8-K: United States 12 Month Natural Gas Fund Reports Positive Net Income for April 2024

The United States 12 Month Natural Gas Fund reported a net income of $228,134 for the month of April 2024, according to its monthly account statement.

Summary

• The United States 12 Month Natural Gas Fund, LP released its monthly account statement for April 2024.
• The fund reported a net income of $228,134 for the month.
• This income was derived from a combination of realized and unrealized gains on commodity futures, dividend income, interest income, and ETF transaction fees.
• The fund's total income was $240,942, while total expenses amounted to $32,058, which was reduced by an expense waiver of $19,250.
• The net asset value of the fund increased from $17,100,587 at the beginning of April to $18,121,169 at the end of the month.
• The net asset value per share was $7.88 based on 2,300,000 shares.

Sentiment

Score: 7

Explanation: The document presents a positive financial performance for the month, with a notable increase in net asset value and positive net income. However, the reliance on volatile commodity markets introduces some uncertainty.

Positives

• The fund achieved a positive net income of $228,134 for April.
• The fund's net asset value increased significantly during the month.
• Unrealized gains on commodity futures more than offset realized losses.
• The fund received dividend and interest income, contributing to the overall positive result.

Negatives

• The fund experienced a realized trading loss of $469,173 on commodity futures.

Risks

• The fund's performance is heavily reliant on the volatile commodity futures market.
• Fluctuations in natural gas prices could significantly impact the fund's future results.
• The fund is subject to various expenses, including management fees, professional fees, and brokerage commissions.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, stated 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 natural gas-focused exchange-traded fund (ETF). The results are influenced by the volatility of natural gas prices and the broader commodity market.

Comparison to Industry Standards

• It is difficult to make a direct comparison without knowing the performance of other similar natural gas funds for the same period.
• However, the positive net income and increase in net asset value suggest that the fund performed well in April compared to a hypothetical benchmark of zero growth.
• Other commodity ETFs, such as those tracking oil or precious metals, may have experienced different results due to varying market conditions.

Stakeholder Impact

• Shareholders will likely view the positive net income and increase in net asset value favorably.
• The fund's performance may influence investor confidence and future investment decisions.

Key Dates

Keywords

Natural Gas, Commodity Futures, Net Asset Value, Monthly Account Statement, Income, Expenses, UNL, United States 12 Month Natural Gas Fund