TS-GMRI-CAP20™
Index history
Daily values since base (22 June 2026)
Limited history — chart will accumulate as data grows. 5 days available.
What it tracks
Filter. All eligible constituents, cap-weighted with a single-issuer weight cap of 20%.
Weighting. Cap-weighted, single-issuer cap 20%.
A concentration-managed variant of the flagship. If any single issuer's combined cap-weight exceeds 20%, that issuer is scaled to the cap and the excess is redistributed pro-rata across uncapped tokens until stable.
Single-issuer concentration is the main structural risk in tokenized gold. Capping each issuer at 20% prevents any one balance sheet (e.g. Tether or Paxos) from dominating the gauge, giving a more diversified read on the category.
Constituents
18 constituentsAs of 2026-10-01 — updated daily at 00:00 UTC. Displayed weights are post-cap (single-issuer cap 20%, excess redistributed pro-rata). Unverified issuers are treated as standalone buckets.
| Token | Metal | Weight | Since base |
|---|---|---|---|
| XAUT | 20.00% | +31.44% | |
| PAXG | 20.00% | -4.68% | |
| KAU | 14.12% | +74.34% | |
| GGBR | 11.75% | +251.17% | |
| PGOLD | 11.28% | +0.16% | |
| XAUM | 9.65% | +8.39% | |
| KAG | 5.88% | -11.56% | |
| GLDY | 1.78% | -0.71% | |
| DGLD | 1.39% | +49.84% | |
| XU3O8 | 1.24% | +3.79% | |
| VNXAU | 0.82% | -0.92% | |
| XAGM | 0.63% | +3.33% | |
| GOLDAO | 0.53% | +88.38% | |
| CGO | 0.45% | -39.04% | |
| XNK | 0.27% | -4.54% | |
| GLDT | 0.11% | +12.05% | |
| TGLD | 0.08% | +675.56% | |
| FGLD | 0.03% | -3.92% | |
| 18 constituents | 100.00% |
Computation
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 (22 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 22 June 2026 as the first publicly published market index dedicated to tokenized physical metals. Published by TrueSource Metals.
The TS-GMRI family
17 members · 6 live · 11 slotsOne coherent taxonomy: shared universe, shared base date 22 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-CAP20 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 22 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.
- Trademark notice. TS-GMRI™, GMRI™, and Global Metals RWA Index™ are trademarks of TrueSource Metals. Methodology © 2025-2026 TrueSource Metals.