DOG vs EUM: Grades, Fees and Holdings Compared

ProShares Short Dow30

DOGBNYSE Arca

ProShares Short MSCI Emerging Markets

EUMBNYSE Arca

Overlap

90.0%by weight

Expense ratio

DOG0.95%EUM0.95%

Avg volume · 30D

DOG 47.9×the volume

DOG4.77MEUM99.6K

10Y return · a year

EUM +2.7pt

DOG−10.9%EUM−8.2%

DOG vs EUM Performance

Oct 29, 2021 – Oct 30, 2026

−20.7%DOG−20.2%EUM

Expense ratio: DOG 0.95%; EUM 0.95%
Fund size: DOG $115M; EUM $15M
1Y total return: DOG −4.9%, better; EUM −12.0%
Yield (12M): DOG 3.15%; EUM 3.33%, better
Holdings: DOG 3; EUM 2
Avg volume (30D): DOG 4.77M sh, better; EUM 99.6K sh
NAV per share: DOG $22.02; EUM $17.21
52W range

ETF.net Grade

Pillar letters and Scores for DOG, EUM, with each pillar’s weight
Pillar	DOG	EUM
Cost30% weight	C50	C50
Mission25% weight	A97	Not scored
Risk15% weight	B65	B65
Tradability15% weight	A94Higher	A74
Holdings10% weight	C43	B63Higher
Durability5% weight	B69Higher	B57

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. DOG and EUM are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds

See all 53 ›

DOG ranks 1st and EUM 8th of 53 funds in the Leveraged Inverse (2x & Other) Category.

Rank 1BDOGProShares Short Dow30Score 65
Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
Rank 7BEUOProShares UltraShort EuroScore 61
Rank 8BEUMProShares Short MSCI Emerging MarketsScore 59
Rank 8BREKProShares Short Real EstateScore 59

Our read on each fund

ETF.net Research

DOGBProShares Short Dow30

EUMBProShares Short MSCI Emerging Markets

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.

EUM The only US ETF built to track the MSCI Emerging Markets Index upside down, one-for-one, one day at a time. Its ProShares sibling doubles the move; this one keeps it at -1x. Fee: 0.95%, net of a waiver through September 30, 2027.

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.

EUM The Fund seeks daily investment results, before fees and expenses, that correspond to the inverse performance of the MSCI Emerging Markets Index.

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.

EUM ProShares bills it as the only -1x ETF designed to profit when the MSCI Emerging Markets Index falls on the day. The leveraged sibling EEV targets -2x the same index.proshares.com proshares.com 2
Short emerging markets from a plain brokerage account: no margin, no stock borrow, one ticker.proshares.com
0.95% net of a waiver through September 30, 2027 (1.75% gross), near the typical leveraged-and-inverse fee and level with ProShares siblings DOG and PSQ at 0.95%.
Running since 2007, and one of the stronger implementations in the inverse and leveraged group, with trading deep enough for everyday order sizes.

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

EUM The mandate resets daily. Hold past a day and compounding takes over, so results can drift well away from -1x, especially in choppy markets.proshares.com
If the waiver lapses after September 30, 2027, the sticker fee reverts toward the 1.75% gross ratio.
A small fund by ETF standards and moderately traded rather than deeply liquid, so spreads are worth a glance before you trade.

Full DOG profile⁠

Full EUM profile⁠

DOG vs EUM Holdings

How DOG and EUM differ

Overlap by weight

90.0%

Shared holdings make up 100% of EUM and 95.5% of DOG.

Level by level

Holdings1 in both90.0%
Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in DOG and EUM, widest gap first
Sector	More in DOGMore in EUM	DOG	EUM
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in DOG and EUM, widest gap first
Country	More in DOGMore in EUM	DOG	EUM
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

DOG100.0%
EUM100.0%

Securities held

DOG2
EUM1

Asset class

DOG: Equity
EUM: Equity

Holdings

Only in DOG1
In both1
Only in EUM0

Only in DOG

1 security, 4.5% of DOG by weight

TREASURY BILL, 0%, due 2026-12-174.45%

Only in EUM

0 securities, 0.0% of EUM by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in DOG and EUM, widest gap first
Holding	More in DOGMore in EUM	DOG	EUM
Proshares Genius Mny Mkt EtfIQMM	DOG +5.54 points	89.61%	84.07%

All 12 DOG holdings⁠All 9 EUM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DOG vs EUM Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DOG 0.95%
$17,869
EUM 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

DOG 0.95%
EUM 0.95%

Year by year

Year	DOG	EUM
10	$1,678	$1,678
20	$6,322	$6,322
30	$17,869	$17,869

Expense ratio

0.95%DOG
0.95%EUM

DOG0.95%EUM0.95%

0.50%1.47%

Middle half of Leveraged Inverse (2x & Other) funds
Median 0.95%

DOG 6th cheapest of 53 funds

EUM 6th cheapest of 53 funds

DOG vs EUM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DOG 3.15%; EUM 3.33%, better
Payout (12M): DOG $0.69; EUM $0.57
Last payment: DOG $0.17; EUM $0.13
Ex-dividend: DOG Sep 23, 2026; EUM Sep 23, 2026
Paid on: DOG Sep 29, 2026; EUM Sep 29, 2026
Frequency: DOG Quarterly; EUM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DOGQuarterly · 26 paymentsAll DOG payments⁠

EUMQuarterly · 25 paymentsAll EUM payments⁠

DOG vs EUM Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: DOG 11.7%, betterEUM 15.7%
Return per unit of riskSharpe ratio, 3 years: DOG −1.21, betterEUM −1.26
Worst fallMax drawdown, 5 years: DOG −37.3%, betterEUM −50.9%
Market sensitivityBeta, 5 years: DOG −0.83EUM −0.72; Market = 1

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