Overview
Natural gas itself — front-month Henry Hub futures in the market's best-known gas tracker, the direct instrument for a view on the fuel that powers the grid.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| FUT | Natural Gas futures | 41.7% |
| CASH | Cash | 15.4% |
| CASH | BNY Cash Reserve | 8.8% |
| UST | US Treasury Bills | 8.4% |
| UST | US Treasury Bills (2nd) | 8.4% |
| CASH | Dreyfus Gov Money Market | 7.7% |
| SWAP | TRS Société Générale | 5.5% |
| SWAP | TRS Scotia | 5.4% |
| UST | US Treasury Bills (3rd) | 3.0% |
| UST | US Treasury Bills (4th) | 3.0% |
Fund Details
Investment Thesis
The most volatile major commodity, owned directly: LNG export capacity keeps ramping and AI data centres are signing gas-fired power deals, yet the price sits near cycle lows after a warm-winter rout (-26% on the year). UNG is the pure vehicle for that mean-reversion view — with the structural warning that front-month rolling bleeds badly in contango, which is why the fund suits trades, not holdings. When gas squeezes, nothing listed moves faster.
Who It's For
Commodity traders with a specific view on natural gas prices — a tactical instrument for squeezes and weather, never a buy-and-hold.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $149.44 | -- |
| 2017 | $93.28 | -37.6% |
| 2018 | $98.84 | +6.0% |
| 2019 | $67.44 | -31.8% |
| 2020 | $36.80 | -45.4% |
| 2021 | $49.96 | +35.8% |
| 2022 | $56.40 | +12.9% |
| 2023 | $20.28 | -64.0% |
| 2024 | $16.81 | -17.1% |
| 2025 | $12.26 | -27.1% |
| Year | Yield |
|---|---|
| 2016 | 0.00% |
| 2017 | 0.00% |
| 2018 | 0.00% |
| 2019 | 0.00% |
| 2020 | 0.00% |
| 2021 | 0.00% |
| 2022 | 0.00% |
| 2023 | 0.00% |
| 2024 | 0.00% |
| 2025 | 0.00% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $6.1B | -- |
| 2017 | $3.8B | -37.7% |
| 2018 | $4B | +5.3% |
| 2019 | $2.8B | -30.0% |
| 2020 | $1.5B | -46.4% |
| 2021 | $2B | +33.3% |
| 2022 | $2.3B | +15.0% |
| 2023 | $0.8B | -65.2% |
| 2024 | $0.7B | -12.5% |
| 2025 | $0.5B | -28.6% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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