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United States Natural Gas Fund
UNG

78 hedge funds and large institutions have $168M invested in United States Natural Gas Fund in 2025 Q1 according to their latest regulatory filings, with 18 funds opening new positions, 12 increasing their positions, 26 reducing their positions, and 24 closing their positions.

New
Increased
Maintained
Reduced
Closed

128% more call options, than puts

Call options by funds: $123M | Put options by funds: $54M

64% more capital invested

Capital invested by funds: $102M → $168M (+$65.9M)

26.51% more ownership

Funds ownership: 12.17% → 38.68% (+27%)

9% less funds holding

Funds holding: 86 → 78 (-8)

25% less first-time investments, than exits

New positions opened: 18 | Existing positions closed: 24

54% less repeat investments, than reductions

Existing positions increased: 12 | Existing positions reduced: 26

Holders
78
Holders Change
-8
Holders Change %
-9.3%
% of All Funds
1.05%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
18
Increased
12
Reduced
26
Closed
24
Calls
$123M
Puts
$54M
Net Calls
+$69.1M
Net Calls Change
+$34M

Top Buyers

Rank Fund Capital Flow
1
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
+$31.7M
2
Goldman Sachs
Goldman Sachs
New York
+$27.6M
3
Morgan Stanley
Morgan Stanley
New York
+$19.9M
4
JF
Jump Financial
Illinois
+$10.4M
5
Citadel Advisors
Citadel Advisors
Florida
+$5.71M

Top Sellers

Rank Fund Capital Flow
1
Jane Street
Jane Street
New York
-$27.3M
2
SG
Sourcerock Group
Colorado
-$10.4M
3
Manulife (Manufacturers Life Insurance)
Manulife (Manufacturers Life Insurance)
Ontario, Canada
-$5.53M
4
Bank of America
Bank of America
North Carolina
-$4.81M
5
CWM
Centric Wealth Management
Illinois
-$3.61M
Name Holding Trade Value Shares
Change 		Change in
Stake
SC
26
Scotia Capital
Ontario, Canada
$382K +$64.9K +3,291 +23%
AWS
27
Atria Wealth Solutions
New York
$378K +$345K +17,500 New
SNB
28
Security National Bank
Nebraska
$346K – – –
AFG
29
Atomi Financial Group
New York
$331K +$302K +15,316 New
Royal Bank of Canada
30
Royal Bank of Canada
Ontario, Canada
$322K +$244K +12,361 +491%
IAS
31
Insigneo Advisory Services
Florida
$307K -$7.04K -357 -2%
VAM
32
Verity Asset Management
North Carolina
$293K +$267K +13,557 New
Commonwealth Equity Services
33
Commonwealth Equity Services
Massachusetts
$289K -$25.6K -1,300 -9%
QWP
34
Quotient Wealth Partners
Texas
$287K +$262K +13,262 New
HF
35
HRT Financial
New York
$279K -$42.4K -2,148 -14%
SG
36
StoneX Group
New York
$272K +$249K +12,606 New
MTIM
37
Marathon Trading Investment Management
Pennsylvania
$238K +$217K +11,000 New
Barclays
38
Barclays
United Kingdom
$237K -$1.61M -81,411 -88%
TSS
39
Two Sigma Securities
New York
$232K -$233K -11,817 -52%
IC
40
Inscription Capital
Texas
$219K +$296K +15,000 New
US Bancorp
41
US Bancorp
Minnesota
$181K – – –
T
42
Transce3nd
Texas
$175K -$395 -20 -0.2%
Carson Wealth (CWM LLC)
43
Carson Wealth (CWM LLC)
Nebraska
$139K -$108K -5,500 -46%
SG Americas Securities
44
SG Americas Securities
New York
$121K -$203K -10,300 -65%
HT
45
Headlands Technologies
Illinois
$89.3K -$696K -35,295 -90%
TWC
46
TD Waterhouse Canada
Ontario, Canada
$64.6K – – –
Comerica Bank
47
Comerica Bank
Texas
$58.2K +$49.6K +2,515 +1,413%
NA
48
NewEdge Advisors
Louisiana
$45.6K – – –
PA
49
Parallel Advisors
California
$43.2K – – –
MHIP
50
Mountain Hill Investment Partners
New Jersey
$40.5K – – –
1
2
3 4 5

UNG Hedge Fund Activity: Q1 2025 in Review

78 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in United States Natural Gas Fund (UNG) for Q1 2025, worth a combined $168M — up 64% from $102M a quarter earlier.

Sellers outnumbered buyers: 24 funds closed out of UNG and 18 opened new positions — a net loss of 6 holders — while 26 trimmed existing stakes and 12 added.

The largest buyer was BNP Paribas Financial Markets, adding an estimated $31.7M. The largest seller was Jane Street, cutting an estimated $27.3M.

  • 78 institutional investors held United States Natural Gas Fund (UNG) as of Q1 2025, down from 86 in Q4 2024.
  • Funds reported $168M of United States Natural Gas Fund stock for Q1 2025, up 64% quarter-over-quarter.
  • 18 funds opened new United States Natural Gas Fund positions in Q1 2025 and 24 closed out, a net change of -6 holders.
  • The largest United States Natural Gas Fund buyer in Q1 2025 was BNP Paribas Financial Markets, an estimated $31.7M added.
  • The largest United States Natural Gas Fund seller in Q1 2025 was Jane Street, an estimated $27.3M sold.

Based on aggregated 13F filings for Q1 2025.