It's currently on the last allocated holding. Yes 34M shares - but the target appears to be be 0.37%, so due to new Global X Units being created from off-market direct trust purchases it been getting force feed a bit of capital, and it accumulated to 34M now. But we've noticed on the Global X thread, it's buying and selling up and down from about 34M. This is possibly meaning when the GDNLF price goes up, it triggers the target weight, and sells a smidge, and when under weight buys a smidge. I think its saturated atm. Under the non-pure play, they can hold up to 2% (but that's not the target weight, that's the funds mandate). The other "last" allocation was lotus resources; so yeah some of the other holders are monitoring the activity
If you do have time - have a look it Solactive Indices --> Mirae Asset Management --> Global X. It's not really actively managed, so some what mechanical.
Incidentally EPM is on the watch list now; probably wee off the allocation list as it's market cap driven predominantly, but last time we saw ERA, took ages to come off the list. Basically Global X caused ERA to spike the month before the ranger mine closure; looking for similar effect on GGG if they do a gradual re-balance.
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