At a glance
PAWZ charges 0.5% a year, above the 0.36% average of the 1 funds most like it. It has $34.0M in assets; it paid 0.72% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −8.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +8.0% a year. At its worst it fell 43.3% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 70.3% of the fund, out of 32 in all.
The short version
ProShares Pet Care ETF (PAWZ) tracks the FactSet Pet Care Index, giving investors a stake in companies tied to pet spending, led by Chewy, Zoetis, IDEXX Laboratories and Freshpet. It is a narrow, concentrated theme fund with few lookalikes: the 10 largest holdings were 70% of assets as of August 31, 2026, and no similar fund shares even 20% of its holdings. It charges 0.50% a year and lost about 40% in 2022.
Price history
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PAWZ -8.6% 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 | |
|---|---|---|---|---|---|---|
| PAWZ official prospectus, to Dec 31, 2025 | — | +0.88% | — | -4.73% | — | +4.95% |
| PAWZ price data to Oct 27, 2026 | -5.4% | -8.6% | +8.0% | -8.2% | — | +1.4% |
- Over the year to Oct 27, 2026, PAWZ returned -8.6%.
- Its 5-year annualized return was -8.2%.
- Its worst full calendar year was 2022 (-40.1%); its best was 2023 (+12.5%).
- The deepest fall in its price history was 50.1% (Nov 4, 2021 to Oct 27, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -5.4% | — |
| 2025 | +1.2% | — |
| 2024 | +3.9% | +0.88% |
| 2023 | +12.5% | +4.16% |
| 2022 | -40.1% | +12.61% |
| 2021 | +10.5% | -40.14% |
| 2020 | — | +10.82% |
| 2019 | — | +61.38% |
| 2018 | — | +22.76% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 43.1% over that stretch · deepest drop along the way 43.3%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2800 | |
| 2025 | $0.4400 | +29.4% |
| 2024 | $0.3400 | +47.8% |
| 2023 | $0.2300 | -11.5% |
| 2022 | $0.2600 | +73.3% |
| 2021 | $0.1500 |
What's inside
As of Aug 31, 2026, the fund held 32 securities; the ten largest made up 70.31% of assets.
| Holding | Weight | |
|---|---|---|
| Chewy, Inc. | 10.52% | |
| Zoetis, Inc. | 10.35% | |
| IDEXX Laboratories, Inc. | 10.01% | |
| Freshpet, Inc. | 9.51% | |
| Virbac SACA | 7.23% | |
| Merck & Co., Inc. | 4.85% | |
| Pets at Home Group plc | 4.53% | |
| CVS Group plc | 4.51% | |
| Oil-Dri Corp. of America | 4.44% | |
| Nestle SA | 4.35% | |
| Trupanion, Inc. | 4.25% | |
| Pet Valu Holdings Ltd. | 4.20% | |
| Vimian Group AB | 3.64% | |
| Colgate-Palmolive Co. | 2.89% | |
| Cencora, Inc. | 2.48% |
By country
United States 66.82%United Kingdom 9.04%France 7.23%Switzerland 4.35%Canada 4.2%By asset type
Stocks 99.37%RA 0.24%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.11%, +5.54%, +3.44%.
How it works
PAWZ, from ProShares, aims to track, before fees and expenses, the FactSet Pet Care Index, built by FactSet Research Systems. The index draws from eight pet-related categories: online pet retail, pet stores, pet food, pet supplies, and veterinary diagnostics, drugs, product distribution and services. A company qualifies if it earns at least 50% of its revenue, or at least $1 billion, from those areas.
Qualifying companies fall into two tiers. Tier 1, firms with at least half their revenue from pets, gets 82.5% of the index, weighted by stock market value and capped at 10% each. Tier 2, the rest, gets 17.5%, with a 4.5% cap each; this is how large, diversified companies such as Merck and Nestle can appear. The index is reviewed once a year, in May, so weights drift in between: as of August 31, 2026, Chewy was 10.5% of the fund, above the cap.
The fund generally holds every index stock in about its index weight, though it may hold a smaller sample that mimics the index. It keeps at least 80% of assets in index stocks or similar instruments, including depositary receipts (certificates representing foreign shares), and stays fully invested. It uses no leverage and held no derivatives as of August 31, 2026. Because it is non-diversified, a few stocks can drive results.
What it really costs
- PAWZ charges 0.5% a year, versus an average of 0.36% for the similar funds below.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PAWZ | $51 | $160 | $280 | $628 |
In a retirement portfolio
It is a narrow, non-diversified bet on pet-related stocks that fell 50% from its November 2021 peak and had not recovered as of October 27, 2026.
PAWZ could add exposure to pet spending, which the prospectus says has historically weathered economic downturns, but that may not continue. It launched in 2018, after the 2008 crisis, and its record from the 2020 crash isn't available. In the 2022 bear market, though, it fell about 43% between January 3 and September 30. Its deepest drop, 50% from November 4, 2021 to October 27, 2023, had not been recovered as of October 27, 2026. Anyone needing to cash out shares in a year like 2022 would have locked in steep losses.
Income is small: the yield over the past 12 months was 0.72% as of October 27, 2026, paid quarterly. Costs are 0.50% a year, which the SEC's standard example puts at $628 over 10 years on $10,000. Past results don't predict the future, and a plan needs to consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, targeted stake in pet spending, led by Chewy, Zoetis, IDEXX Laboratories and Freshpet, alongside broader core holdings.
- Those seeking a rules-based pet-care index with few lookalikes: no similar fund shares even 20% of its holdings.
- Patient investors who can ride out long slumps, such as the 50% drop from November 2021 that was still unrecovered as of October 27, 2026.
Look elsewhere if
- Retirees seeking meaningful income: the yield over the past 12 months was 0.72% as of October 27, 2026, paid quarterly.
- Those wanting broad, low-cost diversification: it charges 0.50% a year for about 32 stocks, with 70% in the top 10 as of August 31, 2026.
- Anyone who may need the money soon: it lost about 40% in 2022 and returned -8.2% a year over five years to October 27, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PAWZ this fund | — | 0.5% | $34.0M | -8.6% | +8.0% |
| PPH VanEck Pharmaceutical ETF | 10% | 0.36% | $879.5M | +26.4% | +17.9% |
Questions investors ask
What is the PAWZ expense ratio?
PAWZ's expense ratio is 0.50% a year, all of it a management fee, according to its prospectus filed September 25, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would incur $51 in costs in the first year, $280 over five years and $628 over 10 years. That is higher than the 0.36% charged by VanEck Pharmaceutical ETF, the fund whose holdings overlap most with PAWZ's, though they share only about 10%.
Does PAWZ pay dividends?
Yes, PAWZ pays dividends quarterly, but they are small. Over the 12 months to October 27, 2026, it paid about $0.37 per share, a yield of 0.72%. The fund is built to track pet-care stocks, not to produce income, so its payouts mostly reflect dividends from the companies it holds. Investors relying on a portfolio for regular income would get little from this fund on its own.
What stocks are in PAWZ?
As of August 31, 2026, PAWZ held about 32 companies, led by Chewy (10.5%), Zoetis (10.4%), IDEXX Laboratories (10.0%), Freshpet (9.5%) and France's Virbac (7.2%). The rest of the top 10 were Merck, Pets at Home, CVS Group (a UK company), Oil-Dri and Nestle, each between 4.4% and 4.8%. The top 10 made up 70% of assets. About 67% was in US companies, with the UK, France, Switzerland, Canada and Sweden making up most of the rest.
PAWZ vs PPH: what's the difference?
PAWZ tracks a pet-care index, while VanEck Pharmaceutical ETF (PPH), as its name suggests, focuses on drug companies; they share only about 10% of their holdings. PPH costs less: 0.36% a year versus 0.50%. Through October 27, 2026, PPH returned 26.4% over one year and 17.9% a year over three years, against -8.6% and 8% a year for PAWZ. PPH is also much larger, at about $879 million in net assets as of June 30, 2026, versus about $34 million for PAWZ as of August 31, 2026.
Is PAWZ a good long-term investment?
Its long-term record has been weak and volatile. Per its prospectus, PAWZ returned 4.95% a year from its November 2018 launch through December 31, 2025, but averaged -4.73% a year over the five years to that date. Based on market price, it was down about 35% over the five years to October 27, 2026, and its 50% drop from a November 2021 peak had not been recovered. The prospectus notes that future industry growth depends largely on more pet ownership and spending, and past results don't predict the future.