United States 12 Month Natural Gas

What United States 12 Month Natural Gas does

The United States 12 Month Natural Gas Fund, LP (UNL) is a passively managed exchange-traded product that seeks to track the price movements of natural gas through a portfolio of futures contracts held over a 12-month rolling period. The fund is structured as a Delaware limited partnership operating as a commodity pool under the Commodity Exchange Act and trades on NYSE Arca under ticker UNL. It is sponsored by United States Commodity Funds LLC, a wholly owned subsidiary of USCF Investments, Inc., and distributed to investors through ALPS Distributors, Inc. and a network of brokerage firms. The fund is regulated by the Commodity Futures Trading Commission (CFTC) and is subject to Rule 4.22 monthly disclosure requirements.

UNL's underlying structure consists of a rolling portfolio of natural gas futures contracts held across the 12-month forward curve. Shares are not individually redeemable; investors transact in the secondary market through brokerage firms or in Creation Unit aggregations directly with the fund. As of April 2026, the fund had approximately 2.45 million shares outstanding at a NAV per share of $6.51, yielding a net asset value of $15.96 million and a market capitalization of approximately $16.63 million. UNL is one of several single-commodity and broader commodity products in the USCF family, sitting alongside UNG (front-month natural gas), USO (oil), USL (12-month oil), BNO (Brent oil), UGA (gasoline), CPER (copper), and the broad, sustainable, and alternative strategy funds SDCI, USCI, ZSB, ZSC, USE, USG, and WTIB.

The fund generates revenue through management fees deducted as a percentage of assets under management, with no subscription, transaction, or usage-based revenue streams disclosed. It serves two primary segments: retail investors seeking simplified access to natural gas commodity exposure without the complexity of direct futures trading or margin requirements, and institutional investors, financial advisors, and wealth managers seeking commodity allocation for client portfolios. Marketing is conducted through USCF Investments' multi-channel approach including the company website, blog, podcast (The Real Spiel), social media (X, LinkedIn, Facebook, Instagram), YouTube, Substack newsletter, and investor events.

Name

United States 12 Month Natural Gas

Legal name

United States 12 Month Natural Gas Fund, LP

Website

https://unitedstatescommodityfunds.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

The United States 12 Month Natural Gas Fund (UNL) is a CFTC-regulated commodity pool listed on NYSE Arca that passively tracks 12-month rolling natural gas futures. It serves retail and institutional investors via USCF Investments' distribution network.

Ownership category

akta.pro rank

Product category

Commodity Exchange-Traded Fund (Natural Gas)

NAICS

Commodity Contracts Intermediation (523160), Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

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

akta.pro secondary industry

Energy Derivatives Exchanges (Oil, Gas, Power, Emissions) (FSAFABAD)

Keywords

• Natural gas ETF
• Commodity futures fund
• Exchange-traded product
• Commodity pool
• 12-month natural gas

Headquarters

HQ city

Oakland

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fee / Expense Ratio: The fund generates revenue through management fees charged to investors, deducted as a percentage of assets under management. As a passively managed commodity futures fund, there are no subscription, usage-based, or transaction fee revenue streams disclosed. The fund operates as a commodity pool with ALPS Distributors as the distributor.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

United States 12 Month Natural Gas Fund, LP (UNL) is a single-commodity exchange-traded product that provides investors with exposure to natural gas prices through a diversified portfolio of natural gas futures contracts held over a 12-month rolling period. The fund trades on NYSE Arca under ticker UNL and is regulated by the CFTC as a commodity pool under Rule 4.22 of the Commodity Exchange Act, eliminating the need for investors to directly trade futures or manage margin accounts.

Product overview

The United States 12 Month Natural Gas Fund (UNL) is a single-commodity exchange-traded product (ETP) that trades on NYSE Arca under ticker UNL. It is one of several commodity funds offered by USCF Investments, alongside other single-commodity funds (UNG, USO, USL, BNO, CPER, UGA), broad commodity funds (USCI, SDCI), sustainable commodity funds (ZSB, ZSC), and other commodity strategy funds (USE, USG, WTIB). UNL is a passively managed commodity futures fund, distinct from mutual funds or other Investment Companies, regulated by the CFTC under the Commodity Exchange Act.

Differentiator

Problem solved

Functional benefit

Products and services

• UNL | United States 12 Month Natural Gas Fund A single-commodity exchange-traded fund that tracks natural gas futures through a diversified portfolio of natural gas futures contracts held over a 12-month rolling period. Regulated by the Commodity Futures Trading Commission as a commodity pool under Rule 4.22 of the Commodity Exchange Act, designed for retail and institutional investors seeking natural gas commodity exposure without direct futures trading.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• ALPS Distributors, Inc.coreChannel Partner/ Reseller/ DistributorALPS Distributors, Inc. serves as the distributor for funds sponsored by United States Commodity Funds LLC, including the United States 12 Month Natural Gas Fund. Located at 1290 Broadway, Suite 1000, Denver, Colorado 80203. The distributor can be contacted at 800-920-0259.
• NYSE ArcacoreChannel Partner/ Reseller/ DistributorNYSE Arca is the exchange on which the United States 12 Month Natural Gas Fund trades under ticker UNL. The exchange provides listing, trading, and price discovery services for the fund.
• USCF Investments (Sponsor)coreStrategic or Co-development PartnerUSCF Investments, through its wholly owned subsidiary United States Commodity Funds LLC, sponsors the United States 12 Month Natural Gas Fund. USCF Investments is a commodity and alternative ETF leader managing multiple commodity pool funds including UNG, UNL, USL, USO, and other commodity products.

Scale indicators5 records

Recent moves4 records

Expansion highlights2 records

Direct peers

• iPath Series B Bloomberg Natural Gas Subindex ETN (GAZ): GAZ is an exchange-traded note providing exposure to Bloomberg Natural Gas Subindex futures. It is a direct competitor in the natural gas ETP category with similar single-commodity concentration but issued as an ETN rather than an ETF/commodity pool.
• ProShares Ultra Bloomberg Natural Gas (BOIL): ProShares offers leveraged and inverse natural gas ETPs tracking Bloomberg Natural Gas subindex futures. BOIL provides 2x daily leveraged natural gas futures exposure and competes directly for investors seeking directional natural gas bets via liquid ETPs.
• VelocityShares 3x Long Natural Gas (UGAZ): UGAZ provides 3x leveraged daily exposure to natural gas futures. It is a direct competitor for traders and investors seeking amplified natural gas exposure through exchange-traded vehicles.
• United States 12 Month Oil Fund (USL): Sister fund to UNL under the USCF umbrella, USL applies the identical 12-month rolling structure to crude oil futures. It is a structural analogue and competes for the same investor dollars across the commodity curve.
• United States Natural Gas Fund (UNG): Also sponsored by USCF Investments and trading on NYSE Arca, UNG is the front-month natural gas ETF. It is the most direct peer to UNL: same commodity exposure, same regulatory structure, same parent sponsor, but front-month rather than 12-month rolling.
• United States Oil Fund (USO): Also under USCF Investments, USO is the flagship front-month crude oil ETF and one of the largest commodity ETPs by AUM. It is a direct ETP peer from the same sponsor family with overlapping investor base.
• Teucrium Natural Gas Fund: Teucrium offers a natural gas-focused commodity ETP. It competes directly with UNL for natural gas exposure investors and represents one of the few alternative single-commodity natural gas fund structures beyond the USCF family.

Broad incumbents

• Invesco DB Commodity Index Tracking Fund (DBC): DBC is a broad-based commodity ETF that includes natural gas among 14 commodities. It represents a broader incumbent competitor for investors seeking diversified commodity exposure rather than single-commodity concentration.
• United States Brent Oil Fund (BNO): Another USCF-sponsored single-commodity ETP, BNO provides Brent crude oil exposure. While not a direct natural gas peer, it is part of the same USCF suite, competes for the same investor dollars across the energy commodity theme, and shares distribution infrastructure with UNL.
• United States Commodity Index Fund (USCI): USCI is a USCF-sponsored broad commodity index fund that includes natural gas. It is a sibling product competing for the same investor base where investors prefer diversified commodity exposure over single-commodity UNL.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/uscfinvestments
• YouTubeyoutube.com/channel/UCBvq6qgmkXBdSurtPGJ7FrA
• Facebookfacebook.com/InvestInWhatsReal
• LinkedInlinkedin.com/company/10577299
• Instagraminstagram.com/uscfinvestments

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

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 12 Month Natural Gas