What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-08 compared with 2025-11-07 · 55 added, 92 removed, 379 unchanged (28% of the section changed)

43 unchanged sentences

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.

In addition, the NYMEX imposes an accountability levels for all months of 12,000 net futures contracts for investments in futures contracts for natural gas.

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

In addition, the NYMEX imposes an accountability level for all months of 12,000 net futures contracts for investments in futures contracts for natural gas.

In addition, the ICE Futures maintains accountability levels position limits and monitoring authority for its futures contracts for natural gas contracts.

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

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.

As of March 31, 2026, UNL held 431 Natural Gas Futures NG contracts traded on the NYMEX and did not hold any ICE Natural Gas Futures contracts.

For the three months ended March 21, 2026, 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.

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

For the three months ended March 31, 2026, UNL did not exceed any position limits imposed by the NYMEX and the ICE Futures.

Federal Position Limits

Part 150 of the CFTC’s regulations (the “Position Limits Rule”) establishes federal position limits for 25 core referenced futures contracts (comprised of agricultural, energy and metals futures contracts), futures and options linked to the core referenced futures contracts, and swaps that are economically equivalent to the core referenced futures contracts that all market participants must comply with, with certain exemptions.

Certain of the Benchmark Futures Contracts are subject to position limits under the Position Limits Rule, and UNL’s trading does not qualify for an exemption therefrom.

The Benchmark Futures Contracts are subject to position limits under the Position Limits Rule, and UNL’s trading does not qualify for an exemption therefrom.

Accordingly, the Position Limits Rule could inhibit UNL’s ability to invest in the relevant Benchmark Futures Contracts and thereby could negatively impact the ability of UNL to meet its investment objective.

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Such events can, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities such as natural gas and the value, pricing, and liquidity of the investments or other assets held by UNL.

Geopolitical conflict, including war and armed conflicts (such as the Russia-Ukraine war, conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities such as natural gas and the value, pricing, and liquidity of the investments or other assets held by UNL.

Geopolitical conflict, including war and armed conflicts (such as the Russia-Ukraine war, military conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities such as natural gas and the value, pricing, and liquidity of the investments or other assets held by UNL.

A negative impact on, or volatility in, the price of natural gas or the value, pricing and liquidity of UNL’s investments or other assets resulting from the occurrence of any of the aforementioned events, or similar events, could cause you to lose all, or substantially all, of your investment in UNL.

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In addition, in rising interest rate environments, it is possible that the Treasuries held by UNL will decline in value.

When interest rates fall, UNL may be required to reinvest the proceeds from the sale, redemption or early prepayment of a Treasuries or money market security at a lower interest rate.

When interest rates fall, UNL may be required to reinvest the proceeds from the sale, redemption or early prepayment of the Treasuries or money market security at a lower interest rate.

As inflation increases, the present value of UNL’s assets may decline.

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The United States Federal Reserve has a stated goal of maintaining a two percent increase in inflation over the long run, as measured by the annual change in the price index for personal consumption expenditures.

Following the COVID-19 pandemic, the United States experienced inflation above the Federal Reserve’s stated two-percent goal.

Other world economies similarly experienced elevated inflation rates.

The Federal Reserve increased interest rates and successfully reduced inflation so that it is close to the stated two percent goal.

As a result, in 2024, the Federal Reserve began reducing interest rates.

However, the rate of inflation in the United States is still above the stated two percent goal.

Inflation has the effect of eroding the value of cash or bonds.

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Price Movements

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

Natural gas futures prices were volatile during the three months ended March 31, 2026.

The average price of the Benchmark Futures Contracts started the period at $3.723 per million British thermal shares (“MMBtu”).

The high of the period was on March 10, 2025 when the price of the Benchmark Futures Contracts reached $4.931 per MMBtu.

The high of the period was on January 30, 2026 when the price of the Benchmark Futures Contracts reached $4.480 per MMBtu.

The low of the period was on January 9, 2026 when the price dropped to $3.304 per MMBtu.

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 $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.

The period ended with the Benchmark Futures Contracts at $3.601 per MMBtu, a decrease of approximately (3.28)% over the period.

UNL’s per share NAV began the period at $7.34 and ended the period at $6.90 on March 31, 2026, a decrease of approximately (5.99)% over the period.

The Benchmark Futures Contracts prices listed above began with the February 2026 to January 2027 contracts and ended with the May 2026 to April 2027 contracts.

A decrease of approximately (3.28)% on the Benchmark Futures Contracts listed above is a hypothetical return only and would not actually be realized by an investor holding Futures Contracts.

An investment in Futures Contracts would need to be rolled forward during the time period described in order to simulate such a result.

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

During the three months ended March 31, 2026, the natural gas futures market experienced states of both 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 September 30, 2025, UNL had 1,350,000 shares outstanding.

As of March 31, 2026, UNL had 2,250,000 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 September 30, 2025, UNL had the following Authorized Participants:

As of March 31, 2026, 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 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

Dividend and interest income earned on Treasuries, cash and/or cash equivalents

Annualized yield based on average daily total net assets

Management fee

Total fees and other expenses excluding management fees

Total amount of the expense waiver

Expenses before the allowance of the expense waiver

Expenses after the allowance of the expense waiver

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

Portfolio Expenses .

UNL’s expenses consist of investment management fees, brokerage fees and commissions, certain offering costs, licensing fees, registration fees, the fees and expenses of the independent directors of USCF and expenses relating to tax accounting and reporting requirements.

The management fee that UNL pays to USCF is calculated as a percentage of the total net assets of UNL.

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 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 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

For the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Three months ended

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Average daily total net assets

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Total fees and other expenses excluding management fees

Total amount of the expense waiver

Expenses before the allowance of the expense waiver

Expenses after the allowance of the expense waiver

Total commissions accrued to brokers

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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 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.

Average interest rates earned on short-term investments held by UNL, including cash, cash equivalents and Treasuries, were lower during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

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 March 31, 2026, compared to the three months ended March 31, 2025.

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 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.

The increase in total fees and other expenses excluding management fees for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to an increase in reporting costs and professional fees.

The small decrease in total commissions accrued to brokers for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to a similar 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 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%.

For the 30-valuation days ended March 31, 2026, the average daily change in the average of the prices of the Benchmark Futures Contracts was (0.008)%, while the average daily change in the per share NAV of UNL over the same time period was 0.002%.

The average daily difference was 0.01% (or 1.0 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 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)%.

Since the commencement of the offering of UNL’s shares to the public on November 18, 2009 to March 31, 2026, the average daily change in the average price of the Benchmark Futures Contracts was (0.029)%, while the average daily change in the per share NAV of UNL over the same time period was (0.027)%.

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 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.

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 March 31, 2026, 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 March 31, 2026.

*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 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.

For the three months ended March 31, 2026, the actual total return of UNL as measured by changes in its per share NAV was (5.99)%.

This is based on an initial per share NAV of $7.34 as of December 31, 2025 and an ending per share NAV as of March 31, 2026 of $6.90.

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 $7.60 as of September 30, 2025, for a total return over the relevant time period of (6.40)%.

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 $6.87 as of March 31, 2026, for a total return over the relevant time period of (6.46)%.

The difference between the actual per share NAV total return of UNL of (5.99)% and the expected total return based on the Benchmark Futures Contracts of (6.46)% was a difference over the time period of 0.47%, which is to say that UNL’s actual total return outperformed its benchmark by that percentage.

1 unchanged sentence

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 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.

By comparison, for the three months ended March 31, 2025, the actual total return of UNL as measured by changes in its per share NAV was 26.35%.

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 March 31, 2025 of $10.26.

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 $7.70 as of September 30, 2024, for a total return over the relevant time period of (10.26)%.

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 $10.19 as of March 31, 2025, for a total return over the relevant time period of 25.43%.

The difference between the actual per share NAV total return of UNL of 26.35% and the expected total return based on the Benchmark Futures Contracts of 25.43% was a difference over the time period of 0.92%, which is to say that UNL’s actual total return outperformed its benchmark by that percentage.

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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 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.

During the three months ended March 31, 2026, 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 nine months ended September 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 three months ended March 31, 2026.

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

During the three months ended March 31, 2026, 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.

35 unchanged sentences

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 September 30, 2015 and September 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 March 31, 2016 and March 31, 2026.

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

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

An investment in a portfolio that owned only the near month natural gas futures contract would likely produce a different result than an investment in a portfolio that owned an equal number of each of the near 12 months of natural gas futures contracts.

Generally speaking, when the natural gas futures market is in backwardation, a portfolio of only the near month natural gas futures contract may tend to have a higher total return than a portfolio of 12 months of the natural gas futures contract.

Conversely, if the natural gas futures market was in contango, the portfolio containing only 12 months of natural gas futures contracts may tend to outperform the portfolio holding only the near month natural gas futures contract.

Historically, the natural gas futures markets have experienced periods of contango and backwardation.

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.

2 unchanged sentences

Natural Gas Market .

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.

During the three months ended March 31, 2026, the average price of the Benchmark Natural Gas Futures Contracts traded in a range between $3.304 and $4.480.

The average price of the Benchmark Natural Gas Futures Contracts decreased (3.28)% from the end of 2025 through March 31, 2026, finishing the quarter at $3.601.

The number of rigs dedicated to natural gas production rose from 125 at the start of the year to 127 by the end of the quarter.

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.

Natural Gas stored in the United States stood at 1.876 billion cubic feet as of March 31, 2026, about 3% below the five year average and 6% higher than the same time last year.

While both domestic demand and U.S.

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production has also continued to increase.

However, a cold winter in the United States led to heavy draws on domestic natural gas inventories, comfortably lowering natural gas inventories below one-year ago and five-year average levels, boosting prices.

The increasing demand for LNG and the spate of new export facilities (both open and under construction) may lift prices, as could potential new demand for natural gas to power AI data centers.

However, any increased oil drilling in the United States, prompted by the global oil shortage in the wake of the Iran war, would increase byproduct natural gas production and could lower prices.

Natural gas prices in the United States have historically been driven by domestic supply and demand.

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The Russia-Ukraine war caused dramatic changes in natural gas supply-demand dynamics in Europe.

The Russian invasion led the European Union to declare it would reduce its dependance on Russian fossil fuels and phase imports out completely as soon as possible.

Russia, in turn, slowed pipelines and cutoff supplies, ultimately reducing its natural gas supplied to Europe by more than 50%.

While Europe accelerated its push for alternative sources of energy, including energy from renewables, it still requires substantial Russian energy.

With a potential resolution to the war in the cards, more Russian supply to Europe could come back online in the near future, easing international price pressure and potentially having a milder effect on U.S prices.

The Russian invasion led the European Union to reduce its dependence on Russian fossil fuels and seek alternative imports.

Russia, in turn, slowed pipelines and cutoff supplies, reducing its natural gas supplied to Europe and then cutting off supply entirely at the start of 2025.

While some Russian flows may return to Europe once the war ends, some structural market changes may be permanent.

Of course, many factors impact natural gas prices, and the impact of the Russia-Ukraine war must be balanced with other potential events, such as extreme weather, political unrest, attacks or threats of attack by terrorists, conflicts in the Middle East, or the potential for infectious disease outbreaks like COVID-19 and responses to such an outbreak.

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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 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.

For the ten-year time period between March 31, 2016 and March 31, 2026, 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 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.

During the three months ended March 31, 2026, 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 three months ended March 31, 2026, UNL did not use other assets to pay expenses.

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

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

During the nine months ended September 30, 2025,

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

During the three months ended March 31, 2026, 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 September 30, 2025, UNL held cash deposits short-term investments in the amount of $11,301,907 with the custodian and FCMs.

As of March 31, 2026, UNL held cash deposits and short-term investments in the amount of $14,434,677 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 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.

As of March 31, 2026, 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 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.

As of March 31, 2026, UNL’s portfolio consisted of 431 Natural Gas Futures NG contracts traded on the NYMEX.

As of March 31, 2026, 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.

2 unchanged sentences

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