The United States Natural Gas Fund (UNG) is an exchange-traded fund structured as a Delaware limited partnership that gives retail and institutional investors exposure to natural gas prices. UNG trades on the NYSE Arca like a stock, making it accessible through a standard brokerage account without the need for a futures account. Rather than holding physical natural gas, UNG holds NYMEX natural gas futures contracts — primarily the near-month contract tied to delivery at Henry Hub, Louisiana. UNG's goal is for the daily percentage change in its per-share NAV to track the daily percentage change in that benchmark futures contract, plus interest earned on collateral, minus expenses. UNG rolls its futures positions monthly, shifting from the expiring near-month contract to the next-month contract to maintain continuous price exposure. The remaining assets not posted as margin are held in short-term U.S. Treasuries or cash equivalents, which earn interest that accrues to the fund. UNG is managed by United States Commodity Funds (USCF), which charges a management fee of 0.60% of NAV on the first $1B in assets and 0.50% above that threshold. UNG does not use leverage and does not pay dividends. A key structural risk for investors is contango — when near-month futures are cheaper than future-dated contracts, monthly rolls create a return drag relative to the spot price of natural gas, which has historically caused UNG's total return to lag spot prices over longer holding periods.