At a glance
BOIL charges 0.95% a year. It has $307.4M in assets. Over the past year it returned −39.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned −62.1% a year. At its worst it fell 34.7% in the 2020 crash (S&P 500: 33.7%) and 69.5% in the 2022 bear market (S&P 500: 24.5%).
The short version
ProShares Ultra Bloomberg Natural Gas (BOIL) aims to deliver twice (2x) the daily move of a Bloomberg index of natural gas futures, before fees. It is a commodity pool, not a standard fund, and it resets its leverage every day, so it is built for short-term trading of natural gas price swings. That daily reset, plus a 0.95% expense ratio, helps explain an average loss of about 70.8% a year over the five years to October 27, 2026.
Price history
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BOIL -39.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BOIL price data to Oct 27, 2026 | -23.8% | -39.6% | -62.1% | -70.8% | -56.6% | -55.9% |
- Over the year to Oct 27, 2026, BOIL returned -39.6%.
- Its 5-year annualized return was -70.8% and its 10-year -56.6%.
- In the 2020 COVID crash it fell 34.7% and regained its old high 17.8 months after the low.
- Its worst full calendar year was 2023 (-92.0%); its best was 2021 (+23.8%).
- The deepest fall in its price history was 100% (Oct 14, 2011 to Jan 9, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -23.8% |
| 2025 | -59.0% |
| 2024 | -60.8% |
| 2023 | -92.0% |
| 2022 | -31.9% |
| 2021 | +23.8% |
| 2020 | -74.7% |
| 2019 | -67.7% |
| 2018 | -20.6% |
| 2017 | -65.7% |
| 2016 | +2.6% |
| 2015 | -70.7% |
| 2014 | -59.8% |
| 2013 | +0.1% |
| 2012 | -61.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.5% over that stretch · deepest drop along the way 34.7%, back to its old high 17.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 72.9% over that stretch · deepest drop along the way 69.5%, not recovered by the end of the data |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $307.4M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
BOIL seeks daily results, before fees and expenses, equal to two times (2x) the daily performance of its benchmark. The benchmark is an index of natural gas futures contracts, which are agreements to buy gas at a set price on a future date. The fund does not buy natural gas. It uses futures contracts, swap agreements and similar contracts, backed by cash and Treasury bills. The sponsor warns that the index can move very differently from the price of physical gas, sometimes even in the opposite direction.
The 2x target applies to a single day only, measured from one net asset value (NAV) calculation to the next. The fund resets its exposure each day. Over longer periods, daily returns compound, so results can differ sharply from 2x the index, and choppy prices can wear value down even when gas ends roughly flat. The sponsor says volatility may matter as much as the index's return. Expiring futures must also be rolled into later contracts, and the price gap between contracts can add to or subtract from returns.
BOIL is a series of ProShares Trust II, a Delaware statutory trust. ProShare Capital Management LLC is the sponsor and the commodity pool operator, registered with the CFTC. The fund is not registered under the Investment Company Act of 1940. Large firms called Authorized Participants create and redeem shares in blocks of 50,000. The fund carried out a 1:20 reverse split on June 23, 2023 and a 1:5 reverse split on November 7, 2024.
What it really costs
- BOIL charges 0.95% a year.
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
BOIL resets its 2x leverage every day, pays no income and lost nearly all its value over its history, so it is built for short-term trades rather than long-term holding.
BOIL offers no income. The fund has recorded no distributions. What it offers is sharp, short-term exposure to natural gas prices, and its record shows how costly holding it can be. In the 2020 COVID crash it fell 34.7% and took 17.8 months to recover, by September 13, 2021. During the 2022 bear market it gained 72.9% overall, yet it also fell 69.5% between June 6 and July 5, 2022, and had not recovered as of October 27, 2026. Its worst calendar year was 2023, at -92%. From October 2011 to January 9, 2026, it lost nearly all its value. Anyone forced to sell in a bad stretch could lock in losses that later gains never repay. The 0.95% expense ratio and Schedule K-1 tax forms add to the burden. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want twice the daily move of natural gas futures for a day or a few days, and who watch positions closely.
- Traders comfortable with extreme swings: one-year volatility was 95.2% as of October 27, 2026, and losses can approach the full investment.
- Traders set up for partnership tax reporting, since this commodity pool issues a Schedule K-1 instead of a 1099.
Look elsewhere if
- Buy-and-hold or retirement investors: the daily reset contributed to losses of 92% in 2023, 60.75% in 2024 and 58.98% in 2025.
- Anyone looking for income, since the fund has recorded no distributions.
- Investors who want simple tax forms or the protections of a 1940 Act fund, which this commodity pool lacks.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is BOIL a good long-term investment?
Its design and record make it a poor fit for long-term holding. BOIL targets 2x the daily move of natural gas futures and resets every day, and the sponsor says it is meant for knowledgeable investors who monitor their positions. Over the five years to October 27, 2026, it lost about 70.8% a year on average, close to 100% in total. It fell in every calendar year from 2022 through 2025, including -92% in 2023.
Does BOIL track the price of natural gas?
Not directly. BOIL aims for twice the daily move of a Bloomberg index built from natural gas futures contracts, not the price of physical gas. The sponsor warns that the index's daily performance will likely differ a lot from the physical commodity, possibly even in direction. Rolling expiring contracts into later ones can add to or take from returns, and the daily reset means results over several days can stray far from 2x.
Does BOIL pay dividends?
No. The fund has recorded no distributions. Taxes can still be due, though. BOIL is a commodity pool taxed as a partnership, so holders get a Schedule K-1 rather than a 1099. They may owe tax on their share of the fund's gains each year, even if they don't sell and receive no cash. Costs include a 0.95% expense ratio for the period to June 30, 2026, plus brokerage commissions and other fund costs.
Why does BOIL keep doing reverse splits?
Reverse splits raise the share price after steep declines by combining shares, without changing the value of a holder's investment. BOIL carried out a 1:20 reverse split effective June 23, 2023, and a 1:5 reverse split effective November 7, 2024. Each time it received a new CUSIP number but kept its ticker. Those splits came after heavy losses, including -92% in 2023 and -60.75% in 2024.
What's the difference between BOIL and ProShares UltraShort Bloomberg Natural Gas?
They make opposite bets. BOIL seeks two times (2x) the daily move of its natural gas futures benchmark. ProShares UltraShort Bloomberg Natural Gas seeks two times the inverse (-2x), so it aims to rise when natural gas futures fall on a given day. Both are series of ProShares Trust II, both reset daily, and both are commodity pools that issue K-1s. The sponsor describes both as riskier than unleveraged funds.