicated to **tokenized real-world metals**. As the tokenized-metals market grows across regulatory jurisdictions and asset types, a rigorous **taxonomy** is required so that:

- **Investors** can identify which index measures what.
- **Regulators** can distinguish commodity tokens from security tokens at the index level.
- **Peer index providers** and **auditors** can compare TS-GMRI methodology against traditional metals indexes (S&P GSCI, MSCI ACWI Metals & Mining, Bloomberg BCOM, Platts).

This document formalises the classification framework governing every current and future TS-GMRI family member. It is companion to — and does not modify — the base methodology (v1.0) or any subsequent addendum. Any future family member must map cleanly to exactly one branch of this taxonomy.

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## 2. Two-Family Structure

TS-GMRI is organised into **two families**, separated by underlying asset class and regulatory regime.

| | **Family A — Commodity Tokens** | **Family B — Security Tokens** |
|---|---|---|
| **Underlying** | Physical metal held in vault (or wrapper that references physical metal) | Equity, royalty stream, or debt of a company in the metals value chain |
| **Redemption** | Physical metal delivery or cash-equivalent | Corporate shareholder rights or contractual streaming payment |
| **Regulatory regime** | Commodity token — [VARA](https://www.vara.ae/) Category 1 / [MAS](https://www.mas.gov.sg/) Payment Token / [SFC](https://www.sfc.hk/) commodity classification | Security token — [MiCA](https://www.esma.europa.eu/) Title II (excluded) → national securities law / [SEC](https://www.sec.gov/) / [SFC Type 1](https://www.sfc.hk/) |
| **Investor bucket** | Retail-eligible in most jurisdictions | Typically qualified/accredited only |
| **Disclosure model** | Custody attestation, vault audit, chain-of-custody | Prospectus, financial statements, corporate governance |
| **Current family size** | 17 slots (Metal + Application + single-asset) | 2 slots (MEQ + ROY) |

The two families are published under one methodology framework but never combined into a single composite index. This mirrors S&P Dow Jones Indices' separation of the [S&P GSCI](https://www.spglobal.com/spdji/en/indices/commodities/sp-gsci/) (commodity futures) from the [S&P Global Metals & Mining](https://www.spglobal.com/spdji/en/indices/equity/sp-global-metals-mining-index/) (equity index).

---

## 3. Family A — Three Classification Dimensions

Every Family A index maps to a triplet **(Dim 1, Dim 2, Dim 3)** = **(metal, application, wrapper)**.

### 3.1 Dimension 1 — By Metal (Six Primary Groups)

TS-GMRI adopts the internationally recognised metallurgical taxonomy — no proprietary grouping.

| Group | Source of taxonomy | Metals included |
|---|---|---|
| **PM — Precious** | [London Bullion Market Association](https://www.lbma.org.uk/) / [LPPM](https://www.lppm.com/) | Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) |
| **BASE — Base** | [London Metal Exchange](https://www.lme.com/) | Copper (Cu), Aluminium (Al), Nickel (Ni), Zinc (Zn), Lead (Pb), Tin (Sn), Cobalt (Co) |
| **REE — Rare Earth** | [IUPAC](https://iupac.org/) definition | 17 lanthanides + Scandium (Sc) + Yttrium (Y) |
| **MIN — Minor Metal** | [Minor Metals Trade Association](https://www.mmta.co.uk/) (London, est. 1973) | Indium (In), Gallium (Ga), Germanium (Ge), Rhenium (Re), Hafnium (Hf), Tantalum (Ta), Niobium (Nb), Tungsten (W), Molybdenum (Mo), Titanium (Ti), Uranium (U), Lithium (Li), Manganese (Mn) |
| **FA — Ferroalloy** | Steel industry ISO / [International Ferro-Alloys Association](https://www.ifaa.org.uk/) | Ferro-manganese, Ferro-chrome, Ferro-molybdenum, Ferro-vanadium |
| **SG — Single-asset** | Not a group — reserved for indexes tracking one metal (e.g. TS-GMRI-AU) | Any metal with N≥3 eligible tokens |

**No proprietary reclassification.** A metal appears in exactly one Group 1 assignment — the one recognised by its primary industry body.

### 3.2 Dimension 2 — By Application (Five Themes)

Application-themed indexes measure baskets of metals grouped by end-use, mirroring [S&P Global Clean Energy](https://www.spglobal.com/spdji/en/indices/sustainability/sp-global-clean-energy-index/), [Bloomberg Transition Metals](https://www.bloomberg.com/professional/product/indices/), and [MSCI ACWI Sustainable Impact](https://www.msci.com/).

| Code | Theme | Constituent metals | Precedent index |
|---|---|---|---|
| **BAT** | Battery | Li, Ni, Co, Mn, Cu | [S&P Global BMI Core Battery Metals](https://www.spglobal.com/spdji/en/indices/commodities/) |
| **CRIT** | Critical Minerals | Ni, Co, Li, REE, Ga, Ge, In, Ta | [USGS Critical Minerals List](https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals) / [EU CRMA](https://single-market-economy.ec.europa.eu/sectors/raw-materials/areas-specific-interest/critical-raw-materials_en) |
| **ET** | Energy Transition | Cu, Al, Ni, Ag, REE (magnets), Li | [IEA Critical Minerals for Clean Energy](https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions) |
| **NUKE** | Nuclear Fuel Cycle | U, Hf, Zr (via ferroalloys) | Sprott Uranium Miners ETF (URNM) proxy |
| **SOLAR** | Solar & Semiconductor | Ag, Ga, Ge, In, Se, Te, Si | Solar Industries Association proxy |

**A metal may appear in multiple Dim 2 themes** — this is a feature, not a bug. Nickel is both a base metal (Dim 1 = BASE) and a battery metal (Dim 2 = BAT). Different investor lenses, different products, different weights. Same underlying asset, transparent overlap disclosed in each constituent list.

### 3.3 Dimension 3 — By Wrapper

Wrapper describes how the physical exposure is delivered to the token holder.

| Wrapper code | Structure | Example |
|---|---|---|
| **physical** | Direct claim on allocated or unallocated physical metal in a licensed vault | PAXG, XAUT, KAU |
| **basket** | Composite of multiple physical metals (Family A synthetic index token if issued) | (Reserved — no live issuers yet) |
| **etf-wrap** | Token wrapping an existing exchange-traded fund that holds physical | Backed Finance bGLD |
| **futures** | Token wrapping a commodity futures contract (settled physically or in cash) | (Reserved — CME/HKEX tokenised futures pipeline) |

---

## 4. Family B — Security Tokens

Family B tracks tokenised claims on companies operating in the physical-metals value chain. Each Family B constituent must derive **>50% of revenue from metals-related activity** (mining, refining, midstream trading, royalty streaming, physical logistics). This threshold is stricter than S&P's Global Metals & Mining classification and mirrors [MSCI Global Metals & Mining Producers Index](https://www.msci.com/) revenue-based definitions.

| Code | Segment | Live constituent examples | Status |
|---|---|---|---|
| **MEQ** | Mining Equity — tokenised shares of upstream miners, midstream refiners/smelters (take-title and toll), recyclers, royalty/streaming firms, physical-commodity traders | [Backed](https://backed.fi/) bGDX (gold miners), [Robinhood EU](https://robinhood.com/eu/) stock tokens, [Dinari](https://dinari.com/) | Placeholder slot — N≥3 required |
| **ROY** | Royalty & Streaming — pure-play royalty companies (Wheaton, Franco-Nevada, Royal Gold when tokenised) — published separately from MEQ only if correlation to MEQ < 0.7 | (None live) | Placeholder slot — N≥3 + correlation gate |

**Family B is not composited with Family A.** No cross-family index exists. This is a regulatory hard-boundary, not a stylistic choice.

---

## 5. Reserved Whitespace Slots (Pipeline)

To claim the full public whitespace of tokenised-RWA metals indexing at publication, TS-GMRI reserves the following categories with defined activation thresholds. These are **published as reserved, not active** — they become live indexes only when the market provides constituents meeting Section 5 of the base methodology (N≥3 live tokens, ≥2 distinct issuers, primary-source pricing).

Under Regions v1.1 (see `/regions/` on TrueSource Metals Hub — 12 regions covering 131 countries), the reserved-slot list is expanded to **39 slots** = 12 regional + 25 currency + 1 ESG + 1 wrapper. Every reserved slot is a defensive Bitcoin-timestamped claim; activation requires the N≥3 gate + primary-source pricing per base methodology §5.

### 5.1 Regional variants — 12 slots (aligned to Regions v1.1 taxonomy)

| Reserved slot | Region | Countries | Activation threshold |
|---|---|---|---|
| **TS-GMRI-CHINA** | China (mainland) | 1 | N≥3 live tokens with SAMR / PBOC / CSRC recognition |
| **TS-GMRI-HK** | Hong Kong | 1 | N≥3 live tokens with SFC VATP / HKMA stablecoin licence |
| **TS-GMRI-USA** | USA & Canada | 2 | N≥3 live tokens under SEC / OSC oversight |
| **TS-GMRI-EU** | EU & United Kingdom | 32 | N≥3 live tokens under MiCA / FCA / FINMA |
| **TS-GMRI-RU** | Russia | 2 | N≥3 live tokens (post-sanctions restructuring pipeline) |
| **TS-GMRI-CAC** | Central Asia & Caucasus | 11 | N≥3 live tokens (Astana AIFC / Tashkent) |
| **TS-GMRI-JK** | Japan & Korea | 2 | N≥3 live tokens under JFSA / FSC-Korea |
| **TS-GMRI-IN** | India | 6 | N≥3 live tokens under SEBI / IFSCA (GIFT City) |
| **TS-GMRI-SEA** | Southeast Asia | 10 | N≥3 live tokens under MAS / OJK / VARA-SG |
| **TS-GMRI-LATAM** | Latin America | 22 | N≥3 live |
| **TS-GMRI-AFRICA** | Africa | 39 | N≥3 live |
| **TS-GMRI-OCE** | Australia & New Zealand | 3 | N≥3 live tokens under ASIC / FMA-NZ |

### 5.2 Currency variants — 25 slots (base USD + 25 non-USD)

Base index (default USD) plus 25 non-USD variants covering all currencies where at least one Hub-tracked producer, exchange, refiner, or vault operates. Regions v1.1 alignment: currency slots follow the currency inventory published in `/data/regions.json`.

| Tier | Slots | Rationale |
|---|---|---|
| **Tier 1 — major reserve / commodity currencies (10)** | EUR, GBP, JPY, CNH, HKD, SGD, CHF, CAD, AUD, KRW | Deep FX liquidity, primary listing venues for tokenised metals (LBMA/LPPM/COMEX/SGX/HKEX/TOCOM) |
| **Tier 2 — large emerging producers (7)** | BRL, INR, IDR, ZAR, MXN, CLP, PEN | Regions where a Hub-tracked producer or state stockpile transacts primarily in local currency |
| **Tier 3 — emerging metals-relevant (8)** | PHP, MYR, VND, THB, GHS, TRY, SAR, AED | Regional refiners, tokenisation sandboxes, or planned LME warehouses |

Activation of any currency variant requires N≥3 live physical-metal tokens with native settlement in that currency (not merely USD-quoted).

### 5.3 Cross-cutting variants — 2 slots

| Reserved slot | Category | Activation threshold |
|---|---|---|
| **TS-GMRI-CARBON** | ESG variant — carbon-adjusted weighting of Family A physical tokens using LCA data from [World Gold Council](https://www.gold.org/) / [ICMM](https://www.icmm.com/) member disclosures | LCA data available for ≥5 constituents of a base index |
| **TS-GMRI-FUT** | Wrapper variant — tokens wrapping commodity futures | N≥3 tokenised futures contracts across ≥2 exchanges (CME, HKEX pipeline) |

**Purpose of reservation.** Public publication + Bitcoin timestamp + open methodology together establish public prior art. Any subsequent third-party attempt to build an equivalently named or scoped index in this space will either use the TS-GMRI framework (with credit) or must explain why it does not. Reservation is defensive — not exclusionary — and expires per slot if no activation attempt is made within 5 years of publication.

---

## 6. Hybrid Methodology Principle

TS-GMRI is transparent about what it adopts from industry standards and what it invents. **Copying industry-standard mechanics is not weakness — it is best practice.** Inventing where necessary is what makes the index measure something genuinely new.

### 6.1 Adopted from S&P Dow Jones Indices / MSCI conventions

| Element | Source | Reason |
|---|---|---|
| **Reconstitution cadence** — annual, 3rd Friday of July | [S&P DJI Family Methodology](https://www.spglobal.com/spdji/en/indices/) | Industry-standard equity/commodity index cadence; predictable for tracker products |
| **Rebalancing cadence** — quarterly (January, April, July, October, 3rd Friday) | [MSCI Global Standard](https://www.msci.com/index-methodology) | Predictable turnover; matches active fund reporting cycles |
| **Divisor methodology** — chain-linked Laspeyres divisor with corporate-action adjustments | [S&P DJI](https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf) | Public-domain standard mathematics; interoperable with tracker calculations |
| **Eligibility structure** — free-float / liquidity / listing-venue gates | [MSCI](https://www.msci.com/) / [FTSE Russell](https://www.lseg.com/en/ftse-russell) | Tested framework; avoids reinventing basic screening |
| **Base date convention** — index = 100 on base date | Universal | Reader familiarity |

### 6.2 Invented (unique to TS-GMRI, no precedent)

| Element | What we measure | Why nobody else measures it |
|---|---|---|
| **Premium/discount to LBMA/LPPM fix** as a weight-adjustment factor | Difference between on-chain token price and regulated physical-metal fix, per constituent | Traditional indexes weight by market cap or float — token premium is a **token-specific microstructure signal** that only exists for tokenised RWA |
| **Redemption feasibility gate** | Whether physical delivery is actually available to token holders (contract, jurisdiction, minimum ticket) | Traditional metal ETFs assume redemption; token indexes must verify it |
| **On-chain liquidity depth score** | 30-day average bid-ask spread + top-10-DEX aggregated depth | Not applicable to non-tokenised indexes; central to TS-GMRI |
| **Regulator tier weighting** | Issuers under Tier 1 regulators ([SFC](https://www.sfc.hk/), [MAS](https://www.mas.gov.sg/), [FCA](https://www.fca.org.uk/), [FINMA](https://www.finma.ch/), [SEC](https://www.sec.gov/)) receive full weight; Tier 2 / offshore-only receive haircut | Regulatory disparity between token issuers is a **tokenised-RWA phenomenon** with no equity or futures analogue |
| **Two-family split** (commodity vs security tokens) | Regulatory-regime hardcode at the index-family level | S&P separates its families by convention; we separate by regulatory boundary because the underlying regime **requires** it |

The full weighting formula, gates, and floor/cap parameters are specified in the base methodology (v1.0) and its addenda.

---

## 7. Positioning vs Existing Index Families

TS-GMRI does **not** overlap with the following index families. Underlying asset classes differ.

| Provider | Product | Underlying | Overlap with TS-GMRI? |
|---|---|---|---|
| **S&P Dow Jones** | [S&P GSCI Industrial Metals](https://www.spglobal.com/spdji/en/indices/commodities/sp-gsci-industrial-metals/) | LME/COMEX futures | ✗ — futures contracts, not tokenised physical |
| **S&P Dow Jones** | [S&P Global Metals & Mining Index](https://www.spglobal.com/spdji/en/indices/equity/sp-global-metals-mining-index/) | Listed equity | ✗ — traditional equity, not tokenised |
| **S&P Dow Jones** | [S&P Global BMI Core Battery Metals](https://www.spglobal.com/spdji/en/indices/commodities/) | LME/CME futures + spot | ✗ — futures/spot, not tokenised |
| **MSCI** | [MSCI ACWI Metals & Mining](https://www.msci.com/) | Listed equity, market-cap weighted | ✗ — traditional equity |
| **Bloomberg** | [BCOM Industrial Metals](https://www.bloomberg.com/professional/product/indices/) | Futures | ✗ — futures |
| **Bloomberg** | Bloomberg Transition Metals | Spot + futures | ✗ — spot/futures |
| **Platts (S&P Global Commodity Insights)** | [Platts Global Battery Metals Index](https://www.spglobal.com/commodityinsights/) | Spot physical benchmark prices | ✗ — spot prices, not tokens |
| **Sprott** | Sprott Uranium Miners ETF (URNM) tracking index | Listed uranium miner equity | ✗ — traditional equity |
| **TrueSource Metals** | **TS-GMRI family** | **Tokenised RWA — physical-metal-backed tokens (Family A) + tokenised metal-sector equities (Family B)** | — |

**TS-GMRI occupies a distinct asset class** — tokenised RWA — that no traditional index provider currently measures. Peer methodology mechanics are adopted (see §6); underlying is unique.

---

## 8. Immutability & Versioning

- **This document (`taxonomy.md`)** is stamped with SHA-256 and submitted to Bitcoin via [OpenTimestamps](https://opentimestamps.org/) on publication. The companion `.ots` file lives at `/gmri/methodology/taxonomy.md.ots`.
- **Taxonomy revisions** are versioned (v1.0, v1.1, v2.0). Prior versions are never deleted — they are moved to `/gmri/historical/` with their original timestamps preserved.
- **Reservation clock.** Each whitespace slot (§5) is timestamped at publication of this taxonomy. If a slot is not activated within 5 years, the reservation lapses and the slot returns to public whitespace.

### 8.1 Changelog

| Version | Date (UTC) | Change |
|---|---|---|
| **v1.0** | 2026-07-01 03:00 | Initial publication. 9 reserved slots (4 regional + 3 currency + 1 ESG + 1 wrapper). Bitcoin block 956,085. |
| **v1.1** | 2026-07-01 22:00 | Regions v1.1 expansion. Reserved-slot list expanded from 9 to **39 slots** (12 regional + 25 currency + 1 ESG + 1 wrapper). Regional slots aligned to new 12-region taxonomy in `/regions/` (China / Hong Kong split, Central Asia carved from CIS, India / SEA split, Oceania promoted from footnote). Currency dimension expanded from 3 to 25 slots based on currency inventory in `/data/regions.json`. No changes to Family A/B structure, methodology mechanics, or activation gates. Requires OTS re-stamp of `taxonomy.md`. |

---

## Внутренняя памятка (RU — internal, not published)

**Что мы сделали одним документом:**

1. **Закрыли primary framework** — 6 metal groups (LBMA/LME/IUPAC/MMTA/ISO) + 5 application themes (BAT/CRIT/ET/NUKE/SOLAR) + 4 wrapper types (physical/basket/etf-wrap/futures).
2. **Формализовали two-family** — commodity token vs security token как регуляторный boundary, не стилистика.
3. **Зарезервировали 39 whitespace slot** (v1.1) — 12 regional (aligned Regions v1.1) + 25 currency (Tier 1 majors + Tier 2 emerging producers + Tier 3 metals-relevant) + 1 ESG (CARBON) + 1 wrapper (FUT). Bitcoin-стамп = prior art. Стартали с 9 (v1.0), расширили до 39 после Regions v1.1.
4. **Гибридная методология явно** — что копируем из S&P/MSCI (cadence, divisor), что своё (premium/discount weight, redemption feasibility, liquidity depth, regulator tier).
5. **Positioning-таблица** vs S&P/MSCI/Bloomberg/Platts/Sprott — доказали "не пересекаемся, underlying другой".

**Что мы НЕ делаем:**
- Не переклассифицируем металлы — используем международный стандарт (LBMA/LME/IUPAC/MMTA)
- Не мешаем Family A и Family B в composite — регуляторно нельзя
- Не активируем reserved slots до N≥3 — избегаем noise

**Сопутствующие изменения после публикации taxonomy.md v1.1:**
- Расширить поиск новых токенов под каждый из 39 reserved slots (12 regional + 25 currency + CARBON + FUT)
- Watchlist структура — flat → grouped by family + reserved-slot section
- OTS re-stamp `taxonomy.md` v1.1 hash после коммита

**Book chapter (Concise + Reference):**
- Добавить "Two-Family Structure" перед family members list
- Добавить "Reserved Whitespace" секцию
- Добавить positioning table

**Glossary новые записи:**
- Commodity Token (Family A)
- Security Token (Family B)
- Index Family (TS-GMRI taxonomy)

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**Ends taxonomy.md v1.0.**