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Launched · SEC filings

United States 12 Month Natural Gas Fund, LP

UNLNYSE ArcaUSCFF

$5.17+0.01 (+0.25%)

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

F21/ 100

Rank 11 of 11 in Energy Futures

F21/100Rank 11 of 11inEnergy Futures
Intraday session: up, 79 prints from 5.16 to 5.17. Range 5.15 to 5.21. Use the arrow keys to read each point.5.155.185.195.205.2110 AM12 PM2 PM4 PM
Expense ratio
1.65%
Fund size
$14M
1Y total return
−36.1%
Yield · Last 12 months
No data
Holdings
16
Avg volume · 30D
55K sh
52W range
low $5.15high $9.11
Launched
Filings
SEC EDGAR

The ETF.net UNL Grade

Based on 4 of 6 pillars

F

Score 21 out of 100

Category
Energy Futures⁠
Rank
11 of 11
Six-pillar profile for UNL. Scores out of 100: Cost 12, Risk 23, Mission not scored, Tradability 31, Holdings not scored, Durability 40. Strongest: Durability (40). Weakest: Cost (12). Based on 4 of 6 pillars.

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 100
    Rank 10 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.
    F23 out of 100
    Rank 10 of 11

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D31 out of 100
    Rank 10 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.
    C40 out of 100
    Rank 9 of 11

Our read on UNL

ETF.net Research

In short

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

  • 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 Performance

Launched Nov 18, 2009

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

UNL$6,394
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. UNL $6,394. SPY $11,199. Use the arrow keys to read each point.$6,000$8,000$10,000Oct 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 UNL. Periods over one year show the average yearly return.
PeriodUNL
Year to date−30.1%
1 month−9.3%
3 months−14.1%
1 year−36.1%
3 yearsper year−23.9%
5 yearsper year−18.4%
10 yearsper year−6.7%

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−30.1%
2025−9.7%
2024−4.8%
2023−50.2%
2022+47.0%
2021+54.4%
2020−9.5%

UNL in the news

UNL Dividends

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

No distributions in the last 12 months.

UNL Risk

Risk pillarF23 out of 100Rank 10 of 11 in Energy Futures
How much the fund’s monthly returns vary, scaled to a year.
28.9%
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.
−0.95
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.
−81.8%
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.
1.01
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.

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

UNL Cost

Compare UNL and OILK

Overpaying vs OILK, cheapest in Energy Futures

$14,760

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

  • UNL 1.65%

    $28,366

  • OILK 0.70% Cheapest

    $13,606

$10,000
30 years

Cost over time

  • UNL 1.65%
  • OILK 0.70%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530UNL $28,366OILK $13,606

Year by year

YearUNLOILKOverpaying
10$2,831$1,250$1,581
20$10,338$4,760$5,578
30$28,366$13,606$14,760

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