United States Natural Gas Fund

What United States Natural Gas Fund does

United States Natural Gas Fund, LP (NYSE Arca: UNG) is a publicly traded Delaware limited partnership and CFTC-regulated commodity pool that has, since commencing operations on April 18, 2007, provided exchange-listed exposure to daily price movements of natural gas delivered at the Henry Hub, Louisiana. The fund achieves this exposure primarily by holding near-month NYMEX natural gas futures contracts, systematically rolling its Benchmark Futures Contract to the next month contract two weeks before expiration over a four-day transition window. UNG is collateralized by cash, cash equivalents, and US government obligations with remaining maturities of two years or less, and is managed by United States Commodity Funds LLC, a wholly owned subsidiary of USCF Investments, Inc.

UNG generates revenue through a tiered management fee of 0.60% on net asset value up to $1 billion and 0.50% above that threshold, billed annually and collected by the general partner. As a limited partnership, UNG does not distribute cash to shareholders; income and gains flow through to limited partners via Schedule K-1 tax documents. Distribution occurs through Authorized Participants who create and redeem shares in Creation Units (minimum 5,000-share aggregations, with a minimum $1,000 transaction charge), with secondary-market trading available through any brokerage firm on NYSE Arca. As of April 2026, market capitalization stood at approximately $421.65 million at a share price of $10.77.

UNG is one of 16 exchange-traded products offered by USCF Investments, spanning single-commodity funds (USO, USL, BNO, UGA, CPER, UNL), broad commodity (USCI, SDCI), thematic sustainable commodity (ZSC, ZSB), absolute return (USE), multi-asset (WTIB), precious metals (USG), and equity income (UDI, UMI) strategies. UNG's shareholder base includes retail investors, commodity traders, and institutional asset managers such as Clear Creek Financial Management, JPMorgan Chase, and several registered investment advisors identified in 13F filings.

Name

United States Natural Gas Fund

Legal name

United States Natural Gas Fund, LP

Website

https://uscfinvestments.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

United States Natural Gas Fund (NYSE Arca: UNG) is a CFTC-regulated commodity pool ETF, launched in 2007, that tracks daily price movements of Henry Hub natural gas by holding and rolling near-month NYMEX futures contracts for retail and institutional investors.

Ownership category

akta.pro rank

Product category

Natural Gas Commodity ETF

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Financial Natural Gas Trading (Swaps, Futures, Options) (EUAGAGAB)

Keywords

• Natural gas ETF
• Commodity futures fund
• Henry Hub tracking
• Energy commodity fund
• Single-commodity ETF

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Marketing or Sales, Personnel, Others

Revenue model

1. Management Fees: UNG generates revenue through management fees charged on net asset value. The fee structure is tiered: 0.60% of NAV for the first $1 billion, decreasing to 0.50% of NAV at and above this threshold. This is the primary revenue stream for the fund's general partner, United States Commodity Funds LLC.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

United States Natural Gas Fund, LP (UNG) is a publicly traded exchange-traded fund that issues limited partnership shares listed on NYSE Arca and seeks to reflect the daily price movements of Henry Hub natural gas futures traded on the NYMEX. The fund holds near-month and longer-dated natural gas futures contracts, rolls them prior to expiration, and invests collateral in short-term U.S. Treasury securities, offering investors a single-commodity, futures-based vehicle for natural gas price exposure without taking physical delivery.

Product overview

United States Natural Gas Fund (UNG) is a single-commodity ETF managed by USCF Investments that tracks natural gas prices at the Henry Hub, Louisiana. UNG is one of 16 exchange-traded products offered by USCF, spanning single-commodity ETFs (UNG, UNL, USO, USL, BNO, UGA, CPER), broad commodity ETFs (USCI, SDCI), thematic sustainable commodity ETFs (ZSC, ZSB), absolute return strategies (USE), multi-asset strategies (WTIB), precious metals (USG), and equity income ETFs (UDI, UMI). UNG's investment objective is for daily percentage changes in NAV to reflect daily changes in Henry Hub natural gas spot prices measured through near-month NYMEX futures contracts plus interest income less expenses.

Differentiator

Problem solved

Functional benefit

Products and services

• United States Natural Gas Fund, LP (UNG) A publicly traded exchange-traded fund structured as a Delaware limited partnership that seeks to reflect the daily price movements of Henry Hub natural gas futures traded on the NYMEX, primarily using near-month natural gas futures and rolling positions before expiration. Designed for individual and institutional investors who want single-commodity, futures-based exposure to U.S. natural gas prices without trading futures or holding physical gas.
• United States Oil Fund, LP (USO) USCF's flagship crude oil ETF tracking front-month West Texas Intermediate (WTI) crude oil futures on NYMEX; a sister fund to UNG in the USCF commodity family.
• United States Brent Oil Fund, LP (BNO) USCF Brent crude oil ETF providing exposure to ICE Brent crude oil futures for investors seeking international crude oil benchmark exposure.
• United States 12 Month Oil Fund, LP (USL) USCF crude oil ETF that holds a 12-month strip of WTI futures, designed to mitigate near-term contango by spreading exposure across the front year of the curve.
• United States Gasoline Fund, LP (UGA) USCF ETF tracking the price of reformulated gasoline blendstock (RBOB) gasoline futures on NYMEX, providing crack-spread-related exposure to refined products.
• United States Diesel Heating Oil Fund, LP (UHN) USCF ETF tracking NYMEX heating oil futures, providing exposure to U.S. distillate/diesel fuel prices.
• United States Commodity Index Fund (USCI) USCF ETF providing broad-based commodity exposure by tracking the SummerHaven Dynamic Commodity Index Total Return, holding a diversified basket of 14 commodity futures.
• United States Copper Index Fund (CPER) USCF ETF tracking the SummerHaven Copper Index Total Return, providing futures-based exposure to copper prices for metals investors.
• United States 3x Short Natural Gas Fund (DNO) USCF leveraged inverse ETF designed to deliver -3x the daily performance of natural gas futures, the short counterpart to UGAZ.
• United States 3x Long Natural Gas Fund (UGAZ) USCF leveraged ETF seeking to deliver 3x the daily performance of natural gas futures, providing amplified exposure to Henry Hub natural gas price moves.
• United States 3x Long Crude Oil Fund (USOU) USCF leveraged ETF seeking 3x daily exposure to crude oil futures, the long counterpart to USOD.
• United States 3x Short Crude Oil Fund (USOD) USCF leveraged inverse ETF seeking -3x daily exposure to crude oil futures, the short counterpart to USOU.
• United States 3x Long Gold Fund (USGL) USCF leveraged ETF seeking 3x daily exposure to gold futures, the long counterpart to GLDD.
• United States 3x Short Gold Fund (GLDD) USCF leveraged inverse ETF seeking -3x daily exposure to gold futures, the short counterpart to USGL.
• USCF Sustainable Commodity Strategy Fund (ZSC) USCF mutual fund pursuing a sustainable/ESG-oriented commodity strategy, extending the USCF franchise beyond pure commodity ETFs into sustainable investing themes.
• USCF Energy Commodity Strategy Fund (XEIX) USCF-listed energy-focused multi-commodity strategy fund providing diversified exposure across multiple energy-related commodity futures contracts.

Quantifiable outcome

• NAV return of -4.10% in Q1 2026, outperforming benchmark futures contract return of -4.46% by 0.36 percentage points

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators9 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• ProShares Ultra Bloomberg Natural Gas Fund: Leveraged 2x natural gas futures ETF tracking the same Bloomberg Natural Gas sub-index UNG tracks. Direct substitute for investors seeking amplified Henry Hub exposure via a regulated US-listed ETP.
• SPDR Gold Shares: Largest single-commodity futures-backed ETF, tracking gold. Uses an analogous structure to UNG (front-month futures, ETF wrapper, regulated commodity exposure) and is the dominant comparable in the broader single-commodity ETP category.
• ProShares UltraShort Bloomberg Natural Gas Fund: Inverse -2x natural gas futures ETF tracking the same Bloomberg Natural Gas sub-index. Same benchmark and ETF structure as UNG but designed for bearish natural gas views, competing for the same tactical trading flow.
• United States Oil Fund: Sibling USCF fund tracking front-month crude oil futures at Cushing. Same general partner, same regulatory structure (CFTC commodity pool), same roll mechanics, and same K-1 tax reporting — direct functional twin in the oil complex.
• United States Brent Oil Fund: Sibling USCF fund tracking front-month ICE Brent crude futures. Same general partner, same single-commodity futures ETF design, and same K-1 structure; comparable benchmark-mechanism and distribution channel as UNG.
• United States 12 Month Natural Gas Fund: Sister fund under the same USCF general partner that offers the same Henry Hub natural gas futures exposure but holds 12 consecutive months of contracts to reduce contango. Directly comparable in mandate, brand, and distribution channel; explicitly positioned as the multi-month alternative to UNG.
• First Trust ISE-Revere Natural Gas Index Fund: Single-theme natural gas ETF, but implemented through equities of natural gas exploration and production companies rather than futures. Targets the same retail and institutional investors seeking natural gas exposure, providing a competing delivery mechanism.

Broad incumbents

• Energy Select Sector SPDR Fund: Largest US energy sector equity ETF, covering integrated oil & gas, E&P, refiners, and energy equipment. Targets similar retail and institutional natural gas investors but through equities rather than futures, with very different volatility and contango characteristics.
• Invesco DB Commodity Index Tracking Fund: Broad-based commodity ETF tracking the DBIQ Optimum Yield Diversified Commodity Index, which includes natural gas among multiple commodities. Competes for the same investor dollars seeking commodity diversification but offers a different risk profile than UNG's single-commodity concentration.
• iShares S&P GSCI Commodity-Indexed Trust: Broad commodity ETF tracking the S&P GSCI, which carries significant natural gas weighting. Operates at significantly larger AUM scale than UNG and serves institutional investors seeking diversified commodity beta.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/USCFInvestments
• YouTubeyoutube.com/channel/UCBvq6qgmkXBdSurtPGJ7FrA?view_as=subscriber
• Facebookfacebook.com/InvestInWhatsReal
• LinkedInlinkedin.com/company/uscf
• Instagraminstagram.com/uscfinvestments

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about United States Natural Gas Fund