Want to generate passive income while you sleep? One excellent way to do so is by investing in companies that pay out dividends consistently. Dividend stocks are an excellent income source and can produce better returns than non-Dividend payers.

However, with so many dividend stocks to choose from, picking individual companies can be a daunting task. If you're unsure which dividend stock to buy, the ProShares S 500 Dividend Aristocrats ETF (NYSEMKT: NOBL) could be a solid choice to invest in instead. (The term Dividend Aristocrats® is a registered trademark of Standard Poor's Financial Services LLC.)

According to a study by Hartford Funds, 69% of the S 500 index's total returns since 1960 are attributable to the contributions of reinvested dividends to its compound growth.

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Source Fool.com