DOG is a simple bet against the Dow Jones Industrial Averageperhaps the most famous index in the worldwith an intended duration of 1 day. The fund is designed to deliver the inverse performance of the 30 large-cap, well-known firms in the DJIA, weighted by price. This inverse exposure is daily, and anyone holding for longer than a day will not necessarily see the proportional, inverse performance they expect. Investors who do not have the expertise or knowledge needed to execute on this strategy should avoid DOG. Since the fund is typically a trading vehicle, the annual expense ratio is of less concern than all in trading costs.