ProShares - UltraShort Bloomberg Natural Gas
BThis 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.
$23.85−1.27 (−5.06%)
- 0.95%
- $148M
- −31.5%
- 2.9M sh
- $25.08
- low $13.44high $49.47
The ETF.net KOLD Grade
B
Score 58 out of 100
- 2 of 5
Score 58 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.A76 out of 100Rank 1 of 5Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D39 out of 100Rank 4 of 5Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C43 out of 100Rank 4 of 5Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B58 out of 100Rank 2 of 5
Our read on KOLD
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.
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
- Other
- 1
- 100%
- Net Other Assets (Liabilities)
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$6,847
Returns run to the Oct 12, 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.
| Period | KOLD |
|---|---|
| Year to date | −28.8% |
| 1 month | −16.4% |
| 3 months | −6.8% |
| 1 year | −31.5% |
| 3 years | +3.6% |
| 5 years | −19.7% |
| 10 years | −21.7% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | KOLD |
|---|---|---|
| 2026 YTD | −28.8% | |
| 2025 | −17.5% | |
| 2024 | −11.3% | |
| 2023 | +249.9% | |
| 2022 | −88.6% | |
| 2021 | −74.4% | |
| 2020 | +22.1% |
KOLD in the news
KOLD Dividends
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.
- 104.6%
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.
- 0.43
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.
- −96.4%
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.
- −3.29
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
0.95%
KOLD0.95%
- The middle half of Inverse Energy funds
- Median 1.03%
No Inverse Energy fund charges less.
Other funds in Inverse Energy
- BSCOProShares - UltraShort Bloomberg Crude OilExpense ratio 0.95%1 year return −76.8%
- CERYDirexion Daily Energy Bear 2X ETFExpense ratio 1.04%1 year return −62.2%
- CDRIPDirexion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETFExpense ratio 1.03%1 year return −66.0%
- DDUGProShares UltraShort EnergyExpense ratio 1.41%1 year return −62.3%