At a glance
SMDV charges 0.4% a year, below the 0.41% average of the 6 funds most like it (the 5th cheapest of 7). It has $719.0M in assets, the 4th largest of that group; it paid 2.34% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +14.6% a year. At its worst it fell 33.3% in the 2020 crash (S&P 500: 33.7%) and 16.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 4 months after the lows. Its ten largest positions make up 12.1% of the fund, out of 105 in all.
The short version
ProShares Russell 2000 Dividend Growers ETF (SMDV) holds about 105 small US companies that have raised their dividends every year for at least 10 straight years. Its prospectus filed September 25, 2026 says it tracks the S&P SmallCap 600 Dividend Aristocrats Index. As of August 31, 2026, no single stock was more than about 1.4% of the fund. Its 0.40% expense ratio is close to the 0.41% average of similar funds.
Price history
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SMDV +13.9% 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 | |
|---|---|---|---|---|---|---|
| SMDV official prospectus, to Dec 31, 2025 | — | +0.34% | — | +5.59% | — | +7.51% |
| SMDV price data to Oct 27, 2026 | +14.4% | +13.9% | +14.6% | +6.1% | +7.3% | +7.8% |
- Over the year to Oct 27, 2026, SMDV returned +13.9%, 6th of 7 among similar funds.
- Its 5-year annualized return was +6.1% and its 10-year +7.3%.
- In the 2020 COVID crash it fell 33.3% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2022 (-5.9%); its best was 2016 (+35.7%).
- The deepest fall in its price history was 34.1% (Jan 16, 2020 to Mar 23, 2020), recovered by Jan 14, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.4% | — |
| 2025 | +0.3% | +0.34% |
| 2024 | +7.0% | +7.03% |
| 2023 | +9.0% | +8.89% |
| 2022 | -5.9% | -5.79% |
| 2021 | +19.0% | +19.11% |
| 2020 | -4.7% | -4.93% |
| 2019 | +17.2% | +17.37% |
| 2018 | -0.6% | -0.71% |
| 2017 | +4.6% | +4.70% |
| 2016 | +35.7% | +35.57% |
| 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 33.3% over that stretch · deepest drop along the way 33.3%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.2% over that stretch · deepest drop along the way 16.6%, back to its old high 4.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1900 | |
| 2025 | $1.7600 | -2.8% |
| 2024 | $1.8100 | +3.4% |
| 2023 | $1.7500 | +13.6% |
| 2022 | $1.5400 | +13.2% |
| 2021 | $1.3600 | +11.5% |
| 2020 | $1.2200 | -3.2% |
| 2019 | $1.2600 | +18.9% |
| 2018 | $1.0600 | +5.0% |
| 2017 | $1.0100 | +38.4% |
| 2016 | $0.7300 |
What's inside
As of Aug 31, 2026, the fund held 105 securities; the ten largest made up 12.1% of assets.
| Holding | Weight | |
|---|---|---|
| HNI Corp. | 1.43% | |
| Perrigo Co. plc | 1.31% | |
| Exponent, Inc. | 1.22% | |
| Global Industrial Co. | 1.20% | |
| Federal Agricultural Mortgage Corp. | 1.18% | |
| Avient Corp. | 1.18% | |
| CRA International, Inc. | 1.15% | |
| Stepan Co. | 1.15% | |
| John Wiley & Sons, Inc. | 1.14% | |
| American States Water Co. | 1.13% | |
| Quaker Chemical Corp. | 1.13% | |
| York Water Co. (The) | 1.12% | |
| Cass Information Systems, Inc. | 1.11% | |
| Matson, Inc. | 1.10% | |
| J & J Snack Foods Corp. | 1.10% |
By country
United States 98.58%Ireland 1.31%By asset type
Stocks 99.81%RA 0.07%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $33.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.66%, +0.33%, -1.49%.
How it works
In its prospectus filed September 25, 2026, the fund is called ProShares S&P SmallCap 600 Dividend Aristocrats ETF. It aims to match the S&P SmallCap 600 Dividend Aristocrats Index, before fees. The index starts with the S&P SmallCap 600, which measures small companies listed and based in the US. It keeps only the companies that have raised their dividend every year for at least 10 years in a row, and it must hold at least 40 companies. An outside index provider runs the index, not ProShares.
ProShare Advisors usually uses "replication," which means it buys every stock in the index in about the same amounts the index holds. It may instead hold a representative sample when buying every stock is impractical, a stock becomes hard to trade, or tax rules get in the way. At least 80% of assets must go into index stocks or similar instruments. As of August 31, 2026, the fund held 105 stocks and no derivatives. Its 10 largest positions, led by HNI Corp., Perrigo and Exponent, made up just 12.1% of assets.
The fund stays fully invested no matter which way the market moves. The index can lean heavily toward certain industries, and the prospectus names financials and industrials. Portfolio turnover, the share of holdings replaced over a year, was 36%.
What it really costs
- SMDV charges 0.4% a year, versus an average of 0.41% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMDV | $41 | $128 | $224 | $505 |
In a retirement portfolio
It adds small US companies with long records of raising dividends, a group that large-company index funds hold very little of.
SMDV launched in February 2015, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 33.3%. That was close to its deepest drop of 34.1%, which took about 9.8 months to recover, by January 14, 2021. In 2022 it fell 16.6% from peak to low and recovered in about 4.1 months. Its 5.79% loss that year was its worst calendar year. Someone who had to sell shares in early 2020 would have been selling near the bottom.
As of October 27, 2026, the yield was 2.34%, paid quarterly. The fund costs 0.40% a year. In the SEC's standard example, that comes to $41 in the first year on $10,000. As of the same date, its three-year return ranked last of seven similar funds. 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 who want small US companies with at least 10 straight years of dividend increases, spread across 105 stocks with none above about 1.4%.
- People adding small companies to a large-company core who prefer a rules-based index that screens for dividend growth over a broad small-cap fund.
- Income-minded holders content with a 2.34% yield paid quarterly, as of October 27, 2026, and a 0.40% fee near the 0.41% peer average.
Look elsewhere if
- Cost-focused investors: iShares Russell 2000 Value ETF (IWN) charges 0.24%, though it follows a broader value index without a dividend-growth screen.
- Anyone needing monthly payouts or a high yield. SMDV pays quarterly and yielded 2.34% as of October 27, 2026.
- Investors who can't sit through a 34% drop like early 2020, or who want peer-beating returns. Its three-year return ranked 7th of 7.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SMDV this fund | — | 0.4% | $719.0M | +13.9% | +14.6% |
| CSB VictoryShares US Small Cap High Dividend Vo… | 25% | 0.35% | $259.2M | +14.3% | +15.8% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 18% | 0.38% | $2.19B | +19.0% | +17.1% |
| JPSV JPMorgan Active Small Cap Value ETF | 17% | 0.74% | $26.9M | +19.9% | +15.4% |
| DGRS WisdomTree US Smallcap Quality Dividend Gro… | 14% | 0.38% | $400.1M | +17.2% | +17.3% |
| IWN iShares Russell 2000 Value ETF | 13% | 0.24% | $14.53B | +23.9% | +19.8% |
| REGL ProShares S&P MidCap 400 Dividend Aristocra… | 12% | 0.4% | $1.76B | +9.8% | +15.0% |
Questions investors ask
What index does SMDV track?
SMDV tracks the S&P SmallCap 600 Dividend Aristocrats Index, according to its prospectus filed September 25, 2026. That filing also uses the name ProShares S&P SmallCap 600 Dividend Aristocrats ETF. The index takes companies from the S&P SmallCap 600 that have raised their dividends every year for at least 10 years in a row, with at least 40 companies in total. As of August 31, 2026, the fund held 105 stocks.
Does SMDV pay monthly dividends?
No. SMDV pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.74 per share, for a trailing yield of 2.34%. The companies it holds have long records of raising their dividends, but the fund's payout can still change from quarter to quarter. It depends on what those companies pay, and no fixed amount is promised.
What is SMDV's expense ratio?
SMDV's expense ratio is 0.40%, all of it management fee, per the September 25, 2026 prospectus. In the SEC's standard example, $10,000 earning 5% a year would cost about $41 after one year, $128 after three, $224 after five and $505 after ten. The average for similar funds is 0.41%. VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) charges 0.35%, and WisdomTree U.S. SmallCap Dividend Fund (DES) charges 0.38%.
SMDV vs CSB: what's the difference?
Both own small US dividend-paying stocks, and about 25% of their holdings overlap. SMDV requires at least 10 straight years of dividend increases. CSB, as its name says, focuses on high-dividend small caps weighted by volatility. CSB costs 0.35% versus SMDV's 0.40%. As of October 27, 2026, CSB returned 14.3% over one year and 15.8% a year over three years. SMDV returned 13.9% and 14.6%. CSB had about $259 million in net assets as of June 30, 2026.
How has SMDV performed over the long term?
SMDV's long-term returns have been moderate. Its prospectus reports average annual returns of 0.34% for one year, 5.59% for five years and 7.51% since its 2015 launch, all as of December 31, 2025. Based on share prices, it returned 7.3% a year over ten years and 14.4% year to date as of October 27, 2026. Its strongest calendar year in the prospectus was 2016 (35.57%), and its weakest was 2022 (-5.79%).