United States 12 Month Natural Gas Fund, LP
$5.90+0.09 (+1.55%)
- 1.65%
- $16M
- −25.3%
- 0.1M sh
- $5.82
- low $5.55high $9.11
The ETF.net UNL Grade
F
Score 21 out of 100
- 11 of 11
Score 21 of 100 falls in the F 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.F12 out of 100Rank 10 of 11Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D25 out of 100Rank 10 of 11Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D31 out of 100Rank 10 of 11Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C40 out of 100Rank 9 of 11
Our read on UNL
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.
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
- The 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
- The 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
- Trading 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
- The 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.
- A commodity pool limited partnership, not a 1940 Act fund, so tax time brings a Schedule K-1 instead of a 1099.uscfinvestments.com
- The 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
- Other
- 16
- 79%
- Drey Inst Pref Gov Mm Inst 6546
Geography
- United States100.00%
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$7,474
Returns run to the Oct 12, 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.
| Period | UNL |
|---|---|
| Year to date | −21.4% |
| 1 month | −0.3% |
| 3 months | −4.3% |
| 1 year | −25.3% |
| 3 years | −21.2% |
| 5 years | −16.3% |
| 10 years | −6.1% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | UNL |
|---|---|---|
| 2026 YTD | −21.4% | |
| 2025 | −9.7% | |
| 2024 | −4.8% | |
| 2023 | −50.2% | |
| 2022 | +47.0% | |
| 2021 | +54.4% | |
| 2020 | −9.5% |
UNL in the news
UNL Dividends
No distributions in the last 12 months.
UNL Risk
- 29.1%
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.
- −0.75
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.
- −80.2%
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.
- 1.01
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
1.65%
UNL1.65%
- The middle half of Energy Futures funds
- Median 1.01%
9 of the 11 Energy Futures funds charge less.
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