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Is ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) a Strong ETF Right Now?
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Making its debut on 02/03/2015, smart beta exchange traded fund ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL - Free Report) provides investors broad exposure to the Style Box - Mid Cap Value category of the market.
What Are Smart Beta ETFs?
The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.
Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.
There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.
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
Managed by Proshares, REGL has amassed assets over $1.72 billion, making it one of the average sized ETFs in the Style Box - Mid Cap Value. REGL seeks to match the performance of the S&P MidCap 400 Dividend Aristocrats Index before fees and expenses.
The S&P MidCap 400 Dividend Aristocrats Index targets companies that are currently members of the S&P MidCap 400 Index and have increased dividend payments each year for at least 15 years.
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 0.40% for this ETF, which makes it one of the more expensive products in the space.
REGL's 12-month trailing dividend yield is 2.15%.
Sector Exposure and Top Holdings
Most ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it's still important for investors to research a fund's holdings.
REGL's heaviest allocation is in the Financials sector, which is about 30.5% of the portfolio. Its Utilities and Industrials round out the top three.
Looking at individual holdings, Westlake Corp (WLK) accounts for about 2.1% of total assets, followed by Casey's General Stores Inc (CASY) and New Jersey Resources Corp (NJR).
REGL's top 10 holdings account for about 15.96% of its total assets under management.
Performance and Risk
Year-to-date, the ProShares S&P MidCap 400 Dividend Aristocrats ETF return is roughly 8.14% so far, and was up about 13.26% over the last 12 months (as of 06/15/2026). REGL has traded between $79.94 $92.98 in this past 52-week period.
The ETF has a beta of 0.71 and standard deviation of 14.81% for the trailing three-year period, making it a medium risk choice in the space. With about 68 holdings, it effectively diversifies company-specific risk .
Alternatives
ProShares S&P MidCap 400 Dividend Aristocrats ETF is a reasonable option for investors seeking to outperform the Style Box - Mid 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 $40.99 billion in assets, Vanguard Dividend Appreciation Index Fund ETF Shares has $108.98 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 - Mid 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 MidCap 400 Dividend Aristocrats ETF (REGL) a Strong ETF Right Now?
Making its debut on 02/03/2015, smart beta exchange traded fund ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL - Free Report) provides investors broad exposure to the Style Box - Mid Cap Value category of the market.
What Are Smart Beta ETFs?
The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.
Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.
There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.
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
Managed by Proshares, REGL has amassed assets over $1.72 billion, making it one of the average sized ETFs in the Style Box - Mid Cap Value. REGL seeks to match the performance of the S&P MidCap 400 Dividend Aristocrats Index before fees and expenses.
The S&P MidCap 400 Dividend Aristocrats Index targets companies that are currently members of the S&P MidCap 400 Index and have increased dividend payments each year for at least 15 years.
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 0.40% for this ETF, which makes it one of the more expensive products in the space.
REGL's 12-month trailing dividend yield is 2.15%.
Sector Exposure and Top Holdings
Most ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it's still important for investors to research a fund's holdings.
REGL's heaviest allocation is in the Financials sector, which is about 30.5% of the portfolio. Its Utilities and Industrials round out the top three.
Looking at individual holdings, Westlake Corp (WLK) accounts for about 2.1% of total assets, followed by Casey's General Stores Inc (CASY) and New Jersey Resources Corp (NJR).
REGL's top 10 holdings account for about 15.96% of its total assets under management.
Performance and Risk
Year-to-date, the ProShares S&P MidCap 400 Dividend Aristocrats ETF return is roughly 8.14% so far, and was up about 13.26% over the last 12 months (as of 06/15/2026). REGL has traded between $79.94 $92.98 in this past 52-week period.
The ETF has a beta of 0.71 and standard deviation of 14.81% for the trailing three-year period, making it a medium risk choice in the space. With about 68 holdings, it effectively diversifies company-specific risk .
Alternatives
ProShares S&P MidCap 400 Dividend Aristocrats ETF is a reasonable option for investors seeking to outperform the Style Box - Mid 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 $40.99 billion in assets, Vanguard Dividend Appreciation Index Fund ETF Shares has $108.98 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 - Mid 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.