Share-split context: A reverse split was recorded on May 24, 2018 with coefficient 0.25. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The ProShares Short Dow30 (DOG) is an "inverse" ETF. This means it is designed to move in the opposite direction of the Dow Jones Industrial Average. If the Dow Jones goes down, this ETF is designed to go up.

What the numbers show

The current price of the ETF is $22.20 as of October 7, 2026. Because this ETF has a history of share splits, we look at split-adjusted returns to see how it has performed.

• Year-to-Date (YTD): The price return is -5.49%, while the total return is -3.65%.

• One Year: The price return is -8.42%, and the total return is -5.59%.

• Three Year: The price return is -33.65%, and the total return is -25.06%.

Price return only measures the change in the share price. Total return is a different measure that includes the distributions paid out to investors.

Income and distribution explanation

DOG pays distributions usually every quarter. Over the last 12 months, it has paid out 4 times. The distribution yield is approximately 3.12%.

It is important for beginners to know that a high distribution yield alone can be misleading. A fund can pay out cash while the share price is falling. In this case, the total returns are lower than the distribution yield suggests.

NAV erosion explanation

This ETF has a "reverse split" in its history. A reverse split happens when multiple old shares are combined into fewer new shares. This makes the price per share go up mechanically, but it does not restore any lost investment value.

The ETF has an erosion-risk score of 75, which is labeled as "mild price erosion." NAV erosion happens when the underlying value of a fund's assets declines over time. While the severe erosion-risk flag is false for this fund, the erosion score indicates a mild risk.

Pros

• Provides a way to bet against the Dow Jones Industrial Average.

• Provides regular quarterly cash distributions.

Cons

• Negative price and total returns over the short and long term (1-year and 3-year).

• History of a reverse split.

• An income rating grade of "D."

Beginner takeaway

DOG is an inverse fund, meaning it behaves differently than a standard stock fund. While it pays a distribution yield of about 3.12%, the share price has declined over the last three years. Income investors generally care about "principal stability," which means they want their original investment to stay steady while they collect income. This fund has shown mild price erosion risk and negative total returns.