Risk factors
United States Natural Gas Fund (UNG) risk factors
Item 1A of every United States Natural Gas Fund, LP 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.
- FY2025 10-K risk factors51 risks4 new7 reworded
Added risks cover macro economic impacts on natural gas demand, exchange position limits, Treasury interest rate risks, and intellectual property disputes.
Filed Feb 27, 2026 - FY2024 10-K risk factors47 risks
United States Natural Gas Fund operates as a commodity pool tracking Henry Hub natural gas futures rather than a traditional operating company. The fund faces severe price volatility, contango and backwardation tracking errors, and strict regulatory limitations on position limits. Investors bear complex partnership tax structures and lack standard protections of the Investment Company Act of 1940.
Filed Feb 28, 2025