ETF Evaluator:
United States 12 Month Natural Gas (UNL)
Follow This ETF
(as of Jul 31)
Best Performing in Commodities Focused Over the Last Year
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ETF Details
United States 12 Month Natural Gas Overview
United States 12 Month Natural Gas (UNL) is a passively managed Commodities Commodities Focused exchange-traded fund (ETF). USCF Investments launched the ETF in 2009.
The investment seeks to reflect the daily percentage changes of the spot price of natural gas delivered at the Henry Hub, Louisiana as measured by the daily changes in the average of the prices of 12 futures contracts on natural gas traded on the New York Mercantile Exchange.
The Benchmark Futures Contracts are the futures contracts on natural gas as traded on the NYMEX that are the near month contract to expire, and the contracts for the following 11 months, for a total of 12 consecutive months’ contracts, except when the near month contract is within two weeks of expiration.
About United States 12 Month Natural Gas (UNL)
There are 1 members of the management team with an average tenure of 16.62 years: Management Team (2009). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: USCF 12 Mnth Nturl Gas Fnd Futrs PR USD index with a weighting of 100%. United States 12 Month Natural Gas has 16 securities in its portfolio. The top 10 holdings constitute 65.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
United States 12 Month Natural Gas is part of the Real Assets global asset class and is within the Commodities ETF group. United States 12 Month Natural Gas has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 27.6% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). United States 12 Month Natural Gas has 24.6% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $4 billion average for the Commodities Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
UNL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The United States 12 Month Natural Gas expense ratio is high compared to funds in the Commodities Focused category. United States 12 Month Natural Gas has an expense ratio of 1.65%, which is 118% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. United States 12 Month Natural Gas has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of June 2026, United States 12 Month Natural Gas returned -2.6%, which earned it a grade of A, as the Commodities Focused category had an average return of -10.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
United States 12 Month Natural Gas has a trailing yield of 0.00%, which is below the 6.89% category average.
The fund normally distributes its income none.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
United States 12 Month Natural Gas Grades
Year to date, the ETF has returned -12.5%, 28.0 percentage points worse than the category, which translates into a grade of F. The fund has returned -26.5% over the past year (grade of F), -17.7% over the past three years (grade of F) and -8.4% per year over the past five years (grade of F) and -4.9% per year over the past 10 years (grade of F).
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UNL Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| UNL Return (NAV) | -2.6% | -6.9% | -26.5% | -17.7% | -8.4% | -4.9% |
| UNL Return (Price) | -3.0% | -7.4% | -26.7% | -17.8% | -8.9% | -5.0% |
| NAV +/- Price Return | 0.426% | 0.449% | 0.196% | 0.158% | 0.453% | 0.046% |
| Commodities Focused Avg | -10.3% | -8.3% | 43.7% | 14.0% | 8.9% | 5.2% |
| UNL Grade (NAV) | A | C | F | F | F | F |
| +/- Category (NAV) | 7.7% | 1.4% | -70.2% | -31.7% | -17.3% | -10.1% |
| UNL Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
UNL Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UNL Return (NAV) | -12.5% | -9.6% | -5.3% | -50.2% | 47.9% | 50.6% | -8.3% | -17.8% | 10.8% | -21.2% | 20.8% |
| UNL Return (Price) | -13.4% | -9.7% | -4.8% | -50.2% | 47.0% | 54.4% | -9.5% | -18.8% | 12.5% | -21.5% | 20.6% |
| NAV +/- Price Ret | 0.074% | 0.006% | -0.105% | -0.001% | -0.020% | 0.076% | 0.154% | 5.6% | 16.1% | 1.5% | -1.3% |
| Commodities Focused Avg | 15.5% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| UNL Grade (NAV) | F | F | D | F | A | B | D | F | A | F | A |
| +/- Category | -28.0% | -45.2% | -11.6% | -49.2% | 38.8% | 22.8% | -9.7% | -32.7% | 20.2% | -24.3% | 10.8% |
| Risk Measures | |
| Beta: | 1.01 |
| R-Squared: | 21% |
| Standard Deviation: | 29.6% |
| Category Risk Index: | 1.17 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 2.43 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 17 Mil |
| Share Class Assets: | $ 17 Mil |
| Turnover: | na |
| Expense Ratio: | 1.65% |
| Index Fund: | Yes |
| Index Tracked: | USCF 12 Mnth Nturl Gas Fnd Futrs PR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | None |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 16.6 years | |||
| Average Tenure: 16.6 years | |||
| Managers (Year): Team Management (2009) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 16 |
| % in Top 10 Holdings: | 65.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 27.6% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 47.8% |
| Cash: | 24.6% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | USCF Investments |
| Phone Number: | 510-522-9600 |
| Website: | www.unitedstates12monthnaturalgasfund.com |
| Inception Date: | November 18, 2009 |
Expenses and Fees
| Expense Ratio (%): | 1.65% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
