What it tracks
Filter. Tokenized equity of listed companies whose primary business is anywhere on the physical-metal value chain — miners, refiners, smelters, recyclers, royalty/streaming firms, integrated traders. Distinct wrapper from core TS-GMRI which tracks physical-metal claims.
Weighting. Market-cap weighted with 25% single-issuer cap.
A registered methodology slot for tokenized metal-economy equities. The underlying claim is a share of a metal-value-chain company — miner, refiner, smelter, recycler, royalty/streaming firm, or physical-commodity trader — not a gram of physical metal. Risk profile includes operational leverage, management quality, jurisdiction, and capex cycle on top of metal beta. Slot reserved 17 June 2026 for prior art; no value is published until N≥3 eligible constituents from at least 2 distinct tokenization issuers AND at least 2 distinct value-chain segments are live.
Tokenized metal-economy equities are an emerging RWA sub-category as of mid-2026: Robinhood EU stock tokens (BHP, RIO, NEM, FCX, SQM, ALB), Dinari dShares (dFCX, dNEM, dSQM), Backed Finance xStocks extensions, Swarm Markets (BaFin). Traditional analogs include GDX, GDXJ, COPX, SIL, URA, LIT, PICK — each multi-billion-dollar product. Slot is registered now so prior art is established before the category densifies. Initially named TS-GMRI-PROD (16 June 2026, 22:36 UTC); renamed to TS-GMRI-MEQ within 1 hour for naming precision — PROD was ambiguous (producer / production output / product), MEQ unambiguously denotes the equity wrapper across the full metal value chain.
Comparable in spirit to: GDX (VanEck Gold Miners), COPX (Copper Miners), SIL (Silver Miners), LIT (Lithium & Battery Tech), URA/URNM (Uranium), PICK (iShares Diversified Mining), GOEX (Global Gold Explorers).
Constituents
0 / N≥3 eligible constituents from ≥2 distinct tokenization issuers and ≥2 value-chain segmentsAwaiting tokens meeting eligibility (Section 3 of the methodology: physical-metal backing, on-chain claim, issuer transparency, ≥ USD 1M market cap, public price feed, no double-counting). Currently 0 eligible constituents.
The rules are fixed and the slot is registered for prior art. No value is published and no constituents are listed until the threshold is met — we do not invent numbers from sparse data.
Publication threshold: N≥3 eligible constituents from ≥2 distinct tokenization issuers and ≥2 value-chain segmentsComputation
The index is recomputed daily at 00:00 UTC from CoinGecko closing-day market caps. Let MCi,t be the circulating market capitalisation of constituent i on day t, and MCi,0 its value on the base date (7 June 2026, base value 100).
where ŵi are cap-weights after the iterative 20% single-issuer cap.
Both cap-weighted and equal-weighted variants are rounded to 2 decimal places for display. New constituents are chained in at the next monthly review using a continuity multiplier so the historical series is not distorted. The full rules are fixed in the methodology document below.
Methodology & provenance
Canonical methodology
This member is governed by the locked TS-GMRI Methodology v1.0 — the single source of truth for the family's universe, filters, weighting and rebalancing rules.
Immutable source documents
Methodology PDF (v1.0)
Methodology source (.md, immutable)
OpenTimestamps proof (.ots)
SHA-256 of methodology v1.0
Timestamped via OpenTimestamps on the Bitcoin blockchain (proof pending Bitcoin confirmation).
Prior art
The TS-GMRI family (legacy mark “GMRI”) was first published on 7 June 2026 as the first publicly published market index dedicated to tokenized physical metals. Authorship: Andrey Kuznetsov, Hong Kong.
The TS-GMRI family
17 members · 6 live · 11 slotsOne coherent taxonomy: shared universe, shared base date 7 June 2026 = 100, shared data-discipline. Members differ only in filter and weighting. See the full family hub ›
Disclaimers & notices
- Information product, not investment advice. TS-GMRI-MEQ is a proprietary index published by TrueSource Metals for informational purposes. Nothing here is a recommendation to buy, sell or hold any token or instrument.
- Liquidity caveats. Liquidity in the underlying tokens is uneven; cap-weighted values are sensitive to large moves in the dominant tokens (e.g. XAUT and PAXG). Small-N cuts can swing on single-name moves.
- Short history. The series is live since 7 June 2026 — only a handful of days of history exist. Volatility, drawdown and risk statistics are not yet statistically meaningful and are deliberately omitted.
- Unaudited. The index is unaudited at v1.0; an independent attestation is planned once 12 months of stable computation are available.
- Trademark notice. TS-GMRI™, GMRI™, and Global Metals RWA Index™ are trademarks of TrueSource Metals. Methodology © 2026 TrueSource Metals.