United States Natural Gas Fund LP
UNG
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- United States Natural Gas Fund, LP (UNG) is a commodity pool organized under Delaware law that issues shares traded on the NYSE Arca and seeks to track the daily percentage changes in the price of natural gas delivered at the Henry Hub, Louisiana, as measured by the near-month futures contract on the New York Mercantile Exchange (NYMEX), plus interest earned on collateral holdings less expenses. UNG invests primarily in NYMEX natural gas futures contracts; to a lesser extent, in other natural gas-related futures contracts, forwards, cleared swaps, and over-the-counter (OTC) swap contracts traded on ICE Futures or other U.S. and foreign exchanges for regulatory compliance, risk mitigation, liquidity, or market conditions; and collateralizes these positions with cash, cash equivalents, and U.S. government obligations maturing in two years or less. The fund targets investors seeking exposure to natural gas prices without direct futures market participation, operates within the commodities-focused segment emphasizing energy natural gas, and is available primarily in the United States and Mexico. Founded on September 11, 2006, with investment operations commencing April 18, 2007, UNG is headquartered at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California, and managed by general partner United States Commodity Funds, LLC (USCF), which also oversees related funds including United States Oil Fund, LP (USO), United States 12 Month Natural Gas Fund, LP (UNL), and others. USCF handles investment decisions, administrative services via third parties like The Bank of New York Mellon (administrator and custodian) and ALPS Distributors, Inc. (marketing agent), and futures commission merchant relationships including RBC Capital Markets LLC and Marex North America, LLC. Shares are created and redeemed in baskets of 100,000 by authorized participants, with a total expense ratio of 1.24% (management fee 0.60% on first $1 billion of NAV, declining to 0.50% thereafter, excluding trading commissions). In January 2024, UNG implemented a 1-for-4 reverse share split effective January 23, adjusting historical shares outstanding and net asset value per share retroactively, with the CUSIP changing to 912318409 while retaining the UNG ticker; this followed a prior 1-for-4 split on January 4, 2018. As of September 30, 2025, UNG held 15,138 long NYMEX Natural Gas Futures NG November 2025 contracts (notional $498.9 million, unrealized gain $1.1 million), open OTC swaps with Societe Generale and Scotia Bank (notional $124.5 million, minor unrealized loss), and $305.95 million in U.S. money market funds, reflecting total net assets of $624.5 million across 48.1 million shares (NAV $12.97). No recent acquisitions, funding rounds, partnerships, or new product launches were reported in the last 1-2 years, though ongoing brokerage arrangements and SEC filings confirm stable operations amid natural gas market volatility.