United States Natural Gas Fund, LP (NYSE Arca: UNG) is a commodity pool exchange-traded fund organized as a Delaware limited partnership on September 11, 2006, that seeks to track daily percentage changes in the price of natural gas futures contracts. UNG generates income through its investment portfolio rather than operating revenues, charging investors an ongoing management fee embedded in its net asset value. It is structured as a limited partnership and issues limited partnership units that trade on NYSE Arca. The fund invests primarily in natural gas futures contracts traded on NYMEX, ICE Futures Europe, and ICE Futures U.S., with supplemental exposure to cash-settled options, forward contracts, cleared swaps, and over-the-counter transactions tied to natural gas, crude oil, heating oil, gasoline, and other petroleum-based fuels. UNG is managed by United States Commodity Funds LLC (USCF) and maintains its principal office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. Its investment objective is to track such that the average daily NAV percentage change over any 30 successive valuation days falls within plus or minus 10% of the benchmark futures contract price change over the same period.

Revenue model

UNG does not generate operating revenue in the conventional sense. As a commodity pool, it earns returns through its futures and derivatives portfolio. USCF, as general partner and manager, receives a management fee from fund assets. Investors bear exposure to natural gas price movements through the fund's NAV.

Products and services

Exchange-traded limited partnership units providing daily price exposure to natural gas benchmark futures contracts. The fund holds NYMEX and ICE natural gas futures as primary instruments, with secondary positions in cash-settled options, forward contracts, cleared swaps, OTC transactions, and futures in crude oil, heating oil, and gasoline as disclosed in the 10-K filed 2026-02-27.

Customers and end markets

Investors seeking daily price exposure to natural gas futures without directly holding commodity contracts. End markets include retail and institutional investors trading units on NYSE Arca.

Value-chain role

Commodity pool vehicle and exchange-traded fund wrapper providing investor access to natural gas futures markets. USCF acts as general partner and commodity pool operator.

Geographic exposure

Principal office in Walnut Creek, California. Futures contracts held on U.S. exchanges (NYMEX) and foreign exchanges (ICE Futures Europe, ICE Futures U.S.) as disclosed in the 10-K filed 2026-02-27.

Source: SEC 10-K, filed 2026-02-27

Industry: Commodity Contracts Brokers & Dealers