KOLD, the ProShares UltraShort Bloomberg Natural Gas, is a $123 million ETF whose main story is geopolitical supply. Over the past year it returned −15.0%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Geopolitical supply →
Oil and the companies that produce, move and refine it, priced partly on the risk that supply is cut off.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLE | 37.4% | $39.13bn | +46.1% | 0.08% |
| 2 | AMLP | 12.1% | $12.62bn | +22.2% | 1.01% |
| 3 | VDE | 9.6% | $10.01bn | +44.9% | 0.09% |
| 4 | GUNR | 6.5% | $6.84bn | +24.8% | – |
| 5 | GNR | 4.8% | $5.07bn | +29.1% | – |
| 83 other ETFs | 29.6% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 88 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| KOLD | +0.9% | +18.4% | −21.3% | −15.0% | −5.0% | −18.6% |
| Geopolitical supplyits narrative | −4.2% | +13.8% | +36.3% | +39.7% | +16.9% | +20.3% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on October 6, 2011: −11.8% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if KOLD traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
KOLD moves largely apart from the market. When the market has moved 1%, KOLD has tended to move 0.72%.
KOLD moves largely apart from geopolitical supply. When geopolitical supply has moved 1%, KOLD has tended to move 0.10% the other way.
Weekly returns over 157 weeks. The narrative is measured without KOLD in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Geopolitical supply
Each dot is one of 48 unlevered ETFs whose main narrative is geopolitical supply, placed by its return (up) and how much it swung (right) over the last year. KOLD is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
KOLD is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the inverse of the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because inverse exposure is excluded.
Narrative exposure
Common questions
What story is KOLD selling?
KOLD’s main story is geopolitical supply, which covers oil and the companies that produce, move and refine it, priced partly on the risk that supply is cut off.
Which ETFs compete with KOLD?
The ETFs whose weekly returns move most like KOLD’s over the past 3 years are FMF (0.36), EPSB (0.35) and HWSM (0.33).
How has KOLD performed against its story?
Over the past year KOLD returned −15.0%, the ETFs carrying geopolitical supply +39.7% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of -0.02 with the story. Past performance only.
Run an ETF in geopolitical supply? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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