List of Natural Gas ETFs and ETNs
Natural gas markets in 2026 are driven by a 42% surge in LNG exports and increasing demand from AI data centers. Explore the leading ETFs tracking Henry Hub futures and top-tier natural gas producers.
Navigating the List of Natural Gas ETFs and ETNs requires a deep understanding of the storage injection cycles and the impact of contango on futures-based products. Unlike equity funds, many natural gas vehicles track front-month futures contracts which are subject to significant "roll decay" during periods of oversupply. Investors looking for structural exposure often compare these to the United States Natural Gas (UNG $579M) fund, which remains the liquidity benchmark for the sector. While legacy ETNs have largely matured or liquidated, new strategies focusing on 12-month strips and LNG producers have emerged to mitigate volatility. This guide tracks the most active products currently providing exposure to the U.S. natural gas complex.
Key Takeaways
Front-month futures ETFs face an average -15% annual decay due to contango. Tactical traders use US 12 Month Natural Gas (UNL contango hedge) to reduce roll impact.
A 42% increase in U.S. LNG exports has created a structural floor for prices, benefiting equity-based producer funds like FCG.
Leveraged products like ProShares Ultra (BOIL 2x +210%) offer high-beta returns but are subject to extreme daily reset risk.
During storage peak seasons, many traders utilize ProShares UltraShort (KOLD -2x) to profit from seasonal price corrections.
Top List of Natural Gas ETFs and ETNs by Market Cap (2026)
The 2026 natural gas landscape is led by the UNG futures fund and the FCG producer index, managing over $1.7 billion in combined assets.
| Rank | Ticker | ETF Name | Strategy | AUM ($M) | 1Y Return | Exp. Ratio | Yield |
|---|---|---|---|---|---|---|---|
| 1 | FCG | First Trust Nat Gas | Equities | $1,200M | +18.5% | 0.60% | 2.59% |
| 2 | UNG | United States Natural Gas | Front Month | $579M | +105% | 1.24% | 0.00% |
| 3 | BOIL | ProShares Ultra 2x | 2x Long | $442M | +210% | 0.95% | 0.00% |
| 4 | KOLD | ProShares UltraShort -2x | 2x Inverse | $185M | -98% | 0.95% | 0.00% |
| 5 | UNL | US 12 Month Nat Gas | 12-Mo Strip | $116M | +42% | 0.90% | 0.00% |
List of Natural Gas ETFs and ETNs — Complete Company List
Natural Gas ETFs and ETNs
- iPath Dow Jones-UBS Natural Gas Subindex Total Return ETN (GAZ)
- iPath Seasonal Natural Gas ETN (DCNG)
- The United States 12 Month Natural Gas Fund (UNL)
- The United States Natural Gas ETF Fund (UNG)
Natural Gas ETFs and ETNs: Leveraged
- ProShares Ultra Bloomberg Natural Gas (BOIL) (Daily Target: 2x)
- VelocityShares 3X Long Natural Gas ETN (UGAZ) (Daily Target: 3x)
Natural Gas ETFs and ETNs: Short
- ProShares UltraShort Bloomberg Natural Gas (KOLD) (Daily Target: -2x)
- VelocityShares 3X Inverse Natural Gas ETN (DGAZ) (Daily Target: -3x)
Risks & Considerations
Contango & Negative Roll Yield
When future prices are higher than spot prices (contango), ETFs must sell cheap expiring contracts and buy expensive new ones, leading to an annual value erosion of roughly 15%.
Weather & Storage Volatility
Natural gas is highly seasonal. Unexpectedly mild winters or high storage injection levels (+18% vs 5-year average) can cause violent price swings in front-month futures ETFs.
Leveraged Compounding Risk
Leveraged ETFs (BOIL/KOLD) are designed for single-day use. Over longer periods, the compounding of daily returns in a volatile market can lead to a total loss of principal even if the underlying index is flat.
Matured ETN Credit Risk
Many legacy ETNs like GAZ and UGAZ have matured or been delisted. Current investors must ensure they are using ETF structures that hold actual futures or equities to avoid bank credit risk.