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UNL

GradeFNew York Stock Exchange Arca

United States 12 Month Natural Gas Fund, LP

Commodities · USCF · Inception 2009-11-18 · SEC filings

$5.84−0.01 (−0.14%)

As of Sep 23, 2026, 2:19 PM EDT

Intraday session: down, 41 prints from 5.85 to 5.84. Range 5.82 to 5.87. Use the arrow keys to read each point.$5.82$5.8610 AM12 PM2 PM4 PM
Expense ratio
1.65%
Fund size
$16M
1Y return
−22.6%
Yield · Last 12 months
—
Volume · 30D
0.1M sh
NAV per share
$5.72
52W range
low $5.71high $9.11

The ETF.net UNL Grade

F

19/ 100

Rank 10 of 11 in Energy Futures⁠

Confidence Medium

Six-pillar profile for UNL. Scores out of 100: Cost 12, Risk 24, Mission not scored, Tradability 22, Holdings not scored, Durability 40. Strongest: Durability (40). Weakest: Cost (12). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 19 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 12
    Category rank10/11 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 24
    Category rank9/10 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 22
    Category rank10/11 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 40
    Category rank9/11 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on UNL

ETF.net Research

FNatural gas without the front-month tunnel vision. Since 2009, UNL has tracked an equally weighted ladder of 12 consecutive NYMEX gas futures, spreading the roll across a year instead of riding the next contract alone.

Stated mandate

UNL seeks to reflect changes in the spot price of natural gas delivered at Henry Hub, Louisiana, using an equally weighted average of 12 consecutive natural-gas futures contracts, plus collateral interest and less expenses.

Why people hold it

  1. 01The ladder is the point: 12 consecutive monthly contracts, equally weighted, so roughly a twelfth of the book rolls at a time instead of the whole position every month.sec.gov
  2. 02The target is unambiguous: the spot price of natural gas at Henry Hub, Louisiana, measured through those 12 futures. Passive and rules-based, with no manager calls on gas.sec.gov
  3. 03Trading since 2009 through several gas cycles, and USCF runs the same 12-month ladder on the oil side (USL), so the structure is well worn rather than experimental.sec.gov

Worth knowing

  1. 01The fee runs 1.65% a year, the high end for energy futures pools, and this is a small fund next to front-month names in the group like OILK and USO.
  2. 02A commodity pool limited partnership, not a 1940 Act fund, so tax time brings a Schedule K-1 instead of a 1099.uscfinvestments.com
  3. 03The ladder cuts both ways: spreading across a year softens roll costs and also softens how much a sharp move in front-month gas shows up in the fund.sec.gov

UNL Holdings

As of Sep 20, 2026, 6:38 AM
Asset class
Other
Holdings
—
Top-10 weight
77%
Largest holding
DREY INST PREF GOV MM INST 654628.6%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—DREY INST PREF GOV MM INST 654628.60%9,875,000$10M7
002—MORGAN STANLEY LIQ GOVT INST 83029.99%3,450,000$3M19
003—US DOLLARS9.55%3,298,365$3M67
004—NATURAL GAS FUTR Jan274.66%43$2M1
005—NATURAL GAS FUTR Feb274.28%43$1M1
006—NATURAL GAS FUTR Dec264.23%43$1M1
007—NATURAL GAS FUTR Oct274.08%43$1M1
008—NATURAL GAS FUTR Aug273.99%43$1M1
009—NATURAL GAS FUTR Sep273.97%43$1M2
010—NATURAL GAS FUTR Jul273.90%43$1M1
011—NATURAL GAS FUTR Nov263.79%43$1M3
012—NATURAL GAS FUTR Jun273.62%43$1M1
013—NATURAL GAS FUTR Mar273.50%43$1M1
014—NATURAL GAS FUTR May273.42%43$1M1
015—NATURAL GAS FUTR APR273.30%42$1M1

Showing 1–15 of 17 holdings

UNL Performance

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

UNL$7,736
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. UNL $7,736. SPY $11,723. Use the arrow keys to read each point.$7,245$9,671$12,096Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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 UNL. Periods over one year show the average yearly return.
PeriodUNL
Year to date−20.8%
1 month+1.0%
3 months−10.3%
1 year−22.6%
3 years−18.4%per year
5 years−14.4%per year
10 years−5.7%per year

As of the close, 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 UNL
YearReturn barUNL
2026 YTD−20.8%
2025−9.7%
2024−4.8%
2023−50.2%
2022+47.0%
2021+54.4%
2020−9.5%

UNL in the news

ETF.net Research hasn’t filed on UNL yet — coverage lands here as it’s written.

UNL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

UNL Risk

How much the fund’s monthly returns vary, scaled to a year.
29.1%
Annualised · 36 months to Aug 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.
−0.76
vs 3-month T-bills · to Aug 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.
−79.8%
Trough Sep 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.
1.01
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.

UNL Cost

Expense ratio1.65%
  • The middle half of Energy Futures funds
  • Median 1.01%

9 of the 11 Energy Futures funds charge less.

UNL costs $165.00 a year on $10,000. The median Energy Futures fund costs $101.00.