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UNG

UNG - United States Natural Gas Fund LP ETF Holdings & AI Analysis

$9.08
-3.13%

United States Natural Gas Fund LP

•ETF
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FIT ANALYSIS
Required for personalization

Fund DNA

Management Fee (Expense Ratio)

1.17%High
The annual fee charged by the fund. Lower fees preserve your long-term compounding.

Fund Size (AUM)

$498.64MStandard
Total market value of assets held. Massive funds generally offer maximum liquidity and stability.

Price to NAV

-2.16%Discount
Measures if the ETF trades above (premium) or below (discount) its actual underlying asset value.

Market Sensitivity (Beta)

1.70High Volatility
Measures price correlation with the S&P 500. This fund historically experiences higher price swings than the broader market.
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This fund provides exposure to the price of natural gas by holding short-term futures contracts. It acts as a direct, albeit complex, proxy for domestic energy consumption and global supply chain disruptions. I have synthesized my analysis of its asset composition, live market action, and macro factors to provide a comprehensive thesis. What specific areas can I detail for you?

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Pro EquitAI Research Report

“A highly volatile weather trade trapped in a fundamentally oversupplied market.”

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BULLISH

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Generated on September 29, 2026
Reference Price: $10.79

Natural gas is the ultimate wildcard of the energy transition, heavily swayed by unpredictable weather patterns and shifting global export demands. Right now, this asset class is caught in a tug-of-war between booming domestic production and the world's growing appetite for American liquefied natural gas.

The Bull Case

  • Severe weather events, from freezing winters to scorching summers, can instantly spike domestic demand for heating and cooling.
  • The ongoing expansion of American liquefied natural gas export terminals creates a structural, long-term pipeline of global buyers.

The Bear Case

  • America is producing natural gas at record levels, which frequently gluts the market and suppresses prices.
  • Because this fund relies on futures contracts, investors often suffer a hidden penalty called 'contango', where constantly replacing expiring contracts drains returns over time.

Macro Trends & Strategy Narrow

Commodity funds inherently lack a traditional competitive moat, serving instead as pure macroeconomic barometers. When central banks raise interest rates, industrial activity often slows down, which directly reduces factory demand for natural gas. Conversely, a booming economic cycle fuels industrial consumption, putting upward pressure on underlying energy prices.

Fund Risk & Structure

Comprehensive proprietary risk architecture, tracking deviation metrics, counterparty exposure breakdown, and portfolio stress testing across varied macroeconomic interest rate regimes.

Portfolio Role & Verdict

Actionable core portfolio allocation assessment, long-term capital preservation guidance, tactical duration adjustments, and benchmark suitability verdict.

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This report is based on up-to-date financial fundamentals and Wall Street projections.