We are live on ! Find out more
UNG icon

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
SS
76
Sunbelt Securities
Texas
$86 – – –
AF
77
Advisornet Financial
Minnesota
$22 – – –
AT
78
Avenir Tech
Hong Kong
$22 +$20 +1 New
SG
79
Sourcerock Group
Colorado
– -$10.4M -619,052 Closed
Manulife (Manufacturers Life Insurance)
80
Manulife (Manufacturers Life Insurance)
Ontario, Canada
– -$5.53M -329,105 Closed
CWM
81
Centric Wealth Management
Illinois
– -$3.61M -215,000 Closed
Man Group
82
Man Group
United Kingdom
– -$1.55M -92,357 Closed
Bank of Montreal
83
Bank of Montreal
Ontario, Canada
– -$1.05M -62,504 Closed
SM
84
Southport Management
Wyoming
– -$1.01M -60,000 Closed
Pathstone Holdings
85
Pathstone Holdings
New Jersey
– -$957K -56,941 Closed
Squarepoint
86
Squarepoint
New York
– -$1M -50,908 Closed
MG
87
Marex Group
– -$684K -40,711 Closed
KG
88
Kieckhefer Group
Wisconsin
– -$641K -38,156 Closed
JP Morgan Chase
89
JP Morgan Chase
New York
– -$610K -36,276 Closed
ASN
90
Advisory Services Network
Georgia
– -$596K -35,475 Closed
BFM
91
Boothbay Fund Management
New York
– -$573K -34,090 Closed
MGIA
92
Moneta Group Investment Advisors
Missouri
– -$237K -14,125 Closed
SPC
93
Sigma Planning Corp
Michigan
– -$236K -14,049 Closed
QWM
94
Quadcap Wealth Management
Texas
– -$191K -11,364 Closed
DWP
95
Daymark Wealth Partners
Ohio
– -$189K -11,250 Closed
Northern Trust
96
Northern Trust
Illinois
– -$186K -11,077 Closed
JWCA
97
J.W. Cole Advisors
Florida
– -$182K -10,830 Closed
OP
98
ORG Partners
Indiana
– -$10.5K -625 Closed
IA
99
IFP Advisors
Florida
– -$6.3K -375 Closed
NFSG
100
Newbridge Financial Services Group
Florida
– -$2.52K -150 Closed
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.