Recent news highlights market volatility and geopolitical factors impacting natural gas prices and ETFs like UNL.

• United States 12 Month Natural Gas Fund has been described as getting very oversold amid market conditions [N1].
• Global supply shocks have rattled LNG production, bringing focus to natural gas ETFs including UNL [N2].
• Energy crisis deepening amid geopolitical tensions such as the Iran war has increased attention on natural gas ETFs [N3].
• United States Gas Fund reported strong earnings in November, reflecting operational milestones [N4].
• Natural gas ETFs have been noted among best-performing ETF areas in recent weeks, indicating market interest [N5][N6].
• Discussions on the right timing to invest in natural gas ETFs have been ongoing, reflecting market volatility and investor interest [N7][N8].

UNL provides investors with a direct and diversified exposure to natural gas prices through a portfolio of 12 consecutive monthly futures contracts, which can be attractive during periods of natural gas market volatility or supply constraints. The fund's disciplined risk management, avoidance of leverage, and maintenance of substantial liquidity may help mitigate downside risks associated with margin calls or market disruptions. Its transparent daily NAV calculation and established market presence on the NYSE Arca facilitate investor access and trading liquidity. Recent market conditions, including supply shocks and geopolitical tensions, have brought attention to natural gas ETFs like UNL, potentially increasing investor interest [N1][N2][N3].

UNL is exposed to significant market risk due to the volatility of natural gas futures prices, which can lead to substantial losses as reflected in recent net losses. The fund's reliance on futures contracts subjects it to risks from contango, backwardation, and daily price fluctuation limits, which can cause tracking errors relative to spot prices. Counterparty credit risk exists for OTC swaps, and operational risks arise from the insolvency of custodians or Futures Commission Merchants, potentially resulting in asset losses. The fund's lack of leverage does not eliminate the risk of becoming effectively leveraged if asset values decline below margin requirements. Additionally, investments in government money market funds carry risks of loss and are not insured. Regulatory position limits and accountability levels may constrain investment flexibility. Market volatility driven by geopolitical conflicts, natural disasters, or public health disruptions can adversely impact natural gas prices and the fund's NAV.

UNL's moat is primarily derived from its specialized investment strategy focused on tracking natural gas prices through a diversified portfolio of 12 consecutive monthly futures contracts and related instruments. Its operational expertise in managing futures contracts, compliance with regulatory position limits, and risk management policies contribute to its ability to maintain liquidity and meet margin requirements without leverage. The fund's structure as a publicly traded commodity pool with established authorized participants and market presence on the NYSE Arca supports liquidity and investor access. However, the fund operates in a highly regulated and competitive environment with exposure to commodity price volatility and counterparty risks, limiting the durability of its moat.

• Market Risk: UNL is exposed to market risk from fluctuations in natural gas futures prices, which can lead to significant volatility in NAV and potential losses.
• Counterparty Credit Risk: Credit risk arises from OTC swaps and futures contracts, with potential loss if counterparties or clearing brokers fail to perform.
• Liquidity Risk: Market conditions and regulatory limits may restrict the ability to liquidate futures positions, especially during daily price fluctuation limits or position limits.
• Operational Risk: Insolvency of custodians or Futures Commission Merchants could result in loss of assets held by UNL.
• Regulatory Risk: Position limits and accountability levels imposed by futures exchanges and the CFTC may limit UNL's investment capacity and affect its ability to meet investment objectives.
• Inflation and Interest Rate Risk: Changes in inflation and interest rates can affect the value of UNL's cash and Treasury investments, impacting income and NAV.
• Money Market Fund Risk: Investments in government money market funds are not insured and may lose value, affecting UNL's liquidity and returns.

• United States 12 Month Natural Gas Fund, LP (UNL) is a Delaware limited partnership and commodity pool that issues shares traded on the NYSE Arca under the ticker UNL.
• UNL's investment objective is to track the average daily percentage changes of the spot price of natural gas delivered at Henry Hub, Louisiana, as measured by the average prices of 12 consecutive monthly natural gas futures contracts traded on the NYMEX.
• UNL invests primarily in natural gas futures contracts, including the near month contract and the following 11 months, rolling contracts as they near expiration.
• UNL also invests in other natural gas-related investments such as cleared swaps and OTC swaps, with a focus on maintaining liquidity and avoiding leverage.
• UNL does not use borrowings or debt to meet margin or collateral obligations and holds substantial cash, cash equivalents, and U.S. Treasury securities as collateral and margin.
• As of June 30, 2026, UNL held approximately $15.7 million in cash and cash equivalents and $14.5 million in U.S. money market funds, representing about 83.8% of partners' capital.
• UNL's net asset value (NAV) per share was $6.42 as of June 30, 2026, with a market price per share of $6.39.
• UNL had 2.7 million limited partner shares outstanding as of August 4, 2026.
• UNL's management fee payable to USCF is 0.60% per annum of average daily total net assets, reduced from 0.75% effective May 1, 2024.
• UNL's expenses include management fees, brokerage commissions, professional fees, directors' fees, and licensing fees.
• UNL's financial results for the six months ended June 30, 2026, showed a net loss of approximately $1.1 million and negative revenue of about $1.0 million, reflecting losses on commodity futures contracts.
• UNL's investment strategy involves compliance with position limits and accountability levels set by NYMEX and ICE Futures, with no leverage and risk management policies to maintain liquidity.
• UNL's shares are created and redeemed in baskets of 50,000 shares by authorized participants who pay a transaction fee of $350 per order.
• UNL's NAV is calculated daily after the close of the NYSE Arca trading session using closing prices from relevant exchanges.
• UNL's investments are marked to market daily, with unrealized losses on open commodity futures contracts of approximately $1.6 million as of June 30, 2026.
• UNL is exposed to market risk from futures contracts and counterparty credit risk from OTC swaps, mitigated by collateral and credit support agreements.
• UNL's assets are held with custodians and Futures Commission Merchants (FCMs), with risk of loss in case of insolvency of these entities.
• UNL invests a portion of its cash in government money market funds, which seek to maintain a stable NAV but are not guaranteed or insured by the FDIC.
• UNL's recent news coverage highlights market conditions affecting natural gas prices, including geopolitical tensions and supply shocks impacting natural gas ETFs and funds like UNL [N1][N2][N3][N4].