KOLD -2x ProShares UltraShort Bloomberg Natural Gas

BEAR ETV standard · Issuer ProShares · Tracks Natural Gas (UNG) · Listed 2011-10-04

Quote & options All leveraged ETFs

Implied AUM

$189.0M

shares out × price

Last close

$29.38

20261001

30-day avg volume

2,991,435

options listed →

KOLD realized

—

what holders actually earned

Theoretical -2x

—

-2x × Natural Gas's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x Natural Gas

Cumulative return of KOLD against a clean -2x of Natural Gas's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: BOIL (+2x bull, ProShares Ultra Bloomberg Natural Gas)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Natural Gas

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
BOIL	+2x	BULL	ProShares	ProShares Ultra Bloomberg Natural Gas	$257.4M	6,095,362	✓

How KOLD works

KOLD targets -2x the daily return of Natural Gas — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.