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Launched · SEC filings

ProShares UltraShort Bloomberg Natural Gas

KOLDNYSE ArcaProSharesBThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$33.74+0.16 (+0.48%)

At close: Nov 2, 2026, 4:00 PM ET

B55/ 100

Rank 3 of 5 in Inverse Energy

B55/100Rank 3 of 5inInverse Energy
Intraday session: up, 79 prints from 33.58 to 33.74. Range 32.18 to 34.13. Use the arrow keys to read each point.32.5033.0034.0010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$55M
1Y total return
+3.9%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
2.89M sh
52W range
low $13.44high $49.47
Launched
Filings
SEC EDGAR

The ETF.net KOLD Grade

Based on 4 of 6 pillars

B

Score 55 out of 100

Category
Inverse Energy⁠
Rank
3 of 5
Six-pillar profile for KOLD. Scores out of 100: Cost 65, Risk 40, Mission not scored, Tradability 52, Holdings not scored, Durability 54. Strongest: Cost (65). Weakest: Risk (40). Based on 4 of 6 pillars.

Score 55 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B65 out of 100
    Rank 1 of 5

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C40 out of 100
    Rank 4 of 5

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C52 out of 100
    Rank 2 of 5

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C54 out of 100
    Rank 2 of 5

Our read on KOLD

ETF.net Research

In short

BNatural gas is the most temperamental commodity on the board, and KOLD is the instrument built to lean against it: two times the inverse of the Bloomberg Natural Gas Subindex, reset every single day.

Stated mandate

The fund seeks daily results equal to two times the inverse performance of the Bloomberg Natural Gas Subindex.

Why people hold it

  • Targets two times the inverse of the daily move in the Bloomberg Natural Gas Subindex: a direct short on gas futures, not on energy stocks the way DRIP and ERY are.proshares.com
  • A 0.95% expense ratio sits at the low end of the leveraged bear energy shelf, matching ProShares stablemate SCO and undercutting DRIP, ERY and DUG.
  • Trading since 2011, it is an established and actively traded name in a corner of the market where thin volume is the norm.
  • Sits in the upper half of its small peer group of leveraged bear energy funds on cost and structure.

Worth knowing

  • The exposure resets daily. Hold it past a day and compounding takes over, so results over a week or a month can differ sharply from twice the inverse of the index move.proshares.com
  • Natural gas swings hard on weather and storage news. Doubling the inverse of that means outsized moves in both directions, which is why the risk profile screens high.
  • It is a commodity pool rather than a standard 1940 Act fund, and it makes no regular distributions, so tax paperwork differs from a stock ETF. The prospectus spells it out.proshares.com

KOLD Holdings

Asset class
Other
Holdings
1
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataNet Other Assets (Liabilities)100.00%58,076,602$58.1M151

Showing 1–1 of 1 holdings

KOLD Performance

Launched Oct 4, 2011

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

KOLD$10,393
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. KOLD $10,393. SPY $11,199. Use the arrow keys to read each point.$5,000$10,000$15,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for KOLD. Periods over one year show the average yearly return.
PeriodKOLD
Year to date−4.8%
1 month+18.9%
3 months+14.5%
1 year+3.9%
3 yearsper year+14.4%
5 yearsper year−13.9%
10 yearsper year−21.0%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for KOLD
YearReturn barKOLD
2026 YTD−4.8%
2025−17.5%
2024−11.3%
2023+249.9%
2022−88.6%
2021−74.4%
2020+22.1%

KOLD in the news

KOLD Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

KOLD Risk

Risk pillarC40 out of 100Rank 4 of 5 in Inverse Energy

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
103.3%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.58
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−96.4%
Trough Aug 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−3.29
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

KOLD Cost

Tied cheapest in Inverse Energy

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • KOLD 0.95%

    $17,869

$10,000
30 years

Cost over time

  • KOLD 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KOLD $17,869

Year by year

YearKOLD
10$1,678
20$6,322
30$17,869

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