NOBL ETF: What Is It? Returns, Expense Ratio, Holdings, and Alternative ETFs Explained
The ProShares S&P 500 Dividend Aristocrats ETF (NOBL) is a defensive income ETF that holds, on an equal-weighted basis, only high-quality companies that have raised their dividends every year for a long period. Compared with other dividend ETFs such as VIG, SCHD, and VYM, differences in selection criteria, dividend orientation, and expense ratio are the key factors in choosing among them.
SubscribeWhat Is the ProShares S&P 500 Dividend Aristocrats ETF?
This ETF tracks the S&P 500 Dividend Aristocrats Index, which is made up of S&P 500 companies that have increased their dividends every year over a long period. It holds its constituents on an equal-weighted basis, focusing on the consistency of dividend growth.
It suits long-term and income investors who want to diversify across high-quality stocks with a stable record of dividend growth while keeping volatility lower.
It is a passively managed ETF (index tracking) run by ProShares.
How Does the ProShares S&P 500 Dividend Aristocrats ETF Invest?
| Item | Details |
|---|---|
| Tracked index | S&P 500 Dividend Aristocrats Index |
| Management style | Passive (index tracking) |
| Rebalancing frequency | Quarterly |
| Dividend frequency | Quarterly |
| Issuer | ProShares |
| Total expense ratio | 0.35% |
The fund selects only S&P 500 companies that have raised their dividends every year over a long period and holds them at equal weights. Unlike market-cap weighting, it equalizes each stock's weight to reduce concentration in a few large caps, and it rebalances quarterly to maintain the consistency of dividend growth.
- Selects only companies that have raised dividends every year for a long period
- Equal weighting rather than market-cap weighting
ProShares S&P 500 Dividend Aristocrats ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $11.8B, and the total expense ratio is 0.35% per year.
Its selection criteria are stricter than those of comparable dividend ETFs, so the number of holdings is limited, and because of equal weighting it is also affected by mid-cap stocks.
ProShares S&P 500 Dividend Aristocrats ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBecause it centers on high-quality dividend growth stocks, it tends to rise more gradually than growth-oriented indexes in strong markets, but it has tended to be relatively defensive when volatility increases. The strength of dividend stocks overall can shift depending on the interest rate environment.
Fund flows continue as investors seek stable income and defensive characteristics, and in periods of rising market volatility, money sometimes moves toward high-quality dividend growth stocks. The direction of interest rates affects fund flows across dividend ETFs as a whole.
ProShares S&P 500 Dividend Aristocrats ETF Pros and Cons
Its strengths are a proven record of dividend growth and equal-weighted diversification, while a drawback is that its low weighting in growth stocks may limit gains in bull markets.
💪 Key Strengths
⚠️ Points to Watch
ProShares S&P 500 Dividend Aristocrats ETF Alternative ETFs and Related Products
The three ETFs shown in the table, VIG, SCHD, and VYM, are leading alternatives in the same dividend category, with lower fees but differences in selection criteria and dividend orientation. Of these, VIG focuses on dividend growth, while SCHD and VYM focus on relatively higher dividend yields. You can also consider DGRO, which focuses on dividend growth, and IDV, which invests in international dividend stocks.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 SCHD | Schwab US Dividend Equity ETF | $35.78 | +0.5% | $120.5B | 0.06% | 2.94% | +34.1% |
 VIG | Vanguard Dividend Appreciation FTF | $247.76 | -0.6% | $116.5B | 0.04% | 1.47% | +13.8% |
 VYM | Vanguard High Dividend Yield Indx ETF | $163.74 | -0.7% | $83.8B | 0.04% | 2.25% | +16.3% |
 DFAC | U.S. Core Equity 2 Portfolio-ETF Class Shares | $44.89 | -1.3% | $49.9B | 0.18% | 0.88% | +15.4% |
 RDVY | First Trust Rising Dividend Achievers ETF | $79.17 | -1.0% | $25.7B | 0.47% | 0.86% | +17.2% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| NUE | Nucor Corp | 0.02% | $273.87 | -0.5% | $62.1B | 17.4 | 0.82% |
| WST | West Pharmaceutical Services Inc | 0.02% | $412.62 | -1.0% | $29.0B | 46.3 | 0.21% |
| IBM | International Business Machines Corp | 0.02% | $257.81 | -0.2% | $243.7B | 22.0 | 2.62% |
| ADM | Archer Daniels Midland Co | 0.02% | $76.91 | +0.9% | $37.1B | 21.1 | 2.77% |
 BEN | Franklin Templeton Inc | 0.02% | $31.64 | -2.2% | $16.1B | 21.6 | 4.16% |
| SYY | Sysco Corp | 0.02% | $82.90 | +0.5% | $40.8B | 22.7 | 2.67% |
| CL | Colgate-Palmolive Co | 0.03% | $95.29 | +2.3% | $76.0B | 37.7 | 2.23% |
| CAT | Caterpillar Inc | 0.02% | $622.75 | -3.8% | $286.3B | 24.4 | 1% |
| ADP | Automatic Data Processing Inc | 0.02% | $293.84 | +2.7% | $116.4B | 26.1 | 2.38% |
ProShares S&P 500 Dividend Aristocrats ETF Investor Checkpoints
Here are the points to review before investing in NOBL. It is a defensive ETF centered on dividend growth stocks, but it is wise to check the expense ratio, growth stock weighting, interest rate sensitivity, and equal-weighting characteristics in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense ratio | Fee level versus comparable dividend ETFs | Somewhat high |
| 📈 Strategy type | Dividend growth vs. high dividend orientation | Dividend growth focus |
| ⚖️ Weighting method | Whether equal-weighted and the mid-cap impact | Equal-weighted |
| 💱 Exchange rate | Impact on returns converted to won | Not currency hedged |
Its low weighting in growth stocks may limit gains in bull markets, and it is exposed to downward pressure on dividend stocks overall when interest rates rise. Because of equal weighting, it also takes on mid-cap volatility.
It is a core dividend holding suited to income and long-term investors who want to diversify across proven dividend growth stocks. If you want a higher dividend yield, it is advisable to compare SCHD and VYM, and if you want lower-cost dividend growth exposure, VIG and DGRO as well.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 21, 2026.
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