At a glance
NOBL charges 0.35% a year, above the 0.25% average of the 8 funds most like it (the 6th cheapest of 9). It has $11.80B in assets, the 4th largest of that group; it paid 3.01% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −42.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned −9.5% a year. At its worst it fell 35.1% in the 2020 crash (S&P 500: 33.7%) and 17.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 10 months after the lows. Its ten largest positions make up 16.7% of the fund, out of 74 in all.
The short version
ProShares S&P 500 Dividend Aristocrats ETF (NOBL) tracks the S&P 500 Dividend Aristocrats Index. The index holds S&P 500 companies that have raised their dividends every year for at least 25 years. Unlike many dividend funds, it gives each company roughly the same weight, so no single giant dominates. That approach costs 0.35% a year, above the 0.25% average of similar funds.
Price history
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NOBL -42.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NOBL official prospectus, to Dec 31, 2025 | — | +6.89% | — | +7.65% | +10.07% | — |
| NOBL price data to Oct 27, 2026 | -43.0% | -42.4% | -9.5% | -6.9% | +3.4% | +4.9% |
- Over the year to Oct 27, 2026, NOBL returned -42.4%, 9th of 9 among similar funds.
- Its 5-year annualized return was -6.9% and its 10-year +3.4%.
- In the 2020 COVID crash it fell 35.1% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2022 (-6.5%); its best was 2019 (+27.4%).
- The deepest fall in its price history was 50.6% (Nov 29, 2024 to Mar 20, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -43.0% | — |
| 2025 | +6.8% | +6.89% |
| 2024 | +6.7% | +6.71% |
| 2023 | +8.1% | +8.06% |
| 2022 | -6.5% | -6.50% |
| 2021 | +25.4% | +25.49% |
| 2020 | +8.3% | +8.32% |
| 2019 | +27.4% | +27.45% |
| 2018 | -3.3% | -3.18% |
| 2017 | +21.0% | +21.24% |
| 2016 | +11.7% | +11.41% |
| 2015 | +0.5% | — |
| 2014 | +15.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35% over that stretch · deepest drop along the way 35.1%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.3% over that stretch · deepest drop along the way 17.9%, back to its old high 9.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0900 | |
| 2025 | $2.2300 | +8.8% |
| 2024 | $2.0500 | +3.0% |
| 2023 | $1.9900 | +14.4% |
| 2022 | $1.7400 | -6.5% |
| 2021 | $1.8600 | +9.4% |
| 2020 | $1.7000 | +18.9% |
| 2019 | $1.4300 | -0.7% |
| 2018 | $1.4400 | +29.7% |
| 2017 | $1.1100 | -3.5% |
| 2016 | $1.1500 | +15.0% |
| 2015 | $1.0000 | +25.0% |
| 2014 | $0.8000 |
Living on NOBL: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Aug 31, 2026, the fund held 74 securities; the ten largest made up 16.7% of assets.
| Holding | Weight | |
|---|---|---|
| FactSet Research Systems, Inc. | 1.80% | |
| Roper Technologies, Inc. | 1.78% | |
| Becton Dickinson & Co. | 1.73% | |
| Erie Indemnity Co. | 1.71% | |
| Automatic Data Processing, Inc. | 1.66% | |
| Target Corp. | 1.64% | |
| Albemarle Corp. | 1.62% | |
| International Business Machines Corp. | 1.60% | |
| Genuine Parts Co. | 1.59% | |
| JM Smucker Co. (The) | 1.57% | |
| Medtronic plc | 1.56% | |
| Brown & Brown, Inc. | 1.56% | |
| Nordson Corp. | 1.56% | |
| Abbott Laboratories | 1.55% | |
| Emerson Electric Co. | 1.54% |
By country
United States 92.71%Ireland 4.27%Jersey 1.5%Switzerland 1.39%By asset type
Stocks 99.78%RA 0.09%By sector
Sectors of the companies held, for the 63.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $129.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.28%, +1.56%, +1.41%.
How it works
The fund aims to match the S&P 500 Dividend Aristocrats Index before fees. S&P Dow Jones Indices builds and maintains the index. To qualify, a company must be in the S&P 500, an index of 500 of the largest US-listed companies. It must also have increased its dividend every year for at least 25 years. The index holds at least 40 companies. If fewer than 40 qualify, or a sector limit is breached, it adds companies with shorter dividend-growth records. As of August 31, 2026, the fund held 74 stocks.
Each company gets roughly equal weight, and no single sector may exceed 30% of the index. The index reviews its list of members once a year, in January. It resets weights to equal every quarter, in January, April, July and October. That reset trims recent winners and adds to laggards. Because of equal weighting, the top 10 holdings made up only 16.7% of the fund as of August 31, 2026. FactSet Research Systems, Roper Technologies and Becton Dickinson led the list at about 1.7% to 1.8% each.
ProShare Advisors generally buys every stock in the index in about the same proportions. This is called replication. When buying everything is impractical, it may hold a representative sample instead. The fund uses no leverage, and it held no derivatives as of August 31, 2026. Portfolio turnover, the share of holdings replaced in a year, was 20%.
What it really costs
- NOBL charges 0.35% a year, versus an average of 0.25% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NOBL | $36 | $113 | $197 | $443 |
In a retirement portfolio
It holds companies with long records of raising dividends and pays quarterly, but it is still an all-stock fund whose price moves with the market.
NOBL may add a dividend stream from established companies with long histories of raising payouts. Its trailing 12-month yield was 3.01% as of October 27, 2026, paid quarterly. It holds stocks only, so it falls when markets fall. In the 2020 COVID crash it dropped 35.1% and took about 5.4 months to recover. In the 2022 bear market it fell 17.9% and needed about 9.6 months to recover. The fund launched in 2013, so it has no record from 2008. Its weakest full calendar year from 2016 through 2025 was 2022, at -6.5%. Selling shares for spending during a drop like these would lock in losses, so some investors keep cash or bonds alongside it. It costs 0.35% a year, or $443 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking quarterly income from S&P 500 companies that have raised dividends for at least 25 straight years.
- People who prefer equal weighting: across 74 stocks, the top 10 made up just 16.7% of the fund as of August 31, 2026.
- Investors comfortable with a tilt toward consumer staples and industrials, its largest identified sectors as of August 31, 2026, with no sector above 30%.
Look elsewhere if
- Cost-focused investors: the 0.35% fee is above the 0.25% peer average, and DGRO, VYM and SPYD charge 0.08% or less.
- Anyone seeking protection in downturns: the fund fell 35.1% in the 2020 COVID crash and 17.9% in the 2022 bear market.
- Investors who want large technology exposure: technology was only 3.4% in the fund's sector breakdown as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NOBL this fund | — | 0.35% | $11.80B | -42.4% | -9.5% |
| SDY SPDR S&P Dividend ETF | 55% | 0.35% | $21.39B | +21.8% | +15.5% |
| VSDA VictoryShares Dividend Accelerator ETF | 51% | 0.35% | $244.3M | +14.0% | +15.7% |
| SNPD Xtrackers S&P Dividend Aristocrats Screened… | 49% | 0.15% | $3.1M | +17.2% | +14.4% |
| HUSV First Trust Horizon Managed Volatility Dome… | 26% | 0.7% | $73.8M | +7.4% | +12.4% |
| SPLV Invesco S&P 500® Low Volatility ETF | 24% | 0.25% | $7.09B | +6.2% | +11.8% |
| DGRO iShares Core Dividend Growth ETF | 23% | 0.08% | $42.77B | +21.8% | +20.6% |
| SPYD SPDR Portfolio S&P 500 High Dividend ETF | 22% | 0.07% | $7.37B | +14.7% | +18.8% |
Questions investors ask
Is NOBL good for retirement income?
NOBL can be one source of income, but it is an all-stock fund, not a fixed payout. It paid $1.75 per share over the 12 months to October 27, 2026, a trailing yield of 3.01%, in quarterly payments. Its companies have long records of raising dividends, but past increases don't guarantee future ones. The share price still swings: the fund fell 35.1% in the 2020 COVID crash. It may suit investors who pair it with steadier assets.
What's the difference between NOBL and SDY?
Both cost the same, but they follow different index rules and differ in size. Each charges 0.35% a year, and about 55% of their holdings overlap, based on the latest N-PORT reports. NOBL picks only from the S&P 500, requires at least 25 years of dividend increases and weights companies equally. SDY, from SPDR, is larger, with about $21.4 billion in net assets as of June 30, 2026. NOBL had about $11.8 billion as of August 31, 2026.
How often does NOBL pay dividends?
NOBL pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.75 per share, for a trailing yield of 3.01%. The payout comes from the dividends of the roughly 74 companies it holds. Each of them generally has raised its dividend for at least 25 years in a row. Payments can still vary from quarter to quarter. A company that cuts its dividend would also fall out of the index at the next annual review.
What is NOBL's expense ratio?
NOBL's expense ratio is 0.35% a year, according to the prospectus filed September 25, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost $36 in the first year and $443 over 10 years. The average for similar funds is 0.25%. SDY also charges 0.35%. Broader dividend funds such as DGRO (0.08%), SPYD (0.07%) and VYM (0.06%) cost less, but they choose and weight stocks differently.
What is NOBL's 10-year average return?
NOBL returned an average of 10.07% a year over the 10 years to December 31, 2025, according to its prospectus. Over five years the average was 7.65% a year, and over one year it was 6.89%. From 2016 through 2025, calendar-year results ranged from -6.5% in 2022 to 27.45% in 2019. Its worst quarter was a 23.3% drop in early 2020. Past returns don't predict future results.