A few observations

1. In all of the above TD is the broker doing crosses at the closing price of significant amounts indicating they handled most or all of the purchases required to satisfy index additions.

2. The index funds would not be allowed to buy ahead of todays closing price because it would be outside their mandate & would be speculating on a future price.

3. What they could do is talk to TD & say at the Thur. close I will need to buy around 500,000 shs. depending on the closing price. This will result in double counting of volume because TD makes purchases for own a/c throughout the day or even previous days. Then they put through a trade at the closing price selling from their a/c to the index fund. This could happen for various funds.

4. We don't know the various weightings for each security but I would guess ARU & EGU would be very similar. TD crossed about 1.64 mill sh. ARU & 1.8 mil. sh. EGU today & they have similar mkt. caps. In each case todays trading volume is 10X or more above normal. EGU was up 10% today.

5. It's not obvious from the closing trades if anyone other than TD was involved in selling to index funds although there maybe some very small funds.

6. IMO the increased volume in ARU is largely a combination of double counting as per #3. & a normal attempt by pro traders to clip the mkt. for a bit when they know for the past 2 weeks about future index buying. That part didn't work so well because of the $100. drop in the gold price. It almost seems there is some above normal selling today.

Regards

Joltin