United States 12 Month Natural Gas Fund, LP

United States 12 Month Natural Gas Fund, LP (UNL) is a commodity pool traded publicly on NYSE Arca that provides investors with exposure to natural gas prices through a diversified portfolio of futures contracts and related derivatives. The fund maintains a rolling basket of 12 consecutive months of natural gas futures contracts traded on NYMEX, supplemented by cash-settled options, forward contracts, and swaps, with its shares distributed through authorized purchasers who can trade on the secondary market. UNL generates revenue from dividend and interest income on its cash and Treasury holdings, as well as transaction fees from authorized participants, while charging investors a management fee based on assets under management and bearing brokerage commissions and regulatory expenses associated with futures trading.