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UNL on NYSE

United States 12 Month Natural Gas Fund, LP

American commodity contracts brokers and dealers company based in Walnut Creek2

In its 2026 annual report the company says: “The United States 12 Month Natural Gas Fund, LP is a Delaware limited partnership organized on June 27, 2007. It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC.”4 Its shares trade on NYSE under the symbol UNL.2

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Last updated Oct 21, 2026.

Overview

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  • TickerUNL on NYSE2
  • IndustryCommodity Contracts Brokers & Dealers2
  • HeadquartersWalnut Creek, United States2
  • Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, Ca 945963
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formFUND2
  • Kind of organizationFund2
  • LEI5493006JACLUZC5DH3682
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00014055132

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The United States 12 Month Natural Gas Fund, LP (“UNL”) is a Delaware limited partnership organized on June 27, 2007. UNL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. UNL’s shares began trading on November 18, 2009. UNL is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC (“USCF”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

132.0%Net margin5
-20.5%Revenue growth, 20255

Where the money goes

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$2.0M

Out of $2.0M of cash from operations.5

Financial statements

Revenue67895-$735.9K in 2025−5% since 2019
-$15.0M-$10.0M-$5.0M0$5.0M2019: -$775.3K-$775.3K20192020: -$171.8K-$171.8K2020−78%2021: $3.3M$3.3M20212022: $4.0M$4.0M2022+21%2023: -$13.1M-$13.1M20232024: -$925.4K-$925.4K2024−93%2025: -$735.9K-$735.9K2025−20%
Net income67895-$971.5K in 2025+19% since 2019
-$15.0M-$10.0M-$5.0M0$5.0M2019: -$814.3K-$814.3K20192020: -$214.9K-$214.9K2020−74%2021: $3.2M$3.2M20212022: $3.6M$3.6M2022+15%2023: -$13.3M-$13.3M20232024: -$1.2M-$1.2M2024−91%2025: -$971.5K-$971.5K2025−20%
Fiscal year2019202020212022202320242025
Revenue-$775.3K6-$171.8K7$3.3M8$4.0M9-$13.1M5-$925.4K5-$735.9K5
Operating expenses$231.7K8$483.1K9$325.4K5$375.1K5$235.6K5
Net income-$814.3K6-$214.9K7$3.2M8$3.6M9-$13.3M5-$1.2M5-$971.5K5

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Corporate structure

United States 12 Month Natural Gas Fund, LP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of United States 12 Month Natural Gas Fund, LP

  • United States 12 Month Natural Gas Fund, LP Walnut Creek, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What United States 12 Month Natural Gas Fund, LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$18.2M5 Dec 31, 2025$17.9M5 Dec 31, 2024+1.7%
Deposits held (banks)$12.8M5 Dec 31, 2025$6.9M5 Dec 31, 2024+86.9%

Leadership

Who has led United States 12 Month Natural Gas Fund, LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Nicholas Daniel Gerber2009
  2. John P. Love2015

Chair

  1. Nicholas Daniel Gerber2009

President

  1. Nicholas Daniel Gerber2009
  2. John P. Love2015

Chief financial officer

  1. Howard Mah2009
  2. Stuart P. Crumbaugh2015
2010201520202025
Board members and other officers (10)

Timeline

  1. Sep 29, 20268-K Regulation FD disclosure27
  2. Sep 25, 20268-K Entered a material agreement28
  3. Aug 28, 20268-K Regulation FD disclosure29
  4. Jul 29, 20268-K Regulation FD disclosure30
  5. Jun 29, 20268-K Regulation FD disclosure31
  6. May 28, 20268-K Regulation FD disclosure32
  7. Apr 29, 20268-K Regulation FD disclosure33
  8. Mar 27, 20268-K Regulation FD disclosure34
  9. Mar 27, 20268-K Regulation FD disclosure35
  10. Mar 20, 20268-K Regulation FD disclosure36
  11. Feb 27, 20268-K Regulation FD disclosure37
  12. Jan 29, 20268-K Regulation FD disclosure38
  13. Jul 24, 2015New chief executive John P. Love becomes CEO15
  14. Nov 13, 2009New chief executive Nicholas Daniel Gerber becomes CEO16
  15. Jun 27, 2007Founded United States 12 Month Natural Gas Fund, LP is founded2

Filings

133 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 76 major events, 1 insider forms, 1 large holders, 35 other. The latest 20:

  1. Sep 29, 20268-K EDGAR
  2. Sep 25, 20268-K EDGAR
  3. Aug 28, 20268-K EDGAR
  4. Aug 7, 202610-Q EDGAR
  5. Jul 29, 20268-K EDGAR
  6. Jun 29, 20268-K EDGAR
  7. May 28, 20268-K EDGAR
  8. May 14, 2026POS EX EDGAR
  9. May 8, 202610-Q EDGAR
  10. Apr 29, 20268-K EDGAR
  11. Apr 24, 2026424B3 EDGAR
  12. Mar 31, 2026424I EDGAR
  13. Mar 27, 20268-K EDGAR
  14. Mar 27, 20268-K EDGAR
  15. Mar 20, 20268-K EDGAR
  16. Mar 4, 202610-K EDGAR
  17. Feb 27, 20268-K EDGAR
  18. Jan 29, 20268-K EDGAR
  19. Dec 29, 20258-K EDGAR
  20. Dec 1, 20258-K EDGAR

The 133 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Susquehanna International Group, Llp110,684$707.3K0.0%New
Jane Street Group, LLC53,810$343.8K0.0%+32,555
StoneX Group Inc.23,165$149.9K0.0%New
Barclays PLC6,360$40.6K0.0%No change
Simplex Trading, LLC1,911$12.2K0.0%New
Ameritas Advisory Services, LLC1,820$11.6K0.0%New
Vermillion Wealth Management, Inc.889$5.7K0.0%No change
PNC Financial Services Group, Inc.720$4.6K0.0%No change
Osaic Holdings, Inc.635$4.1K0.0%No change
Markowski Investments500$3.2K0.0%New
Continuum Advisory, LLC462$3.0K0.0%New
Morgan Stanley230$1.5K0.0%+228
Farther Finance Advisors, LLC50$3200.0%New
Western Pacific Wealth Management, LP40$2560.0%No change
Flow Traders U.s. LLC22,230$1420.0%+6,834

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How United States 12 Month Natural Gas Fund, LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARUnited States 12 Month Natural Gas Fund, LP1
  • CIK0001405513
  • Employer ID (EIN)26-04317334
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 945961
  • Phone(510) 522-96001
  • Shares outstanding2,700,000 as of Aug 4, 202611
  • Public float$12.2M as of Jun 30, 20254
  • AuditorCOHEN & COMPANY, LTD., Philadelphia, Pennsylvania PCAOB ID 925; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJul 6, 20071
  • Filings470 in all: 8-K (253), 10-Q (51), 424B3 (49), POS AM (22), EFFECT (19), 10-K (17), 3 (12), CORRESP (10)1
    All 18 form types

    S-1/A (9), UPLOAD (9), POS EX (5), S-1 (5), 424I (4), 10-K/A (1), 8-A12B (1), CERTPAC (1), SC 13G (1), SC 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 4, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Shares of United States 12 Month Natural Gas Fund, LPUNLNYSE

From the cover page of the 10-K filed Mar 4, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks United States 12 Month Natural Gas Fund, LP names in Item 1A of its 10-K filed Mar 4, 2026: 55 risks under these headings, as written.4

  • Investment Risk
  • The NAV of UNL’s shares relates directly to daily changes in the average of the prices of the Benchmark Futures Contracts and other assets held by UNL and fluctuations in the prices of these assets could materially adversely affect an investment in UNL’s shares. Past performance is not necessarily indicative of future results; all or substantially all of an investment in UNL could be lost.
  • Economic conditions impacting natural gas.
  • Other natural gas demand-related factors.
  • Other natural gas supply-related factors.
  • Other factors impacting the natural gas market.
  • Price volatility may possibly cause the total loss of your investment.
  • Natural disasters, public health disruptions (such as the COVID-19 pandemic), and international armed conflicts could impact the price of commodities and/or the value, pricing and liquidity of UNL’s investments or assets which, in turn, could cause the loss of your investment in UNL.
  • Historical performance of UNL and the Benchmark Futures Contracts is not indicative of future performance.
  • Correlation Risk
  • The market price at which investors buy or sell shares may be significantly less or more than NAV.
  • Daily percentage changes in UNL’s NAV may not correlate with daily percentage changes in the average of the prices of the Benchmark Futures Contracts.
The other 45 risks
  • Daily percentage changes in the average of the prices of the Benchmark Futures Contracts may not correlate with daily percentage changes in the spot price of natural gas.
  • Natural forces in the natural gas futures market known as “backwardation” and “contango” may increase UNL’s tracking error and/or negatively impact total return.
  • Accountability levels, position limits, and daily price fluctuation limits set by the exchanges have the potential to cause tracking error by limiting UNL’s investments, including its ability to fully invest in the Benchmark Futures Contracts, which means that changes in the of shares could substantially vary from the changes in the average prices of the Benchmark Futures Contracts.
  • Risk mitigation measures that could be imposed by UNL’s FCMs have the potential to cause tracking error by limiting UNL’s investments, including its ability to fully invest in the Benchmark Futures Contracts and other Futures Contracts, which means that the change in the price of UNL’s shares could substantially vary from the changes to prices of the Benchmark Futures Contracts.
  • An investor’s tax liability may exceed the amount of distributions, if any, on its shares.
  • An investor’s allocable share of taxable income or loss may differ from its economic income or loss on the shares.
  • Items of income, gain, deduction, loss and credit with respect to shares could be reallocated, for U.S. federal income tax purposes, and UNL could be liable for U.S. federal income tax, if the IRS does not accept the assumptions and conventions applied by UNL in allocating those items, with potential adverse consequences for an investor.
  • UNL could be treated as a corporation for U.S. federal income tax purposes, which may substantially reduce the value of the shares.
  • UNL is organized and operated as a limited partnership in accordance with the provisions of the LP Agreement and applicable state law, and therefore, UNL has a more complex tax treatment than traditional mutual funds.
  • If UNL is required to withhold tax with respect to any non-U.S. shareholders, the cost of such withholding may be borne by all shareholders.
  • The impact of changes in U.S. federal income tax laws on UNL is uncertain.
  • OTC Contract Risk
  • UNL will be subject to credit risk with respect to counterparties to OTC contracts entered into by UNL.
  • Valuing OTC derivatives may be less certain than valuing exchange-traded and/or cleared financial instruments.
  • UNL is not leveraged, but it could become leveraged if it had insufficient assets to completely meet its margin or collateral requirements relating to its investments.
  • UNL may temporarily limit the offering of Creation Baskets.
  • Certain of UNL’s investments could be illiquid, which could cause large losses to investors at any time or from time to time.
  • UNL is not actively managed and its investment objective is to track the Benchmark Futures Contracts so that the average daily percentage change in UNL’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the price of the Benchmark Futures Contracts over the same period.
  • UNL may not meet the listing standards of NYSE Arca, which would adversely impact an investor’s ability to sell shares.
  • The NYSE Arca may halt trading in UNL’s shares, which would adversely impact an investor’s ability to sell shares.
  • The liquidity of UNL’s shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the shares.
  • Shareholders that are not Authorized Participants may only purchase or sell their shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the shares.
  • The lack of an active trading market for UNL’s shares may result in losses on an investor’s investment in UNL at the time the investor sells the shares.
  • Limited partners and shareholders do not participate in the management of UNL and do not control USCF, so they do not have any influence over basic matters that affect UNL.
  • Limited partners may have limited liability in certain circumstances, including potentially having liability for the return of wrongful distributions.
  • USCF’s LLC Agreement provides limited authority to the Non-Management Directors, and any Director of USCF may be removed by USCF’s parent company, which is wholly owned by The Marygold Companies, Inc., a controlled public company where the majority of shares are owned by Nicholas D. Gerber along with certain of his family members and certain other shareholders.
  • There is a risk that UNL will not earn trading gains sufficient to compensate for the fees and expenses that it must pay and as such UNL may not earn any profit.
  • UNL is subject to extensive regulatory reporting and compliance.
  • Regulatory changes or actions, including the implementation of new legislation is impossible to predict but may significantly and adversely affect UNL.
  • UNL is not a registered investment company so shareholders do not have the protections of the 1940 Act.
  • Trading in international markets could expose UNL to credit and regulatory risk.
  • UNL and USCF may have conflicts of interest, which may permit them to favor their own interests to the detriment of shareholders.
  • UNL could terminate at any time and cause the liquidation and potential loss of an investor’s investment and could upset the overall maturity and timing of an investor’s investment portfolio.
  • UNL does not expect to make cash distributions.
  • An unanticipated number of Redemption Basket requests during a short period of time could have an adverse effect on UNL’s NAV.
  • The suspension in the ability of Authorized Participants to purchase Creation Baskets could cause UNL’s NAV to differ materially from its trading price.
  • UNL may determine that, to allow it to reinvest the proceeds from sales of its Creation Baskets in currently permitted assets in a manner that meets its investment objective, it may limit or suspend its offers of Creation Baskets.
  • UNL may be subject to interest rate risk, which may prevent UNL from investing fully at prevailing rates until any current investments in Treasuries mature in order to avoid selling those investments at a loss.
  • As inflation increases, the present value of UNL’s assets may decline.
  • UNL may potentially lose money by investing in government money market funds.
  • The failure or bankruptcy of a clearing broker could result in a substantial loss of UNL’s assets and could impair UNL in its ability to execute trades.
  • The failure or bankruptcy of UNL’s Custodian could result in a substantial loss of UNL’s assets.
  • Competing claims of intellectual property rights may adversely affect UNL and an investment in UNL’s shares.
  • Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.
  • UNL’s investment returns could be negatively affected by climate change and greenhouse gas restrictions.
  • USCF is the subject of class action, derivative and other litigation. In light of the inherent uncertainties involved in litigation matters, an adverse outcome in this litigation could materially adversely affect USCF’s financial condition.

Legal proceedings

From time to time, UNL may be involved in legal proceedings arising primarily from the ordinary course of its business. UNL is not currently party to any material legal proceedings. In addition, USCF, as the general partner of UNL and the Related Public Funds may, from time to time, be involved in litigation arising out of its operations in the ordinary course of business. Except as described herein, USCF is not currently party to any material legal proceedings.

Optimum Strategies Action

On April 6, 2022, USO and USCF were named as defendants in an action filed by Optimum Strategies Fund I, LP, a purported investor in call option contracts on USO (the “Optimum Strategies Action”). The action was in the U.S. District Court for the District of Connecticut at Civil Action No. 3:22-cv-00511.

The Optimum Strategies Action asserted claims under the Securities Exchange Act of 1934, as amended (the “1934 Act”), Rule 10b-5 thereunder, and the Connecticut Uniform Securities Act (“CUSA”). It purported to challenge statements in registration statements that became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May 2020, in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint was seeking damages, interest, costs, attorney’s fees, and equitable relief.

The opening of Item 3, Legal Proceedings.4

Sources

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