UNGHIGH SIGNALFINANCIAL10-K

UNG experienced a sharp contraction across all balance sheet metrics, with total deposits declining by more than two-thirds and net assets falling materially, reflecting significant fund outflows and reduced investor exposure to natural gas.

The steep decline in total deposits (-68.5%) alongside falling total assets (-26.6%) and cash equivalents (-26.1%) indicates substantial net redemptions from the fund, consistent with reduced investor demand for natural gas exposure. This is a meaningful structural contraction for UNG as an ETP, where AUM directly drives revenue and operational viability. Investors should monitor whether this trend stabilizes or continues to compress the fund's scale and cost efficiency.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

UNG's balance sheet contracted materially across the period, with total deposits falling from $419.3M to $132.2M and total assets declining from $790.0M to $579.5M, signaling substantial net redemptions. Cash and equivalents declined from $593.5M to $438.5M, consistent with the fund liquidating positions to meet redemption pressure. Net income declined from $65.1M to $34.2M, a reduction of nearly half, reflecting both the smaller asset base and reduced exposure — collectively painting a picture of a fund in meaningful contraction that warrants close monitoring for further outflow risk.

FINANCIAL STATEMENT CHANGES
Total Deposits
Balance Sheet
-68.5%
$419.3M→$132.2M

Deposits declined 68.5% — significant outflows warrant immediate investigation into funding stability.

Net Income
P&L
-47.5%
$65.1M→$34.2M

Net income declined 47.5% — review whether driven by operations, interest costs, or non-recurring items.

Total Liabilities
Balance Sheet
-37.5%
$46.2M→$28.8M

Liabilities reduced 37.5% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-26.6%
$790.0M→$579.5M

Total assets contracted 26.6% — asset sales, write-downs, or balance sheet optimization underway.

Cash & Equivalents
Balance Sheet
-26.1%
$593.5M→$438.5M

Cash decreased 26.1% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
The registrant had 35,546,103 outstanding shares as of February 23, 2026.
Market conditions that USCF currently anticipates could cause UNG to invest in Other Natural Gas-Related Investments include, but are not limited to, those allowing UNG to obtain greater liquidity or to execute transactions with more favorable pricing.
Market conditions that USCF currently anticipates could cause UNG to invest in Other Natural Gas- Related Investments include, but are not limited to, those allowing UNG to obtain greater liquidity or to execute transactions with more favorable pricing.
The Benchmark Futures Contract is changed from the near month contract to the next month contract over a four-day period.
USCF endeavors to place UNG s trades in Natural Gas Interests and otherwise manage UNG s investments so that A will be within plus/minus ten percent (10%) of B, where: A is the average daily percentage change in UNG s per share NAV for any period of 30 successive valuation days; i.e., any NYSE Arca trading day as of which UNG calculates its per share NAV; and B is the average daily percentage change in the price of the Benchmark Futures Contract over the same period.
The NYMEX is the world s largest physical commodity futures exchange and the dominant market for the trading of energy and precious metals.
The accountability levels for the Benchmark Futures Contract and other Futures Contracts traded on U.S.-based futures exchanges are not a fixed ceiling, but rather a threshold above which the exchange may exercise greater scrutiny and control over an investor s positions.
As of December 31, 2025, UNG held 11,783 NYMEX natural gas Futures NG contracts.
USCF endeavors to have the value of UNG s Treasuries, cash and cash equivalents, whether held by UNG or posted as margin or other collateral, at all times approximate the aggregate market value of its obligations under its Futures Contracts and Other Natural Gas-Related Investments.
RBC Capital is subject to complex legal and regulatory requirements that continue to evolve.
REMOVED
The registrant had 24,146,103 outstanding shares as of Febuary 24, 2025.
On day 4, the Benchmark Futures Contract is the next month contract to expire at that time and that contract remains the Benchmark Futures Contract until the beginning of the following month s change in the Benchmark Futures Contract over a four-day period.
USCF believes that market arbitrage opportunities will cause the daily changes in UNG s share price on the NYSE Arca, on a percentage basis, to closely track the daily changes in UNG s per share NAV.
Demand for petroleum products by consumers, as well as agricultural, manufacturing and transportation industries, determines demand for crude oil by refiners.
As of December 31, 2024, UNG held 14,459 NYMEX natural gas Futures NG contracts.
Position limits differ from accountability levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot be exceeded without express CFTC authority to do so.
As a result of the foregoing, typically 5% to 30% of UNG s assets are held as margin in segregated accounts with an FCM.
In addition to the Futures Contracts and options on the Futures Contracts, there also exists an active non-exchange-traded market in derivatives tied to natural gas.
RBC Capital is a large broker dealer subject to many different complex legal and regulatory requirements.
RBC Capital complies fully with its regulators in all investigations being conducted and in all settlements it reaches.
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