ProShares S&P 500 Dividend Aristocrats ETF(NOBL)
AI Look-Through Summary
AI GeneratedThe ProShares S&P 500 Dividend Aristocrats ETF maintains a substantial asset base of $11.1 billion, reflecting significant market interest in companies with consistent dividend growth histories. The portfolio's sector allocation reveals a pronounced tilt toward defensive industries, where Consumer Defensive stocks account for nearly one-quarter of the total assets. This heavy weighting is reinforced by top holdings concentration; multiple firms within this sector, including SYY, CL, PEP, and PG, each command an identical 1.6% stake in the fund. Such uniformity suggests a broad-based approach to selecting large-cap leaders rather than aggressive single-stock bets, yet it inherently ties performance closely to consumer spending resilience during economic fluctuations.
Beyond defensive sectors, the portfolio diversifies into Industrials at 18.8%, led by CAT with a matching 1.6% position, and includes exposure to Energy via XOM as well as Financial Services and Healthcare. The presence of holdings labeled "N/A" in the top ten list indicates that certain constituents may be domiciled outside standard reporting categories or represent specific structural features of this international ETF variant. While the sector breakdown shows a clear preference for stability-oriented industries, the 1.6% cap on individual positions demonstrates an effort to mitigate idiosyncratic risk across any single company. Ultimately, the fund's structure prioritizes established market participants with proven track records in dividend management, offering investors exposure to a blend of defensive stability and cyclical industrial growth without concentrating wealth in a narrow subset of the broader economy.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-24 04:07:42.845428+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the name "Dividend Aristocrats" is strictly focused on companies with a long history of increasing dividends, and the top holdings align closely with this definition. The portfolio consists almost entirely of established giants in defensive sectors like consumer staples and healthcare, which are historically known for consistent dividend growth rather than speculative tech or cyclical stocks. While several entries appear as generic identifiers without specific ticker names, these likely represent international or specialized components that still adhere to the underlying index criteria, suggesting a high degree of thematic fidelity rather than dilution by unrelated assets.
Sector coherence is strong, with consumer defensives and industrials comprising over forty percent of the portfolio, reflecting the stable cash flow characteristics necessary for maintaining decades-long dividend streaks. The allocation avoids heavy reliance on volatile sectors like technology or energy, ensuring that the fund remains distinct from a broad market index which typically holds higher weights in growth-oriented industries. With no single holding exceeding 1.6% and top-ten concentration remaining low at sixteen percent, the portfolio demonstrates effective diversification while maintaining strict adherence to its quality-focused mandate without deviating into unrelated investment styles.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 06:49:00.631786+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of the ProShares S&P 500 Dividend Aristocrats ETF reveals a distinct tilt toward defensive industries, with Consumer Defensive and Industrials collectively accounting for over forty percent of total assets. This heavy weighting suggests an investment thesis centered on stability and consistent cash flow generation rather than high-growth potential or speculative upside. The presence of significant allocations in Financial Services, Healthcare, and Basic Materials further reinforces a strategy designed to weather economic downturns by focusing on companies with established market positions and reliable dividend histories over extended periods.
Concentration risk appears moderate within the top ten holdings, which represent sixteen percent of the portfolio, yet the distribution is heavily skewed toward specific sectors rather than being broadly diversified across all eleven GICS classifications. The underweighting in Technology at just three point five percent indicates a deliberate avoidance of volatile growth stocks in favor of mature companies with proven track records for maintaining or increasing dividends through various market cycles. Similarly, the minimal exposure to Energy and Real Estate suggests the fund manager prioritizes sectors less sensitive to interest rate fluctuations and commodity price volatility compared to more traditional dividend portfolios that might include heavier energy weights.
Ultimately, this structure reflects a factor tilt heavily weighted toward low beta and value characteristics inherent in long-standing aristocrat status. By limiting exposure to cyclical consumer goods and technology while maintaining robust positions in defensive staples and industrials, the fund constructs a profile aimed at capital preservation and income reliability rather than maximizing total return during rapid economic expansions. The specific selection of top holdings across these sectors demonstrates an adherence to strict criteria regarding dividend consistency, resulting in a portfolio that may lag behind broader market indices during bull runs driven by tech or cyclical recovery but potentially offers smoother equity curves during periods of macroeconomic stress.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-24 14:15:48.927801+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share NOBL's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of NOBL's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| ITOTiShares Core S&P Total U.S. Stock Market ETF | $80B | — | 68 | 98.1% |
| IVViShares Core S&P 500 ETF | $762B | 0.03% | 68 | 98.1% |
| SCHBSchwab U.S. Broad Market ETF | $37B | — | 68 | 98.1% |
| SCHXSCHX | $61B | — | 68 | 98.1% |
| RSPRSP | $83B | — | 65 | 92.9% |
98% of NOBL's portfolio by weight is also held by ITOT, which commands 7× more assets under management. When ITOT receives inflows, it mechanically buys these shared stocks — dragging NOBL's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofNOBL's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 94% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside NOBL collectively pay out 116% of their Free Cash Flow to maintain the current yield. Warning: constituent companies are paying out nearly all cash flow. A wave of dividend cuts may be imminent if earnings decline. Based on 85% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryNOBL is down 45.7% over the last 12 months. The underlying weighted earnings growth of its constituents is +2.6%. Despite earnings growth, valuations have contracted by 48.3% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 97% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of NOBL's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of NOBL's analyzed weight, 59% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 41% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 94% of fund weight with available data. Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
NOBL has a Passive Crowding Score of 48/100. On average, 14.5% of the market capitalization of NOBL's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 35 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | SYY | Sysco Corp. Consumer Defensive | 1.64% | 21.1x | 6/9 |
| 2 | CL | Colgate-Palmolive Co. Consumer Defensive | 1.62% | 34.9x | 5/9 |
| 3 | PEP | PepsiCo, Inc. Consumer Defensive | 1.60% | 22.6x | 4/9 |
| 4 | IE000S9YS762 | Linde plc | 1.60% | 33.8x | 5/9 |
| 5 | CAT | Caterpillar, Inc. Industrials | 1.60% | 43.7x | 6/9 |
| 6 | CLX | Clorox Co. (The) Consumer Defensive | 1.59% | 14.6x | 7/9 |
| 7 | PG | Procter & Gamble Co. (The) Consumer Defensive | 1.59% | 21.0x | 6/9 |
| 8 | CHD | Church & Dwight Co., Inc. Consumer Defensive | 1.58% | 31.5x | 7/9 |
| 9 | JE00BV7DQ550 | Amcor plc | 1.58% | 29.3x | — |
| 10 | XOM | Exxon Mobil Corp. Energy | 1.58% | 24.5x | 5/9 |
| 11 | JNJ | Johnson & Johnson Healthcare | 1.58% | 26.1x | 4/9 |
| 12 | CH0044328745 | Chubb Ltd. | 1.58% | 12.7x | 6/9 |
| 13 | SJM | JM Smucker Co. (The) Consumer Defensive | 1.57% | — | 6/9 |
| 14 | KO | Coca-Cola Co. (The) Consumer Defensive | 1.57% | 24.8x | 7/9 |
| 15 | CVX | Chevron Corp. Energy | 1.55% | 31.7x | 6/9 |
Historical Holdings Snapshots
Browse how NOBL’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 23.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SYY | 1.64% | 2,164,230 | $197.3M |
| 2 | CL | 1.62% | 1,964,998 | $194.8M |
| 3 | PEP | 1.60% | 1,134,621 | $192.6M |
| 4 | IE000S9YS762 | 1.60% | 378,956 | $192.5M |
| 5 | CAT | 1.60% | 257,978 | $191.6M |
| 6 | CLX | 1.59% | 1,506,188 | $191.5M |
| 7 | PG | 1.59% | 1,139,904 | $190.6M |
| 8 | CHD | 1.58% | 1,814,454 | $190.3M |
| 9 | JE00BV7DQ550 | 1.58% | 3,926,751 | $190.2M |
| 10 | XOM | 1.58% | 1,246,120 | $190.0M |
| 11 | JNJ | 1.58% | 763,700 | $189.7M |
| 12 | CH0044328745 | 1.58% | 555,017 | $189.2M |
| 13 | SJM | 1.57% | 1,629,260 | $188.9M |
| 14 | KO | 1.57% | 2,312,097 | $188.6M |
| 15 | CVX | 1.55% | 998,586 | $186.5M |
2026-05-23
15 holdings · 23.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SYY | 1.64% | 2,164,230 | $197.3M |
| 2 | CL | 1.62% | 1,964,998 | $194.8M |
| 3 | PEP | 1.60% | 1,134,621 | $192.6M |
| 4 | IE000S9YS762 | 1.60% | 378,956 | $192.5M |
| 5 | CAT | 1.60% | 257,978 | $191.6M |
| 6 | CLX | 1.59% | 1,506,188 | $191.5M |
| 7 | PG | 1.59% | 1,139,904 | $190.6M |
| 8 | CHD | 1.58% | 1,814,454 | $190.3M |
| 9 | JE00BV7DQ550 | 1.58% | 3,926,751 | $190.2M |
| 10 | XOM | 1.58% | 1,246,120 | $190.0M |
| 11 | JNJ | 1.58% | 763,700 | $189.7M |
| 12 | CH0044328745 | 1.58% | 555,017 | $189.2M |
| 13 | SJM | 1.57% | 1,629,260 | $188.9M |
| 14 | KO | 1.57% | 2,312,097 | $188.6M |
| 15 | CVX | 1.55% | 998,586 | $186.5M |
2026-05-22
15 holdings · 23.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SYY | 1.64% | 2,164,230 | $197.3M |
| 2 | CL | 1.62% | 1,964,998 | $194.8M |
| 3 | PEP | 1.60% | 1,134,621 | $192.6M |
| 4 | IE000S9YS762 | 1.60% | 378,956 | $192.5M |
| 5 | CAT | 1.60% | 257,978 | $191.6M |
| 6 | CLX | 1.59% | 1,506,188 | $191.5M |
| 7 | PG | 1.59% | 1,139,904 | $190.6M |
| 8 | CHD | 1.58% | 1,814,454 | $190.3M |
| 9 | JE00BV7DQ550 | 1.58% | 3,926,751 | $190.2M |
| 10 | XOM | 1.58% | 1,246,120 | $190.0M |
| 11 | JNJ | 1.58% | 763,700 | $189.7M |
| 12 | CH0044328745 | 1.58% | 555,017 | $189.2M |
| 13 | SJM | 1.57% | 1,629,260 | $188.9M |
| 14 | KO | 1.57% | 2,312,097 | $188.6M |
| 15 | CVX | 1.55% | 998,586 | $186.5M |
2026-05-21
15 holdings · 23.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SYY | 1.64% | 2,164,230 | $197.3M |
| 2 | CL | 1.62% | 1,964,998 | $194.8M |
| 3 | PEP | 1.60% | 1,134,621 | $192.6M |
| 4 | IE000S9YS762 | 1.60% | 378,956 | $192.5M |
| 5 | CAT | 1.60% | 257,978 | $191.6M |
| 6 | CLX | 1.59% | 1,506,188 | $191.5M |
| 7 | PG | 1.59% | 1,139,904 | $190.6M |
| 8 | CHD | 1.58% | 1,814,454 | $190.3M |
| 9 | JE00BV7DQ550 | 1.58% | 3,926,751 | $190.2M |
| 10 | XOM | 1.58% | 1,246,120 | $190.0M |
| 11 | JNJ | 1.58% | 763,700 | $189.7M |
| 12 | CH0044328745 | 1.58% | 555,017 | $189.2M |
| 13 | SJM | 1.57% | 1,629,260 | $188.9M |
| 14 | KO | 1.57% | 2,312,097 | $188.6M |
| 15 | CVX | 1.55% | 998,586 | $186.5M |
2026-05-20
15 holdings · 23.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SYY | 1.64% | 2,164,230 | $197.3M |
| 2 | CL | 1.62% | 1,964,998 | $194.8M |
| 3 | PEP | 1.60% | 1,134,621 | $192.6M |
| 4 | IE000S9YS762 | 1.60% | 378,956 | $192.5M |
| 5 | CAT | 1.60% | 257,978 | $191.6M |
| 6 | CLX | 1.59% | 1,506,188 | $191.5M |
| 7 | PG | 1.59% | 1,139,904 | $190.6M |
| 8 | CHD | 1.58% | 1,814,454 | $190.3M |
| 9 | JE00BV7DQ550 | 1.58% | 3,926,751 | $190.2M |
| 10 | XOM | 1.58% | 1,246,120 | $190.0M |
| 11 | JNJ | 1.58% | 763,700 | $189.7M |
| 12 | CH0044328745 | 1.58% | 555,017 | $189.2M |
| 13 | SJM | 1.57% | 1,629,260 | $188.9M |
| 14 | KO | 1.57% | 2,312,097 | $188.6M |
| 15 | CVX | 1.55% | 998,586 | $186.5M |
2026-05-19
15 holdings · 23.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SYY | 1.64% | 2,164,230 | $197.3M |
| 2 | CL | 1.62% | 1,964,998 | $194.8M |
| 3 | PEP | 1.60% | 1,134,621 | $192.6M |
| 4 | IE000S9YS762 | 1.60% | 378,956 | $192.5M |
| 5 | CAT | 1.60% | 257,978 | $191.6M |
| 6 | CLX | 1.59% | 1,506,188 | $191.5M |
| 7 | PG | 1.59% | 1,139,904 | $190.6M |
| 8 | CHD | 1.58% | 1,814,454 | $190.3M |
| 9 | JE00BV7DQ550 | 1.58% | 3,926,751 | $190.2M |
| 10 | XOM | 1.58% | 1,246,120 | $190.0M |
| 11 | JNJ | 1.58% | 763,700 | $189.7M |
| 12 | CH0044328745 | 1.58% | 555,017 | $189.2M |
| 13 | SJM | 1.57% | 1,629,260 | $188.9M |
| 14 | KO | 1.57% | 2,312,097 | $188.6M |
| 15 | CVX | 1.55% | 998,586 | $186.5M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove NOBL Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe 50-day moving average of NOBL stands above its 200-day moving average at $110.44 and $104.02 respectively, indicating an uptrend in the security's price action over recent months. With a Relative Strength Index (RSI) value of 32.2, which is below the neutral midpoint of 50, this suggests that NOBL may be currently experiencing downward momentum or oversold conditions relative to its recent performance.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How NOBL’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
AUM & Capital Flow Tracker
Estimated assets under management derived from SEC filings and daily price movements — tracks how the fund's value evolves over time.
Estimated AUM derived from the latest SEC N-PORT filing TNA ($12.08B) scaled by daily price changes. Filing snapshots update when new regulatory filings are published (quarterly for most funds, daily for ARK).
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.