DOG vs EMTY

DOGBProShares Short Dow30

EMTYCProShares Decline of the Retail Store ETF

In short

DOG The plain-vanilla short on the Dow: DOG aims to deliver the inverse of the index's move each day, with no 2x or 3x bolted on. Running since 2006, and ProShares bills it as the only -1x ETF built on the Dow.

EMTY A short bet with a storyline. EMTY moves inverse to a basket of bricks-and-mortar retailers and resets daily. In a bear-fund crowd built on stock indexes, currencies and volatility, it is the one aimed at a single real-world theme.

Stated mandate

DOG DOG seeks daily investment results, before fees and expenses, that correspond to the inverse of the Dow Jones Industrial Average's daily performance.

EMTY The fund seeks capital appreciation from declines in bricks-and-mortar retailers by taking short exposure to the Solactive-ProShares Bricks and Mortar Retail Store Index, targeting approximately the inverse of the index’s daily performance.

Why people hold it

• DOG 0.95% net of a waiver through September 30, 2027 (1.00% gross), which sits near the typical fee among leveraged and inverse funds.
• Sticks close to its daily inverse target, one of the tighter implementations in its peer group.proshares.com
• Actively traded for an inverse fund, so getting in and back out is rarely the hard part.
• Live since 2006, so the mechanism has run through the financial crisis, 2020 and every tape since.

• EMTY Thematic, not index. The best-known names in its bear cohort short the Nasdaq (PSQ), the euro (EUO), the yen (YCS) or volatility (SVXY). This one points at physical retail stores.
• The fee is 0.65% a year, well under the typical charge in its inverse-fund cohort and under every fund at the top of that group.
• Running since 2017, so the mechanics have been through years of live retail news cycles rather than a backtest.

Worth knowing

• DOG The target resets every day. Hold longer than a day and the result depends on the path the Dow takes, not just its direction.proshares.com
• If the waiver lapses after September 30, 2027, the fee steps up toward the 1.00% gross figure.
• The Dow is 30 price-weighted names, so this is a short on a narrow, old-school slice of the market rather than the broad tape.proshares.com

• EMTY Daily reset. Hold past a day and the result can drift from the simple inverse of the index over that stretch, most of all in choppy, back-and-forth markets.
• Small and thinly traded. Spreads can widen, the trade price can sit away from net asset value, and funds with a modest asset base get closed or merged more often than large ones.
• One idea, one corner of the market. There is no diversification cushion here. The fortunes of bricks-and-mortar retailers drive the whole thing.

Full DOG profile⁠

Full EMTY profile⁠