United States 12 Month Natural Gas Fund, LP (UNL) is an exchange traded security, which is designed to track the movements of natural gas prices. The investment objective of UNL is to have the changes, in percentage terms, of the units' net asset value (NAV) reflect the changes, in percentage terms, of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the changes in the average of the prices of 12 futures contracts on natural gas traded on the New York Mercantile Exchange consisting of the near month contact to expire and the contracts for the following 11 months, for a total of 12 consecutive months contracts, except when the near month contract is within two weeks of expiration, in which case it would be measured by the futures contract, which is the nex is t month contract to expire and the contracts for the following 11 consecutive months, less UNL's expenses. The administrator of UNL is Brown Brothers Harriman & Co.
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