Ann: 2017 Financial Year Results, page-130

Not really good or bad. The ETF just does what it does. They buy or sell to meet the stock weightings in the portfolio. They don't do any analysis of companies to work out these portfolio weights, it's purely arithmetic based on market cap.

What I have found following this for a few years now is that the rebalancing days often act as turning points for a share price. This makes sense because traders often front run the share price ahead of the rebalance. Once they're out of it then the shares can trade more freely.

I also have a theory that since the June rebalance, which involved a one off more significant recomposition of the ETF, the GDXJ ETF has not had the same impact on trading as it once did. Last year SLR and RMS both got a rocket from the GDXJ purchasing shares. Now the stocks have been down weighted they don't attract the same flow of funds. Plus there has been a general stagnation of funds in the GDXJ despite gold doing well. So you have less flow into the ETF and less of that flow going into SLR than previously. I'm not sure where this speculative hot money is going but it is not jumping into this particular ETF at the moment.

Since there aren't large buyers willing to fill the void left by the GDXJ the share price has gone sideways.