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Audited Financials Highlight Legal Risks for UNL Manager

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The latest update is out from United States 12 Month Natural Gas Fund LP ( (UNL) ).

United States 12 Month Natural Gas Fund LP is a commodity-based exchange-traded fund managed by United States Commodity Funds LLC, which structures and administers futures-linked products for investors seeking exposure to natural gas prices over a rolling 12‑month horizon. The manager operates within the U.S. commodities and energy investment sector, focusing on publicly traded funds that track benchmark futures markets for institutional and retail stakeholders.

United States Commodity Funds LLC has released audited statements of financial condition as of December 31, 2025 and 2024, with auditor BPM LLP issuing an unqualified opinion that the accounts fairly present the company’s position under U.S. GAAP. The audit highlighted loss contingencies tied to ongoing legal proceedings and regulatory inquiries as a critical audit matter, noting that adverse outcomes could materially affect the manager’s financial condition, operations and cash flows, an area investors and fund unitholders will likely monitor closely.

More about United States 12 Month Natural Gas Fund LP

United States 12 Month Natural Gas Fund LP is a commodity-based exchange-traded fund managed by United States Commodity Funds LLC, which structures and administers futures-linked products for investors seeking exposure to natural gas prices over a rolling 12‑month horizon. The manager operates within the U.S. commodities and energy investment sector, focusing on publicly traded funds that track benchmark futures markets for institutional and retail stakeholders.

United States Commodity Funds LLC has released audited statements of financial condition as of December 31, 2025 and 2024, with auditor BPM LLP issuing an unqualified opinion that the accounts fairly present the company’s position under U.S. GAAP. The audit highlighted loss contingencies tied to ongoing legal proceedings and regulatory inquiries as a critical audit matter, noting that adverse outcomes could materially affect the manager’s financial condition, operations and cash flows, an area investors and fund unitholders will likely monitor closely.

Average Trading Volume: 117,882

Current Market Cap: $16.22M

See more insights into UNL stock on TipRanks’ Stock Analysis page.

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