United States 12 Month Natural Gas Fund, LP filings document recurring commodity-fund disclosures for UNL, including Form 8-K reports that furnish monthly account statements under Commodity Exchange Act Rule 4.22. These statements present fund income or loss and changes in net asset value, alongside annual financial statements and exchange-listed share information for securities traded on NYSE Arca.
The filing record also includes disclosures related to United States Commodity Funds LLC, the fund's general partner, including audited statements of financial condition. UNL's regulatory documents center on fund financial reporting, NAV changes, capital structure, listing status, governance, and formal Regulation FD exhibits.
United States 12 Month Natural Gas Fund, LP (UNL) files a prospectus for a continuously offered ETF-like commodity pool that seeks to track the daily percentage change in the spot price of natural gas at Henry Hub via an equally weighted average of 12 consecutive monthly natural gas futures contracts (the Benchmark Futures Contracts), plus interest on collateral, less expenses. The prospectus discloses a NAV of $6.85 as of February 28, 2026, a total expense ratio of 1.65% (management fee 0.60%, other expenses 1.05%), and average daily net assets of $14,324,418 for the year ended December 31, 2025. The document details correlation, contango/backwardation, OTC counterparty, position limits, tax, liquidity, creation/redemption mechanics and other risks investors should consider.
United States 12 Month Natural Gas Fund, LP furnished its audited financial statements for the year ended December 31, 2025. The fund reported a net loss of $971,479 in 2025, compared with a net loss of $1,219,474 in 2024.
Total income from trading, dividends, interest and ETF transaction fees was a loss of $735,860, while expenses were $235,619, with no expense waivers in 2025. Net asset value per share declined from $8.12 to $7.34, producing a total return of (9.61)% for the year.
At December 31, 2025, total assets were $18,815,131 and partners’ capital was $18,710,529, with 2,550,000 limited partner shares outstanding and a market price of $7.38 per share. Open NYMEX natural gas futures positions had an unrealized loss of $2,070,955, while money market holdings totaled $8,000,000. The independent auditor issued an unqualified opinion that the financial statements present fairly, in all material respects, the fund’s financial position and results of operations.
United States 12 Month Natural Gas Fund, LP reported a sizable February 2026 loss and lower net asset value. For the month ended February 28, 2026, the fund recorded a net loss of $4,165,253, driven mainly by a realized trading loss on commodity futures of $409,914 and an unrealized loss on futures of $3,778,826.
Dividend income of $24,210, interest income of $18,212, and ETF transaction fees of $1,050 were not enough to offset these losses, leading to total income loss of $4,145,268. Operating expenses were relatively modest at $19,985, including management, professional, and brokerage fees.
The fund’s net asset value declined from $20,772,997 at the beginning of the month to $15,421,426 at month-end. During February, investors added $1,028,124 (150,000 shares) and withdrew $2,214,442 (300,000 shares). Net asset value per share at February 28, 2026 was $6.85 based on 2,250,000 shares outstanding.
United States 12 Month Natural Gas Fund, LP filed an 8-K furnishing the audited statements of financial condition of its general partner, United States Commodity Funds LLC (USCF), as of December 31, 2025 and 2024. USCF reported total assets of $6.7 million in 2025, down from $7.1 million in 2024, with cash and cash equivalents of $1.5 million and investments at fair value of $2.4 million, all classified as Level 1. Member’s equity was $5.1 million versus $5.3 million a year earlier.
The auditor issued an unqualified opinion and highlighted a critical audit matter related to loss contingencies from various legal proceedings and regulatory inquiries. USCF has not recorded accruals for these matters but discloses that an adverse outcome could materially adversely affect its financial condition, results of operations, and cash flows.
Notes describe a July 2024 extension of USCF’s Walnut Creek office lease through March 2028, with total future minimum lease payments of $433,837 and operating lease liabilities of $405,616. Subsequent events include dividends of $450,000 on February 9, 2026 and $400,000 on March 10, 2026 paid to USCF Investments, the parent of USCF.
United States 12 Month Natural Gas Fund, LP (UNL) files its annual report describing how it gives investors exchange-traded exposure to U.S. natural gas prices. The fund is a Delaware commodity pool whose shares trade on NYSE Arca under the symbol UNL.
UNL aims for the daily percentage change in its NAV to track the average of 12 consecutive NYMEX natural gas futures contracts linked to Henry Hub, within plus/minus 10% over any 30-day period. It primarily holds natural gas futures and related derivatives, backed by short-term U.S. Treasuries, cash and cash equivalents.
The fund uses a neutral, non-leveraged strategy, rolling its futures positions monthly and managing contango and backwardation effects across the 12‑month futures strip. Creation and redemption occur only in 50,000‑share baskets via authorized participants, while individual investors trade shares on the exchange.
Effective May 1, 2024, UNL’s management fee payable to its general partner, United States Commodity Funds LLC, was reduced to 0.60% per year of average daily net assets. As of June 30, 2025, non‑affiliate market value was $12,224,146, and 2,100,000 shares were outstanding as of February 23, 2026.
United States 12 Month Natural Gas Fund, LP furnished an update to investors by issuing its monthly account statement for the month ended January 31, 2026. The statement, prepared as required under Rule 4.22 of the Commodity Exchange Act, includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value.
The fund made this information available as Exhibit 99.1 and on its website, but specified that the materials are being furnished rather than filed under the Securities Exchange Act. This means the statement is provided for transparency and regulatory compliance without triggering the additional legal liabilities associated with filed financial statements.
United States 12 Month Natural Gas Fund, LP furnished an update with its monthly account statement for the month ended December 31, 2025. The statement, provided as Exhibit 99.1, includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value prepared under Commodity Exchange Act Rule 4.22.
The information is furnished, not filed, under the Exchange Act, which means it is not automatically subject to certain liability provisions and is not incorporated into other securities filings unless specifically referenced. The same monthly account statement is also available on the fund’s website at www.uscfinvestments.com.
United States 12 Month Natural Gas Fund, LP furnished its monthly account statement for the month ended November 30, 2025. The statement includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required under Rule 4.22 of the Commodity Exchange Act. The report is provided as Exhibit 99.1 and is also available on the fund’s website at www.uscfinvestments.com. The information is being furnished under Regulation FD and is not deemed filed for liability purposes under the Securities Exchange Act.
United States 12 Month Natural Gas Fund, LP reported that it has released its monthly account statement for the month ended October 31, 2025. The update is presented as a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required under commodities regulations.
The fund furnished this monthly statement as an exhibit to a current report and also made it available on its website at www.uscfinvestments.com. The information is being provided for disclosure purposes and is not treated as being formally filed under securities laws unless later specifically incorporated into another filing.
United States 12 Month Natural Gas Fund, LP (UNL) filed its quarterly report for September 30, 2025. Total assets were $10,530,344, down from $19,045,543 at year‑end, as redemptions exceeded creations during the period. Limited partners’ shares outstanding were 1,350,000 and NAV per share was $7.74 versus $8.12 at December 31, 2024. Market price closed at $7.79.
UNL posted a Q3 net loss of $1,348,433 as natural gas futures declined late in the quarter; for the nine months, net income was $453,047 driven by realized gains of $2,119,553 partly offset by a $1,929,554 unrealized loss on open contracts. At quarter‑end, UNL held 277 NYMEX natural gas futures with an aggregate unrealized loss of $814,334 and $7,000,000 in government money market funds.
Cash provided by operations was $2,121,504, while financing cash flows were negative $8,680,047 on net redemptions. The management fee is 0.60% per annum. UNL’s total return for the nine months was (4.68)%, reflecting roll effects across the 12‑month futures strip the fund tracks.