ProShares, the largest issuer of inverse and leveraged ETFs, has been expanding its suite of non-leveraged products and that lineup could grow larger with the possible introduction of a dividend ETF. The Maryland-based ETF issuer has filed plans with the U.S. Securities and Exchange to possibly introduce the ProShares S&P 500 Aristocrats ETF.

The filing does not include a ticker or expense ratio for the new fund, indicating a launch date is not imminent. The ETF will track the S&P 500 Dividend Aristocrats Index, which must contain a minimum of 40 companies that have raised their dividends for at least 25 consecutive years, according to the filing. No single sector is allowed to account for more than 30% of the index’s weight.

That strategy is similar to that used by the highly popular SPDR S&P Dividend ETF (NYSEArca: SDY). With $12.6 billion in assets under management, SDY is one of the largest dividend ETFs on the market. SDY tracks the S&P High Yield Dividend Aristocrats Index, which also a 25-year dividend increase requirement. [Dividend ETF Focuses on Steady Payers]

Should it come to market, the ProShares payout fund will rebalance in in January, April, July and October and hold both domestic and international stocks. SDY holds only U.S. stocks.

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