DOG vs SMN

DOGBProShares Short Dow30

SMNCProShares UltraShort Materials

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.

SMN The only -2x ETF pointed at the S&P 500's materials sector: chemicals, miners and packagers, flipped and doubled, reset every single day. A trading tool that has been listed since 2007, not a set-and-forget hedge.

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.

SMN The fund targets daily, pre-expense performance equal to negative two times the S&P Materials Select Sector SM 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.

• SMN ProShares bills it as the only -2x materials ETF, so geared inverse exposure to the S&P 500's chemical, mining and packaging names runs through this one ticker.proshares.com
• 0.95% net of a waiver through September 30, 2027. That sits near the category median and level with ProShares stablemates PSQ and DOG, both 0.95% net under waivers to the same date.
• Listed since January 2007, so the daily-reset machinery has run through nearly two decades of commodity cycles. Long life for a geared inverse fund.

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

• SMN The -2x target applies to a single day. Hold longer and each day's return compounds, so the result can land well away from -2x the index's move over that stretch.proshares.com
• A small fund and thinly traded, which can make the cost of getting in and out matter more than the expense ratio.
• That 0.95% is a capped figure, not the raw cost: the gross ratio is 6.56%, with the waiver running through September 30, 2027.

Full DOG profile⁠

Full SMN profile⁠