Mine seemed to be a little noisey too when I 1st got it and checked it out on my stand. I too have a full Ulgegra group, and after putting about 100 miles on it this week (with quite a bit of climbing) it seems to have quieted down some. As long as it's shifting smooth, see about putting some good miles on it and then check it out. You can spin it all day long on your workstand, but there's no substitute for miles on the road under load.