UNG Stock: United States Natural Gas Fund, LP Profile & Analysis (2026)
A high-intensity 2x leveraged commodity fund tracking front-month natural gas futures for short-term tactical trading — Updated May 2026 with current AUM, expense ratio, holdings, and performance data.
The UNG stock fund is a specialized commodity instrument designed to provide 2x leveraged exposure to the daily price movements of front-month natural gas futures. Unlike investing in the complete list of energy companies, which own physical assets and infrastructure, UNG utilizes financial derivatives to track the NYMEX Henry Hub natural gas contract. This makes it a primary tool for traders looking to capitalize on immediate shifts in energy prices rather than long-term sector growth.
Investors must understand that UNG is not for long-term holding. Because it is a leveraged fund that resets its exposure daily, it is subject to volatility decay and the effects of “contango” in the futures market. While some may look at mid cap oil stocks for multi-year trends, UNG is built for high-conviction, short-term tactical moves. Over extended periods, the combination of daily resets and rolling futures contracts can lead to significant capital erosion even if natural gas prices remain stable. For those seeking different commodity exposure, the SLV Stock Profile offers a look at silver market dynamics.
Key Takeaways — UNG Stock
UNG seeks to deliver twice the daily percentage change of natural gas futures, amplifying both potential profits and potential losses significantly.
This fund is strictly for intraday or very short-term swing trading. Holding it for weeks or months exposes you to massive volatility decay.
UNG does not own physical natural gas. It holds futures contracts, meaning it is influenced by “rolling” costs and the shape of the futures curve.
At 1.06%, the management fee is high, reflecting the complexity of maintaining leveraged futures positions and constant daily rebalancing.
UNG — Live Price Chart
Real-time chart from TradingView.
UNG ETF Vitals & Key Statistics
Core data as of May 2026.
| Data Point | Value | Data Point | Value |
|---|---|---|---|
| Full Name | United States Natural Gas Fund, LP | Ticker | UNG |
| Issuer | United States Commodity | Asset Class | Commodities / Energy |
| Index Tracked | Henry Hub natural gas futures | Structure | Limited Partnership (LP) |
| Expense Ratio | 1.06% | AUM | $514.87M |
| Inception Date | April 18, 2007 | Exchange | AMEX |
| No. of Holdings | 4 | Dividend Yield | 0.00% |
| 52-Week High | $24.09 | 52-Week Low | $9.95 |
| Avg Daily Volume | 21.14 million | YTD Return | 4.89% |
| 1-Year Return | 32.01% | 5-Year Return | 52.05% |
| Category | Commodity – Natural Gas | Dividend Frequency | None |
UNG Top Holdings (May 2026)
Largest positions by weight. Click columns to sort.
| Rank | Ticker | Company Name | Sector | Weight % |
|---|---|---|---|---|
| 1 | Cash | U.S. Dollar | Cash Equivalent | 56.21% |
| 2 | Futures | Natural Gas Futures Contracts | Commodity Derivatives | 44.01% |
| 3 | UNL | United States 12 Month Natural Gas Fund | Energy ETF | 0.90% |
| 4 | BOIL | ProShares Ultra Bloomberg Natural Gas | Leveraged ETF | 0.95% |
| 5 | SWAP | WisdomTree Natural Gas ETC | Energy ETC | 0.49% |
| 6 | Other | Derivative Securities | Derivatives | 0.22% |
| 7 | N/A | N/A | N/A | 0.00% |
| 8 | N/A | N/A | N/A | 0.00% |
| 9 | N/A | N/A | N/A | 0.00% |
| 10 | N/A | N/A | N/A | 0.00% |
UNG — Pros & Cons
✓ High Capital Efficiency
Allows traders to gain double the exposure to natural gas price movements using half the capital required for a standard 1x position.
✗ Volatility Decay
Daily resets mean the fund can lose value even if the underlying index remains flat over a period of high price swings.
✓ Massive Liquidity
With tens of millions of shares traded daily, large positions can be entered and exited with minimal slippage during market hours.
✗ Contango Risk
When future contracts are more expensive than the current month, the “roll” cost creates a constant drag on the fund’s performance.
✓ Pure Commodity Play
Offers direct correlation to natural gas prices without the idiosyncratic risks of specific corporate management or refinery issues.
✗ Rapid Losses
If natural gas prices drop 10% in a day, UNG shareholders will experience a devastating 20% loss before they can react.
Who Should Consider UNG?
Professional day traders and aggressive speculators who have a high-conviction, short-term view on natural gas price spikes.
Retirement accounts, long-term buy-and-hold investors, or anyone who cannot monitor their positions on an hourly basis.
Severe weather events or geopolitical shifts suggest an immediate, sharp increase in natural gas demand and price.
Taxable brokerage accounts. Be aware that as an LP, UNG usually issues a K-1 tax form which complicates annual filing.
UNG vs Similar ETFs
Key metrics comparison.
| ETF | Full Name | Expense Ratio | AUM | Holdings | Div Yield | YTD | Best For |
|---|---|---|---|---|---|---|---|
| UNG ★ | United States Natural Gas Fund, LP | 1.06% | $514.87M | 4 | 0.00% | 4.89% | 2x Leveraged Trading |
| UNL | United States 12 Month Natural Gas Fund | 0.90% | $68M | 12 Contracts | 0.00% | 3.21% | Reducing Contango |
| BOIL | ProShares Ultra Bloomberg Natural Gas | 0.95% | $410M | Swap based | 0.00% | -12.4% | Ultra Aggressive 2x |
| ETC | WisdomTree Natural Gas ETC | 0.49% | $110M | Swap based | 0.00% | 2.10% | European Traders |
UNG Technical Analysis
Real-time buy/sell signals.
UNG — Risks & Considerations
Compounding Loss Risk
Leverage applies to losses as well. A sustained downtrend in natural gas can wipe out 50% or more of your investment in a very short timeframe.
Daily Reset Mechanics
Because the fund resets its 2x target daily, its long-term performance will not mathematically equal 2x the long-term move of the index.
Futures Curve Drag
Rolling contracts from one month to the next often incurs a cost (contango), which can lead to the fund losing money even if spot prices stay the same.
Regulatory & Tax Complexity
As a Limited Partnership, investors receive K-1 forms rather than 1099s, which can delay tax filings and create unexpected tax liabilities.