ProShares UltraShort Bloomberg Natural Gas

Based on the available data, KOLD presents a highly speculative and high-risk profile unsuitable for most mainstream investors.

Final Recommendation: NOT WORTH BUYING for long-term holding.

KOLD is designed as a tactical, short-term trading instrument for sophisticated traders who can actively manage extreme volatility. As a leveraged ETF, it is highly susceptible to value decay over time through mechanisms like contango, making it inappropriate as a buy-and-hold investment. The complete lack of fundamental financial data further removes any traditional anchor for valuation, leaving investors purely exposed to the volatile swings of natural gas futures. For the vast majority of investors seeking capital appreciation, the risks of significant and rapid loss of capital far outweigh the potential for short-term gains.

RockFlow Model Forecast: Three Scenarios for 2026

Based on the analysis provided, here is a 12-month outlook for KOLD:

The primary catalyst for KOLD would be a significant and sustained decline in natural gas prices, which could be driven by factors such as warmer-than-expected weather reducing heating demand or a sharp increase in production. However, the overwhelming risk is structural decay; as a leveraged ETF, KOLD is engineered to lose value over time due to the daily rebalancing of its derivatives and the persistent contango typically seen in natural gas futures markets. This makes the fund unsuitable for a 12-month holding period, as the path of natural gas prices would need to fall perfectly and consistently to overcome this built-in erosion. Given its speculative nature and the lack of a traditional analyst target price, a 12-month price prediction is not meaningful, as the fund's value is highly likely to deteriorate significantly over that timeframe.

Wall Street Consensus

Most Wall Street analysts are optimistic about ProShares UltraShort Bloomberg Natural Gas's 12-month outlook, with consensus target around $22.39, indicating expected upside potential.

Overall, KOLD has investment potential but also faces challenges. Here are key factors to weigh before investing.

KOLD has experienced significant underperformance with substantial volatility over the past year, highlighted by a severe 72.5% maximum drawdown. The stock's negative beta of -5.24 indicates it moves inversely to the market with extreme leverage.

The security has suffered dramatic short-term declines, dropping 52.1% over one month and 18.74% over three months. This represents substantial underperformance versus the broader market, as evidenced by the -18.72% relative strength figure.

Currently trading at $22.11, KOLD sits approximately 55% below its 52-week high of $49.47 but remains 64% above its annual low of $13.44. While not at oversold extremes, the position reflects partial recovery from recent sharp declines amid ongoing volatility.

Based on the information provided, a fundamental analysis cannot be conducted for KOLD. There is no quarterly report data or financial ratios available for review.

Without access to financial statements, it is impossible to assess the company's financial health, including its debt levels or cash flow situation. The absence of this data precludes any meaningful evaluation of its balance sheet strength.

Similarly, a lack of operational metrics such as ROE or asset turnover makes an analysis of operational efficiency unfeasible. A fundamental review would require the disclosure of this essential financial information.

Valuation Level: KOLD's valuation cannot be assessed using traditional equity metrics as all key ratios are unavailable. This is typical for leveraged ETFs which track derivatives rather than generating earnings or book value directly. The fund's value is primarily driven by futures contract positioning and natural gas price volatility rather than fundamental business performance.

Peer Comparison: Without industry average data for comparison, no meaningful peer analysis can be conducted for this specialized leveraged ETF product. KOLD operates in a unique segment where conventional industry benchmarks don't apply, as it's designed specifically to provide inverse leveraged exposure to natural gas prices rather than representing an operating company in the energy sector.

Volatility Risk: KOLD exhibits extreme volatility risk, as evidenced by its deeply negative beta of -5.24, indicating it moves with high magnitude in the opposite direction of the broader market. This elevated sensitivity is further compounded by a severe maximum drawdown of -72.5% over the past year, highlighting the potential for significant capital erosion during adverse market movements.

Other Risks: While the absence of reported short interest mitigates one source of external pressure, the fund's inherent nature as a leveraged vehicle specializing in natural gas creates substantial structural and liquidity risks. Its performance is highly dependent on the contango or backwardation of futures contracts, which can lead to persistent value decay unrelated to the spot price of the underlying commodity.