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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?
For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.
Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.
On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.
These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.
Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.
Fund Sponsor & Index
The fund is managed by Proshares. NOBL has been able to amass assets over $11.07 billion, making it one of the larger ETFs in the Style Box - Large Cap Value. This particular fund, before fees and expenses, 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
Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Operating expenses on an annual basis are 0.35% for NOBL, making it on par with most peer products in the space.
NOBL's 12-month trailing dividend yield is 2.13%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
Representing 23.8% of the portfolio, the fund has heaviest allocation to the Consumer Staples sector; Industrials and Financials round out the top three.
Looking at individual holdings, Exxon Mobil Corp (XOM) accounts for about 1.83% of total assets, followed by Chevron Corp (CVX) and Target Corp (TGT).
NOBL's top 10 holdings account for about 15.34% of its total assets under management.
Performance and Risk
Year-to-date, the ProShares S&P 500 Dividend Aristocrats ETF has gained about 2.76% so far, and is up about 6.65% over the last 12 months (as of 05/20/2026). NOBL has traded between $99.01 $114.59 in this past 52-week period.
The fund has a beta of 0.77 and standard deviation of 12.49% for the trailing three-year period, which makes NOBL a medium risk choice in this particular 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 Index Fund ETF Shares (VIG) tracks NASDAQ US Dividend Achievers Select Index. iShares Core Dividend Growth ETF has $39.71 billion in assets, Vanguard Dividend Appreciation Index Fund ETF Shares has $106.39 billion. DGRO has an expense ratio of 0.08% and VIG changes 0.04%.
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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Is ProShares S&P 500 Dividend Aristocrats ETF (NOBL) a Strong ETF Right Now?
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?
For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.
Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.
On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.
These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.
Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.
Fund Sponsor & Index
The fund is managed by Proshares. NOBL has been able to amass assets over $11.07 billion, making it one of the larger ETFs in the Style Box - Large Cap Value. This particular fund, before fees and expenses, 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
Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Operating expenses on an annual basis are 0.35% for NOBL, making it on par with most peer products in the space.
NOBL's 12-month trailing dividend yield is 2.13%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
Representing 23.8% of the portfolio, the fund has heaviest allocation to the Consumer Staples sector; Industrials and Financials round out the top three.
Looking at individual holdings, Exxon Mobil Corp (XOM) accounts for about 1.83% of total assets, followed by Chevron Corp (CVX) and Target Corp (TGT).
NOBL's top 10 holdings account for about 15.34% of its total assets under management.
Performance and Risk
Year-to-date, the ProShares S&P 500 Dividend Aristocrats ETF has gained about 2.76% so far, and is up about 6.65% over the last 12 months (as of 05/20/2026). NOBL has traded between $99.01 $114.59 in this past 52-week period.
The fund has a beta of 0.77 and standard deviation of 12.49% for the trailing three-year period, which makes NOBL a medium risk choice in this particular 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 Index Fund ETF Shares (VIG) tracks NASDAQ US Dividend Achievers Select Index. iShares Core Dividend Growth ETF has $39.71 billion in assets, Vanguard Dividend Appreciation Index Fund ETF Shares has $106.39 billion. DGRO has an expense ratio of 0.08% and VIG changes 0.04%.
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.