SMDV: Why I Am Downgrading This Great ETF (Rating Downgrade)

I am downgrading ProShares Russell 2000 Dividend Growers ETF from Buy to Hold due to downside risk and negative projected return over the next six months. SMDV has rallied significantly but continues to lag both the S&P 500 and Russell 2000 over longer periods, holding stocks with a median P/E of 15.9x and a 2.9% yield. The ETF is unique for its small-cap, dividend-growth focus but currently trades near all-time highs, making it less attractive versus alternatives like REGL and NOBL. For bearish or cautious investors, I suggest holding cash or reallocating to REGL (mid-cap) or NOBL (large-cap) instead of SMDV at current levels.