Key Highlights

  • The fund reported a net loss of $263,133 for August 2026, mainly from a realized futures loss of $454,943.
  • An unrealized gain on futures of $172,903 offset part of the realized loss during the month.
  • Net assets ended August 2026 at $16,479,925, or $5.89 per share, with 2,800,000 shares outstanding at month end.
  • Net assets rose despite the loss because the fund issued 100,000 shares for $582,535 during the month.

United States 12 Month Natural Gas Fund, LP (NYSE:UNL), which trades on NYSE Arca under the symbol UNL, filed a Form 8-K attaching its monthly account statement for the month ended August 31, 2026 as Exhibit 99.1. It reported a net loss of $263,133 for the month. Net assets ended August at $16,479,925, or $5.89 per share, with 2,800,000 shares outstanding.

The general partner is United States Commodity Funds LLC, and Stuart P. Crumbaugh, its Chief Financial Officer, signed the certification.

Where the Loss Came from

The statement shows a total loss on the income side of $233,094. The main driver was a realized trading loss on commodity futures of $454,943. That was partly offset by an unrealized gain on the market value of commodity futures of $172,903, dividend income of $41,225, interest income of $7,371 and ETF transaction fees of $350.

Expenses added to the result. Total expenses were $30,039, made up of general partner management fees of $8,187, professional fees of $20,271, brokerage commissions of $366, directors' fees and insurance of $1,010, and license fees of $205. Combining the total loss of $233,094 with those expenses produces the net loss of $263,133. Professional fees were the largest single expense line, larger than the management fee.

How Net Assets Moved

The fund started August with net assets of $16,160,523. It issued 100,000 shares for $582,535, which is the only share activity reported in the statement. Adding that amount and subtracting the net loss of $263,133 gives the reported ending net assets of $16,479,925. Net assets therefore rose during the month even though the fund posted a loss, because the value of new shares issued exceeded the loss.

The per-share figure of $5.89 is the fund's net asset value divided by its 2,800,000 shares outstanding. It is a calculated value, separate from the exchange trading price, which the exhibit does not report.

What the Fund Does

The fund is a commodity pool that holds natural gas futures contracts and is one of several exchange-traded funds sponsored by United States Commodity Funds LLC. The statement is a monthly summary of income, expenses and net asset changes.

The exhibit includes a certification, made under Rule 4.22(h) of the Commodity Exchange Act, that to the best of the signer's knowledge and belief the information in the account statement for the month ended August 31, 2026 is accurate and complete. Rule 4.22 is part of the Commodity Futures Trading Commission's framework requiring commodity pool operators to give participants periodic account statements. The general partner's address is 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California.

Funds of this kind report income in several categories because futures gains and losses come in two forms. Realized results arise when positions are closed or expire, while unrealized results reflect changes in the value of positions still open at month end. In August, the fund's realized result was negative and its unrealized result was positive. The unrealized gain offset part of the realized loss, leaving the futures trading portion at a net loss of $282,040 before dividends, interest and fees.

What the September Statement Will Show for the Natural Gas Fund

The exhibit reports no change in the fund's structure or operations; it is limited to the monthly figures. A statement for September 2026 would be the next in the monthly series and would show whether net assets, shares outstanding and net asset value per share changed after August 31. For audited results, a full accounting of the fund's holdings and a discussion of risks, investors can turn to its quarterly report on Form 10-Q and its annual report on Form 10-K.