At a glance
DOGG charges 0.75% a year. It has $88.8M in assets; it paid 9.37% of its price in distributions over the past 12 months, monthly. Over the past year it returned +19.9% with distributions reinvested; over three years it returned +16.1% a year. Its ten largest positions make up 116.4% of the fund, out of 11 in all.
The short version
FT Vest DJIA Dogs 10 Target Income ETF (DOGG), from First Trust with sub-advisor Vest Financial, holds the "Dogs of the Dow." These are the ten highest-yielding stocks in the Dow Jones Industrial Average. The fund also sells options on them. It aims to pay monthly income about 8% a year above the Dow's dividend yield, before fees. In exchange it gives up much of the stocks' upside, and it costs 0.75% a year.
Price history
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DOGG +19.9% 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 | |
|---|---|---|---|---|---|---|
| DOGG official prospectus, to Dec 31, 2025 | — | +19.31% | — | — | — | +11.28% |
| DOGG price data to Oct 27, 2026 | +14.5% | +19.9% | +16.1% | — | — | +12.6% |
- Over the year to Oct 27, 2026, DOGG returned +19.9%.
- Its worst full calendar year was 2024 (-2.5%); its best was 2025 (+20.3%).
- The deepest fall in its price history was 11.2% (Mar 7, 2025 to Apr 8, 2025), recovered by Oct 20, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.4% | — |
| 2025 | +20.3% | +19.31% |
| 2024 | -2.5% | -2.61% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6100 | |
| 2025 | $1.9700 | +3.7% |
| 2024 | $1.9000 |
What's inside
As of Jul 31, 2026, the fund held 11 securities; the ten largest made up 116.41% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 68.10% | |
| MERCK & COMPANY INC | 5.93% | |
| AMGEN INC | 5.74% | |
| COCA-COLA COMPANY (THE) | 5.64% | |
| UNITEDHEALTH GROUP INC | 5.59% | |
| HOME DEPOT INC (THE) | 5.29% | |
| CHEVRON CORP | 5.23% | |
| VERIZON COMMUNICATIONS INC | 5.22% | |
| MCDONALD'S CORP | 4.83% | |
| NIKE INC | 4.83% | |
| PROCTER & GAMBLE COMPANY (THE) | 4.70% |
By country
United States 121.11%By issuer
US Treasury 68.1%Companies 53.01%The bonds mature in 0.5 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $21.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.33%, +0.84%, +3.72%.
How it works
Once a year, the fund identifies the ten highest dividend-yielding stocks in the Dow Jones Industrial Average (DJIA). The DJIA is a 30-stock index of blue-chip US companies, and its members are chosen by judgment rather than strict rules. The fund invests at least 80% of net assets in these stocks or in options on them. As of July 31, 2026, the ten were Merck, Amgen, Coca-Cola, UnitedHealth, Home Depot, Chevron, Verizon, McDonald's, Nike and Procter & Gamble. Each made up between 4.7% and 5.9% of assets.
The fund owns part of this exposure directly. It gets the rest synthetically: it buys a call option and sells a put option at the same strike price, which tracks a stock's gains and losses, and it holds short-term Treasury bills alongside. This helps the fund keep its tax status as a regulated investment company. That explains why one Treasury bill was 68.1% of assets on July 31, 2026.
Each week, Vest adds 8 percentage points to the Dow's projected 12-month yield. It subtracts the portfolio's own projected dividend yield and divides the gap by 52. The result is the option premium it needs that week. It collects this by selling covered calls, meaning it sells others the right to buy its shares at a set price. The calls are near the current price and expire in under 30 days. Distributions are paid monthly. Turnover was 803%.
What it really costs
- DOGG charges 0.75% a year.
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
The fund is built to pay a high, steady monthly income from dividends and option premiums, not to deliver full stock-market growth.
DOGG launched in April 2023, so it has no record through the 2008, 2020 or 2022 downturns. Its weakest calendar year was 2024, at -2.61% per the prospectus. Its deepest drop was 11.2%, from March 7 to April 8, 2025. It took about 6.4 months to recover, by October 20, 2025. The fund sells calls close to the stocks' current prices. That caps its gains in rebounds, but it still takes most of the losses in a fall. So recovery can be slow for someone who has to sell shares in a bad year. The trailing 12-month yield was 9.37% as of October 27, 2026, paid monthly. Option income is usually taxed as ordinary income, and payouts can be larger than what the fund earns. The fund costs 0.75% a year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly payouts. The trailing 12-month yield was 9.37% as of October 27, 2026.
- Investors comfortable owning just ten Dow blue chips, such as Merck, Coca-Cola, Chevron and Verizon, with option income added on top.
- Those holding it in an IRA or other tax-advantaged account, where option income taxed as ordinary income matters less.
Look elsewhere if
- Investors who want full stock-market gains. Selling calls near current prices gives up much of the upside in strong rallies.
- Anyone who wants a long track record. The fund launched in April 2023 and has not been through a full bear market.
- Cost- or tax-sensitive investors. It charges 0.75% a year, had 803% turnover and may redeem shares for cash, which can reduce tax efficiency.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does DOGG pay monthly dividends?
Yes. DOGG intends to pay distributions every month. Over the 12 months to October 27, 2026, it paid about $2.07 per share, a trailing yield of 9.37%. The payments combine dividends from its ten Dow stocks with premiums from selling call options. The prospectus warns that payouts can exceed the fund's income and gains, and that the fund may have to cut them if income falls short.
What stocks are in the DOGG ETF?
DOGG holds the "Dogs of the Dow," the ten highest dividend-yielding stocks in the Dow Jones Industrial Average, reset once a year. As of July 31, 2026, they were Merck, Amgen, Coca-Cola, UnitedHealth, Home Depot, Chevron, Verizon, McDonald's, Nike and Procter & Gamble. Each was roughly 4.7% to 5.9% of assets. The fund gets the rest of its exposure to these stocks through options.
Why does DOGG hold so many Treasury bills? Is it a bond fund?
No, it is a stock-income fund. On July 31, 2026, a short-term Treasury bill made up 68.1% of assets. The bills back the fund's synthetic stock positions, where it buys calls and sells puts at the same strike price to track the Dogs of the Dow. First Trust uses this structure to help keep the fund's tax status as a regulated investment company. The fund's main risk comes from the stocks, not interest rates.
How has DOGG performed since launch?
Results have been mixed but positive overall. According to the prospectus, DOGG returned 19.31% in 2025 and -2.61% in 2024. It averaged 11.28% a year from its April 2023 launch through December 31, 2025. Based on price, it gained 14.5% year to date through October 27, 2026. Its steepest drop was 11.2%, in spring 2025. That is a short history, and it does not include a major bear market.
Is DOGG good for retirement income?
It may suit retirees who prioritize monthly cash flow. The trailing yield was 9.37% as of October 27, 2026, against an expense ratio of 0.75%. There are trade-offs. Selling calls near current prices limits gains when stocks rally, but the fund keeps most of the losses when they fall. Option income is usually taxed as ordinary income. Holding only ten stocks also adds concentration risk compared with broader dividend funds.