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UNL

UNL - United States 12 Month Natural Gas Fund, LP ETF Holdings & AI Analysis

$5.16
-0.84%

United States 12 Month Natural Gas Fund, LP

•ETF
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FIT ANALYSIS
Required for personalization

Fund DNA

Management Fee (Expense Ratio)

1.65%High
The annual fee charged by the fund. Lower fees preserve your long-term compounding.

Fund Size (AUM)

$14.66MStandard
Total market value of assets held. Massive funds generally offer maximum liquidity and stability.

Price to NAV

-1.34%Discount
Measures if the ETF trades above (premium) or below (discount) its actual underlying asset value.

Market Sensitivity (Beta)

1.01Market Match
Measures price correlation with the S&P 500. This fund generally moves in tandem with the broader stock market.
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EQUITAI ASSISTANT

This fund holds futures contracts for natural gas spread across the next twelve months to capture broad price movements. It aims to reflect changes in the domestic natural gas market without the extreme whiplash of holding only the closest expiring contract. 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

“Deeply oversold technicals mask severe structural and liquidity risks.”

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BULLISH

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Generated on September 17, 2026
Reference Price: $5.78

Natural gas is the wild child of the energy markets, driven by sudden weather shifts and global supply chain hiccups rather than steady economic growth. Right now, as central banks keep interest rates elevated to fight inflation, industrial demand for energy remains tepid, keeping a firm lid on explosive price breakouts.

The Bull Case

  • With a 14-week RSI of 28.79, the asset is flashing deeply oversold signals, suggesting that any sudden cold snap or supply disruption could trigger a sharp upward correction.
  • The ongoing build-out of American LNG export terminals creates a structural, long-term buyer for domestic gas, tying domestic prices more closely to global energy needs.

The Bear Case

  • Elevated interest rates are cooling down industrial manufacturing, which directly reduces the commercial consumption of natural gas.
  • A mild winter or an unexpected surge in domestic production can quickly flood the market, causing commodity prices to collapse.

Macro Trends & Strategy Narrow

Because UNL focuses on a single, highly cyclical commodity, its economic moat is nearly non-existent. It attempts to smooth out the notorious volatility of natural gas by spreading its exposure across a full year of futures contracts. However, when economic slowdowns occur, broad energy demand drops, taking this asset down with it regardless of its structural packaging.

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.