At a glance
DOG charges 0.95% a year. It has $94.8M in assets; it paid 3.18% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −6.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned −10.9% a year. At its worst it fell 9.2% in the 2020 crash (S&P 500: 33.7%) and 12.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 1 month after the lows.
The short version
ProShares Short Dow30 (DOG) is an inverse exchange-traded fund. It aims to return the opposite (-1x) of the Dow Jones Industrial Average's move each day, and it uses swaps and futures to do this instead of owning stocks. Because its exposure resets daily, results over longer periods can differ sharply from the index's inverse. It charges 0.95% a year and lost an average of 11.2% a year over the 10 years to December 31, 2025.
Price history
The interactive chart needs JavaScript.
DOG -6.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DOG official prospectus, to Dec 31, 2025 | — | -8.46% | — | -7.26% | -11.20% | — |
| DOG price data to Oct 27, 2026 | -5.7% | -6.0% | -10.9% | -5.0% | -11.0% | -10.2% |
- Over the year to Oct 27, 2026, DOG returned -6.0%.
- Its 5-year annualized return was -5.0% and its 10-year -11.0%.
- In the 2020 COVID crash, while stocks fell, it gained 47.3%.
- Its worst full calendar year was 2013 (-24.1%); its best was 2008 (+30.7%).
- The deepest fall in its price history was 93.1% (Mar 9, 2009 to Aug 5, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -5.7% | — |
| 2025 | -8.4% | -8.46% |
| 2024 | -5.6% | -5.60% |
| 2023 | -7.1% | -7.02% |
| 2022 | +5.7% | +5.62% |
| 2021 | -19.2% | -19.15% |
| 2020 | -20.4% | -20.44% |
| 2019 | -18.4% | -18.47% |
| 2018 | +3.5% | +3.45% |
| 2017 | -21.5% | -21.47% |
| 2016 | -15.8% | -15.67% |
| 2015 | -2.9% | — |
| 2014 | -10.8% | — |
| 2013 | -24.1% | — |
| 2012 | -11.3% | — |
| 2011 | -12.5% | — |
| 2010 | -15.3% | — |
| 2009 | -23.7% | — |
| 2008 | +30.7% | — |
| 2007 | -1.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 82.8% over that stretch · deepest drop along the way 18%, back to its old high 1.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 47.3% over that stretch · deepest drop along the way 9.2%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 20.6% over that stretch · deepest drop along the way 12.7%, back to its old high 1.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4300 | |
| 2025 | $0.8600 | -43.0% |
| 2024 | $1.5100 | +11.9% |
| 2023 | $1.3500 | +864.3% |
| 2022 | $0.1400 | +133.3% |
| 2020 | $0.0600 | -92.1% |
| 2019 | $0.7600 | +49.0% |
| 2018 | $0.5100 | +1175.0% |
| 2017 | $0.0400 | -99.9% |
| 2008 | $37.0800 | +297.9% |
| 2007 | $9.3200 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (89.76% of net assets), with its inverse exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 4.82% | |
| Repurchase Agreement RA | 3.20% | |
| Repurchase Agreement RA | 1.92% | |
| Repurchase Agreement RA | 1.03% | |
| Repurchase Agreement RA | 0.64% |
By country
United States 11.61%By asset type
RA 11.61%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $5.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.28%, +0.08%, -1.03%.
How it works
DOG tracks the Dow Jones Industrial Average, which S&P Dow Jones Indices runs. The index holds 30 large US companies and leaves out the transportation and utilities groups. Each company's weight depends on its share price, not its total market value. So a stock with a high price counts for more, whatever the company's size. Companies can be added or removed at any time.
The fund doesn't short the 30 stocks directly. ProShare Advisors gets the inverse exposure through derivatives, which are contracts whose value comes from something else. Here that means total return swaps with large financial institutions and Dow E-mini futures. As of August 31, 2026, about 90% of the fund sat in cash-like holdings, mainly repurchase agreements (short-term loans backed by government securities). That cash backs the derivative positions. Net assets were about $94.8 million on that date.
The key mechanic is the daily reset. The fund rebalances every day so its exposure matches -1x the index for that day only. If the Dow rises, the fund shrinks and its exposure is cut. If the Dow falls, the fund grows and its exposure is raised. Over weeks or years, this compounding means returns can differ a lot from -1x the index, usually for the worse in choppy markets. The prospectus also warns that if the Dow came close to doubling in a single day, holders could lose everything.
What it really costs
- DOG charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.05% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,220 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DOG | $97 | $313 | $548 | $1,220 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The daily reset and long record of losses make it a tool for short-term hedging or trading, not for holding for years.
DOG's appeal is that it tends to rise when the Dow falls. During the 2008 financial crisis, from the market's peak on October 9, 2007 to its low on March 9, 2009, it gained 82.8%. It rose 47.3% in the 2020 COVID crash and 20.6% in the 2022 bear market. The problem is the years in between. It lost money in eight of the ten calendar years from 2016 to 2025, and its worst year was 2013, at -24.1%. From March 9, 2009 to August 5, 2026 it fell 93.1% and never recovered. A retiree who held it through rising markets would probably see it shrink year after year. Its trailing 12-month yield was 3.18% as of October 27, 2026, paid quarterly. That income comes nowhere near covering those losses, and the fund costs 0.95% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a one-day bet against the Dow Jones Industrial Average without opening a margin account or shorting stocks.
- Investors who want a short-term hedge on Dow-heavy holdings and can check the position every day.
- People who understand that the daily -1x reset makes multi-day returns drift away from simply the opposite of the index.
Look elsewhere if
- Buy-and-hold investors: it lost an average of 11.2% a year over the 10 years to December 31, 2025.
- Retirees who want income: the 3.18% trailing yield (as of October 27, 2026) is small next to its long-term losses.
- Cost-conscious investors: a 0.95% expense ratio adds up to $1,220 over 10 years in the SEC's $10,000 example.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is DOG good for retirement?
Generally not. DOG is built to deliver -1x the Dow's return for a single day, and that exposure resets every day. Over long periods it has lost heavily as the market rose. Its average annual return was -11.2% over the 10 years to December 31, 2025. From March 9, 2009 to August 5, 2026 it fell 93.1%. It may suit short-term hedging, but it isn't designed to be held for years.
Can you hold DOG long term?
You can, but the fund isn't built for it. Each day it targets the inverse of that day's Dow move, and over many days compounding pulls returns away from -1x the index, especially in choppy markets. It lost money in eight of the ten calendar years from 2016 to 2025. The prospectus warns that returns over periods longer than a day will likely differ from the daily target, and the difference may be large.
Does DOG pay dividends?
Yes, DOG makes distributions quarterly. Its trailing 12-month payout was about $0.69 per share as of October 27, 2026, a yield of 3.18%. The fund holds no stocks. Most of its assets sit in cash-like instruments such as repurchase agreements, so the payouts mostly reflect interest earned on that cash, not stock dividends. The income has been small next to the fund's long-term price losses.
What does DOG actually hold?
DOG holds no Dow stocks. As of August 31, 2026, about 90% of its assets were in cash-like holdings, mainly repurchase agreements, which are short-term loans backed by government securities. Its bet against the Dow comes from total return swaps with large financial institutions and from Dow E-mini futures contracts. Swaps carry counterparty risk: if a bank on the other side fails to pay, the fund could lose money.
What is DOG's expense ratio?
DOG's expense ratio is 0.95% a year, according to its prospectus filed September 25, 2026, and includes a 0.75% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $97 after one year, $313 after three, $548 after five and $1,220 after ten. The prospectus says the costs of the fund's short exposure, such as derivative financing, also reduce returns.