ERY vs KOLD

ERYCDirexion Daily Energy Bear 2X ETF

KOLDBProShares UltraShort Bloomberg Natural Gas

In short

ERY A 2008-vintage way to lean against Big Oil: ERY aims for negative 200% of the daily move in the S&P 500's energy sector, shorting the stocks themselves rather than crude futures. Built as a single-day tool.

KOLD Natural 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

ERY The fund seeks daily investment results, before fees and expenses, equal to negative 200% of the Energy Select Sector Index. It is a leveraged inverse strategy intended for a single day rather than the index’s cumulative return over longer periods.

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

Why people hold it

• ERY Shorts the equity sector, not the barrel: the target index holds the S&P 500's oil, gas and energy-services names, so there is no futures roll to manage.sec.gov
• Listed in 2008, it has traded through multiple oil busts and remains one of the more actively traded names in a thin bear-energy corner.
• The contract is plain: negative 200% of the Energy Select Sector Index for a single day, before fees and expenses. Distributions are quarterly.

• KOLD 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

• ERY Daily reset: over multiple days results can drift well away from negative 2x the index's cumulative move, especially in choppy markets. Direxion frames it as a one-day position.direxion.com
• At 0.99% net of a waiver through September 1, 2027 (gross 1.04%), the fee sits near the category median and above DUG's 0.95%, net of a waiver through September 30, 2027.
• Short side, so a rising energy sector works against you at roughly twice the daily pace. Leverage cuts both directions.

• KOLD 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

Full ERY profile⁠

Full KOLD profile⁠