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Launched · SEC filings

United States Natural Gas Fund LP

UNGNYSE ArcaUSCFD

$9.00−0.08 (−0.88%)

At close: Nov 2, 2026, 4:00 PM ET

D30/ 100

Rank 9 of 11 in Energy Futures

D30/100Rank 9 of 11inEnergy Futures
Intraday session: down, 79 prints from 9.08 to 9.00. Range 8.97 to 9.31. Use the arrow keys to read each point.9.209.3010 AM12 PM2 PM4 PM
Expense ratio
1.17%
Fund size
$503M
1Y total return
−31.5%
Yield · Last 12 months
No data
Holdings
11
Avg volume · 30D
17.1M sh
52W range
low $8.94high $17.03
Launched
Filings
SEC EDGAR

The ETF.net UNG Grade

Based on 4 of 6 pillars

D

Score 30 out of 100

Category
Energy Futures⁠
Rank
9 of 11
Six-pillar profile for UNG. Scores out of 100: Cost 21, Risk 13, Mission not scored, Tradability 56, Holdings not scored, Durability 64. Strongest: Durability (64). Weakest: Risk (13). Based on 4 of 6 pillars.

Score 30 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F21 out of 100
    Rank 9 of 11

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F13 out of 100
    Rank 11 of 11

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B56 out of 100
    Rank 6 of 11

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B64 out of 100
    Rank 5 of 11

Our read on UNG

ETF.net Research

In short

DThe energy-futures aisle is mostly crude; UNG is the natural gas one. Live since 2007, it tracks the daily percentage move in Henry Hub gas through a short-dated futures benchmark, not the spot price quoted on TV.

Stated mandate

UNG seeks to reflect the daily percentage change in the price of natural gas delivered at Henry Hub, Louisiana, through a specified short-term benchmark futures contract, plus collateral interest and less expenses.

Why people hold it

  • Henry Hub exposure from an ordinary brokerage account: no futures account, no contracts to roll yourself, just a ticker that follows the daily move in short-dated gas futures.
  • Running since 2007 and very actively traded, it is one of the best-established ways to put on a natural gas view in fund form.
  • The mandate is literal: the daily percentage change in one specified benchmark futures contract, plus collateral interest, less expenses. No stock picking, no discretion, no overlay.

Worth knowing

  • Futures, not spot. The benchmark contract has to be rolled forward, so results over months and years can drift well away from the headline Henry Hub price.
  • Fees sit at the top of the group: 1.17% a year versus a 1.15% peer median, while crude-focused rivals OILK (0.69%) and DBO (0.81%) charge far less.
  • It is a limited partnership commodity pool, so tax reporting works differently than a standard fund. Some peers, such as OILK, are built to skip that paperwork.

UNG Holdings

Asset class
Other
Holdings
11
Top-10 weight
98%
Largest holding
NATURAL GAS FUTR Dec2641.5%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataNATURAL GAS FUTR Dec2641.54%16,338$473M2
2No dataUs Dollars14.27%162,681,459$163M91
3No dataDrey Inst Pref Gov Mm Inst 654611.72%133,650,000$134M7
4No dataBny Cash Reserve6.52%74,327,001$74.3M11
5No dataTreasury Bill 0 2/4/20276.08%70,000,000$69.3M12
6No dataTreasury Bill 0 2/11/20276.08%70,000,000$69.3M12
7No dataTrs Soc Gen SGIXCNG1 092520263.81%1,717,060$43.4M1
8No dataTrs Scotia SNOVNG1 083120263.69%288,988$42M1
9No dataTreasury Bill 0 12/24/20262.18%25,000,000$24.9M25
10No dataTreasury Bill 0 12/31/20262.18%25,000,000$24.8M34
11No dataTreasury Bill 0 11/3/20261.93%22,000,000$22M20

Showing 1–11 of 11 holdings

UNG Performance

Launched Apr 18, 2007

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

UNG$6,853
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. UNG $6,853. SPY $11,199. Use the arrow keys to read each point.$8,000$10,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for UNG. Periods over one year show the average yearly return.
PeriodUNG
Year to date−25.9%
1 month−12.4%
3 months−9.7%
1 year−31.5%
3 yearsper year−32.9%
5 yearsper year−34.2%
10 yearsper year−23.3%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for UNG
YearReturn barUNG
2026 YTD−25.9%
2025−27.1%
2024−17.1%
2023−64.0%
2022+12.9%
2021+35.8%
2020−45.4%

UNG in the news

UNG Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

UNG Risk

Risk pillarF13 out of 100Rank 11 of 11 in Energy Futures
How much the fund’s monthly returns vary, scaled to a year.
53.4%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.56
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−93.3%
Trough Oct 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.70
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

UNG Cost

Compare UNG and OILK

Overpaying vs OILK, cheapest in Energy Futures

$7,782

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • UNG 1.17%

    $21,388

  • OILK 0.70% Cheapest

    $13,606

$10,000
30 years

Cost over time

  • UNG 1.17%
  • OILK 0.70%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530UNG $21,388OILK $13,606

Year by year

YearUNGOILKOverpaying
10$2,048$1,250$798
20$7,639$4,760$2,879
30$21,388$13,606$7,782

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