On March 27, 2026, the United States 12 Month Natural Gas Fund, LP (UNL) submitted its annual financial statements for the year ending December 31, 2025, as mandated by Rule 4.22 under the Commodity Exchange Act. The filing, which is available on the SEC's website and the fund's own site, includes detailed financial data and performance metrics for the past year. Notably, the fund reported a net loss of $971,479 for the year, reflecting challenges in the natural gas market and fluctuations in commodity prices. The financial statements also highlight a decrease in total assets from $19,045,543 in 2024 to $18,815,131 in 2025, indicating a slight contraction in the fund's financial position. The fund's management fees were reduced from 0.75% to 0.60% per annum, effective May 1, 2024, which may help improve net returns for investors moving forward. The filing includes various exhibits, including the annual financial statements, which provide further insights into the fund's operations and financial health. Investors are encouraged to review these documents to understand the fund's performance and strategic outlook better.

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