ETF Evaluator:
ProShares UltraShort Bloomberg Natrl Gas (KOLD)
Follow This ETF
(as of Aug 18)
Best Performing in Trading--Inverse Commodities Over the Last Year
| -0.2% | DB Agriculture Short ETN (ADZ) |
| -3.2% | ProShares UltraShort Bloomberg Natrl Gas (KOLD) |
| -4.6% | DB Agriculture Double Short ETN (AGATF) |
| -17.6% | DB Gold Short ETN (DGZ) |
| -23.3% | DB Base Metals Short ETN (BOS) |
Risk
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Risk
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ETF Details
ProShares UltraShort Bloomberg Natrl Gas Overview
ProShares UltraShort Bloomberg Natrl Gas (KOLD) is an actively managed Miscellaneous Trading--Inverse Commodities exchange-traded fund (ETF). ProShares launched the ETF in 2011.
The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the performance of the Bloomberg Natural Gas SubindexSM for a single day.
The fund seeks to meet its investment objective by investing in Natural Gas futures contracts. It may also invest in swaps if the market for a specific futures contract experiences emergencies or disruptions (e.g., a trading halt or a flash crash) or in situations where the Sponsor deems it impractical or inadvisable to buy or sell futures contracts (such as during periods of market volatility or illiquidity).
About ProShares UltraShort Bloomberg Natrl Gas (KOLD)
There are 1 members of the management team with an average tenure of 14.83 years: Management Team (2011). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Sub Natural Gas TR USD index with a weighting of -200%. ProShares UltraShort Bloomberg Natrl Gas has 3 securities in its portfolio. The top 10 holdings constitute 59.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares UltraShort Bloomberg Natrl Gas is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares UltraShort Bloomberg Natrl Gas has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares UltraShort Bloomberg Natrl Gas has 40.7% of the portfolio in cash.
Assets Under Management
The fund has $97 million in total assets, which is above the $73 million average for the Trading--Inverse Commodities category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
KOLD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares UltraShort Bloomberg Natrl Gas expense ratio is high compared to funds in the Trading--Inverse Commodities category. ProShares UltraShort Bloomberg Natrl Gas has an expense ratio of 1.43%, which is 56% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares UltraShort Bloomberg Natrl Gas has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 0% for the Trading--Inverse Commodities category.
Recently, in the month of July 2026, ProShares UltraShort Bloomberg Natrl Gas returned 32.0%, which earned it a grade of A, as the Trading--Inverse Commodities category had an average return of -6.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares UltraShort Bloomberg Natrl Gas has a trailing yield of 0.00%, which is equal to the 0.00% category average.
The fund normally distributes its income none.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares UltraShort Bloomberg Natrl Gas Grades
Year to date, the ETF has returned -17.2%, 9.7 percentage points better than the category, which translates into a grade of C. The fund has returned -3.2% over the past year (grade of A), 0.2% over the past three years (grade of A) and -30.3% per year over the past five years (grade of D) and -21.5% per year over the past 10 years (grade of D).
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KOLD Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KOLD Return (NAV) | 32.0% | 13.3% | -3.2% | 0.2% | -30.3% | -21.5% |
| KOLD Return (Price) | 29.5% | 11.7% | -5.0% | 0.1% | -30.4% | -21.7% |
| NAV +/- Price Return | 2.482% | 1.600% | 1.858% | 0.121% | 0.047% | 0.203% |
| Trading--Inverse Commodities Avg | -6.2% | 12.2% | -43.9% | -26.7% | -24.6% | -18.7% |
| KOLD Grade (NAV) | A | C | A | A | D | D |
| +/- Category (NAV) | 38.3% | 1.1% | 40.8% | 27.0% | -5.7% | -2.8% |
| KOLD Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
KOLD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KOLD Return (NAV) | -17.2% | -17.9% | -9.3% | 256.0% | -89.1% | -74.0% | 23.5% | 78.3% | -45.3% | 70.9% | -50.4% |
| KOLD Return (Price) | -16.8% | -17.5% | -11.3% | 249.8% | -88.6% | -74.4% | 22.0% | 82.9% | -46.5% | 72.0% | -50.5% |
| NAV +/- Price Ret | -0.021% | -0.025% | 0.225% | -0.024% | -0.005% | 0.006% | -0.064% | 5.9% | 2.7% | 1.6% | 0.3% |
| Trading--Inverse Commodities Avg | -26.8% | -28.5% | -13.2% | 15.5% | -24.9% | -32.2% | -22.8% | -10.8% | 13.9% | -7.1% | -25.7% |
| KOLD Grade (NAV) | C | C | C | A | F | F | A | A | F | A | F |
| +/- Category | 9.7% | 10.6% | 3.9% | 240.5% | -64.2% | -41.8% | 46.3% | 89.1% | -59.1% | 78.0% | -24.6% |
| Risk Measures | |
| Beta: | -2.88 |
| R-Squared: | 14% |
| Standard Deviation: | 106.0% |
| Category Risk Index: | 2.38 |
| Category Risk Rating: | High |
| Total Risk Index: | 8.64 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 97 Mil |
| Share Class Assets: | $ 97 Mil |
| Turnover: | na |
| Expense Ratio: | 1.43% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Sub Natural Gas TR USD |
| Index Weighting: | -200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | None |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 14.8 years | |||
| Average Tenure: 14.8 years | |||
| Managers (Year): Team Management (2011) | |||
Portfolio Composition (as of 12/31/23)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 59.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 59.3% |
| Cash: | 40.7% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | ProShares |
| Phone Number: | 240-497-6400 |
| Website: | www.proshares.com |
| Inception Date: | October 4, 2011 |
Expenses and Fees
| Expense Ratio (%): | 1.43% (Rating: High) |
| Category Average Expense Ratio (%): | 0.92% |
