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United States 12 Month Natural Gas Fund, LP: Business Overview, Financials & Competitive Analysis

UNL is an exchange-traded security designed to track the daily price movements of natural gas. It seeks to track daily changes in the spot price of natural gas delivered at Henry Hub, Louisiana, using the average pric...

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United States 12 Month Natural Gas Fund, LP OverviewStrategic ProfileCompetitive LandscapeIndustry ContextKey facts
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5/ 10Mixed

Cyborg Score thesis

Commodity tracking vehicle with utility for tactical natural gas exposure but challenged by inherent roll costs and...

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Industry Commodity futures ETFs
3 named competitors
3 recent developments
11 analyst dimensions
Synthesized from analyst-debate stress-testing across 11 dimensions and hundreds of data points. Methodology →
Cyborg Score recalibrated: June 22, 2026
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United States 12 Month Natural Gas Fund, LP Overview

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UNL is an exchange-traded security designed to track the daily price movements of natural gas. It seeks to track daily changes in the spot price of natural gas delivered at Henry Hub, Louisiana, using the average prices of 12 NYMEX futures contracts (near month through following 11 months). The fund targets investors seeking liquid commodity exposure to natural gas price movements.

Strategic Profile

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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.

Competitive Landscape

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UNL competes with direct natural gas futures trading (most liquid alternative), other commodity ETFs including First Trust Natural Gas ETF (FCG) and Invesco DB Energy Fund (DBE), and inverse/leveraged vehicles like ProShares UltraShort Bloomberg Natural Gas (KOLD). Unlike futures, UNL offers simplified share trading and lower technical barriers for retail investors, but incurs management fees and contango drag that reduce returns versus direct futures.

Industry Context

United States 12 Month Natural Gas Fund, LP operates in Commodity futures ETFs.

Key facts

Founded: 2007 · Headquarters: Oakland, US · Employees: N/A · Revenue: N/A · Market cap: $15.96M

What the analysts stress-tested

The top findings that survived the multi-agent debate for United States 12 Month Natural Gas Fund, LP.

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Recent developments

Material events tracked by the AskCyborg corpus.

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Named competitors

Pulled from the analyst-debate framework. Click any competitor to see their Cyborg Score.

First Trust Natural Gas ETFNatural gas commodity ETF tracking energy futures→Invesco DB Energy FundDiversified energy commodity fund including natural gas, oil, heating oil→ProShares UltraShort Bloomberg Natural GasInverse leveraged natural gas ETF for bearish positioning→

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Industry context

United States 12 Month Natural Gas Fund, LP operates in Commodity futures ETFs. See how the rest of the sector scores on the Cyborg framework.

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Frequently asked questions

What does United States 12 Month Natural Gas Fund, LP do?+
UNL is an exchange-traded security designed to track the daily price movements of natural gas. It seeks to track daily changes in the spot price of natural gas delivered at Henry Hub, Louisiana, using the average pric...
What is United States 12 Month Natural Gas Fund, LP's Cyborg Score?+
United States 12 Month Natural Gas Fund, LP has a Cyborg Score of 5/10 (Mixed). The score synthesizes business model, financials, leadership, competitive position, technology, marketing, and ESG dimensions across hundreds of data points.
Who are United States 12 Month Natural Gas Fund, LP's main competitors?+
Named competitors include First Trust Natural Gas ETF, Invesco DB Energy Fund, ProShares UltraShort Bloomberg Natural Gas. The full competitive landscape is in the AskCyborg report.
How can I get the full United States 12 Month Natural Gas Fund, LP research report?+
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How current is the United States 12 Month Natural Gas Fund, LP research?+
The Cyborg Score is recalibrated weekly. Recent developments are tracked continuously and surfaced in every report.

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