The Global X Gold Explorers ETF (NYSEArca:GOEX), which currently tracks the Solactive Global Gold Explorers Total Return Index, is getting a new benchmark.

GOEX will transition to the Solactive Global Gold Explorers & Developers Total Return Index, but that change is expected to go into effect no earlier than Nov. 30. The change will occur in two phases.

“The phase approach is intended to enable the Global X Gold Explorers ETF’s advisor, Global X Management Co. LLC, to make the necessary adjustments to portfolio holdings in a manner that minimizes impact to Fund shareholders. In the first phase, expected to commence in the fourth quarter of 2016, the Fund will track the Solactive Global Gold Explorers & Developers Total Return Transition Index, an interim index that will gradually reduce exposure to small-capitalization stocks while proportionately increasing exposure to other stocks based on their weightings in the new index. This first phase is expected to be implemented over the course of approximately six months. In the second phase, the Fund will begin tracking the Solactive Global Gold Explorers & Developers Total Return Index, which is expected to occur upon completion of the first phase. In an effort to protect the Fund from the potential for harmful “front running” by traders, the exact timing of the index changes will not be disclosed to investors,” according to a statement issued by Global X.

GOEX, which debuted six years ago, was the first ETF to invest solely in exploration firms rather than actual miners.

The ETF’s “new index is designed to measure broad based equity market performance of global companies involved in gold exploration, including companies that are engaged in both gold exploration and limited levels of gold production,” according to the statement.

SEE MORE: 31 Gold ETFs Investors Should Size Up

Gold miners currently trade at about a 59% discount to gold prices since 2009, have a price-to-book value of 1.0x and an average dividend yield of 2.8%, which makes the sector look attractive from a valuation standpoint.

For more information on the gold bullion market, visit our gold category.

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