DOG vs MZZ

DOGBProShares Short Dow30

MZZCProShares UltraShort MidCap400

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.

MZZ A 2006-vintage bear trade on mid-cap America: MZZ aims to deliver two times the inverse of the S&P MidCap 400's daily move, one trading day at a time, while most inverse funds point at the big large-cap indexes.

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.

MZZ The fund seeks daily investment results, before fees and expenses, equal to two times the inverse of the S&P MidCap 400'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.

• MZZ Most inverse funds aim at the S&P 500, the Dow or the Nasdaq-100. This one targets the S&P MidCap 400, a benchmark built to measure 400 mid-sized US companies.spglobal.com
• Launched in 2006, part of the original ProShares leveraged and inverse lineup, and still running the same daily -2x mandate nearly two decades later.
• Sibling MYY tracks the same index at -1x; MZZ doubles the daily dose for the same 0.95% net fee (waived through September 30, 2027 in both cases).
• At 0.95% net of a waiver through September 30, 2027, the fee sits near the median for leveraged and inverse funds, in line with ProShares stablemates like PSQ and RWM at 0.95% net.

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

• MZZ Exposure resets daily. Held longer, each day's return compounds, and ProShares' own filings say results over longer periods are unlikely to be a simple -2x of the index.sec.gov
• That 0.95% is net of a waiver through September 30, 2027; the gross ratio is 9.03%, so the waiver, not scale, is doing the heavy lifting on cost.
• One of the smaller and more thinly traded names in the lineup, so spreads and order type matter more here than with the headline inverse funds.

Full DOG profile⁠

Full MZZ profile⁠