{"url":"https://etfiq.com/funds/unl/trading/","section":"funds","title":"UNL Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"As of Oct 22, 2026, UNL closed +0.37% from its NAV, and on 95% of the 14 days to then it was within \u00b10.54%. No fund is recommended.","as_of":"Oct 22, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/unl/trading/#data","name":"UNL trading costs and liquidity","description":"As of Oct 22, 2026, UNL closed +0.37% from its NAV, and on 95% of the 14 days to then it was within \u00b10.54%. No fund is recommended.","url":"https://etfiq.com/funds/unl/trading/","dateModified":"2026-10-22","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com)","variableMeasured":["30-day median bid-ask spread","Premium or discount to NAV","Capacity","Active authorized participants","IQ Liquidity Score","Cost to trade by order size"],"distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}],"publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Does UNL trade at a premium or discount to NAV?","acceptedAnswer":{"@type":"Answer","text":"It closed +0.37% from its NAV on Oct 22, 2026. On 95% of the 14 days to then it was within \u00b10.54%, and it closed more than 1% from NAV on 0 of them."}},{"@type":"Question","name":"Who is the LMM for UNL?","acceptedAnswer":{"@type":"Answer","text":"UNL\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/unl#fund","name":"United States 12 Month Natural Gas Fund","alternateName":"UNL","url":"https://etfiq.com/funds/unl","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"UNL"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/unl#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"UNL","item":"https://etfiq.com/funds/unl"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/unl/trading/"}]},{"@type":"WebPage","name":"UNL Bid-Ask Spread, Liquidity and NAV Premium","description":"As of Oct 22, 2026, UNL closed +0.37% from its NAV, and on 95% of the 14 days to then it was within \u00b10.54%. No fund is recommended.","url":"https://etfiq.com/funds/unl/trading/","dateModified":"2026-10-22","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3506,"truncated":false,"content":"ETFIQ / UNL / Trading \n \n As of Oct 22, 2026. Rebuilt every trading night.\n UNL bid-ask spread and liquidity\n As of Oct 22, 2026, UNL closed +0.37% from its NAV, and on 95% of the 14 days to then it was within \u00b10.54%.\n IQ Liquidity Score\n Not scored, 0 of 6 measured.\n A fixed 0 to 100 scale of trading conditions, the same anchors for every fund; 100 is the easiest to trade. It measures how cheaply and reliably the fund can be bought and sold, not whether to own it. How the score is built \n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: a commodity fund: its reference market has no volume source here Price fidelity Not measured: 14 days of closing premium are held, under the 20 needed Primary market Not measured: no N-CEN ETF row for CIK 0001405513 (no series id) in the quarters read (2024q4 to 2026q3) Bad-day behaviour Not measured: 0 of the 10 worst days and 14 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) \n Premium or discount to NAV\n Latest close, Oct 22, 2026: +0.37%\n 95% of days within: \u00b10.54%\n Days more than 1% from NAV: 0 of 14\n Widest: +0.54%, Oct 20, 2026\n Close against the NAV its issuer struck the same day, 14 days from Oct 2, 2026 to Oct 22, 2026. Source: ETFIQ from the issuer\u2019s NAV and closing price. Its holdings trade on markets that close before New York, so its closing premium carries the move since then.\n Capacity\n Not measured: a commodity fund: its reference market has no volume source here.\n How to trade UNL\n When Its holdings trade on markets that close before New York, so its price can drift from their value later in the day. Watch The premium. On 95% of days it is within \u00b10.54%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. Coming with trade data\n Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Does UNL trade at a premium or discount to NAV? It closed +0.37% from its NAV on Oct 22, 2026. On 95% of the 14 days to then it was within \u00b10.54%, and it closed more than 1% from NAV on 0 of them. Who is the LMM for UNL? UNL\u2019s lead market maker (LMM) on NYSE Arca is Virtu Americas LLC. Lead market maker per NYSE Arca, as of Oct 23, 2026. Sources and dates\n Premium: ETFIQ, close against the issuer\u2019s NAV, Oct 2, 2026 to Oct 22, 2026.\n Where to next\n UNL fund page ETF trading costs and liquidity Limit orders vs market orders for ETFs Why low volume does not mean illiquid How the IQ Liquidity Score is built Compare UNL with another fund The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources \n Cite this page. ETFIQ, UNL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/unl/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, UNL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/unl/trading/ APA ETFIQ. (Oct 22, 2026). UNL trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/unl/trading/ Markdown [UNL trading: cost, capacity, premium and dealers (ETFIQ, Oct 22, 2026)](https://etfiq.com/funds/unl/trading/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, UNL trading: cost, capacity, premium and dealers, data as of Oct 22, 2026. https://etfiq.com/funds/unl/trading/"}