BOIL ETF lost 99.98% in 10 years due to futures decay and contango, risky for long-term holders.

The ProShares Ultra Bloomberg Natural Gas ETF (BOIL) promises 2x daily moves in natural gas futures but has lost 99.98% of its value over the past decade due to structural issues like contango and daily leverage decay. BOIL holds front-month natural gas futures that roll monthly, often selling low and buying high, which erodes returns. Even during extreme price spikes, such as in early 2026, BOIL still posted losses because of these mechanics. This ETF is suitable only for very short-term trades with specific catalysts, not for long-term investment or holding beyond a few days or weeks.