UNL (United States 12 Month Natural Gas Fund) is an ETF structured as a Delaware limited partnership that gives investors exposure to natural gas prices without physically buying or storing the commodity. UNL trades on NYSE Arca under the ticker "UNL" and is managed by USCF (United States Commodity Funds), a registered commodity pool operator and subsidiary of The Marygold Companies. UNL's core strategy is to hold an equally weighted basket of 12 consecutive monthly NYMEX natural gas futures contracts, rather than just the near-month contract. This structure is designed to reduce the drag from contango — where near-month futures prices are below later-month prices, eroding returns on rolling strategies. Cash not deployed as futures margin is held in short-term U.S. Treasuries. UNL's investment objective is for daily NAV percentage changes to track the daily percentage changes in the average of those 12 futures contracts within +/- 10% on a rolling 30-day basis. UNL targets two user types: investors seeking indirect natural gas price exposure, and hedgers in the natural gas industry looking to offset price risk. USCF earns revenue by charging a management fee of 0.60% per annum on average daily net assets. UNL also pays brokerage commissions to its futures commission merchants and a NYMEX licensing fee of 0.015% on net assets. Investors access UNL by purchasing Creation Baskets of at least 50,000 shares through Authorized Participants, which are registered broker-dealers or financial institutions.