Those top ten lists (I didn't look that closely) are really interesting. From the brief descriptions, I had assumed that the only difference between the indexes would be the cutoff in the number of stocks selected - a fixed top 100 for the new, and more or fewer for the old (depending on how many stocks were ranked A- or better). Also that the relative weights would be the same (just scaled differently because there would be different numbers of stocks in the two lists).
I was wrong on both counts. The reordering of top ten (e.g. J&J moved from 4th to 1st) shows the weighting algorithm is different. The presence of Apple in the new but not the old index shows that the candidate stocks are different as well - either that or Apple got a really low weighting in the old index, which seems unlikely (even with a different weighting algorithm).
All of this raises the question - what are you looking for in a substitute? Same stocks (as implied by your suggested alternative)? Similar sector weightings? Same style box (cap size/style)? Same geography (US, or is foreign okay)? Yield? Concentration?
The M* basic (free) ETF screener can do a pretty good job, if you know what you're looking for. If you just use a single criterion: ETFs with at least 20% in industrials, you've already eliminated 93% of the ETFs in the database. (Note, I'm using the GIC Industrials classification, not M*' Industrials category, since the classifications posted above are GICs).
If we ignore sector ETFs and foreign ones, we're down to just 8 large cap blends (including SPHQ), 3 midcaps, and 8 small caps.
If we look for funds with at least 10% consumer staples (including companies like Hormel), we've eliminated 99% of ETFs. All of those remaining have a fair amount of consumer discretionary. Focusing on the diversified US ETFs, we have just six large cap blends (including SPHQ), and one mid cap.
Eyeballing these, the closes appears to be First Trust Capital Strength (FTCS). Closest in industrials (25.95% vs. 26.85%), it is also fairly close in the consumer categories: staples (20.23% vs. 17.60%) and discretionary (16.12% vs. 19.19%). Trailing twelve month yield is also very similar, at 1.94% vs. 1.81%.
The portfolio is more concentrated, with 50 stocks vs. 132 for SPHQ. But NOBL also has just 50 stocks, so that doesn't seem to be a concern for you.
The overlap of FTCS with SPHQ seems about the same as that of NOBL.
- FTCS doesn't have #1 Hormel, but it does hold #2 Raytheon while NOBL doesn't.
- Neither NOBL nor FTCS hold #3 Ross, #6 Yum, #7 Nike, or #10 Disney.
- All of them have a healthy slug of #4 J&J.
- Only FTCS shares #5 Omnicom and #9 Lockheed; only NOBL shares #8 McCormick.
Overlap using M*'s stock intersection (premium) tool.
Here's a tool for looking at ETF correlation, unfortunately FTCS isn't in its database.
http://www.etfreplay.com/correlation.aspx
But that's just one way of looking for similar ETFs. What you consider similar depends on what you consider important. Me, I'd just get VIG (or more likely, VDADX) and call it a day. It's among the six large cap blend finalists, cheaper, also focused on high quality stocks, from a great fund sponsor, much higher volume and AUM (for ETF pricing purposes).
Or if you're open to actively managed funds, VDIGX. Here's a M* column comparing the two Vanguard funds: http://news.morningstar.com/articlenet/article.aspx?id=666314

msf & heezsafe - Thank you.
Pretty similar. [Just kidding!] Darn it! What do I replace SPHQ with....?
(If anyone can come up with alternatives, please post here. Thanks again.)
>>> Hope that someone else picks up the OLD index!

OLD INDX TOP 3 SECTORS
Industrials............. 27%
Consumer Discretionary.. 20%
Consumer Staples........ 17%
OLD INDX's TOP 10 BY WEIGHT
Hormel Foods Corp HRL Consumer Staples
Raytheon Co RTN Industrials
Walt Disney Co DIS Consumer Discretionary
Johnson & Johnson JNJ Health Care
Ross Stores Inc ROST Consumer Discretionary
Emerson Electric Co EMR Industrials
NIKE Inc B NKE Consumer Discretionary
3M Co MMM Industrials
Omnicom Group OMC Consumer Discretionary
Praxair Inc PX Materials
-----------------------------
NEW INDX TOP 3 SECTORS
Information Tech........ 25%
Industrials............. 20%
Health Care............. 20%
NEW INDX TOP 10 BY WEIGHT
Johnson & Johnson JNJ Health Care
Apple Inc. AAPL Information Technology
Gilead Sciences Inc GILD Health Care
Home Depot Inc HD Consumer Discretionary
Intl Business Machines Corp IBM Information Technology
Boeing Co BA Industrials
Mastercard Inc A MA Information Technology
PepsiCo Inc PEP Consumer Staples
Visa Inc V Information Technology
3M Co MMM Industrials

Thanks for the link, was a good article, much appreciated

+1.

Here's another "epilogue" that came out late yesterday.
http://www.reuters.com/article/us-funds-thirdavenue-junk-insight-idUSKBN0U627V20151223

FYI: A central theme for 2016 is likely to be diversification. However, spreading risk among several mutual funds doesn’t have to mean that you will water down your returns — investors can be tactical in their portfolio management and potentially juice performance with the right selections.
Regards,
Ted
http://investorplace.com/2015/12/best-fidelity-mutual-funds-2016/print

Ah, yes, the "passive" index fund that "actively" morphs under your feet, sometimes over and over.....
Here's another recent example of the same thing about to happen at Vanguard:
https://personal.vanguard.com/us/insights/article/fund-announcement-Z-implementation-122015
In this one, you'll note that the index fund and its ETF (VEA) will be changing because they will be adopting another index as their benchmark (and thereby become different index funds). But wait--- there's more! For six months, as they are becoming new index funds, they will benchmark to yet another index, a "transitioning" index if you will, called the FTSE Developed All Cap ex US Transition Index.

Here's S&P's page on S&P 500 Quality Index:
http://us.spindices.com/indices/strategy/sp-500-quality-us-dollar
and the page on the S&P 500 High Quality Rankings Index
http://us.spindices.com/indices/strategy/sp-500-high-quality-rankings-index
You can compare their performance by using the graph in the upper right. If you're using the latter page, enter "500 Quality" in the search box to get the new index.
Here's the prospectus update, that has a 1 paragraph description of the new index:
http://www.sec.gov/Archives/edgar/data/1209466/000119312515407937/d233411d497.htm
(see last paragraph on the page)
Looking at the two methodologies, it seems that S&P is using the same rules for rating the quality of each stock - based on return on equity, accruals ratio, and leverage. The new index selects the 100 highest quality stocks and then weights them. The old index includes all stocks ranked A- quality or above, and then weights them.

Dear BobC, how about AQR Long-Short Equity QLEIX ? It has the same managers, somewhat longer history than QMNNX, and a very similar growth trajectory? Strangely, according to M*, QMNNX has turnover 152%, whereas QLEIX has turnover 0%.

As noted by comment to M* article (below), the M* author seems to be missing the point or burying the lead. The major source of difference is not strategy, but E.T.F.'s structure.
If it was the case that it was "strategy" that was most important (as M* claims) then M* could simply have provided difference between indexed mutual funds (with/without Vanguard), and compared apples-to-apples. They did not. I expect it is because it does not support their convoluted argument.
Thanks to 'yogibearbull' and Ted.
Also - who ever claimed that ETFs were immune from taxation anyway? M* just doesn't understand ETFs....

yogibearbull
Surprising/strange that the tax-efficiency resulting from in-kind creation/redemption process rates so low - at "2nd(3)". And the item rated 1st applies less to non-market-cap indexed [smart/strategic beta] ETFs.

1. stick out foot.
2. Pull trigger.

http://www.sec.gov/Archives/edgar/data/1396092/000120928615000762/e1791.htm
497 1 e1791.htm
Big 4 OneFund
Investor Class Shares (FOUIX)
Institutional Class Shares (FOURX)
Supplement dated December 23, 2015
to the Prospectus and Statement of Additional Information
each dated September 19, 2014
The Board of Trustees (the “Board”) of World Funds Trust (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the Big 4 OneFund (the “Fund”), effective December 23, 2015. Chicago Partners Investment Group, LLC, the Fund’s investment adviser (the “Adviser”), has recommended to the Board to approve the Plan based on its representations of its inability to market the Fund and the Adviser’s indication that it does not desire to continue to support the Fund. As a result, the Board has concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund.
In connection with the proposed liquidation and dissolution of the Fund called for by the Plan, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund immediately as of the date of this Supplement. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until the liquidation.
It is anticipated that the Fund will liquidate on or about December 31, 2015. Any remaining shareholders on the date of liquidation will receive a distribution of their remaining investment value in full liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1.800.673.0550.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated September 19, 2014, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated September 19, 2014 have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1.800.673.0550.

FYI: Investors pulled more money from U.S. mutual funds last week than they have in any seven-day period in the past two and a half years.
Net redemptions reached $28.6 billion in the week ended Dec. 16, according to a statement from the Investment Company Institute, a trade group. It was the biggest weekly outflow since June 2013, ICI data show.
Regards,
Ted
http://www.bloomberg.com/news/articles/2015-12-23/investors-pull-most-money-from-u-s-mutual-funds-in-two-years

FYI: The chart below shows returns across asset classes in 2015. Key conclusions:
- The turbulence in high yield was really not a big deal when compared with the performance of other risky assets, including equities
- US stocks down 1% and stocks in core Europe up 7%
- EM equities at the extremes, with Brazil down 13% and Russia up 23%
- USD EM corporate bond returns down modestly
- The best performer in fixed income was…US and European government bonds
Regards,
Ted
http://www.ritholtz.com/blog/2015/12/returns-across-asset-classes-in-2015/print/

FYI:
Regards,
Ted
http://video.cnbc.com/gallery/?video=3000468751&play=1

Some folks might do well to consider QMNNX. I would not expect 2015 numbers going forward, but unlike most Market-Neutral category options, this one is truly market neutral. The I-shares minimum at FIDO is $100,000, but the N-shares do not. The 1.55% fee for N is high but on the low side for most in that category.

Don't know if bottom or not. Living in Texas you definitely see a plateau in housing prices and friends neighbors getting laid off jobs. Not many new jobs oil industry. Not like 1982 a over again but could be beginning. Bought bunch of oil bonds since last yr and you do see a declines in prices. Hope we don't get major recession or all bets are off

Agree, but VMVFX has to work for the underfunded among us, and it only costs 0.1 more. Sound premise; short track record. I'm counting on Vanguard to watch its active managers for me in my senility and my grandchildren in their inattentiveness.

http://www.sec.gov/Archives/edgar/data/709364/000094937715000418/e37710rpr-rse_isi497.htm
497 1 e37710rpr-rse_isi497.htm
The Royce Fund
Supplement to the Investment, Service, and Institutional Class Shares Prospectus dated May 1, 2015
Royce Premier Fund
Royce Special Equity Fund
Effective January 4, 2016 (the “Effective Date”), Royce Premier Fund and Royce Special Equity Fund will reopen to new shareholders and new relationships. Investment, Service, and Institutional Class shares of Royce Premier Fund and Royce Special Equity Fund may be acquired by purchase or exchange on or after the Effective Date in accordance with the provisions of the Funds’ Statutory Prospectus, dated May 1, 2015, relating to those share classes (the “Prospectus”).
Royce Premier Fund and Royce Special Equity Fund have been open only to existing shareholders and existing relationships in accordance with the provisions of a Supplement, also dated May 1, 2015 (the “Supplement”), to the Prospectus. The Supplement is rescinded in all respects as of the Effective Date, and shall be of no force and effect thereafter.
Royce & Associates, LLC, investment adviser to each of Royce Premier Fund and Royce Special Equity Fund, reserves the right to: (i) reject any investment that it believes will adversely affect its ability to manage these Funds; and (ii) close and re-open these Funds to new or existing shareholders at any time.
December 22, 2015
ISIOPENSUP-1215
http://www.sec.gov/Archives/edgar/data/709364/000094937715000420/e37710rpr-rse_crk497.htm
Supplement to the Consultant, R, and K Class Shares Prospectus dated May 1, 2015 -Royce Premier Fund &
Royce Special Equity Fund
http://www.sec.gov/Archives/edgar/data/709364/000094937715000422/e37710rpr_w497.htm
Supplement to the W Class Shares Prospectus dated May 1, 2015-Royce Premier Fund

"In big terms, the XLV added an additional $5.0 billion in market capitalization over the same period going from $12.7 billion to $18.7 billion." Because that makes sense....