NOBL | ETF

NOBL

ProShares S&P 500 Dividend Aristocrats ETF

segment: Equity: U.S. - Large Cap Competing ETFs: KNG, SDOG, DLN, DTN, SPYD Related ETF Channels: U.S., Smart-Beta ETFs, Large Cap, Dividend, Dividends, Broad-based, Size and Style, North America, Equity Find more ETFs with our ETF Screener and Database

*Unless otherwise stated, data provided by FactSet.

A 62

NOBL Fund Description

NOBL tracks an equal-weighted index of S&P 500 constituents that have increased dividend payments annually for at least 25 years.

NOBL Factset Analytics Insight

NOBL only selects companies from the S&P 500 that have increased their dividends for at least 25 consecutive years, then it equal-weights those holdings. This causes it to overweight traditional dividend-paying sectors. It doesn't Fit our neutral capweighted benchmark well, but with its methodology and a far smaller pool of holdings, it's not trying to. It's methodology substantially limits NOBL's selection universe, and the fund has a pronounced mid-cap tilt. Still, it's worth noting that it may be less sensitive to market movements than our benchmark. These factors have not diminished the fund's popularity, where its daily activity and narrow spreads make it an extremely tradable option. Its liquid underlying S&P 500 stock assets make for cheap and easy creation for those looking to trade in size. NOBL's Efficiency might suffer slightly due to a slightly higher expense ratio than some large-cap ETFs, but it looks better when you consider the amount of portfolio rebalancing that NOBL's equal-weighted structure requires.

NOBL MSCI ESG Analytics Insight

ProShares S&P 500 Dividend Aristocrats ETF has an MSCI ESG Fund Rating of A based on a score of 6.51 out of 10. The MSCI ESG Fund Rating measures the resiliency of portfolios to long-term risks and opportunities arising from environmental, social, and governance factors. ESG Fund Ratings range from best (AAA) to worst (CCC). Highly rated funds consist of companies that tend to show strong and/or improving management of financially relevant environmental, social and governance issues. These companies may be more resilient to disruptions arising from ESG events.

The fund's Peer Rank reflects the ranking of a fund's MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. ProShares S&P 500 Dividend Aristocrats ETF ranks in the 79th percentile within its peer group and in the 93th percentile within the global universe of all funds covered by MSCI ESG Fund Ratings.

NOBL Summary Data Issuer

Inception Date

Legal Structure

Expense Ratio

Assets Under Management

Average Daily $ Volume

Average Spread (%)

ProShares 10/09/13

Open-Ended Fund 0.35% $5.39B

$29.16M

0.02%

NOBL Portfolio Data Weighted Average Market Cap Price / Earnings Ratio Price / Book Ratio Distribution Yield Next Ex-Dividend Date Number of Holdings

$77.99B

21.05 3.57

1.96% 09/25/19

57

NOBL Index Data Index Tracked

Index Weighting Methodology

S&P 500 Dividend Aristocrats Equal

Index Selection Methodology

Dividends

Segment Benchmark

MSCI USA Large Cap Index

1 Year

Daily Price ($) 75.00

70.00

65.00

60.00

Oct

Nov

Dec

`19

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Volume

4M

PERFORMANCE [as of 09/09/19]

NOBL NOBL (NAV) S&P 500 Dividend Aristocrats MSCI USA Large Cap Index

1 MONTH

3.27% 3.22% 3.27% 2.21%

3 MONTHS

4.04% 4.04% 4.14% 4.31%

YTD

18.61% 18.60% 18.93% 20.42%

1 YEAR

8.90% 8.89% 9.39% 6.19%

All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

NOBL Top 10 Countries

United States

100.00%

3 YEARS

12.25% 12.24% 12.71% 14.50%

5 YEARS

11.11% 11.10% 11.56% 10.91%

10 YEARS

---13.48%

NOBL Top 10 Sectors NOBL Top 10 Holdings

Consumer Non-Cyclicals Industrials Financials Consumer Cyclicals Basic Materials

25.43% 24.70% 12.34% 10.52%

9.05%

Healthcare Energy Telecommunications Serv... Utilities Technology

9.00% 3.49% 1.87% 1.81% 1.79%

Target Corporation Brown-Forman Corporatio... AT&T Inc. Lowe's Companies, Inc. A. O. Smith Corporation

2.12% 2.01% 1.96% 1.95% 1.91%

Sysco Corporation

1.90%

Hormel Foods Corporation Cardinal Health, Inc. Procter & Gamble Compa... Leggett & Platt, Incorpora...

1.87% 1.86% 1.85% 1.83%

Total Top 10 Weighting 19.26%

NOBL Portfolio Management Expense Ratio

Median Tracking Difference (12 Mo)

Max. Upside Deviation (12 Mo)

Max. Downside Deviation (12 Mo)

0.35% -0.50% -0.39% -0.56%

NOBL Tax Exposures Max LT/ST Capital Gains Rate

Capital Gains Distributions (3 Year)

Tax on Distributions

Distributes K1

20.00% / 39.60% --

Qualified dividends No

NOBL Fund Structure Legal Structure OTC Derivative Use Securities Lending Active Securities Lending Split (Fund/Issuer) ETN Counterparty ETN Counterparty Risk Fund Closure Risk Portfolio Disclosure

Open-Ended Fund No No

No Policy

N/A N/A Low Daily

Daily Spread Premium/Discount

Volume

Oct

Nov

`19

Mar

May

Jul

0.07% 0.06% 0.05% 0.04% 0.03% 0.02% 0.01%

0%

NOBL Factset Analytics Block Liquidity

As of 09/11/19

5

This measurement shows how easy it is

4

to trade a $1 million USD block of NOBL. NOBL is rated a 5 out of 5.

3

2

1

0.2%

0.1%

0.0%

-0.1%

-0.2%

4M 3M 2M 1M

Sep

NOBL Tradability Avg. Daily Share Volume

Average Daily $ Volume

Median Daily Share Volume

Median Daily Volume ($)

Average Spread (%)

Average Spread ($)

Median Premium / Discount (12 Mo)

Max. Premium / Discount (12 Mo)

Impediment to Creations

Market Hours Overlap

Creation Unit Size (Shares)

Creation Unit/Day (45 Day Average)

Creation Unit Cost (%)

Underlying Volume / Unit

Open Interest on ETF Options

Net Asset Value (Yesterday)

Implied Liquidity

421,247 $29.16M 360,809 $24.66M

0.02% $0.02 0.01% 0.14% / -0.11% None 100.00% 50,000

7.22 0.01% 0.04%

704 $71.13

5

NOBL Sector/Industry Breakdown NOBL

Segment Benchmark

Consumer NonCyclicals

25.43%

7.74%

Industrials

24.70%

9.15%

Financials

12.34%

14.77%

Consumer Cyclicals

10.52%

13.15%

Basic Materials

9.05%

2.10%

Healthcare

9.00%

14.03%

Energy

3.49%

5.11%

Telecommunications Services

1.87%

2.30%

Utilities

1.81%

2.64%

Technology

1.79%

29.02%

NOBL Top 10 Holdings Target Corporation Brown-Forman Corporation Class B AT&T Inc. Lowe's Companies, Inc. A. O. Smith Corporation Sysco Corporation Hormel Foods Corporation Cardinal Health, Inc. Procter & Gamble Company Leggett & Platt, Incorporated Total Top 10 Weighting

NOBL Countries United States

NOBL 100.00%

NOBL Regions North America

NOBL 100.00%

NOBL Economic Development Developed Countries

NOBL 100.00%

2.12% 2.01% 1.96% 1.95% 1.91% 1.90% 1.87% 1.86% 1.85% 1.83% 19.26%

Segment Benchmark 100.00%

NOBL Performance Statistics Goodness of Fit (R2)

0.86

Beta

0.80

Up Beta

0.77

Down Beta

0.82

Downside Standard Deviation

0.41%

Segment Benchmark

MSCI USA Large Cap Index

NOBL MSCI ESG Ratings MSCI ESG Rating

MSCI ESG Quality Score

Peer Group Percentile Rank

Global Percentile Rank

SRI Screening Criteria Exposure

Exposure to Sustainable Impact Solutions

Weighted Average Carbon Intensity (t CO2e/$M Sales)

A 6.51 / 10

93.39 79.15 5.13% 9.33%

192.86

Segment Benchmark 100.00%

Segment Benchmark 100.00%

NOBL Benchmark Comparison Holdings NOBL Number of Holdings

Benchmark Constituents

Shared Holdings

Shared Holdings Weight

57 298

45 17.91%

NOBL Benchmark Comparison Summary

NOBL

Segment Benchmark

Number of Holdings

57

298

Weighted Average Market Cap

$77.99B $268.77B

Price / Earnings Ratio

21.05

21.93

Price / Book Ratio

3.57

3.46

Dividend Yield

2.53%

1.91%

Concentration

Low

Low

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