KOLD is the inverse of BOIL — a 2x leveraged inverse ETF that profits when natural gas prices fall. It seeks daily returns of -200% of the Bloomberg Natural Gas Subindex. KOLD is popular during spring and summer months when natural gas demand typically decreases. Traders often pair KOLD and BOIL as seasonal plays. Like all leveraged inverse ETFs, it is designed for short-term trading and is subject to volatility decay over longer holding periods.
ProShares UltraShort Bloomberg Natural Gas 2X ETF (KOLD) is currently trading at $29.94. Over the past 52 weeks, KOLD has traded between a low of $13.44 and a high of $49.47. Average daily volume is approximately 2.6M.
KOLD is the inverse companion to BOIL — it delivers minus-two-times the daily performance of the Bloomberg Natural Gas Subindex. When natural gas drops 1%, KOLD aims to gain 2%. It uses short futures positions and swap contracts to achieve the inverse exposure. Like BOIL, it resets daily, and the natural gas roll dynamic works in its favor when the curve is in contango — the most common state. This means KOLD can grind upward over time even in a flat natural gas market, while BOIL grinds down. That said, a sharp winter rally in natural gas can wipe out months of contango gains in days.
KOLD attracts traders who believe natural gas is overvalued or who want to hedge a long natural gas position. The seasonal pattern is the inverse of BOIL — KOLD traders often build positions in late winter expecting the spring crash, hold through summer when demand is weak, and exit in early fall before the next heating-season speculation cycle. It is also used as a counter-trade against BOIL holders during severe weather events that have already played out. Long-term holders need to understand: a polar vortex week can erase a year of KOLD gains.
KOLD performs best during the natural gas off-season (March through September), when weather demand collapses and the futures curve stays in contango. Watch for warm winter forecasts revising downward — that is when KOLD spikes hardest. EIA storage reports on Thursday mornings move it inversely to BOIL. Major weather event resolution (a cold snap ending, hurricane missing production zones) tends to fuel sharp KOLD rallies. Avoid holding KOLD into a deep-winter cold-weather setup — the asymmetry runs against the short side.
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