United States 12 Month Natural Gas Fund, LP

What they do

The fund holds NYMEX natural gas futures across the near month plus the following 11 months, equally weighting each contract month, and may also use ICE Futures or other exchange contracts and natural gas related investments such as cash-settled options, forwards, cleared swaps and over-the-counter transactions. It targets an average daily NAV percentage change within plus/minus ten percent of the Benchmark Futures Contracts' average daily change over any 30 successive valuation days. USCF, the general partner, holds full management control under the LP Agreement dated December 15, 2017.

Revenue drivers

• Futures positions (Natural Gas Interests) — Returns come from price changes on NYMEX natural gas futures plus related natural gas investments, the fund's core exposure and the source of its reported gains and losses.
• Collateral interest income — Interest earned on collateral holdings is explicitly part of the stated objective, added to futures results before expenses.
• Share issuance and redemption activity — The pool's size, and therefore its earnings base, moves with creation and redemption of limited partnership shares traded on NYSE Arca.

Recent performance

Reported annual revenue was $3.3M in 2021 and $4.0M in 2022, then turned negative at -$13.1M in 2023, -$925,374 in 2024 and -$735,860 in 2025. Annual net income followed a similar pattern: $3.2M in 2021, $3.6M in 2022, -$13.3M in 2023, -$1.2M in 2024 and -$971,479 in 2025. Operating cash flow was $2.6M in 2021, $12.5M in 2022, -$17.2M in 2023, -$6.3M in 2024 and $2.0M in 2025. Recent quarterly revenue was -$1.3M for 2025-09-30, -$1.4M for 2025-12-31, -$594,349 for 2026-03-31 and -$1.0M for 2026-06-30. At 2026-06-30 total assets were $17.4M, total liabilities $77,943 and cash and equivalents $15.7M.

Strategy

UNL's stated objective is for average daily percentage changes in NAV per share to reflect average daily percentage changes in the spot price of Henry Hub natural gas, as measured by the equally weighted 12-month Benchmark Futures Contracts, plus interest on collateral less expenses. It invests primarily in NYMEX natural gas futures and may use ICE Futures or other exchanges, and to a lesser extent natural gas related investments including cash-settled options, forwards, cleared swaps and OTC transactions. Market conditions USCF anticipates could prompt use of those other investments include obtaining greater liquidity or executing at more favorable pricing. USCF states that arbitrage should keep share price changes on NYSE Arca closely tracking NAV changes, and that the Benchmark Futures average has historically tracked spot natural gas. The fund's objective is not for NAV or share price to equal the spot price or any single futures contract in dollar terms.

Risks

• Futures price and contango risk — Because returns come from an equally weighted 12-month futures average, adverse natural gas futures moves, including roll and curve effects, can produce negative revenue as in 2023 and subsequent years.
• Tracking error versus objective — The fund would still meet its objective even with significant deviations between daily NAV changes and Benchmark Futures price changes, as long as the 30-valuation-day average stays within plus/minus ten percent.
• Reliance on general partner USCF — The LP Agreement grants full management control to USCF, and operations, plans and future success depend on that single general partner.
• Macro and market volatility — The 10-K and 10-Q cite inflation, currency and stock market movements, commodity and futures market volatility, the Russia-Ukraine war and Middle East conflicts as factors that could cause actual results to differ from expectations.

Outlook

The filings do not present a specific forecast; they state the fund's objective of tracking average daily percentage changes in the Benchmark Futures Contracts within the stated plus/minus ten percent band over 30 successive valuation days. USCF expects arbitrage to keep share price changes closely tracking NAV changes and expects the Benchmark Futures average to continue to track spot natural gas, with interest on collateral less expenses as the other component. Management notes no obligation to update forward-looking statements and points investors to future 10-K, 10-Q and 8-K filings.