What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-07 compared with 2025-08-08 · 62 added, 60 removed, 409 unchanged (23% of the section changed)

22 unchanged sentences

UNL’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas nor is UNL’s investment objective for the percentage change in its NAV to reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day .

The general partner of UNL, United States Commodity Funds LLC (“USCF”), believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Natural Gas Futures Contracts (as defined below) and Other Natural Gas-Related Investments (as defined below).

The general partner of UNL, United States Commodity Funds LLC (“USCF”), believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts (as defined below) and Other Natural Gas-Related Investments (as defined below).

UNL invests primarily in natural gas futures contracts that are traded on the NYMEX, ICE Futures Exchange (“ICE Futures”) or other U.S.

and foreign exchanges (collectively, “Natural Gas Futures Contracts”) and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by UNL, UNL’s FCMs, counterparties or other market participants), liquidity requirements, or in view of market conditions, other natural gas-related investments such as cash-settled options on Natural Gas Futures Contracts, forward contracts for natural gas, cleared swap contracts and non-exchange traded over-the-counter (“OTC”) swaps that are based on the price of natural gas, crude oil and other petroleum-based fuels and indices based on the foregoing (collectively, “Other Natural Gas-Related Investments”).

and foreign exchanges (collectively, “Futures Contracts”) and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by UNL, UNL’s FCMs, counterparties or other market participants), liquidity requirements, or in view of market conditions, other natural gas-related investments such as cash-settled options on Futures Contracts, forward contracts for natural gas, cleared swap contracts and non-exchange traded over-the-counter (“OTC”) swaps that are based on the price of natural gas, crude oil and other petroleum-based fuels and indices based on the foregoing (collectively, “Other Natural Gas-Related Investments”).

Market conditions that USCF currently anticipates could cause UNL to invest in Other Natural Gas-Related Investments include those allowing UNL to obtain greater liquidity or to execute transactions with more favorable pricing.

For convenience and unless otherwise specified, Natural Gas Futures Contracts and Other Natural Gas-Related Investments collectively are referred to as “Natural Gas Interests” in this quarterly report on Form 10-Q.

For convenience and unless otherwise specified, Futures Contracts and Other Natural Gas-Related Investments collectively are referred to as “Natural Gas Interests” in this quarterly report on Form 10-Q.

In addition, USCF believes that market arbitrage opportunities will cause daily changes in UNL’s share price on the NYSE Arca on a percentage basis to closely track daily changes in UNL’s per share NAV on a percentage basis.

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Once the daily price fluctuation limit has been reached in a particular futures contract, no trades may be made at a price beyond that limit.

The accountability levels for the Benchmark Futures Contracts and other Natural Gas Futures Contracts traded on U.S.-based futures exchanges such as the NYMEX are not a fixed ceiling, but rather a threshold above which the NYMEX may exercise greater scrutiny and control over an investor’s positions.

The accountability levels for the Benchmark Futures Contracts and other Futures Contracts traded on U.S.-based futures exchanges such as the NYMEX are not a fixed ceiling, but rather a threshold above which the NYMEX may exercise greater scrutiny and control over an investor’s positions.

The current accountability level for investments for any one-month in the Benchmark Futures Contracts is 6,000 net contracts.

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If UNL and the Related Public Funds exceed these accountability levels for investments in the futures contract for natural gas, the NYMEX and ICE Futures will monitor UNL’s and the Related Public Funds’ exposure and may ask for further information on UNL and the Related Public Funds’ activities, including the total size of all positions, investment and trading strategy, and the extent of liquidity resources of UNL and the Related Public Funds.

If deemed necessary by the NYMEX and/or ICE Futures, UNL and the Related Public Funds could be required to reduce their aggregate contracts back to the accountability level.

If deemed necessary by the NYMEX and/or ICE Futures, UNL and the Related Public Funds could be required to reduce their aggregate positions back to the accountability level.

The foregoing accountability levels and position limits are subject to change.

As of June 30, 2025, UNL held 304 Natural Gas Futures NG contracts traded on the NYMEX and did not hold any ICE Natural Gas Futures contracts.

For the six months ended June 30, 2025, UNL did not exceed accountability levels imposed by the NYMEX and ICE Futures, however, the aggregated total of certain of the Related Public Funds did exceed the accountability levels.

No action was taken by NYMEX and UNL did not reduce the number of Natural Gas Futures Contracts held as a result.

As of September 30, 2025, UNL held 277 Natural Gas Futures NG contracts traded on the NYMEX and did not hold any ICE Natural Gas Futures contracts.

For the nine months ended September 30, 2025, UNL did not exceed accountability levels imposed by the NYMEX and ICE Futures, however, the aggregated total of certain of the Related Public Funds did exceed the accountability levels.

No action was taken by NYMEX and UNL did not reduce the number of Futures Contracts held as a result.

Position limits differ from accountability levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot allow such limits to be exceeded without express CFTC authority to do so.

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UNL “rolls” the near-month futures contracts in its portfolio when the near month futures contract is within two weeks of expiration.

For the six months ended June 30, 2025, UNL did not exceed any position limits imposed by the NYMEX and the ICE Futures.

For the nine months ended September 30, 2025, UNL did not exceed any position limits imposed by the NYMEX and the ICE Futures.

Federal Position Limits

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Price Movements

Natural gas futures prices were volatile during the six months ended June 30, 2025.

Natural gas futures prices were volatile during the nine months ended September 30, 2025.

The average price of the Benchmark Futures Contracts started the period at $3.622 per million British thermal shares (“MMBtu”).

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The period ended with the Benchmark Futures Contracts at $3.773 per MMBtu, an increase of approximately 4.17% over the period.

UNL’s per share NAV began the period at $8.12 and ended the period at $8.73 on June 30, 2025, an increase of approximately 7.51% over the period.

The Benchmark Futures Contracts prices listed above began with the February 2025 to January 2026 contracts and ended with the August 2025 to July 2026 contracts.

UNL’s per share NAV began the period at $8.12 and ended the period at $7.74 on September 30, 2025, a decrease of approximately (4.68)% over the period.

The Benchmark Futures Contracts prices listed above began with the February 2025 to January 2026 contracts and ended with the November 2025 to October 2026 contracts.

An increase of approximately 4.17% on the Benchmark Futures Contracts listed above is a hypothetical return only and would not actually be realized by an investor holding Futures Contracts.

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Furthermore, the change in the nominal price of these differing Futures Contracts, measured from the start of the period to the end of the period, does not represent the actual benchmark results that UNL seeks to track, which are more fully described below in the section titled “ Tracking UNL’s Benchmark .”

During the six months ended June 30, 2025, the natural gas futures market experienced states of both mild contango and backwardation.

During the nine months ended September 30, 2025, the natural gas futures market experienced states of both mild contango and backwardation.

When the market is in a state of contango, the near month natural gas futures contract is lower than the price of the next month natural gas futures contract, or contracts further away from expiration.

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Results of Operations.

As of June 30, 2025, UNL had 1,400,000 shares outstanding.

As of September 30, 2025, UNL had 1,350,000 shares outstanding.

On April 26, 2022, the SEC declared effective the registration statement filed by UNL that registered an unlimited number of shares.

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More shares may have been issued by UNL than are outstanding due to the redemption of shares.

As of June 30, 2025, UNL had the following Authorized Participants:

As of September 30, 2025, UNL had the following Authorized Participants:

Citadel Securities LLC, Citigroup Global Markets, Inc., JP Morgan Securities Inc., Jane Street Capital LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., RBC Capital Markets LLC, SG Americas Securities LLC and Virtu Americas LLC.

For the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Six months ended

June 30, 2025

June 30, 2024

For the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

Average daily total net assets

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The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by UNL, including cash, cash equivalents and Treasuries, were lower during the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

As a result, the amount of income earned by UNL as a percentage of average daily total net assets was lower during the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

Average interest rates earned on short-term investments held by UNL, including cash, cash equivalents and Treasuries, were lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

As a result, the amount of income earned by UNL as a percentage of average daily total net assets was lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

The decrease in total fees and other expenses excluding management fees for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to an decrease in reporting costs and professional fees.

The decrease in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a lower number of Natural Gas Futures Contracts being held and traded.

For the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

The decrease in total fees and other expenses excluding management fees for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due primarily to a decrease in reporting costs and professional fees.

The decrease in total commissions accrued to brokers for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due primarily to a lower number of Futures Contracts being held and traded.

For the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

Three months ended

June 30, 2025

June 30, 2024

September 30, 2025

September 30, 2024

Average daily total net assets

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The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by UNL, including cash, cash equivalents and Treasuries, were lower during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

As a result, the amount of income earned by UNL as a percentage of average daily total net assets was lower during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

Average interest rates earned on short-term investments held by UNL, including cash, cash equivalents and Treasuries, were lower during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

As a result, the amount of income earned by UNL as a percentage of average daily total net assets was lower during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

The decrease in total fees and other expenses excluding management fees for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, was due primarily to a decrease in reporting costs and professional fees.

The decrease in total commissions accrued to brokers for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, was due primarily to a lower number of Natural Gas Futures Contracts being held and traded.

The decrease in total fees and other expenses excluding management fees for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was due primarily to a decrease in reporting costs and professional fees.

The decrease in total commissions accrued to brokers for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was due primarily to a lower number of Futures Contracts being held and traded.

Tracking UNL’s Benchmark

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USCF believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts and Other Natural Gas-Related Investments.

For the 30-valuation days ended June 30, 2025, the average daily change in the average of the prices of the Benchmark Futures Contracts was (0.129)%, while the average daily change in the per share NAV of UNL over the same time period was (0.120)%.

For the 30-valuation days ended September 30, 2025, the average daily change in the average of the prices of the Benchmark Futures Contracts was 0.024%, while the average daily change in the per share NAV of UNL over the same time period was 0.031%.

The average daily difference was 0.007% (or 0.7 basis points, where 1 basis point equals 1/100 of 1%), meaning that over this time period UNL’s NAV performed was within the plus or minus 10% range established as its benchmark tracking goal.

Since the commencement of the offering of UNL’s shares to the public on November 18, 2009 to June 30, 2025, the average daily change in the average price of the Benchmark Futures Contracts was (0.025)%, while the average daily change in the per share NAV of UNL over the same time period was (0.024)%.

Since the commencement of the offering of UNL’s shares to the public on November 18, 2009 to September 30, 2025, the average daily change in the average price of the Benchmark Futures Contracts was (0.028)%, while the average daily change in the per share NAV of UNL over the same time period was (0.026)%.

The average daily difference was 0.002% (or 0.2 basis points, where 1 basis point equals 1/100 of 1%), meaning that over this time period UNL’s NAV performed within the plus or minus 10% range established as its benchmark tracking goal.

The following two charts demonstrate the correlation between the changes in UNL’s NAV and the changes in the Benchmark Futures Contracts.

The first chart below shows the daily movement of UNL’s per share NAV versus the daily movement of the Benchmark Futures Contracts for the 30 valuation day period ended June 30, 2025, the last trading day in March.

The second chart below shows the monthly total returns of UNL as compared to the monthly value of the Benchmark Futures Contracts for the five years ended June 30, 2025.

The first chart below shows the daily movement of UNL’s per share NAV versus the daily movement of the Benchmark Futures Contracts for the 30 valuation day period ended September 30, 2025, the last trading day in September.

The second chart below shows the monthly total returns of UNL as compared to the monthly value of the Benchmark Futures Contracts for the five years ended September 30, 2025.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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An alternative tracking measurement of the return performance of UNL versus the return of its Benchmark Futures Contracts can be calculated by comparing the actual return of UNL, measured by changes in its per share NAV, versus the expected changes in its per share NAV under the assumption that UNL’s returns had been exactly the same as the daily changes in the average of the prices of its Benchmark Futures Contracts.

For the six months ended June 30, 2025, the actual total return of UNL as measured by changes in its per share NAV was 7.51%.

This is based on an initial per share NAV of $8.12 as of December 31, 2024 and an ending per share NAV as of June 30, 2025 of $8.73.

For the nine months ended September 30, 2025, the actual total return of UNL as measured by changes in its per share NAV was (4.68)%.

This is based on an initial per share NAV of $8.12 as of December 31, 2024 and an ending per share NAV as of September 30, 2025 of $7.74.

During this time period, UNL made no distributions to its shareholders.

However, if UNL’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contracts, UNL would have had an estimated per share NAV of $8.62 as of June 30, 2025, for a total return over the relevant time period of 6.11%.

However, if UNL’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contracts, UNL would have had an estimated per share NAV of $7.60 as of September 30, 2025, for a total return over the relevant time period of (6.40)%.

The difference between the actual per share NAV total return of UNL of (4.68)% and the expected total return based on the Benchmark Futures Contracts of (6.40)% was a difference over the time period of 1.72%, which is to say that UNL’s actual total return outperformed its benchmark by that percentage.

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The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of UNL to track slightly lower or higher than daily changes in the price of the Benchmark Futures Contracts.

By comparison, for the six months ended June 30, 2024, the actual total return of UNL as measured by changes in its per share NAV was (3.50)%.

This is based on an initial per share NAV of $8.58 as of December 31, 2023 and an ending per share NAV as of June 30, 2024 of $8.28.

By comparison, for the nine months ended September 30, 2024, the actual total return of UNL as measured by changes in its per share NAV was ( 7.69 )%.

This is based on an initial per share NAV of $8.58 as of December 31, 2023 and an ending per share NAV as of September 30, 2024 of $7.92.

During this time period, UNL made no distributions to its shareholders.

However, if UNL’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contracts, UNL would have had an estimated per share NAV of $8.12 as of June 30, 2024, for a total return over the relevant time period of (5.36)%.

However, if UNL’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contracts, UNL would have had an estimated per share NAV of $7.70 as of September 30, 2024, for a total return over the relevant time period of (10.26)%.

The difference between the actual per share NAV total return of UNL of (7.69)% and the expected total return based on the Benchmark Futures Contracts of (10.26)% was a difference over the time period of 2.56%, which is to say that UNL’s actual total return outperformed its benchmark by that percentage.

UNL incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses.

There are three factors that typically have impacted or are most likely to impact UNL’s ability to accurately track its Benchmark Futures Contracts in addition to the foregoing.

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In that case, UNL may pay a price that is higher, or lower, than the closing settlement price of the Benchmark Futures Contracts, which could cause the changes in the daily per share NAV of UNL to either be higher or lower to the daily changes in the average of the prices of the Benchmark Futures Contracts.

During the six months ended June 30, 2025, USCF attempted to minimize the effect of these transactions by seeking to execute its purchase or sale of the Benchmark Futures Contracts at, or as close as possible to, the end of the day settlement price.

During the nine months ended September 30, 2025, USCF attempted to minimize the effect of these transactions by seeking to execute its purchase or sale of the Benchmark Futures Contracts at, or as close as possible to, the end of the day settlement price.

However, it may not always be possible for UNL to obtain the settlement price and there is no assurance that failure to obtain the closing settlement price in the future will not adversely impact UNL’s attempt to track the Benchmark Futures Contracts.

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At the same time, UNL earns dividend and interest income on its cash, cash equivalents and Treasuries.

UNL is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the six months ended June 30, 2025.

UNL is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the nine months ended September 30, 2025.

Interest payments, and any other income, were retained within the portfolio and added to UNL’s NAV.

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In that case, the error in tracking the Benchmark Futures Contracts could result in daily changes in the per share NAV of UNL that are either too high, or too low, relative to the daily changes in the average of the prices of the Benchmark Futures Contracts.

During the six months ended June 30, 2025, UNL did not hold any Other Natural Gas-Related Investments.

During the nine months ended September 30, 2025, UNL did not hold any Other Natural Gas-Related Investments.

If UNL increases in size, and due to its obligations to comply with market conditions, regulatory limits, and risk mitigation measures imposed by its FCMs, UNL may invest in Other Natural Gas-Related Investments which may have the effect of increasing transaction related expenses and may result in increased tracking error.

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In this example, the value of an investment in the next month futures contract would tend to outperform the spot price of natural gas.

As a result, it would be possible for the new near month futures contract to rise 12% while the spot price of natural gas may have risen a lower amount, e.g., only 10%.

result, it would be possible for the new near month futures contract to rise 12% while the spot price of natural gas may have risen a lower amount, e.g., only 10%.

Similarly, the spot price of natural gas could have fallen 10% while the value of an investment in the futures contract might have fallen another amount, e.g., only 8%.

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The natural gas market spent time in both backwardation and contango during the last ten years.

The chart below shows the results from subtracting the average dollar price of the near 12-month contracts from the near month price for the 10-year period between June 30, 2015 and June 30, 2025.

The chart below shows the results from subtracting the average dollar price of the near 12-month contracts from the near month price for the 10-year period between September 30, 2015 and September 30, 2025.

Investors will note that the natural gas market spent time in both backwardation and contango.

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Because natural gas demand is seasonal, it is possible for the price of natural gas futures contracts for delivery within one or two months to rapidly move from backwardation into contango and back again within the relatively short period of time of less than one year.

Periods of contango or backwardation do not materially impact UNL’s investment objective of having the daily percentage changes in its per share NAV track the daily percentage changes in the average of the prices of the Benchmark Futures Contracts.

Periods of contango or backwardation do not materially impact UNL’s investment objective of having the daily percentage changes in its per share NAV track

the daily percentage changes in the average of the prices of the Benchmark Futures Contracts.

This is because the impact of backwardation and contango tend to equally impact the daily percentage changes in price of both UNL’s shares and the Benchmark Futures Contracts.

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Natural Gas Market.

During the six months ended June 30, 2025, the average price of the Benchmark Natural Gas Futures Contracts traded in a range between $3.507 and $4.931.

The average price of the Benchmark Natural Gas Futures Contracts increased 11.26% from the end of 2024 through June 30, 2025, finishing the quarter at $4.03.

During the nine months ended September 30, 2025, the average price of the Benchmark Natural Gas Futures Contracts traded in a range between $3.507 and $4.931.

The average price of the Benchmark Natural Gas Futures Contracts increased 4.169% from the end of 2024 through September 30, 2025, finishing the quarter at $3.773.

The number of rigs dedicated to natural gas production rose from 103 at the start of the year to 117 by the end of the quarter.

Natural Gas stored in the United States stood at 2,953 billion cubic feet as of June 30, 2025, about 6% lower than the same time last year.

Natural Gas stored in the United States stood at 3.561 billion cubic feet as of September 30, 2025, about the same level at the same time last year.

While both domestic demand and U.S.

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The correlation is scaled between 1 and -1, where 1 indicates that the two investment options move up or down in price or value together, known as “positive correlation,” and -1 indicates that they move in completely opposite directions, known as “negative correlation.” A correlation of 0 would mean that the movements of the two are neither positively nor negatively correlated, known as “non-correlation.” That is, the investment options sometimes move up and down together and other times move in opposite directions.

For the ten-year time period between June 30, 2015 and June 30, 2025, the table below compares the monthly movements of natural gas prices versus the monthly movements of the prices of several other energy commodities, such as crude oil, diesel-heating oil, and unleaded gasoline, as well as several major non-commodity investment asset classes, such as large cap U.S.

For the ten-year time period between September 30, 2015 and September 30, 2025, the table below compares the monthly movements of natural gas prices versus the monthly movements of the prices of several other energy commodities, such as crude oil, diesel-heating oil, and unleaded gasoline, as well as several major non-commodity investment asset classes, such as large cap U.S.

equities, U.S.

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Income received from UNL’s investments in money market funds and Treasuries is paid to UNL.

During the six months ended June 30, 2025, UNL’s expenses, pre and post expense waiver, did not exceed the income UNL earned and the cash earned from the sale of Creation Baskets and the redemption of Redemption Baskets.

During the six months ended June 30, 2025, UNL did not use other assets to pay expenses.

During the nine months ended September 30, 2025, UNL’s expenses did not exceed the income UNL earned and the cash earned from the sale of Creation Baskets and the redemption of Redemption Baskets.

During the nine months ended September 30, 2025, UNL did not use other assets to pay expenses.

To the extent income exceeds expenses, UNL’s NAV will be positively impacted.

Although permitted to do so under its LP Agreement, UNL has not leveraged, and does not intend to leverage, its assets through borrowings or otherwise, and makes its investments accordingly.

Although permitted to do so under its LP Agreement, UNL has not leveraged, and does not intend to leverage, its assets through borrowings or otherwise, and UNL makes its investments accordingly.

Consistent with the foregoing, UNL’s investments will take into account the need for UNL to maintain adequate liquidity to meet its margin and collateral requirements and to avoid, to the extent reasonably possible, UNL becoming leveraged.

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Such market conditions could prevent UNL from promptly liquidating its positions in Futures Contracts.

During the six months ended June 30, 2025, UNL did not purchase or liquidate any of its positions while daily limits were in effect;

During the nine months ended September 30, 2025,

UNL did not purchase or liquidate any of its positions while daily limits were in effect;

however, UNL cannot predict whether such an event may occur in the future.

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Quantitative and Qualitative Disclosures About Market Risk” in this quarterly report on Form 10-Q for a discussion of OTC swaps.

As of June 30, 2025, UNL held cash deposits short-term investments in the amount of $11,860,801 with the custodian and FCMs.

As of September 30, 2025, UNL held cash deposits short-term investments in the amount of $11,301,907 with the custodian and FCMs.

Some or all of these amounts held by a custodian or an FCM, as applicable, may be subject to loss should UNL’s custodian or FCMs, as applicable, cease operations.

Off Balance Sheet Financing

As of June 30, 2025, UNL had no loan guarantee, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks that service providers undertake in performing services which are in the best interests of UNL.

As of September 30, 2025, UNL had no loan guarantee, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks that service providers undertake in performing services which are in the best interests of UNL.

While UNL’s exposure under these indemnification provisions cannot be estimated, they are not expected to have a material impact on UNL’s financial position.

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Either party may terminate these agreements earlier for certain reasons described in the agreements.

As of June 30, 2025, UNL’s portfolio consisted of 304 Natural Gas Futures NG contracts traded on the NYMEX.

As of June 30, 2025, UNL did not hold any Futures Contracts traded on the ICE Futures.

As of September 30, 2025, UNL’s portfolio consisted of 277 Natural Gas Futures NG contracts traded on the NYMEX.

As of September 30, 2025, UNL did not hold any Futures Contracts traded on the ICE Futures.

For a list of UNL’s current holdings, please see UNL’s website at www.uscfinvestments.com.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis