Natural gas price volatility
The fund’s NAV is directly linked to benchmark futures prices, which can move sharply with weather, supply, and demand.
- Scope
- NAV and share price
- Materiality
- high
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.
−12 068,1 %
+20,5 %
| % | |
|---|---|
| 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. |
The fund is bought by investors seeking indirect exposure to natural gas prices through an exchange-traded vehicle...
- Retail investorsprimary
Buy exchange-traded shares to gain simple, listed exposure to natural gas price moves.
- Institutional investorsprimary
Use the fund for portfolio positioning, commodity allocation, or short-term trading.
- Hedgerssecondary
Use the product to offset exposure to natural gas price volatility in related businesses.
- Active traderssecondary
Trade the shares for tactical views on the natural gas futures curve and seasonality.
UNL is organized in the United States and trades on NYSE Arca, with its main business office in Walnut Creek,...
- •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
UNL’s core strategy is to provide daily investment results that track the average price movement of 12 consecutive...
01
Maintain futures-based tracking of natural gas pricesshort-term
The fund’s value proposition depends on closely following benchmark gas futures movements.
02
Preserve liquidity and execution flexibilityshort-term
Supplemental instruments can help manage trading, pricing, and regulatory constraints.
03
Offer a standardized exchange-traded commodity wrapperlong-term
Listed shares make natural gas exposure accessible to a broad investor base.
UNL is exposed to natural gas price volatility, curve shape changes, and tracking error because its objective is based...
Tracking error and correlation risk
The fund is designed for daily exposure and may not match spot gas or longer-horizon returns.
- Scope
- Investor returns versus natural gas benchmarks
- Materiality
- high
Liquidity and execution risk
Market conditions may limit the ability to roll contracts or obtain favorable pricing.
- Scope
- Futures rolls and rebalancing
- Materiality
- high
Derivative and OTC counterparty risk
Use of swaps, forwards, and OTC instruments depends on counterparties and valuation assumptions.
- Scope
- Supplemental portfolio instruments
- Materiality
- medium
Climate and regulatory policy risk
Carbon rules, renewable mandates, and restrictions on oil and gas can affect demand and pricing.
- Scope
- Natural gas market exposure
- Materiality
- medium
Cybersecurity risk
The fund relies on service providers, market makers, and authorized participants it cannot fully control.
- Scope
- Operations and trading infrastructure
- Materiality
- medium
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
: 29.4.2026