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Is ProShares S&P 500 Dividend Aristocrats ETF (NOBL) a Strong ETF Right Now?

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Launched on 10/09/2013, the ProShares S&P 500 Dividend Aristocrats ETF (NOBL - Free Report) is a smart beta exchange traded fund offering broad exposure to the Style Box - Large Cap Value category of the market.

What Are Smart Beta ETFs?

Market cap weighted indexes were created to reflect the market, or a specific segment of the market, and the ETF industry has traditionally been dominated by products based on this strategy.

Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.

However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.

By attempting to pick stocks that have a better chance of risk-return performance, non-cap weighted indexes are based on certain fundamental characteristics, or a combination of such.

The smart beta space gives investors many different choices, from equal-weighting, one of the simplest strategies, to more complicated ones like fundamental and volatility/momentum based weighting. However, not all of these methodologies have been able to deliver remarkable returns.

Fund Sponsor & Index

Because the fund has amassed over $11.43 billion, this makes it one of the larger ETFs in the Style Box - Large Cap Value. NOBL is managed by Proshares. Before fees and expenses, NOBL seeks to match the performance of the S&P 500 DividendAristocrats Index.

The S&P 500 Dividend Aristocrats Index targets companies that are currently members of the S&P 500, have increased dividend payments each year for at least 25 years & meet certain market capitalization & liquidity requirements.

Cost & Other Expenses

For ETF investors, expense ratios are an important factor when considering a fund's return; in the long-term, cheaper funds actually have the ability to outperform their more expensive cousins if all other things remain the same.

Operating expenses on an annual basis are 0.35% for this ETF, which makes it on par with most peer products in the space.

It's 12-month trailing dividend yield comes in at 2.06%.

Sector Exposure and Top Holdings

Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

For NOBL, it has heaviest allocation in the Industrials sector --about 23% of the portfolio --while Consumer Staples and Materials round out the top three.

Taking into account individual holdings, Albemarle Corp (ALB) accounts for about 2.05% of the fund's total assets, followed by Expeditors Intl Wash Inc (EXPD) and Cardinal Health Inc (CAH).

The top 10 holdings account for about 15.61% of total assets under management.

Performance and Risk

The ETF return is roughly 3.95% and was up about 12.01% so far this year and in the past one year (as of 01/14/2026), respectively. NOBL has traded between $90.85 and $108.18 during this last 52-week period.

NOBL has a beta of 0.83 and standard deviation of 12.78% for the trailing three-year period, which makes the fund a medium risk choice in the space. With about 70 holdings, it effectively diversifies company-specific risk .

Alternatives

ProShares S&P 500 Dividend Aristocrats ETF is a reasonable option for investors seeking to outperform the Style Box - Large Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.

iShares Core Dividend Growth ETF (DGRO) tracks Morningstar US Dividend Growth Index and the Vanguard Dividend Appreciation ETF (VIG) tracks NASDAQ US Dividend Achievers Select Index. iShares Core Dividend Growth ETF has $36.79 billion in assets, Vanguard Dividend Appreciation ETF has $104.12 billion. DGRO has an expense ratio of 0.08% and VIG changes 0.05%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Large Cap Value

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

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