ETF Evaluator: ProShares S&P 500 Dividend Aristocrats (NOBL) Follow This ETF

ProShares S&P 500 Dividend Aristocrats Overview

ProShares S&P 500 Dividend Aristocrats (NOBL) is a passively managed U.S. Equity Large Value exchange-traded fund (ETF). ProShares launched the ETF in 2013.

The investment seeks investment results, before fees and expenses, that track the performance of the S&P 500® Dividend Aristocrats® Index (the "index"). The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the index. The index is designed to measure the performance of companies in the S&P 500 Index that have consistently increased dividends each year for at least 25 years. Under normal circumstances, it will invest at least 80% of its total assets in components of the index or in instruments with similar economic characteristics.

About ProShares S&P 500 Dividend Aristocrats (NOBL)

There are 2 members of the management team with an average tenure of 10.45 years: Michael Neches (2013) and Devin Sullivan (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 Dividend Aristocrats TR USD index with a weighting of 100%. ProShares S&P 500 Dividend Aristocrats has 71 securities in its portfolio. The top 10 holdings constitute 17.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

ProShares S&P 500 Dividend Aristocrats is part of the Equity global asset class and is within the U.S. Equity ETF group. ProShares S&P 500 Dividend Aristocrats has 2.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.9% There is 2.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares S&P 500 Dividend Aristocrats has 0.1% of the portfolio in cash.

Assets Under Management

The fund has $11 billion in total assets, which is above the $5 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

NOBL Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares S&P 500 Dividend Aristocrats expense ratio is below average compared to funds in the Large Value category. ProShares S&P 500 Dividend Aristocrats has an expense ratio of 0.35%, which is 5% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares S&P 500 Dividend Aristocrats has a portfolio turnover rate of 20%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 41% for the Large Value category.

Recently, in the month of June 2026, ProShares S&P 500 Dividend Aristocrats returned 5.3%, which earned it a grade of A, as the Large Value category had an average return of 1.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

ProShares S&P 500 Dividend Aristocrats has a trailing yield of 2.07%, which is above the 1.74% category average. The fund normally distributes its income quarterly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

ProShares S&P 500 Dividend Aristocrats Grades

Year to date, the ETF has returned 9.1%, 2.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 14.0% over the past year (grade of F), 8.4% over the past three years (grade of F) and 6.6% per year over the past five years (grade of F) and 9.8% per year over the past 10 years (grade of F).

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