UNL ETF — United States 12 Month Natural Gas Fund LP

United States 12 Month Natural Gas Fund LP (UNL)

Updated October 16, 2026.

UNL is an ETF. its expense ratio is 1.65%. Total return is -88.3% over the past 16.9 years, 914.7 points behind SPY at 826.4%.

This ETF tracks a rolling 12-month strip of natural gas futures contracts traded on NYMEX, maintaining continuous exposure across the near-month contract and the following 11 months of expirations. The fund does not currently distribute income to shareholders and carries an expense ratio of 1.65%. It appeals to investors seeking direct commodity exposure to natural gas price movements rather than traditional dividend income.

UNL performance versus SPY

Price and return data through 2026-10-16.

Total return is -88.3% over the past 16.9 years, 914.7 points behind SPY at 826.4%. Over the past year its total return — price change plus distributions reinvested — is -25.0%. Its deepest 1-year drawdown was 37.1%.

UNL key facts

Issuer

USCF Investments

Asset type

ETF

Asset class

Commodity

Inception date

11/18/2009

Expense ratio

1.65%

Distribution frequency

None

Last close

$5.60 (as of 2026-10-16)

AUM

$16,289,598

Average volume

70875.0

Beta

0.87

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: USCF Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

UNL risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 37.1%.

Who may consider UNL — and who may not

It is a weaker fit for investors who need monthly cash flow (UNL does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on UNL

• All tickers starting with U

Frequently asked questions

More securities from USCF Investments.