# United States 12 Month Natural Gas Fund, LP > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/United States 12 Month Natural Gas Fund, LP). ## Overview 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. ## Products & services • Exchange-traded limited partnership interests • 12-month rolling natural gas futures exposure • Natural gas-linked options and swaps • Forward contracts on natural gas • Collateral held in cash and cash equivalents - **Exchange-traded fund interests** (0%) — Listed partnership units that investors buy and sell on NYSE Arca for market access. - **Natural gas futures exposure** (85%) — Primary exposure through NYMEX and ICE natural gas futures contracts across 12 months. - **Other natural gas-related derivatives** (10%) — Supplemental use of options, swaps, forwards, and OTC instruments tied to gas prices. - **Cash collateral and interest income** (5%) — Cash and cash equivalents held as collateral and to earn interest on invested balances. - Exchange-traded limited partnership interests - 12-month rolling natural gas futures exposure - Natural gas-linked options and swaps - Forward contracts on natural gas - Collateral held in cash and cash equivalents ## 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. - **Retail investors** (primary) — Buy exchange-traded shares to gain simple, listed exposure to natural gas price moves. - **Institutional investors** (primary) — Use the fund for portfolio positioning, commodity allocation, or short-term trading. - **Hedgers** (secondary) — Use the product to offset exposure to natural gas price volatility in related businesses. - **Active traders** (secondary) — Trade the shares for tactical views on the natural gas futures curve and seasonality. - Retail investors seeking tradable natural gas exposure - Institutions using the fund for tactical commodity allocation - Hedgers looking for indirect natural gas price exposure - Traders seeking liquid exchange-listed commodity access - Market participants preferring futures-based exposure over physical gas ## 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. - United States domicile and primary operating base - NYSE Arca listing provides U.S. market access - Henry Hub pricing anchors the investment objective - Uses NYMEX, ICE Futures U.S., and ICE Futures Europe - Exposure is driven by North American gas supply-demand dynamics ## 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. - **Maintain futures-based tracking of natural gas prices** (short-term) — The fund’s value proposition depends on closely following benchmark gas futures movements. - **Preserve liquidity and execution flexibility** (short-term) — Supplemental instruments can help manage trading, pricing, and regulatory constraints. - **Offer a standardized exchange-traded commodity wrapper** (long-term) — Listed shares make natural gas exposure accessible to a broad investor base. - Track daily changes in a 12-month natural gas futures basket - Roll exposure across consecutive contract months - Use derivatives when liquidity or pricing is more favorable - Maintain exchange-listed access for investors - Provide indirect commodity exposure rather than physical ownership ## 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 volatility** [high] — The fund’s NAV is directly linked to benchmark futures prices, which can move sharply with weather, supply, and demand. - **Tracking error and correlation risk** [high] — The fund is designed for daily exposure and may not match spot gas or longer-horizon returns. - **Derivative and OTC counterparty risk** [medium] — Use of swaps, forwards, and OTC instruments depends on counterparties and valuation assumptions. - **Liquidity and execution risk** [high] — Market conditions may limit the ability to roll contracts or obtain favorable pricing. - **Climate and regulatory policy risk** [medium] — Carbon rules, renewable mandates, and restrictions on oil and gas can affect demand and pricing. - **Cybersecurity risk** [medium] — The fund relies on service providers, market makers, and authorized participants it cannot fully control. - Natural gas price swings can sharply change fund NAV - Tracking error can arise versus spot gas or longer holding periods - Futures and OTC instruments add counterparty and liquidity risk - Cyber incidents could disrupt operations or service providers - Climate policy and energy-transition rules may affect gas prices ## Accounting The most important accounting issue is fair value measurement of futures and OTC derivatives, since these instruments drive reported NAV and period results. Daily valuation depends on broker-provided market prices for exchange-traded contracts and present-value estimates for OTC swaps, while interest income on collateral is accrued using prevailing rates and later trued up to actual receipts. Investors should also watch for the effect of daily rebalancing, contract roll costs, and any seasonality in natural gas markets on reported performance. - **Fair value measurement of derivatives** — Reported asset values and daily performance - **OTC derivative valuation** — Potential valuation uncertainty - **Accrued interest on collateral** — Other income and NAV - **Seasonality and contract roll effects** — Comparability of quarterly and annual results - Daily fair value marks drive NAV and reported results - OTC swaps require present-value estimates and judgment - Broker-provided prices are used for exchange-traded futures - Interest income on collateral is accrued and later adjusted - Contract rolls and seasonality can affect period comparability --- *Last updated: 2026-04-29T05:06:13.750123+00:00*