United States 12 Month Natural Gas Fund, LP — Cyborg Score 5/10
Mixed
Commodity futures ETFs
Strategic Profile
UNL is organized as a limited partnership trading on NYSE Arca and managed by United States Commodity Funds LLC (USCF). Founded in June 2007, the fund provides retail access to commodity futures through a simplified ETF wrapper, competing against direct futures trading and other commodity ETFs.
Cyborg Score Rationale
UNL offers straightforward commodity exposure with liquid trading (average daily volume ~100K shares), but faces structural headwinds: natural gas contango typically erodes returns over time, recent performance has been volatile (down 9.67% in 2025 and 4.78% in 2024), and the fund's small net asset base ($15.96M as of May 2026) limits scale.
Top Insights
YTD performance (as of May 2026) down 11.48%, reflecting broader natural gas weakness in 2026; 2025 decline of 9.67% shows persistent structural headwinds
Net assets of $15.96M indicate limited institutional adoption; average daily volume of ~100K shares reflects retail-focused investor base
Fund tracks 12-month forward curve to reduce front-month contango impact, but structural roll decay remains a persistent drag on long-term returns
(March 2026) Recent audited financials filed; annual reporting shows fund compliance with commodity pool regulatory requirements under CFTC oversight
Named Competitors
First Trust Natural Gas ETF — Natural gas commodity ETF tracking energy futures
Invesco DB Energy Fund — Diversified energy commodity fund including natural gas, oil, heating oil
ProShares UltraShort Bloomberg Natural Gas — Inverse leveraged natural gas ETF for bearish positioning
Recent Developments
(March 2026) 2025 financial statements and annual report filed with SEC showing fund performance and operational metrics
(February 2026) Fund posted monthly loss as natural gas prices remained under pressure
(January 2026) Fund posted strong monthly performance during commodity price uptick
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