DOG vs SETH: Grades, Fees and Holdings Compared

ProShares Short Dow30

DOGBNYSE Arca

ProShares Short Ether ETF

SETHCNYSE Arca

Overlap

5.9%by weight

Expense ratio

DOG0.95%SETH0.95%

Avg volume · 30D

DOG 178.0×the volume

DOG4.77MSETH26.8K

DOG vs SETH Performance

Oct 31, 2025 – Oct 30, 2026

−4.9%DOG+26.4%SETH

Expense ratio: DOG 0.95%; SETH 0.95%
Fund size: DOG $115M; SETH $8M
1Y total return: DOG −4.9%; SETH +26.4%, better
Yield (12M): DOG 3.15%; SETH 27.56%, better
Holdings: DOG 3; SETH 2
Avg volume (30D): DOG 4.77M sh, better; SETH 26.8K sh
NAV per share: DOG $22.02; SETH $36.06
52W range

ETF.net Grade

Pillar letters and Scores for DOG, SETH, with each pillar’s weight
Pillar	DOG	SETH
Cost30% weight	C50	C50
Mission25% weight	A97	Not scored
Risk15% weight	B65Higher	C42
Tradability15% weight	A94Higher	A73
Holdings10% weight	C43	Not scored
Durability5% weight	B69Higher	C51

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. DOG and SETH 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 SETH 15th 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 15CSARKTradr 1X Short Innovation Daily ETFScore 53
Rank 15CSETHProShares Short Ether ETFScore 53
Rank 17CSBITProShares UltraShort Bitcoin ETFScore 52

Our read on each fund

ETF.net Research

DOGBProShares Short Dow30

SETHCProShares Short Ether 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.

SETH The world's first short ether ETF, listed in November 2023. It targets -1x ether's daily move through cash-settled CME futures rather than an actual short position. 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.

SETH The fund seeks daily results, before fees and expenses, that correspond to the inverse (-1x) of the Bloomberg Ethereum 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.

SETH ProShares got here first: SETH launched in November 2023 as the world's first short ether-linked ETF, and it still holds the -1x slot in the lineup.proshares.com
No margin account, no coin borrow: one-day inverse ether exposure in an ordinary brokerage account, built on cash-settled ether futures traded on CME.proshares.com proshares.com 2
Cost sits near the typical leveraged-and-inverse fund: 0.95% net of a waiver through September 30, 2027, against a 1.03% gross ratio.
Single-speed by design. Stablemate ETHD targets twice the inverse daily move at the same 0.95% (no waiver attached), so SETH is the gentler dial.proshares.com

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

SETH Daily reset: over longer holds, compounding and ether's volatility can pull results away from -1x of the period's move.proshares.com
Futures-based, not spot: the shape of the ether futures curve and the cost of rolling contracts feed into what you actually get.proshares.com
A small fund that trades lightly, so spreads can run wider than on ProShares' heavily traded index shorts like PSQ or DOG.

Full DOG profile⁠

Full SETH profile⁠

DOG vs SETH Holdings

How DOG and SETH differ

Overlap by weight

5.9%

Shared holdings make up 40.3% of SETH and 5.9% of DOG.

Level by level

Asset classEquity, Alternatives0.0%
Holdings0 in both5.9%

Sector

No Sector split for SETH.

Country, concentration and asset class

Country by domicile

No country split for SETH.

Concentration

Weight in the 10 largest Holdings

DOG100.0%
SETH100.0%

Securities held

DOG2
SETH1

Asset class

DOG: Equity
SETH: Alternatives

Holdings

Only in DOG2
In both0
Only in SETH1

Only in DOG

2 securities, 94.1% of DOG by weight

Proshares Genius Mny Mkt Etf89.61%
TREASURY BILL, 0%, due 2026-12-174.45%

Only in SETH

1 security, 59.7% of SETH by weight

TREASURY BILL, 0%, due 2026-11-0559.68%

Weight gaps

DOG and SETH share no securities.

All 12 DOG holdings⁠All 3 SETH 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 SETH 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
SETH 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

DOG 0.95%
SETH 0.95%

Year by year

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

Expense ratio

0.95%DOG
0.95%SETH

DOG0.95%SETH0.95%

0.50%1.47%

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

DOG 6th cheapest of 53 funds

SETH 6th cheapest of 53 funds

DOG vs SETH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DOG 3.15%; SETH 27.56%, better
Payout (12M): DOG $0.69; SETH $9.93
Last payment: DOG $0.17; SETH $0.04
Ex-dividend: DOG Sep 23, 2026; SETH Oct 1, 2026
Paid on: DOG Sep 29, 2026; SETH Oct 7, 2026
Frequency: DOG Quarterly; SETH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DOGQuarterly · 15 paymentsAll DOG payments⁠

SETHMonthly · 35 paymentsAll SETH payments⁠

DOG vs SETH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DOG 11.7%SETH 66.6%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: DOG −1.21SETH −0.29since Dec 2023
Worst fallMax drawdown, 5 years: DOG −37.3%SETH −80.7%since Nov 2023
Market sensitivityBeta, 5 years: DOG −0.83SETH −2.62; Market = 1

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