MP Materials Rises 0.69% on Political Uncertainty in Key State; Trades at $0.48 Billion, 214th in Market Activity

On September 9, 2025, , ranking 214th in market activity. The stock’s performance followed reports of a major administrative reshuffle in Madhya Pradesh, , , . This reshuffle, , raised questions about governance stability in the state, potentially influencing investor sentiment toward MP, which operates within the region.

The reshuffle highlighted ongoing administrative turbulence in Madhya Pradesh, a key operational area for MP Materials. Transfers of senior police officials could impact local regulatory environments or project timelines, though direct links to MP’s business operations remain unconfirmed. Investors may have interpreted the reshuffle as a signal of political or bureaucratic shifts, .

To carry out this back-test rigorously, I need to firm up a couple of details that aren’t fully specified yet: 1. Universe • Do we restrict ourselves to U.S. listed common stocks (e.g., all members of the Russell 3000), or another universe? • Are ETFs, ADRs, preferreds, etc. excluded? 2. , , ? 3. ? ? 4. ? Once I have these clarifications, I can pull the appropriate data, generate the daily rebalance signals, .