ProShares S&P 500 Dividend Aristocrats ETF (NOBL) Covered Calls
The ProShares S&P 500 Dividend Aristocrats ETF (NOBL) is a passively managed exchange-traded fund that tracks the S&P 500 Dividend Aristocrats Index. The fund provides exposure to a select group of S&P 500 companies that have demonstrated a consistent commitment to shareholder returns by increasing their dividends every year for at least 25 consecutive years.
You can sell covered calls on ProShares S&P 500 Dividend Aristocrats ETF to lower risk and earn monthly income. Born To Sell's covered call screener gives you customized search capabilities across all possible covered calls but here are a couple of examples for NOBL (prices last updated Mon 4:16 PM ET):
| ProShares S&P 500 Dividend Aristocrats ETF (NOBL) Stock Quote | ||||||
|---|---|---|---|---|---|---|
| Last | Change | Bid | Ask | Volume | P/E | Market Cap |
| 110.17 | -0.14 | 109.09 | 110.50 | 1.2M | - | 5.4 |
| Covered Calls For ProShares S&P 500 Dividend Aristocrats ETF (NOBL) | ||||||
|---|---|---|---|---|---|---|
| Expiration | Strike | Call Bid | Net Debit | Return If Flat |
Annualized Return If Flat |
|
| Mar 20 | 110 | 0.55 | 109.95 | 0.0% | 0.0% | |
| Apr 17 | 110 | 1.85 | 108.65 | 1.2% | 11.0% | |
| Subscribers get access to the full covered call chain, and more features. | ||||||
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NOBL is designed for investors seeking "quality" exposure—focusing on companies with durable business models, stable earnings, and long histories of dividend discipline. By requiring a minimum of 25 years of consecutive dividend growth, the index naturally filters for resilient, mature firms capable of navigating various economic cycles.
The fund employs a unique equal-weighting methodology, meaning each of its holdings contributes equally to the portfolio’s performance. This structure prevents the largest mega-cap stocks from dominating the fund’s returns and ensures that smaller "Aristocrats" have a meaningful impact on the overall performance. The index is rebalanced annually, and weights are reset quarterly, keeping the portfolio focused and diversified across sectors.
Competitive Landscape
NOBL is the only ETF dedicated exclusively to the S&P 500 Dividend Aristocrats. However, it competes with other popular dividend-themed funds:
- Schwab U.S. Dividend Equity ETF (SCHD): A major peer that focuses on dividend yield and financial quality rather than a strict 25-year growth rule, often resulting in different sector tilts.
- Vanguard Dividend Appreciation ETF (VIG): Targets companies with at least 10 years of consecutive dividend increases, offering a broader and often more tech-exposed portfolio than the more defensive NOBL.
Strategic Outlook and Risks
NOBL’s strategic value lies in its historical ability to provide lower volatility during market downturns while still participating in bull market gains. As of early 2026, the fund continues to appeal to income-oriented investors and retirees. However, investors should be mindful of risks: because it emphasizes dividend history over current yield or growth momentum, the fund can underperform in aggressive "growth-at-all-costs" markets and may be sensitive to interest rate changes, as dividend stocks are often viewed as alternatives to fixed-income investments.
| Top 10 Open Interest For Mar 20 Expiration | Top 5 High Yield | |||||
|---|---|---|---|---|---|---|
| 1. | NVDA covered calls | 6. | QQQ covered calls | 1. | CTMX covered calls | |
| 2. | SLV covered calls | 7. | EWZ covered calls | 2. | PATH covered calls | |
| 3. | EEM covered calls | 8. | GLD covered calls | 3. | KSS covered calls | |
| 4. | SPY covered calls | 9. | FXI covered calls | 4. | OWL covered calls | |
| 5. | IBIT covered calls | 10. | KWEB covered calls | 5. | USO covered calls | |
Want more examples? NOAH Covered Calls | NOC Covered Calls
Risk Disclosure: Trading options involves significant risk and is not suitable for all investors. The information provided on this website is for educational and informational purposes only and does not constitute financial, investment, tax, or legal advice. Nothing contained on this site is an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities or financial instruments.
Covered Call Strategy Risks: While covered call writing is often considered a conservative options strategy, it is not without risk. By selling a covered call, you are limiting your potential upside profit from the underlying stock. You remain exposed to the full downside risk of owning the underlying stock. In the event of a significant decline in the stock price, the premium received may not be sufficient to offset your losses.
No Guarantee of Performance: Past performance is not indicative of future results. Any examples, calculations, or hypothetical scenarios presented on this site are for illustrative purposes only and do not guarantee future returns or outcomes. Market conditions, liquidity, and trading system failures can affect your ability to execute trades at desired prices.
You should consult with a qualified professional advisor and conduct your own due diligence before making any investment decisions. By using this website, you acknowledge that you are responsible for your own investment decisions and agree to release this site and its affiliates from any liability relating to your use of this information. See the OCC's Characteristics and Risks of Standardized Options for more info.
