# United States 12 Month Natural Gas Fund, LP (UNL)

> Source: Nexqual · https://nexqual.com/UNL · data as of 2026-10-23 19:59 UTC · cite as "Nexqual, United States 12 Month Natural Gas Fund, LP (UNL), nexqual.com/UNL" · informational, not investment advice.

**Price:** USD 5.34 (-0.84% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 5.34 · day 5.29–5.35 · 52w 5.29–9.11 · market cap null · PCX

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue -$4.3M, net income -$4.5M (106.4% margin) (SEC filings).
- Total return with dividends: 1Y -32.7% vs S&P 500 +13.4%; 5Y -62.6% vs S&P 500 +76.9%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.3M | $4.0M | -$13.1M | -$925K | -$736K | -$4.3M |
| Net income | $3.2M | $3.6M | -$13.3M | -$1.2M | -$971K | -$4.5M |
| Net margin | 96.8% | 91.9% | 101.2% | 131.8% | 132.0% | 106.4% |
| Revenue growth | +1999.3% | +21.1% | -432.1% | +92.9% | +20.5% | — |
| Cash + short-term investments | $14.4M | $22.0M | $14.5M | $17.9M | $18.2M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -32.7% | -62.6% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -32.8% | -17.9% |
| Volatility (annualized) | 35.0% | 42.0% |
| Max drawdown | -40.1% (Dec 2025→Oct 2026) | -80.7% (Aug 2022→Oct 2026) |

## Peers
USL (United States 12 Month Oil) USD 64.08 +2.38% · FCG (First Trust Natural Gas ETF) USD 32.12 +3.45% · UGA (United States Gasoline Fund LP) USD 144.92 +1.78% · KOLD (ProShares UltraShort Bloomberg ) USD 30.94 +3.17% · DBE (Invesco DB Energy Fund) USD 41.02 +2.68%

## More
Full page: https://nexqual.com/UNL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 39.4% | ±14.8% |
| 2027-03-19 | 147 | 45.9% | ±20.7% |