Overview
Ticker | |
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Intraday Indicative Value | UNL.IV |
CUSIP | |
ISIN | US91288X1090 |
Minimum Trade | 1 share |
Marginable | YES |
Options Traded | YES |
Total Expense Ratio | |
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Trading Increment | $0.01 |
Administrator | The Bank of New York Mellon |
Distributor | ALPS Distributors, Inc. |
General Partner | United States Commodity Funds, LLC |
Fund Summary
The United States 12 Month Natural Gas Fund, LP® (UNL) is an exchange-traded security that is designed to track the daily price movements of natural gas. UNL issues shares that may be purchased and sold on the NYSE Arca.
The investment objective of UNL is for the daily changes in percentage terms of its shares' net asset value (NAV) to reflect the daily changes in percentage terms of the price of natural gas delivered at the Henry Hub Louisiana, as measured by the daily changes in the average of the prices of UNL's Benchmark Futures Contracts, plus interest earned on UNL's collateral holdings, less UNL's expenses.
UNL's Benchmark Futures Contracts are the futures contracts on natural gas as traded on the NYMEX that are the near month futures contract to expire and the contracts for the following 11 months, for a total of 12 consecutive months. If the near month contract is within two weeks of expiration, the Benchmark will be the next month contract to expire and the contracts for following 11 consecutive months. When calculating the daily movement of the average price of the 12 contracts, each contract month is equally weighted.
UNL invests primarily in natural gas futures contracts, and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by UNL, UNL's futures commission merchants, counterparties or other market participants), liquidity requirements, or in view of market conditions, other natural gas-related futures contracts, forwards and swap contracts. These investments will be collateralized by cash, cash equivalents, and US government obligations with remaining maturities of two years or less.
Key Facts
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Performance
Historical NAV Performance download is not available at this time.
The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
The Fund's NAV is calculated by dividing the value of the Fund's total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.
† UNL commenced operations on 11/18/2009.
Growth of $10,000 Investment
This chart shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus the performance of the Fund’s benchmark. The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment. You cannot invest directly in an index.
This chart shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark futures contract(s). The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.
The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Average Daily Returns
The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Creation & Redemption
- Creation/Redemption Basket Size 50,000 Shares
- Transaction charge for each Authorized Purchasers Order is $350 (per order, not per basket)
- Order Cut-off for AP's is 12:00 p.m. ET
- UNL's NAV is calculated generally around 4:00 pm ET
- Settlement is T+1
- Custodian is The Bank of New York Mellon
- Marketing Agent is ALPS Distributors, Inc.