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Overview

Ticker
Intraday Indicative Value UNL.IV
CUSIP
ISIN US91288X1090
Minimum Trade 1 share
Marginable YES
Options Traded YES
Total Expense Ratio
Trading Increment $0.01
Administrator The Bank of New York Mellon
Distributor ALPS Distributors, Inc.
General Partner United States Commodity Funds, LLC
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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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NAV Change
4PM Bid/Ask Midpoint
Last Trade Price
Premium Discount (%)
Shares Outstanding
Total Net Assets
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Performance

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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.

Premium/Discount

Premium/Discount Daily Information as of
NAV
4PM Bid/Ask Midpoint
Difference ($)
Premium/Discount (%)

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY 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 above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported NAV. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount expressed in basis points. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

* A basis point is equal to 1/100th of 1%.

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.
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