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United States 12 Month Natural Gas Fund (UNL+1.01%), LP has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements showing an increase in total assets to $20,304,112 from $16,389,738 as of December 31, 2023. This increase is attributed to higher cash and cash equivalents and equity in trading accounts.
UNL reported a net loss of $1,696,155 for the nine months ended September 30, 2024, compared to a net loss of $8,691,938 in the same period the previous year.
The fund's net asset value per share decreased to $7.92 from $8.58 at the beginning of the year, reflecting a decrease of approximately 7.69%.
UNL's investment strategy focuses on tracking the average daily percentage changes of the spot price of natural gas, using a mix of futures contracts and other natural gas-related investments.
During the reporting period, UNL held 617 natural gas futures contracts traded on the NYMEX (CME+0.07%) and did not hold any futures contracts traded on ICE Futures (ICE+0.89%).
UNL's management fee was reduced from 0.75% per annum to 0.60% per annum effective May 1, 2024.
The fund's average daily total net assets increased to $17,907,165 for the nine months ended September 30, 2024, from $16,710,457 in the same period the previous year.
UNL's cash and cash equivalents, including investments in money market funds, amounted to $20,313,679 as of September 30, 2024.
UNL is not currently party to any material legal proceedings, but its general partner, United States Commodity Funds LLC, is involved in ongoing litigation related to other funds it manages.
The filing also details regulatory and market risks, including geopolitical tensions and potential supply disruptions that could impact the fund's performance.
UNL's investment objective is not for its NAV or market price of shares to equal the spot price of natural gas, but to closely track the daily percentage changes in the average of the prices of the Benchmark Futures Contracts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United States 12 Month Natural Gas Fund quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.