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Asset Allocation For 2016

Key views: 1-3 months: short Gold long DAX long XLY / short XLP 6-12 months: short XAUUSD short XLE / long SPX long GBPJPY 12+ months: short R2K / long SPX short AUDNZD In spite of the ugly start of the year, I do not think there have been fundamental changes in the global markets since a year ago. A regime shift actually occurred in 2014-2015. By that time, the global economy had managed to stage a mostly uninterrupted, albeit very slow, recovery. In 2014, it became clear that the global market cycle was entering its late stage. At that time, risk asset valuations had reached “fair value” levels across the asset classes, following 5 years of a fairly re-rating on the back of extremely accommodative monetary policy globally. The Fed then made it clear that monetary policy would gradually tighten and the markets priced this in rapidly, mostly by bidding up the US dollar and selling short dated treasuries. Due to the still deeply embedded remains of the “forward guidance”, the market moves were big, prompting volatility to return to more normal levels not seen in years. At the same time, the US economy began showing signs of mid-cycle dynamics, with the unemployment rate sharply falling closer towards most estimates of NAIRU, consumer confidence rising to cyclical highs and M&A activity surging. The environment in which most of today’s prime-aged investment professionals built their careers is characterized by “irrational exuberance”, with stock market valuations typically ballooning during the bull markets and deflating rapidly during recessions. Many got burned in the process and I do not think that the industry will get ahead of itself once again. It is more likely that valuations would remain at fundamentally justified levels (rather than trending up persistently), with the stock market only collapsing in case of catastrophic outcomes. In addition to the US financial and economic cycles, a few other cycles are important for understanding the current regime. The commodity cycle is still in its downtrend. I do not think anyone is good enough at forecasting spot prices of commodities based on supply and demand fundamentals. The safest strategy is to look at where the trend is and stick to it until it reverses. This is how CTAs have been making money for decades trading commodities and I feel no need to reinvent the wheel. The commodity price decline is fundamentally related to a number of other developments: a continued evolution of the global economy from manufacturing to services, the weakening demand from China, the fracking revolution and more recently the rise of the US dollar. All these interrelated trends are putting an immense amount of pressure on emerging economies. While emerging market currencies have fallen substantially, a more decisive shift from the old growth model will be required in order to adjust to the evolving world. There will inevitably be both winners and losers in this game. Equivalently, the developed market economies are experiencing a similar challenge, with manufacturing and extraction showing signs of continued weakness, and tight financial conditions depressing US corporate earnings. Going forward, I anticipate a continuation of the desynchronized market patterns across the world and return of volatility to normal levels. My hunch is that strategists and fund managers in the industry generally seem to be experiencing quite low levels of conviction in their views. There is also a healthy amount of bears in the market, which should lead to a better balance, despite higher volatility. In such an environment, relative value trades will be a much more important source of return generation compared to simple exposure to broad markets. Quantitative indicators for “alpha potential” from bottom-up stock picking have still not normalized (even though it has improved), so I expect that single stock selection will still struggle in 2016. However, big picture long/short macro positions should work well at the time when most investors continue to fret over whether we are in a bull or a bear market. In 2016, cross-asset performance will be driven by a small number of key risks. The most important ones: US Monetary policy, Chinese economic slowdown and the commodity price collapse. I will be writing about these, as well as about my key trades, in the following weeks, so stay tuned.

Sizemore Capital 4th Quarter 2015 Letter To Investors

I wasn’t sad to see 2015 end. It was called “the year that nothing worked.” And while that’s not entirely true – if you happened to be long the “FANG” stocks Facebook (NASDAQ: FB ), Amazon (NASDAQ: AMZN ), Netflix (NASDAQ: NFLX ) and Google (NASDAQ: GOOG ) (NASDAQ: GOOGL ), you did quite well – it was certainly true for my Dividend Growth portfolio. The strategy had a poor second half to the year, erasing the gains of the first half and leaving it with a loss of 11.3% for the full year net of fees. And the volatility didn’t end on December 31; it spilled over into January. As I’m writing this letter, the maximum drawdown from the April 2015 highs to the mid-January lows was a gut wrenching 27.6%. That might be tolerable if I were running an aggressive growth portfolio full of speculative names. But I distinctly built my Dividend Growth model with low volatility in mind. The portfolio entered the year with a beta of 80%. In layman’s terms, that means that the Dividend Growth portfolio was about 20% less volatile than the broader market. And with an R-squared that generally stays in the 60s or 70s, the portfolio’s correlation to the broader market has historically been low. This is a portfolio designed to march to the beat of its own drum, regardless of the direction of the market. So, what happened? And more importantly, what is the outlook for 2016? I’ll address each of those questions. The short answer is that we got bogged down in a credit crunch and that the portfolio should enjoy a nice recovery once credit conditions return to “normal.” Now let’s get into the details. What Went Right in 2015 Let’s take a moment to review the Dividend Growth portfolio’s mandate. Its primary objective is to provide a high and growing stream of income. And on this count, the portfolio delivered. The portfolio started 2015 with a trailing dividend yield of 4.8%, more than double the dividend yield of the S&P 500. And we achieved very respectable dividend growth: Total cash received from dividends in 2015 was up 8.7% over 2014. We had two stocks – Kinder Morgan (NYSE: KMI ) and Teekay (NYSE: TK ) – take us by surprise with dividend cuts. But portfolio wide, the theme was one of growing dividend payouts. I’m willing to stomach quite a bit of market volatility if I’m confident that the stocks I own will continue to deliver a reliable dividend stream to my investors. Providing income in retirement or dividend compounding at younger ages are my primary objectives, after all. But it’s hard to enjoy that income when you see the value of your portfolio grinding lower every day. What Went Wrong in 2015 Where do I start. REITs started to come under pressure in the first quarter due to fears that (eventual) Fed tightening would raise their cost of capital. REITs started to stabilize…right about the time that oil took a major leg down and dragged the entire MLP sector with it. Then China started to buckle, and several of my standard divided-paying stocks started to sell off due to their exposure to China. And all throughout the year, there was nearly continuous selling of mortgage REITs, business development companies and closed-end bond funds, mostly due to fear of Fed tightening. But what really hurt my returns was the implosion of the MLP sector in the last two months of the year. MLPs depend on stock and bond sales to fund growth. During the boom years, the bond market all but tripped over itself giving cheap financing to the midstream pipeline MLPs. But when the bond vigilantes sobered up and noticed the junk bond market’s exposure to oil and gas exploration companies, yields began to rise and credit ratings came under scrutiny…even for the quality names in our portfolio. And I should emphasize here again that the MLPs we owned throughout 2015 were the blue chips of the midstream segment. Kinder Morgan faced a choice: Either they kept the dividend intact and sacrificed growth…or they cut the dividend and used the saved cash to “self-fund” their growth projects for the future. Kinder opted to cut the dividend, sending the entire sector reeling. (Teekay faced a similar issue. They worried that, in the current credit market, one of their subsidiaries wouldn’t be able to roll over a large maturing bond issue. So they opted to conserve cash and avoid the capital markets altogether.) To show how quickly things change, as recently as the summer both Kinder Morgan and Teekay raised their dividends and gave every indication that more dividend growth was coming. My, what a difference a couple months can make. If there is an underlying theme here, it is credit. The sectors of my portfolio that got hit the hardest – MLPs, small and mid-cap REITs, business development companies and mortgage REITs – were the sectors most dependent on financing. We had a slow-motion crisis throughout 2015 that effectively took a wrecking ball to all of these sectors indiscriminately. The good news here is that the underlying business fundamentals haven’t changed. The midstream MLPs continue to build out their highly-profitable empires. The small and mid-cap REITs continue to collect their rent checks and pass them along to investors as dividends. Defaults remain very low in our one business development company, Prospect Capital (NASDAQ: PSEC ). And the mortgage REIT and closed-end bond fund sectors continue to throw off a ton of cash while trading at some of the deepest discounts in history. Credit conditions will normalize in 2016. And when they do, investors will rush back into these high-income sectors for lack of a better place to park their funds. Nature hates a vacuum, and high dividend yields will not remain unnoticed for long, particularly when the 10-year Treasury is yielding a pitiful 2.1% at time of writing. I don’t know how long this will take. But I do know that we’re being paid handsomely to wait. Potential Surprises Despite the Dividend Growth portfolio’s conservative nature, we have several positions that I believe have the potential to double or more in the coming year. Prospect Capital trades for an almost pitiful 60% of book value. A narrowing of this discount combined with the ridiculous 17% dividend yield can get us to 100% profits very quickly. Could Prospect slash its dividend? Perhaps. But as of its last earnings release, it was comfortably covering its dividend, so I don’t see this as being likely over the next several quarters. Likewise, Energy Transfer Equity (NYSE: ETE ) is down by more than 70% at time of writing and now yields a ridiculous 12%. As ETE struggles to complete its takeover, a reduction of the dividend can’t be completely ruled out. But we really need to consider the big picture here. The new post-merger ETE will be the biggest pipeline empire in the world and will be a cash-flow-generating powerhouse. Any reduction of the dividend would be a temporary means to an end to make the merger happen. When ETE traded at $35, I believed that it could be worth $70 per share within a few years. While that might sound a little aggressive right now given that the stock trades for less than $10, I still consider it reasonable, at least by the end of this decade. From today’s prices, that would represent a more than 600% return. Similarly, Teekay is down nearly 90% from its all-time highs. (I added it to the portfolio after it had already dropped by nearly a third.) When Teekay traded at $35 per share, I believed that it would be worth upwards of $70 per share by 2020. That figure might not be attainable at this point given that the deleveraged Teekay will be raising its dividend at a much more modest rate. But considering that Teekay trades at a 25% discount to its tangible book value, it’s hard to see this stock doing poorly starting at these prices. The stock could safely triple from current prices even at the reduced dividend payout. Once Teekay’s subsidiary MLPs restart their distribution growth, I expect Teekay Corp to jump like a coiled spring. Even Apple (NASDAQ: AAPL ) has the potential to jump by 50% or more over the next 12-18 months. Apple stock has sold off aggressively on fears that iPhone sales growth is sagging. Well, yes. iPhone growth will slow. We all knew this. The iPhone 6 windfall was a one-time event, as it was the first large-screen iPhone that could compete with some of the larger Android handsets. No one in their right mind expected that kind of growth to continue. But the thing is, Apple’s stock was never priced with that assumption. When you strip out Apple’s gargantuan cash position, the stock trades at a mid-single-digit price/earnings ratio. That is ludicrous pricing. Carl Icahn believes that Apple is worth more than $200 per share. I agree, though I don’t expect a stock as large as Apple by market cap to get there overnight. But over the next 2-3 years, I consider that not only possible but extremely likely. Parting Thoughts I don’t know what 2016 will bring. When I look at the broader market, I don’t like what I see. Stocks are expensive relative to their cyclically adjusted price/earnings ratios, and this is looking to be a disappointing year on the earnings front. But in looking at the Dividend Growth portfolio, I’m far less concerned. Portfolio wide, we have a strong collection of dividend payers that I expect to significantly boost their payouts over the course of the year. While I don’t particularly like volatility, I don’t fear it. I prefer to view risk the way Benjamin Graham and Warren Buffett do: Not as volatility but as the potential for permanent or long-term loss. At today’s prices, I see very little of this risk in the Dividend Growth portfolio. Here’s to earning a solid return in 2016. Disclaimer : This article is for informational purposes only and should not be considered specific investment advice or as a solicitation to buy or sell any securities. Sizemore Capital personnel and clients will often have an interest in the securities mentioned. There is risk in any investment in traded securities, and all Sizemore Capital investment strategies have the possibility of loss. Past performance is no guarantee of future results. Original Post

ETF Stats For December 2015: Actively Managed ETF Assets Overtake ETNs

Assets in actively managed ETFs climbed 3.3% to $22.9 billion in December, while assets in ETNs dropped 4.5% to $21.5 billion. This is a significant milestone for actively managed ETFs, marking the first time that their asset levels have surpassed those of ETNs. Overall U.S. industry assets shrunk 1.1% in December to end the year at $2.12 trillion, producing a 6.0% one-year growth. December saw 23 new introductions and two closures. The month and year ended with 1,845 U.S.-listed products, consisting of 1,644 ETFs and 201 ETNs. For the year, the 284 launches and 101 closures resulted in a net increase of 183 products. Product quantity and asset levels have historically tracked relatively closely at about $1 billion in assets for every ETF. Calendar year 2015 ended with an average of $1.15 billion per product, down from $1.20 billion a year ago. The quantity of actively managed ETFs increased by only 9.6% during 2015, growing from 125 to 137. This belies the 33.0% surge in assets, which shot from $17.3 billion to $22.9 billion. As mentioned earlier, this is the first time actively managed ETF assets have been greater than ETN assets, even though ETNs outnumber actively managed ETFs 201 to 137. Fund-of-fund ETFs also saw growth in 2015, increasing from 44 to 77 with assets surging to $14.8 billion (an increase of more than 224%). Much of 2015’s growth was spurred by new currency-hedged international ETFs, which buy an unhedged ETF and then add a currency overlay. Although the 77 fund-of-fund ETFs are included in the industry product counts, their reported asset levels are excluded. If they were included, it would result in double counting because the assets in these ETFs are already reflected in the asset levels of the funds they purchase. The quantity of funds with more than $10 billion in assets decreased from 52 to 51 for December, but this tiny 2.8% of the products hold 59.4% of the assets. The number of products with at least $1 billion in assets increased by two to 256, and they account for 89.9% of the assets. Just 814 ETFs and ETNs can claim an asset level above $100 million, a level some analysts believe is required for profitability, leaving 1,031 (55.9%) in a questionable state. Trading activity surged 38.9% in December to $1.86 trillion. This represents a turnover ratio ($ volume / industry assets) of 87.8% for the month. There were 13 funds averaging more than $1 billion in daily trading during December, and they accounted for 57.6% of the industry trading activity. The quantity of ETFs and ETNs with more than $100 million in average daily dollar volume was 107, and 364 posted more than $10 million in daily trading activity. Liquidity remains a concern for many products, with 236 not trading on the last day of the year and 19 going the entire month with zero volume. December 2015 Month End ETFs ETNs Total Currently Listed U.S. 1,644 201 1,845 Listed as of 12/31/2014 1,451 211 1,662 New Introductions for Month 23 0 23 Delistings/Closures for Month 2 0 2 Net Change for Month +21 0 +21 New Introductions 6 Months 153 8 161 New Introductions YTD 272 12 284 Delistings/Closures YTD 79 22 101 Net Change YTD +193 -10 +183 Assets Under Mgmt ($ billion) $2,097 $21.5 $2,118 % Change in Assets for Month -1.0% -4.5% -1.1% % Change in Assets YTD +6.3% -20.2% +6.0% Qty AUM > $10 Billion 51 0 51 Qty AUM > $1 Billion 251 5 256 Qty AUM > $100 Million 778 36 814 % with AUM > $100 Million 47.3% 17.9% 44.1% Monthly $ Volume ($ billion) $1,786 $74.0 $1,860 % Change in Monthly $ Volume +38.8% +41.5% +38.9% Avg Daily $ Volume > $1 Billion 12 1 13 Avg Daily $ Volume > $100 Million 100 7 107 Avg Daily $ Volume > $10 Million 348 16 364 Actively Managed ETF Count (w/ change) 137 +2 mth +12 ytd Actively Managed AUM ($ billion) $22.9 +3.3% mth +33.0% ytd Data sources: Daily prices and volume of individual ETPs from Norgate Premium Data. Fund counts and all other information compiled by Invest With An Edge. New products launched in December (sorted by launch date): SPDR S&P 500 Fossil Fuel Free ETF ( SPYX ) , launched 12/1/15, will target S&P 500 companies that do not own fossil fuel reserves, which currently excludes 25 stocks. The fund uses capitalization weighting, has a yield of 1.9%, and an expense ratio of 0.20% ( SPYX overview ). MomentumShares U.S. Quantitative Momentum ETF (BATS: QMOM ) , launched 12/2/15, is an actively managed ETF that selects stocks using its Quantitative Momentum Process that includes trend quality and seasonality. It typically concentrates its portfolio at around 60 holdings and has an expense ratio of 0.79% ( QMOM overview ). Direxion Daily Healthcare Bear 3x Shares (NYSEARCA: SICK ) , launched 12/3/15, seeks to provide 300% of the inverse daily performance of the Health Care Select Sector Index. This is the second life for this ETF, as it was previously launched on 6/15/11 and subsequently closed on 9/5/12. Its expense ratio will be capped at 0.95% ( SICK overview ). Direxion Daily Natural Gas Related Bear 3x Shares (NYSEARCA: GASX ) , launched 12/3/15, seeks to provide 300% of the inverse daily performance of the ISE-Revere Natural Gas Index. This is the second life for this ETF, as it was previously launched on 7/14/10 and subsequently closed on 9/23/14. Its expense ratio will be capped at 0.95% ( GASX overview ). Direxion Daily S&P Biotech Bear 1x Shares (NYSEARCA: LABS ) , launched 12/3/15, seeks to provide the daily inverse return of the S&P Biotechnology Select Industry Index and has an expense ratio of 0.45% ( LABS overview ). SPDR Russell 1000 Low Volatility Focus ETF (NYSEARCA: ONEV ) , launched 12/3/15, tracks a smart-beta index using multiple factors (value, quality, and size) with a focus on low volatility. It has an expense ratio of 0.20% ( ONEV overview ). SPDR Russell 1000 Momentum Focus ETF (NYSEARCA: ONEO ) , launched 12/3/15, tracks a smart-beta index using multiple factors (value, quality, and size) with a focus on high momentum. It has an expense ratio of 0.20% ( ONEO overview ). SPDR Russell 1000 Yield Focus ETF (NYSEARCA: ONEY ) , launched 12/3/15, tracks a smart-beta index using multiple factors (value, quality, and size) with a focus on high yield. It has an expense ratio of 0.20% ( ONEY overview ). Tierra XP Latin America Real Estate ETF (NYSEARCA: LARE ) , launched 12/3/15, tracks the performance of all major listed companies in the real estate industry in Latin America. The underlying index is comprised of 52 locally listed equities ranked overall by market capitalization, dividend yield, and liquidity. Its expense ratio is 0.79% ( LARE overview ). Elkhorn FTSE RAFI U.S. Equity Income ETF (BATS: ELKU ) , launched 12/10/15, is designed to track the performance of high-yield stocks in the U.S. that have been screened to target sustainable income. Index constituents are selected and weighted using four fundamental factors, and the fund sports a 0.39% expense ratio ( ELKU overview ). iShares FactorSelect MSCI Emerging ETF (BATS: EMGF ) , launched 12/10/15, seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to quality, value, size, and momentum factors. Its expense ratio is capped at 0.65% through 12/31/2016 ( EMGF overview ). Pacer Autopilot Hedged European Index ETF (BATS: PAEU ) , launched 12/15/15, uses a dynamic currency hedge on a static portfolio of stocks tracking the FTSE Eurobloc Index. The currency hedge is based on a 20-day and 130-day moving average crossover of the euro and U.S. dollar relative strength. The fund has an expense ratio of 0.65% ( PAEU overview ). Pacer Trendpilot European Index ETF (BATS: PTEU ) , launched 12/15/15, alternates between 100% exposure to the FTSE Eurobloc Index, 100% exposure to 3-month T-bills, and a 50/50 exposure between the two based on the relationship of the FTSE Eurobloc Index to its 200-day moving average. PTEU has an expense ratio of 0.65% ( PTEU overview ). Guggenheim Dow Jones Industrial Average Dividend ETF (NYSEARCA: DJD ) , launched 12/16/15, offers an alternative, strategic beta approach to the 30 stocks of the Dow Jones Industrial Average by weighting each security by its dividend yield, rather than price. The ETF has an initial yield of 2.7% and an expense ratio 0.30% ( DJD overview ). SPDR S&P North American Natural Resources ETF (NYSEARCA: NANR ) , launched 12/16/15, tracks an index of large- and mid-cap U.S. and Canadian companies in the natural resources and commodities businesses that have energy, materials, or agriculture classifications. It has 59 holdings, a current yield of 2.7%, and an expense ratio 0.35% ( NANR overview ). JPMorgan Diversified Return Europe Equity ETF (NYSEARCA: JPEU ) , launched 12/21/15, provides developed Europe equity exposure across 10 equally weighted sectors. The underlying index selects stocks using a bottom-up multi-factor stock-ranking process that combines value, quality, and momentum factors. The new ETF has an expense ratio of 0.43% ( JPEU overview ). MomentumShares International Quantitative Momentum ETF (NYSEMKT: IMOM ) , launched 12/23/15, is an actively managed ETF that selects international stocks using its Quantitative Momentum Process that includes trend quality and seasonality. It typically concentrates its portfolio at around 60 equally weighted holdings and has an expense ratio of 0.99% ( IMOM overview ). WisdomTree Dynamic Bearish U.S. Equity Fund (NYSEMKT: DYB ) , launched 12/23/15, tracks an index that can range between 0% to 100% long U.S. large-cap low-volatility equities and is hedged with a 75%-100% bearish position consisting of short positons in large-cap cap-weighted stocks (and U.S. Treasury securities). The net equity exposure of this ETF can range from -100% to +25%, and it has an expense ratio of 0.48% ( DYB overview ). WisdomTree Dynamic Long/Short U.S. Equity Fund (NYSEMKT: DYLS ) , launched 12/23/15, tracks an index that is 100% long U.S. large-cap low-volatility equities and then hedged with a 0%-100% bearish position consisting of short positons in large-cap cap-weighted stocks (and U.S. Treasury securities). The net equity exposure of this ETF can range from 0% to +100%, and it has an expense ratio of 0.48% ( DYLS overview ). Legg Mason Developed ex-US Diversified Core ETF (NASDAQ: DDBI ) , launched 12/29/15, uses a proprietary diversification method designed to provide broad exposure balanced across developed international markets. It aims to be a core holding that can complement cap-weighted products and has an expense ratio of 0.40% ( DDBI overview ). Legg Mason Emerging Markets Diversified Core ETF (NASDAQ: EDBI ) , launched 12/29/15, uses a proprietary diversification method designed to provide broad exposure balanced across emerging markets. It aims to be a core holding that can complement cap-weighted products and has an expense ratio of 0.50% ( EDBI overview ). Legg Mason Low Volatility High Dividend ETF (NASDAQ: LVHD ) , launched 12/29/15, seeks income from sustainable dividends from U.S. stocks to provide a more reliable income stream, reduced volatility, and the potential for appreciation with an expense ratio of 0.30% ( LVHD overview ). Legg Mason US Diversified Core ETF (NASDAQ: UDBI ) , launched 12/29/15, uses a proprietary diversification method designed to provide broad exposure balanced across U.S. equities. It aims to be a core holding that can complement cap-weighted products and has an expense ratio of 0.30% ( UDBI overview ) Product closures in December and last day of listing : Guggenheim BulletShares 2015 Corporate Bond ETF (NYSEARCA: BSCF ) 12/30/15 Guggenheim BulletShares 2015 High Yield Corporate Bond ETF (NYSEARCA: BSJF ) 12/30/15 Product changes in December: OppenheimerFunds, Inc. acquired VTL Associates and its RevenueShares ETFs effective December 2, 2015. The eight affected ETFs were rebranded as Oppenheimer ETFs. The First Trust Global Copper ETF (NASDAQ: CU ) underwent an extreme makeover, becoming the First Trust Indxx Global Natural Resources Income ETF (FTRI) effective December 21, 2015. The First Trust Global Platinum ETF (NASDAQ: PLTM ) underwent an extreme makeover, becoming the First Trust Indxx Global Agriculture ETF (FTAG) effective December 21, 2015. Announced Product Changes for Coming Months: WisdomTree will close on its acquisition of Greenhaven Commodity Services and its two ETFs with an effective date of January 4, 2016. The fund names will change from Greenhaven to WisdomTree, becoming the WisdomTree Continuous Commodity Index Fund (NYSEARCA: GCC ) and the WisdomTree Coal Fund (NYSEARCA: TONS ). Guggenheim Russell 1000 Equal Weight ETF (NYSEARCA: EWRI ) will cease to exist January 27, 2016. At that time, any remaining assets in the fund will be merged into the Guggenheim S&P 500 Equal Weight ETF (NYSEARCA: RSP ). Guggenheim will change the name and underlying indexes for three of its ETFs effective January 27, 2016. Guggenheim Russell 2000 Equal Weight ETF (NYSEARCA: EWRS ) will become Guggenheim S&P SmallCap 600 Equal Weight ETF (EWSC), Guggenheim Russell MidCap Equal Weight ETF (NYSEARCA: EWRM ) will become Guggenheim S&P MidCap 400 Equal Weight ETF (EWMC), and Guggenheim Russell Top 50 Mega Cap ETF (NYSEARCA: XLG ) will become Guggenheim S&P 500 Top 50 ETF ( XLG ). Van Eck Global plans to acquire Yorkville MLP ETFs and hoped to close the transaction in the fourth quarter. The plans were approved on December 17, 2015 and the reorganizations are now expected to close on February 8, 2016 . Previous monthly ETF statistics reports are available here . Disclosure: Author has no positions in any of the securities, companies, or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) is received from, or on behalf of, any of the companies or ETF sponsors mentioned.