8-K: United States 12 Month Natural Gas Fund, LP Reports Net Income of $378,682 for January 2025

United States 12 Month Natural Gas Fund, LP announces its monthly account statement for January 31, 2025, showing a net income of $378,682 and a net asset value per share of $8.22.

Summary

• United States 12 Month Natural Gas Fund, LP released its monthly account statement for January 31, 2025.
• The fund reported a net income of $378,682 for the month.
• The net asset value at the end of the month was $15,618,588.
• The net asset value per share was $8.22, based on 1,900,000 shares.
• The fund experienced withdrawals of $3,432,215 related to 400,000 shares.
• Total income for the month was $402,627, including realized trading gains, unrealized losses, dividend income, interest income, and ETF transaction fees.
• Total expenses were $23,945, including management fees, professional fees, brokerage commissions, directors' fees and insurance, and license fees.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The report presents factual financial data without expressing explicit optimism or pessimism. The net income is positive, but there are also unrealized losses and withdrawals.

Positives

• The fund generated a net income of $378,682 for the month.
• The fund had total income of $402,627 for the month.
• The fund generated $40,318 in dividend income.

Negatives

• The fund experienced unrealized losses on market value of commodity futures of $229,011.
• The fund experienced withdrawals of $3,432,215 related to 400,000 shares, decreasing the net asset value.

Risks

• Fluctuations in commodity futures markets can lead to unrealized losses, as seen in the $229,011 loss this month.
• Withdrawals can reduce the fund's net asset value, impacting overall performance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, represents that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This report provides insight into the performance of a specific commodity-focused exchange-traded fund (ETF). The performance is influenced by natural gas prices and market conditions. Investors use these reports to assess the fund's efficiency in tracking natural gas futures and managing associated risks.

Comparison to Industry Standards

• It's difficult to compare this fund's performance directly to industry standards without knowing its specific investment strategy and benchmark.
• However, similar natural gas ETFs include the ProShares Ultra Bloomberg Natural Gas (BOIL) and the VelocityShares Daily 2x ETF (GASL).
• Comparing UNL's returns, expense ratio, and tracking error to these funds would provide a better understanding of its relative performance.
• Additionally, comparing UNL to broad commodity index funds like the Invesco DB Commodity Index Tracking Fund (DBC) can provide context on its performance within the broader commodity market.

Stakeholder Impact

• Shareholders will be interested in the fund's net income and NAV per share to assess their investment's performance.
• The report provides transparency to limited partners regarding the fund's financial activities.
• The fund's performance impacts the broader market perception of natural gas investments.

Key Dates