Weakness in ProShares S&P MidCap 400 Dividend Arst's Process and People Pillar ratings limits this strategy to a Morningstar Medalist Rating of Neutral. The portfolio maintains a cost advantage over competitors, priced within the lowest fee quintile among peers.  

 The strategy gets a Below Average Process Pillar rating, after recently downgrading from Average. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a significant underweight position in liquidity exposure and volatility exposure compared with category peers. Low liquidity risk exposure is attributed to stocks with a low trading volume, limiting managers' flexibility. And low volatility exposure is rooted in stocks that have a lower standard deviation of returns. The team managing this passive strategy earns a Below Average People Pillar rating. The strategy's parent organization is industry standard, albeit with some strong attributes like overall affordable fees and a favorable lineup success ratio. This earns the firm an Average Parent Pillar rating.

Analyst Rating

Williams-Sonoma

Southwest Gas Hlds

Carlisle Companies

Regal Rexnord Corp

National Fuel Gas

Erie Indemnity

Donaldson

MSA Safety

Casey's General Stores

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category index on a risk-adjusted basis over the long term. ProShares S&P MidCap 400 Dividend Arst earns a Below Average Process Pillar rating. 

The process is bolstered by tracking an index. Historical data, such as Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. However, the rating is held back by the parent firm's five-year risk-adjusted success ratio of 38%. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median Morningstar Risk-Adjusted Return for the period. The parent's modest success ratio suggests that the firm could do better across its fund lineup. The parent firm's five-year retention rate of 58% also weakens the process.

 This strategy skews toward smaller, more undervalued companies compared with its average peer in the Mid-Cap Blend Morningstar Category. Examining additional factor exposure, this strategy consistently held some companies with relatively lower trading volume compared with Morningstar Category peers in the last few years. Less-liquid stocks might offer strong returns to compensate for their risks, but they can be harder and more expensive to trade in bear markets. In the latest month, the strategy was also less exposed to the Liquidity factor compared with Morningstar Category peers. This strategy has also exhibited a tilt toward low-volatility stocks in recent years, meaning companies with a lower historical standard deviation of returns. Such holdings can limit a strategy's downside, but cause it to lag in bull markets. Similarly, in recent months, the strategy also had less exposure to the Volatility factor than peers. In addition, this strategy's holdings have included more companies with high dividend or buyback yields than peers over these years. Higher-yield stocks can provide steady income, but also have their risks. Dividend payers may cut payouts, for instance, if their earnings fall. In this month, the strategy also had more exposure to the Yield factor over its peers. More information on a fund and its respective category's factor exposure can be found in the Factor Profile module within the Portfolio section. 

 The portfolio is overweight in utilities and financial services relative to the category average by 16.8 and 14.9 percentage points, respectively. The sectors with low exposure compared to category peers are technology and healthcare, underweight the average by 16.4 and 4.2 percentage points of assets, respectively. The strategy owns 51 securities and is quite concentrated. More concretely, 22.4% of the portfolio's assets are housed within the top 10 holdings, as opposed to the typical peer's 15.4%. And finally, in terms of portfolio turnover, looking at year-over-year movements, 20% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

Below Average

Process

ProShares’s team earns a Below Average People Pillar rating. The team benefits from the fund's structure. It tracks an index, which is helpful because historical data, like Morningstar's Active/Passive Barometer, reveals that index funds have generally outperformed their active counterparts, especially over the long term. However, the rating is limited by the parent firm's five-year success ratio of 32%. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median return for the period. The parent's modest success ratio suggests that the firm could do better across its fund lineup. The parent firm's five-year retention rate of 58% also detracts from the team.

People

In a competitive industry, ProShares doesn't differentiate itself enough, leading to an Average Parent Pillar rating. One notable advantage of ProShares is its below-average fees. On average, the firm's open-end and exchange-traded fund fees fall in the second-cheapest quintile of category peers. The firm’s lineup has demonstrated industry-average durability. Its 10-year success ratio is 57%, meaning that 57% of strategies have both survived and beaten their respective category median. A firm's success ratio indicates relative performance and provides insight into a firm’s discipline around investment strategy and product development. ProShares has faced above-average manager turnover in the past five years. This is a concern, as long-term stability tends to support positive results.

Average

Parent

ProShares S&P MidCap 400 Dividend Aristocrats ETF

REGL tracks an equal-weighted index of mid-cap companies that have increased their dividends for at least 15-consecutive years.

Designed to provide broad exposure to the Style Box - Mid Cap Value category of the market, the ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) is a smart beta exchange traded fund launched on 02/03/2015.

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REGL holds 50 mid-cap Dividend Aristocrats that have increased dividends for at least 15 consecutive years. It has a 0.35% expense ratio and $1.5 billion in assets under management. Despite ProShares' claims that REGL can capture most gains in rising markets, it's only been a top-performer in bear markets. Bottom-quartile performance is the norm in other years. With a 2.47% expected dividend yield, large-cap ETFs are a better source of income. And, with only 4.53% free cash flow margins, dividend growth moving forward is limited.

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ProShares S&P MidCap 400 Dividend Aristocrats ETF holds 46 stocks in the S&P Midcap 400 index with increasing dividends for at least 15 years. The REGL ETF has outperformed the mid-cap benchmark since inception, with lower risk and excellent dividend growth rate. It lags dividend growth ETFs tilted to larger companies due to outperformance of this size segment since 2019.

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REGL tracks S&P Midcap 400 companies that have increased dividends for 15 consecutive years. Annual fees are 0.40% and the ETF currently yields 2.58%. REGL has an excellent track record because it's a low-volatility ETF with a five-year beta of just 0.84. In contrast, broad-based ETFs like VO and MDY are 1.09 and 1.19.

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News for ProShares S&P MidCap 400 Dividend Aristocrats ETF ETF (REGL)