UNG offers straightforward exposure to front-month natural gas futures, rolling expiring front-month contracts to the next-nearest month. This method increases the sensitivity to underlying gas prices and to the shape of the futures curve, the same as our benchmark. The natural gas contract is natural gas delivered at the Henry Hub, Louisiana. UNG primarily invests in natural gas futures listed in New York Mercantile Exchange (NYMEX), and may invest in forwards and swap contracts. Structured as a commodities pool, investors should expect a K-1 at tax time and a blended tax rate.
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