United States Natural Gas Fund (UNG) Operating Expenses (2009 - 2026)
United States Natural Gas Fund (UNG) recorded quarterly Operating Expenses of $1.4 million in Q2 2026, down 6.36% on a QoQ basis from $1.5 million in Q1 2026, and up 27.02% YoY from $1.1 million in Q2 2025.
Analysis
United States Natural Gas Fund (UNG) Operating Expenses (2009 - 2026) Analysis & Trends
United States Natural Gas Fund (UNG) has reported Operating Expenses for 18 consecutive years, with $1.4 million the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Operating Expenses rose 27.02% year-over-year to $1.4 million; the trailing twelve-month figure through Jun 2026 stood at $6.0 million (down 26.02% YoY), and the FY2025 full-year result was $6.1 million, down 39.72% from the prior year.
- Operating Expenses was $1.4 million for Q2 2026 at United States Natural Gas Fund, down from $1.5 million in the prior quarter.
- The five-year high for Operating Expenses was $2.9 million in Q2 2023, with the low at $910354.0 in Q1 2022.
- Historically, Operating Expenses has averaged $1.9 million across 5 years, with a median of $1.8 million in 2025.
- Annual changes were most pronounced in 2023 — Operating Expenses surged 175.28% — and 2025, when it slumped 55.16%.
- Tracing UNG's Operating Expenses over 5 years: stood at $1.4 million in 2022, then jumped by 75.72% to $2.5 million in 2023, then gained by 1.05% to $2.5 million in 2024, then tumbled by 33.3% to $1.7 million in 2025, then retreated by 14.46% to $1.4 million in 2026.
- Per Business Quant data, the three most recent Operating Expenses figures were $1.4 million in Q2 2026, $1.5 million in Q1 2026, and $1.7 million in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 169.89 Bn | 156.02 Bn | - | 4.62 Bn |
| 2 | Spdr Gold Trust | 144.81 Bn | -413.20 Bn | - | 149.76 Mn |
| 3 | Ishares Gold Trust | 30.30 Bn | -29.81 Bn | - | 43.37 Mn |
| 4 | World Gold Trust | 29.28 Bn | -73.79 Bn | - | 7.55 Mn |
| 5 | Principal Financial | 24.84 Bn | -28.13 Bn | 1.91 Bn | 3.41 Bn |
| 6 | iShares Silver Trust | 22.15 Bn | -6.05 Bn | - | 44.44 Mn |
| 7 | Franklin Resources | 17.84 Bn | 14.12 Bn | - | 2.14 Bn |
| 8 | Invesco | 14.63 Bn | 13.72 Bn | 1.79 Bn | 1.46 Bn |
| 9 | Affiliated Managers | 9.51 Bn | 9.10 Bn | - | 486.70 Mn |
| 10 | United States Natural Gas Fund | 445.85 Mn | 158.25 Mn | - | 1.43 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.43 Mn |
| Mar 31, 2026 | 1.53 Mn |
| Dec 31, 2025 | 1.67 Mn |
| Sep 30, 2025 | 1.37 Mn |
| Jun 30, 2025 | 1.12 Mn |
| Mar 31, 2025 | 1.93 Mn |
| Dec 31, 2024 | 2.50 Mn |
| Sep 30, 2024 | 2.54 Mn |
| Jun 30, 2024 | 2.51 Mn |
| Mar 31, 2024 | 2.57 Mn |
| Dec 31, 2023 | 2.48 Mn |
| Sep 30, 2023 | 2.65 Mn |
| Jun 30, 2023 | 2.87 Mn |
| Mar 31, 2023 | 2.51 Mn |
| Dec 31, 2022 | 1.41 Mn |
| Sep 30, 2022 | 1.44 Mn |
| Jun 30, 2022 | 1.23 Mn |
| Mar 31, 2022 | 910,354.00 |
| Dec 31, 2021 | 1.07 Mn |
| Sep 30, 2021 | 755,392.00 |