United States 12 Month Natural Gas Fund, LP (NYSE Arca: UNL) is a commodity exchange-traded fund organized as a limited partnership that provides investors exposure to natural gas prices by holding NYMEX natural gas futures contracts spread across 12 consecutive months. The fund makes money primarily through ETF transaction fees collected on share creation and redemption activity, plus interest and dividend income earned on Treasuries and cash equivalents held as collateral supporting its futures positions. Managed by United States Commodity Funds, LLC (USCF) as general partner, UNL trades on NYSE Arca and targets daily percentage changes in its NAV that closely track the average of prices across its 12 benchmark futures contracts. The fund reported net losses in each of fiscal years 2023, 2024, and 2025, reflecting commodity price movements and ongoing operating expenses including management fees paid to USCF, brokerage commissions, professional fees, and license fees, per the 10-K filed March 4, 2026.

Revenue model

ETF transaction fees on share creation and redemption baskets, plus interest and dividend income earned on Treasuries and cash equivalents held as margin collateral supporting NYMEX natural gas futures positions.

Products and services

A single exchange-traded fund (UNL) holding long positions in NYMEX natural gas futures contracts across 12 consecutive monthly expirations, from February 2026 through beyond, as of the schedule of investments in the December 31, 2025 financial statements. Collateral held in U.S. Treasuries, cash, and cash equivalents.

Customers and end markets

Retail and institutional investors seeking natural gas price exposure through an exchange-traded vehicle without directly holding futures contracts. Shares trade on NYSE Arca during core hours of 9:30 a.m. to 4:00 p.m. New York time.

Value-chain role

Fund sponsor and general partner USCF manages the investment strategy. BNY Mellon serves as custodian and administrator. ALPS Distributors acts as marketing agent. RBC Capital serves as futures commission merchant. Cohen & Company, Ltd. serves as independent auditor.

Geographic exposure

United States. Futures contracts traded on NYMEX. Shares listed on NYSE Arca.

Source: SEC 10-K, filed 2026-03-04

Industry: Commodity Contracts Brokers & Dealers