Share-split context: This ETF has both forward- and reverse-split history. The most recent recorded event was on Apr 11, 2024 with coefficient 2. Current price-return figures are already split-adjusted. Forward splits receive no automatic performance penalty; reverse-split history remains a separate structural warning.

What this ETF is trying to do

The ProShares UltraShort Bloomberg Natural Gas -2x Shares (KOLD) is a specialized ETF. It is both "inverse" and "leveraged." This means it is designed to move in the opposite direction of natural gas prices, and it tries to multiply that movement by two. Essentially, it is built for investors who believe the price of natural gas will go down.

What the numbers show

The current price of KOLD is $24.84 as of October 7, 2026. Because this ETF has a history of share splits, we look at split-adjusted returns to see how it has performed.

• Year-to-Date (YTD): The price return and total return are both approximately -29.57%.

• One Year: The price return and total return are both approximately -19.19%.

• Three Year: The price return and total return are both approximately 7.30%.

• Five Year: The total return is approximately -63.63%.

This ETF has a "mixed" split history, meaning it has had both forward splits (where one share becomes multiple shares) and reverse splits (where multiple shares combine into fewer shares). The most recent split happened on April 11, 2024, with a coefficient of 2.

Income and distribution explanation

KOLD does not currently provide a way to earn regular cash income. The distribution yield is 0%, and there have been no payouts in the last 12 months. Because of this, it has an income rating grade of "F."

NAV erosion explanation

"NAV erosion" happens when the value of an ETF's underlying assets wears away over time. This is a common risk for leveraged and inverse funds. KOLD has an erosion-risk score of 55, which is labeled as "moderate price erosion." While there is no "severe erosion-risk flag" active, the moderate score suggests some risk to the fund's long-term price stability.

Pros

• It provides a way to potentially profit if natural gas prices fall.

• It has shown a positive total return over a three-year window (approximately 7.30%).

Cons

• It has experienced significant losses over the last year and five years.

• It provides no cash distributions or income for the investor.

• It carries a moderate risk of price erosion.

Beginner takeaway

KOLD is not a traditional "buy and hold" investment for a retirement account. It is a high-risk tool used to bet against natural gas. New investors should know that leveraged inverse ETFs can lose value quickly, and a high distribution yield (which KOLD does not have) can sometimes hide a falling share price. Always look at the total return and erosion-risk scores to understand the full picture.