How to invest in ProShares ETFs?

You can buy ProShares ETFs through most brokerage platforms.

What does the KOLD ETF track?

The ProShares UltraShort Bloomberg Natural Gas ETF tracks the Bloomberg Natural Gas Sub-Index. It seeks to achieve daily investment results that correspond to two times the inverse (-2x) of the daily performance of the underlying index.

How to Buy ProShares UltraShort Bloomberg Natural Gas ETF (KOLD)

Q: What is the ProShares UltraShort Bloomberg Natural Gas ETF?

The ProShares UltraShort Bloomberg Natural Gas ETF is an exchange-traded fund that seeks to provide daily investment results corresponding to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex.

Q: Is KOLD a leveraged ETF?

Yes, the ProShares UltraShort Bloomberg Natural Gas ETF is a leveraged ETF. It seeks to deliver twice the inverse daily performance of the Bloomberg Natural Gas Subindex. This means it aims to provide short-term exposure to natural gas price declines with a leveraged effect.

How to Invest in ProShares UltraShort Bloomberg Natural Gas ETF (KOLD)

By Rachel Warren – Updated Feb 24, 2026 at 5:44 PM EST | Fact-checked by Margo Winton Parodi

Key Points

KOLD ETF aims to provide -2x daily returns of the Bloomberg Natural Gas Sub-Index.
The ETF is designed for short-term trading, not long-term holding.
Investing in KOLD comes with high risk due to its leveraged, inverse nature.

The ProShares UltraShort Bloomberg Natural Gas ETF (KOLD -5.64%) is an exchange-traded fund (ETF) that seeks to provide daily investment results corresponding to twice the inverse (or -200%) of the daily performance of the Bloomberg Natural Gas Sub-Index. In essence, if the natural gas market goes up, the ETF's price would go down, and vice versa, with a magnified effect due to the -2x leverage.

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NYSEMKT: KOLD

ProShares Trust II - ProShares UltraShort Bloomberg Natural Gas

Today's Change

(-5.64%) $-1.33

Current Price

$22.26

Key Data Points

Day's Range

$22.02 - $23.54

52wk Range

$13.44 - $49.47

Volume

3.4M

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The ProShares UltraShort Bloomberg Natural Gas ETF is operated by ProShares, a leading provider of ETFs offering a wide range of products across different asset classes, sectors, and market segments. ProShares is known for numerous products, including its leveraged ETFs (seeking to amplify returns) and inverse ETFs (designed to provide opposite returns to the underlying index).

This guide will tell you everything you need to know about investing in the ProShares UltraShort Bloomberg Natural Gas ETF.

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What is the ProShares UltraShort Bloomberg Natural Gas ETF?

The KOLD ETF primarily invests in natural gas futures contracts and potentially swaps. As an inverse ETF, this means that the ProShares UltraShort Bloomberg Natural Gas ETF aims to go up when the Bloomberg Natural Gas Subindex goes down, and vice versa. This ETF is also leveraged, meaning it amplifies the daily performance of the index by a factor of 2.

The Bloomberg Natural Gas Subindex tracks the price performance of natural gas futures contracts, which are agreements to buy or sell a specific quantity of natural gas at a predetermined price on a future date. In certain situations, such as market emergencies or disruptions, the KOLD ETF may also invest in swaps, which are agreements between two parties to exchange cash flows based on the performance of an underlying asset -- in this case, natural gas.

Since ProShares UltraShort Bloomberg Natural Gas ETF is a leveraged and inverse ETF, it is not designed for long-term holding. Its returns are not guaranteed to track the benchmark over longer periods due to factors like daily compounding and potential rolldowns of futures contracts.

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Exchange-Traded Fund (ETF)

An exchange-traded fund, or ETF, allows investors to buy many stocks or bonds at once.

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How to buy ProShares UltraShort Bloomberg Natural Gas ETF

Buying shares of the ProShares UltraShort Bloomberg Natural Gas ETF is fast and easy. Here's what you need to do.

Open your brokerage account: Log in to your brokerage account where you handle your investments. If you don't have one yet, take a look at our favorite brokers and trading platforms to find the right one for you.
Search for the ETF: Enter the ticker "KOLD" into the search bar to bring up the ETF's trading page.
Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this ETF.
Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
Submit your order: Confirm the details and submit your buy order.
Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.

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Holdings of ProShares UltraShort Bloomberg Natural Gas ETF

Like the Bloomberg Natural Gas Subindex, the ProShares UltraShort Bloomberg Natural Gas ETF invests in natural gas futures contracts, which are agreements to buy or sell natural gas at a future date and price.

As of late 2025, the ETF had a -199.98% exposure weight to natural gas futures with an expiration date of January 2026. The ETF's net assets total $151.5 million.

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Should you invest in ProShares UltraShort Bloomberg Natural Gas ETF?

Investing in the ProShares UltraShort Bloomberg Natural Gas ETF will depend on your personal risk tolerance level and investment goals.

The ETF moves in the opposite direction and at twice the magnitude of the Bloomberg Natural Gas Sub-Index's daily fluctuations, and it uses financial instruments (like futures contracts) to amplify its exposure to the natural gas market. This can result in potentially higher gains or losses compared to a non-leveraged ETF.

This ETF is designed to be used as a tactical trading tool and is not intended to be held for extended periods. Its returns are designed to be based on a daily performance rather than a longer-term view.

The ETF's structure means that it is highly susceptible to market volatility and can experience significant price swings. The "UltraShort" designation indicates that the ETF's performance is designed to be the inverse of the natural gas market. This means it will benefit if the price of natural gas falls and be hurt if it rises.

For investors focused more on short-term gains who are experienced in futures trading and have a strong risk appetite, the ProShares UltraShort Bloomberg Natural Gas ETF may be an ETF to consider. However, for long-term investors focused on a buy-and-hold strategy, this ETF is likely not a suitable choice.

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Does ProShares UltraShort Bloomberg Natural Gas ETF pay a dividend?

ProShares UltraShort Bloomberg Natural Gas does not currently pay a dividend. It's designed to track the negative daily performance of the Bloomberg Natural Gas Subindex, not to distribute dividends.

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What is ProShares UltraShort Bloomberg Natural Gas ETF’s expense ratio?

This ProShares ETF has an expense ratio of 0.95%, on the higher end of ETF expense ratios. A $10,000 investment in this ETF would incur an annual fee of approximately $95.

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Expense Ratio

A percentage of mutual fund or ETF assets deducted annually to cover management, operational, and administrative costs.

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Historical performance of ProShares UltraShort Bloomberg Natural Gas ETF

Let's see how the ProShares UltraShort Bloomberg Natural Gas ETF has delivered on its objective through the years since its inception in 2011.

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Data source: ProShares.
Fund	1Y	3Y	5Y	10Y	Since Inception
KOLD Market Price	-60.01%	50.94%	-35.54%	-22.65%	-11.41%
KOLD NAV	-60.14%	51.40%	-35.64%	-22.69%	-11.43%

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The bottom line

The ProShares UltraShort Bloomberg Natural Gas ETF primarily invests in natural gas futures contracts to achieve its investment objective. The leveraged nature of the ProShares UltraShort Bloomberg Natural Gas ETF means that it can potentially generate large returns in a short period if the price of natural gas futures contracts falls significantly.

Investing in leveraged and inverse ETFs involves high risk and should be considered only by investors with a high tolerance for volatility and potential losses. Due to the daily reset and potential for significant deviations from the target over time, ProShares UltraShort Bloomberg Natural Gas ETF is likely not ideal for investors with long-term, buy-and-hold strategies.

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FAQ

Investing in ProShares UltraShort Bloomberg Natural Gas ETF FAQ

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About the Author

Rachel Warren is a contributing Motley Fool stock market analyst covering pharmaceuticals, biotechnology, medical devices, information technology, and consumer goods. Prior to The Motley Fool, Rachel was a paralegal and legal administrator. She holds a bachelor’s degree in paralegal studies from Liberty University School of Law.

TMFRachelW

Rachel Warren has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

How to Invest in ProShares UltraShort Bloomberg Natural Gas ETF (KOLD)

Key Points