NOBL tracks the S&P 500 Dividend Aristocrats Index, which holds S&P 500 companies that have increased their dividends every year for at least 25 consecutive years. The index is equal-weighted and rebalanced quarterly, so the portfolio has more exposure to mid-sized companies and industrials, consumer staples, materials and healthcare than a cap-weighted fund, and little technology. The long dividend record is not a guarantee of future payments. The fund has tended to be more defensive than the broad market but has lagged during technology-led rallies.
