UNITED STS NAT GAS FD LP UNG
UNIT PAR · ETP · CUSIP 912318409
- SectorFinancials
- IndustryCommodity Contracts Brokers & Dealers
- HeadquartersWalnut Creek, CA
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $11.68. Options: 8 managers hold calls ($175.3m notional), 10 hold puts ($52.6m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q4 2022 | 1 |
| Q1 2023 | 0 |
| Q2 2023 | 0 |
| Q3 2023 | 0 |
| Q4 2023 | 10 |
| Q1 2024 | 99 |
| Q2 2024 | 103 |
| Q3 2024 | 104 |
| Q4 2024 | 88 |
| Q1 2025 | 79 |
| Q2 2025 | 82 |
| Q3 2025 | 92 |
| Q4 2025 | 97 |
| Q1 2026 | 97 |
| Q2 2026 | 91 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 48 | 38 |
| Q4 2024 | 29 | 59 |
| Q1 2025 | 28 | 51 |
| Q2 2025 | 44 | 35 |
| Q3 2025 | 56 | 27 |
| Q4 2025 | 47 | 43 |
| Q1 2026 | 47 | 43 |
| Q2 2026 | 36 | 42 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $112.0m | $98.7m | 0.88 |
| Q4 2025 | $156.8m | $109.6m | 0.70 |
| Q1 2026 | $139.8m | $67.1m | 0.48 |
| Q2 2026 | $175.3m | $52.6m | 0.30 |
Biggest buyers
| Quadrature Capital Ltd | New | +445.9k |
| REGIONS FINANCIAL CORP | New | +180.2k |
| UBS Group AG | Added | +140.1k |
| GROUP ONE TRADING LLC | Added | +124.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +73.1k |
| Clare Market Investments LLC | New | +68.1k |
| JANE STREET GROUP, LLC | New | +47.6k |
| MORGAN STANLEY | Added | +42.0k |
| Integrated Wealth Concepts LLC | New | +34.0k |
| CITIGROUP INC | Added | +33.5k |
Biggest sellers
| Jump Financial, LLC | Sold out | -856.0k |
| WELLS FARGO & COMPANY/MN | Reduced | -234.5k |
| Virtu Financial LLC | Sold out | -205.9k |
| JPMORGAN CHASE & CO | Reduced | -160.8k |
| Kestra Advisory Services, LLC | Reduced | -127.3k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | Sold out | -98.5k |
| FLOW TRADERS U.S. LLC | Sold out | -94.9k |
| CIBC WORLD MARKET INC. | Sold out | -71.0k |
| LPL Financial LLC | Reduced | -46.7k |
| Marathon Trading Investment Management LLC | Sold out | -39.9k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $93.9m8.0m shares |
| CITADEL ADVISORS LLC | Added | $30.8m2.6m shares |
| GROUP ONE TRADING LLC | Reduced | $17.8m1.5m shares |
| IMC-Chicago, LLC | Added | $13.4m1.1m shares |
| SIMPLEX TRADING, LLC | Reduced | $10.5m899.8k shares |
| JANE STREET GROUP, LLC | Reduced | $8.3m712.3k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $423.1k36.1k shares |
| Creative Planning | New | $8.8k10.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $22.1m1.9m shares |
| CITADEL ADVISORS LLC | Reduced | $9.3m795.9k shares |
| JANE STREET GROUP, LLC | Reduced | $8.6m730.5k shares |
| IMC-Chicago, LLC | Reduced | $4.7m399.0k shares |
| GROUP ONE TRADING LLC | Reduced | $4.1m352.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.4m122.7k shares |
| UBS Group AG | New | $1.2m100.0k shares |
| HRT FINANCIAL LP | Reduced | $781.0k66.7k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $402.0k34.3k shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | New | $4.2k400 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.0m $11.7m | Unchanged |
| Quadrature Capital Ltd 0.04% of their portfolio | 445.9k $5.2m | New |
| UBS Group AG 0.00% of their portfolio | 314.8k $3.7m | Added +140.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 312.9k $3.7m | Reduced -234.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 272.7k $3.2m | Added +73.1k |
| MORGAN STANLEY 0.00% of their portfolio | 240.9k $2.8m | Added +42.0k |
| Jefferies Financial Group Inc. 0.02% of their portfolio | 225.0k $2.6m | Added +25.0k |
| GROUP ONE TRADING LLC 0.07% of their portfolio | 218.2k $2.6m | Added +124.9k |
| REGIONS FINANCIAL CORP 0.01% of their portfolio | 180.2k $2.1m | New |
| LPL Financial LLC 0.00% of their portfolio | 160.5k $1.9m | Reduced -46.7k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 157.8k $1.8m | Reduced -160.8k |
| Daiwa Securities Group Inc. 0.00% of their portfolio | 148.4k $1.7m | Reduced -14.9k |
| CITIGROUP INC 0.00% of their portfolio | 120.0k $1.4m | Added +33.5k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 85.5k $906.4k | Added +1.2k |
| Clare Market Investments LLC 0.15% of their portfolio | 68.1k $798.1k | New |
| AmeriServ Wealth Advisors 0.47% of their portfolio | 60.0k $703.2k | Unchanged |
| Realta Investment Advisors 0.19% of their portfolio | 53.5k $627.1k | Reduced -2.5k |
| Cornerstone Wealth Management, LLC 0.03% of their portfolio | 51.2k $600.3k | Added +11.7k |
| SCOTIA CAPITAL INC. 0.00% of their portfolio | 50.9k $596.2k | Added +18.8k |
| SG Americas Securities, LLC 0.00% of their portfolio | 50.2k $588.0k | Reduced -3.0k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 47.6k $558.1k | New |
| CreativeOne Wealth, LLC 0.01% of their portfolio | 42.7k $500.0k | Unchanged |
| NATIXIS 0.00% of their portfolio | 40.8k $477.6k | Unchanged |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 39.7k $465.6k | Added +2.2k |
| Marex Group Ltd 0.00% of their portfolio | 38.0k $444.9k | Reduced -3.0k |
| Cetera Investment Advisers 0.00% of their portfolio | 37.2k $436.1k | Added +8.8k |
| Mariner, LLC 0.00% of their portfolio | 36.1k $423.0k | Reduced -184 |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 34.0k $398.5k | New |
| Compound Planning, Inc. 0.01% of their portfolio | 33.6k $394.2k | Added +7.8k |
| Kestra Advisory Services, LLC 0.00% of their portfolio | 33.5k $393.1k | Reduced -127.3k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 27.5k $322.3k | Reduced -13.1k |
| Focus Partners Advisor Solutions, LLC 0.00% of their portfolio | 25.0k $293.0k | Added +15.0k |
| INSIGNEO ADVISORY SERVICES, LLC 0.01% of their portfolio | 24.5k $287.2k | Added +3.3k |
| HighTower Advisors, LLC 0.00% of their portfolio | 23.8k $279.5k | Added +8.9k |
| Vanguard Capital Wealth Advisors 0.19% of their portfolio | 23.5k $275.4k | Reduced -1.0k |
| IHT Wealth Management, LLC 0.01% of their portfolio | 21.3k $249.9k | Reduced -5.3k |
| Centric Wealth Management 0.03% of their portfolio | 20.0k $195.4k | New |
| Steward Partners Investment Advisory, LLC 0.00% of their portfolio | 19.7k $230.3k | Added +4.3k |
| MAI Capital Management 0.00% of their portfolio | 17.2k $201.7k | Added +16.6k |
| Sigma Planning Corp 0.00% of their portfolio | 15.2k $178.5k | Added +1.6k |
| Axiom Investment Management LLC 0.12% of their portfolio | 14.8k $173.5k | Reduced -4.7k |
| CHIRON CAPITAL MANAGEMENT, LLC 0.14% of their portfolio | 13.0k $152.4k | Reduced -600 |
| PFG Investments, LLC 0.01% of their portfolio | 13.0k $152.2k | Reduced -925 |
| TWO SIGMA SECURITIES, LLC 0.01% of their portfolio | 13.0k $151.8k | Reduced -5.7k |
| Advisory Services Network, LLC 0.00% of their portfolio | 11.9k $139.3k | Reduced -2.8k |
| Prospera Financial Services Inc 0.00% of their portfolio | 11.7k $137.0k | Reduced -2.9k |
| Clearstead Advisors, LLC 0.00% of their portfolio | 10.0k $117.2k | Unchanged |
| Global Retirement Partners, LLC 0.00% of their portfolio | 9.0k $105.9k | First filing |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 8.6k $101.3k | Added +716 |
| PRIVATE TRUST CO NA 0.01% of their portfolio | 6.0k $70.3k | Unchanged |
| US BANCORP \DE\ 0.00% of their portfolio | 4.0k $46.9k | Unchanged |
| Larson Financial Group LLC 0.00% of their portfolio | 3.7k $43.8k | Added +3.2k |
| Main Street Group, LTD 0.01% of their portfolio | 3.6k $41.8k | Unchanged |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 3.5k $41.0k | Reduced -4.0k |
| BARCLAYS PLC 0.00% of their portfolio | 3.5k $40.5k | Reduced -371 |
| FIFTH THIRD BANCORP 0.00% of their portfolio | 3.0k $35.2k | Reduced -178 |
| COMPASS FINANCIAL MANAGEMENT LLC 0.00% of their portfolio | 2.2k $22.6k | First filing |
| NewEdge Advisors, LLC 0.00% of their portfolio | 2.0k $23.1k | Unchanged |
| IFS Advisors, LLC 0.01% of their portfolio | 1.8k $20.8k | Unchanged |
| HARBOUR INVESTMENTS, INC. 0.00% of their portfolio | 1.7k $19.5k | Added +689 |
| Rockefeller Capital Management L.P. 0.00% of their portfolio | 1.2k $13.9k | Added +500 |
| SIGNATUREFD, LLC 0.00% of their portfolio | 1.0k $11.7k | Unchanged |
| Spire Wealth Management 0.00% of their portfolio | 703 $8.2k | New |
| LANARK FINANCIAL, INC. 0.00% of their portfolio | 660 $7.7k | Unchanged |
| Financial Management Professionals, Inc. 0.00% of their portfolio | 504 $5.9k | New |
| Cullen/Frost Bankers, Inc. 0.00% of their portfolio | 500 $5.9k | Unchanged |
| Hilltop National Bank 0.00% of their portfolio | 500 $5.9k | Unchanged |
| Signature Equity Partners, LLC 0.00% of their portfolio | 464 $5.4k | New |
| Farther Finance Advisors, LLC 0.00% of their portfolio | 432 $5.1k | Unchanged |
| Quent Capital, LLC 0.00% of their portfolio | 374 $4.4k | Unchanged |
| Arax Advisory Partners 0.00% of their portfolio | 360 $4.2k | New |
| Creative Planning 0.00% of their portfolio | 355 $4.2k | New |
| Parallel Advisors, LLC 0.00% of their portfolio | 288 $3.4k | Unchanged |
| Cheviot Value Management, LLC 0.00% of their portfolio | 240 $2.8k | Unchanged |
| CHILTON CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 208 $2.4k | Unchanged |
| HUNTINGTON NATIONAL BANK 0.00% of their portfolio | 200 $2.3k | Unchanged |
| Legacy Bridge, LLC 0.00% of their portfolio | 125 $1.5k | Unchanged |
| Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio | 115 $1.3k | Reduced -5 |
| Triumph Capital Management 0.00% of their portfolio | 100 $1.2k | New |
| NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio | 85 $996 | New |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 75 $879 | Added +12 |
| Colonial Trust Advisors 0.00% of their portfolio | 75 $879 | Unchanged |
| UMB Bank, n.a. 0.00% of their portfolio | 50 $586 | Unchanged |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.00% of their portfolio | 38 $438 | Reduced -1.8k |
| BESSEMER GROUP INC 0.00% of their portfolio | 23 $0 | Unchanged |
| Strategic Wealth Partners, Ltd. 0.00% of their portfolio | 18 $211 | Unchanged |
| New England Capital Financial Advisors LLC 0.00% of their portfolio | 18 $211 | Unchanged |
| COUNTRY TRUST BANK 0.00% of their portfolio | 12 $141 | Unchanged |
| HANTZ FINANCIAL SERVICES, INC. 0.00% of their portfolio | 6 $0 | Unchanged |
| ASSETMARK, INC 0.00% of their portfolio | 6 $70 | Unchanged |
| BAYBAN 0.00% of their portfolio | 1 $12 | Unchanged |