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KOLD

GradeBNew York Stock Exchange Arca

ProShares - UltraShort Bloomberg Natural Gas

Leveraged · Leveraged & Inverse · ProShares · Inception 2011-10-04 · SEC filings

This 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.

$26.79+0.24 (+0.90%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 26.55 to 26.79. Range 26.38 to 27.38. Use the arrow keys to read each point.$26.40$27.2010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$107M
1Y return
−34.2%
Yield · Last 12 months
—
Holdings
2
Volume · 30D
2.8M sh
NAV per share
$28.70
52W range
low $13.44high $49.47

The ETF.net KOLD Grade

B

58/ 100

Rank 2 of 5 in Inverse Energy⁠

Confidence Low

Six-pillar profile for KOLD. Scores out of 100: Cost 76, Risk 39, Mission not scored, Tradability 43, Holdings not scored, Durability 55. Strongest: Cost (76). Weakest: Risk (39). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 58 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 76
    Category rank1/5 · top 20%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 39
    Category rank4/5 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 43
    Category rank4/5 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 55
    Category rank2/5 · top 40%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on KOLD

ETF.net Research

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

  1. 01Targets 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
  2. 02A 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.
  3. 03Trading since 2011, it is an established and actively traded name in a corner of the market where thin volume is the norm.
  4. 04Sits in the upper half of its small peer group of leveraged bear energy funds on cost and structure.

Worth knowing

  1. 01The 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
  2. 02Natural 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.
  3. 03It 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

As of Sep 20, 2026, 6:50 AM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Net Other Assets (Liabilities)100.00%107,162,709$107M162

Showing 1–1 of 1 holdings

KOLD Performance

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

KOLD$6,582
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. KOLD $6,582. SPY $11,723. Use the arrow keys to read each point.$3,767$8,319$12,871Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−24.7%
1 month−13.7%
3 months+19.8%
1 year−34.2%
3 years−5.9%per year
5 years−25.1%per year
10 years−22.3%per year

As of the close, 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−24.7%
2025−17.5%
2024−11.3%
2023+249.9%
2022−88.6%
2021−74.4%
2020+22.1%

KOLD in the news

ETF.net Research hasn’t filed on KOLD yet — coverage lands here as it’s written.

KOLD Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

KOLD Risk

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.
104.7%
Annualised · 36 months to Aug 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.
0.48
vs 3-month T-bills · to Aug 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.

KOLD Cost

Expense ratio0.95%
  • The middle half of Inverse Energy funds
  • Median 1.03%

No Inverse Energy fund charges less.

KOLD costs $95.00 a year on $10,000. The median Inverse Energy fund costs $103.00.