United States 12 Month Natural Gas Fund, LP
United States 12 Month Natural Gas Fund, LP is a Delaware limited partnership that issues exchange-traded limited partnership interests on NYSE Arca. Its portfolio is designed to track the daily price movements of natural gas by holding a rolling basket of near-month through 12-month natural gas futures contracts and related natural-gas-linked instruments.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueListed partnership units that investors buy and sell on NYSE Arca for market access.
Primary exposure through NYMEX and ICE natural gas futures contracts across 12 months.
Supplemental use of options, swaps, forwards, and OTC instruments tied to gas prices.
Cash and cash equivalents held as collateral and to earn interest on invested balances.
Customers
The fund is bought by investors seeking indirect exposure to natural gas prices through an exchange-traded vehicle rather than physical commodity ownership. Its user base includes retail traders, institutions, and market participants that use the product for speculation, tactical allocation, or hedging against gas price moves. Because the fund is listed, buyers value intraday tradability and standardized access to commodity futures exposure.
Buy exchange-traded shares to gain simple, listed exposure to natural gas price moves.
Use the fund for portfolio positioning, commodity allocation, or short-term trading.
Use the product to offset exposure to natural gas price volatility in related businesses.
Trade the shares for tactical views on the natural gas futures curve and seasonality.
Strategy
UNL’s core strategy is to provide daily investment results that track the average price movement of 12 consecutive months of natural gas futures, rather than the spot price alone. It maintains that exposure through a rolling futures portfolio and may use options, swaps, forwards, and other instruments when needed for liquidity, regulatory, or pricing reasons. The structure is intended to give investors a tradable, exchange-listed way to express a view on natural gas prices across the forward curve.
The fund’s value proposition depends on closely following benchmark gas futures movements.
Supplemental instruments can help manage trading, pricing, and regulatory constraints.
Listed shares make natural gas exposure accessible to a broad investor base.
Geography
UNL is organized in the United States and trades on NYSE Arca, with its main business office in Walnut Creek, California. Its economic exposure is centered on U.S. natural gas pricing, especially Henry Hub and the North American futures markets, while its derivatives may also trade on U.S. and foreign exchanges. The fund’s performance is therefore tied to U.S. energy supply-demand conditions and international gas market spillovers.
Risks
UNL is exposed to natural gas price volatility, curve shape changes, and tracking error because its objective is based on daily futures movements rather than long-term spot prices. It also faces derivative, liquidity, counterparty, and regulatory risks inherent in futures, swaps, and OTC instruments, along with cybersecurity and climate-policy risks that can affect energy markets and trading infrastructure.
- Natural gas price volatilityImpact: HighLikelihood: Medium
The fund’s NAV is directly linked to benchmark futures prices, which can move sharply with weather, supply, and demand.
Exposure: NAV and share price
- Tracking error and correlation riskImpact: HighLikelihood: Medium
The fund is designed for daily exposure and may not match spot gas or longer-horizon returns.
Exposure: Investor returns versus natural gas benchmarks
- Liquidity and execution riskImpact: HighLikelihood: Medium
Market conditions may limit the ability to roll contracts or obtain favorable pricing.
Exposure: Futures rolls and rebalancing
- Climate and regulatory policy riskImpact: MediumLikelihood: Medium
Carbon rules, renewable mandates, and restrictions on oil and gas can affect demand and pricing.
Exposure: Natural gas market exposure
- Derivative and OTC counterparty riskImpact: MediumLikelihood: Low
Use of swaps, forwards, and OTC instruments depends on counterparties and valuation assumptions.
Exposure: Supplemental portfolio instruments
- Cybersecurity riskImpact: MediumLikelihood: Low
The fund relies on service providers, market makers, and authorized participants it cannot fully control.
Exposure: Operations and trading infrastructure
Accounting
Judgemental itemsFutures and OTC swaps are remeasured frequently, so valuation inputs directly affect NAV and earnings.
Impact: Reported asset values and daily performance
Non-exchange-traded instruments rely on discounted cash flow estimates and assumptions.
Impact: Potential valuation uncertainty
Interest is estimated daily and adjusted to actual receipts, affecting income recognition timing.
Impact: Other income and NAV
Natural gas markets are seasonal and rolling futures can create period-to-period performance differences.
Impact: Comparability of quarterly and annual results
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Last updated: 24/09/2026