---
ticker: "UNL"
name: "United States 12 Month Natural Gas Fund, LP"
url: "https://etf.net/etf/UNL"
grade: "F"
score: 21
graded_at: "2026-10-12"
category: "Energy Futures"
category_rank: "11 of 11"
methodology: "https://etf.net/methodology"
---

# UNL: United States 12 Month Natural Gas Fund, LP

Grade **F**, Score 21 of 100. Rank 11 of 11 in Energy Futures.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 12 | 10 of 11 |
| Mission | Not scored | — |
| Risk | 25 | 10 of 11 |
| Tradability | 31 | 10 of 11 |
| Holdings | Not scored | — |
| Durability | 40 | 9 of 11 |

## Top holdings

The fund holds 16 positions. These are the largest 16, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Drey Inst Pref Gov Mm Inst 6546 | 28.44% |
| 2 | — | Morgan Stanley Liq Govt Inst 8302 | 9.94% |
| 3 | — | Us Dollars | 9.51% |
| 4 | — | Bny Cash Reserve | 5.18% |
| 5 | — | NATURAL GAS FUTR Jan27 | 4.87% |
| 6 | — | NATURAL GAS FUTR Feb27 | 4.40% |
| 7 | — | NATURAL GAS FUTR Dec26 | 4.34% |
| 8 | — | NATURAL GAS FUTR Oct27 | 4.02% |
| 9 | — | NATURAL GAS FUTR Aug27 | 3.93% |
| 10 | — | NATURAL GAS FUTR Nov26 | 3.92% |
| 11 | — | NATURAL GAS FUTR Sep27 | 3.91% |
| 12 | — | NATURAL GAS FUTR Jul27 | 3.84% |
| 13 | — | NATURAL GAS FUTR Jun27 | 3.56% |
| 14 | — | NATURAL GAS FUTR Mar27 | 3.45% |
| 15 | — | NATURAL GAS FUTR May27 | 3.37% |
| 16 | — | Natural Gas Futr APR27 | 3.33% |

Source: etf.net, https://etf.net/etf/UNL. Please cite the page URL.