UNLMEDIUM SIGNALOPERATIONAL10-K

UNL modified its futures contract positioning strategy while experiencing improved operational performance and substantially higher deposit levels.

The fund shifted from holding 515 to 502 NYMEX natural gas futures contracts, suggesting tactical portfolio adjustments in response to market conditions. New language emphasizing the 12-month contract spread strategy indicates USCF is providing more transparency about how diversified contract maturities may create return variations compared to single-month approaches.

Comparing 2026-03-04 vs 2025-03-04View on EDGAR →
FINANCIAL ANALYSIS

UNL's financial position strengthened meaningfully, with total deposits growing substantially from $6.9M to $12.8M while total liabilities declined significantly by 72% to $105K. Both revenue losses and net losses narrowed by approximately 20%, indicating improved operational efficiency. The combination of higher asset levels and reduced losses suggests the fund is gaining scale while better managing its cost structure.

FINANCIAL STATEMENT CHANGES
Total Deposits
Balance Sheet
+86.9%
$6.9M$12.8M

Deposits grew 86.9% — expanding customer base or increased trust in the institution.

Total Liabilities
Balance Sheet
-72%
$373K$105K

Liabilities reduced 72% — deleveraging improves balance sheet strength and financial flexibility.

Revenue
P&L
+20.5%
-$925K-$736K

Revenue growing 20.5% — solid top-line momentum, watch margins for quality of growth.

Net Income
P&L
+20.3%
-$1.2M-$971K

Net income grew 20.3% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-03-04
PRIOR — 2025-03-04
ADDED
The limited partners take no part in the management or control of, and have a minimal voice in UNL s operations or business.
USCF believes that holding futures contracts whose expiration dates are spread out over a 12 month period of time will cause the total return of such a portfolio to vary compared to a portfolio that holds only a single month s contract (such as the near month contract).
In addition, market conditions that USCF currently anticipates could cause UNL to invest in Other Natural Gas-Related Investments include, but are not limited to, those allowing UNL to obtain greater liquidity or to execute transactions with more favorable pricing.
As of December 31, 2025, UNL held 502 Natural Gas NG Futures Contracts traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures.
RBC Capital is subject to complex legal and regulatory requirements that continue to evolve.
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REMOVED
The registrant had 1,800,000 outstanding shares as of February 24, 2025.
USCF is required to evaluate the credit risk of UNL to the futures commission merchants ( FCMs ), oversee the purchase and sale of UNL s shares by certain authorized purchasers ( Authorized Participants ), review daily positions and margin requirements of UNL and manage UNL s investments.
UNL seeks to achieve its investment objective by investing in a mix of Futures Contracts and Other-Natural-Gas Related Investments such that the changes in its NAV will closely track the changes in the price of the NYMEX Futures Contracts for natural gas delivered to Henry Hub Louisiana.
The shares issued by UNL may only be purchased by Authorized Participants and only in blocks of 50,000 shares, called Creation Baskets .
As of December 31, 2024, UNL held 515 Natural Gas NG Futures Contracts traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures.
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