United States Natural Gas Fund
UNG
81 hedge funds and large institutions have $68.3M invested in United States Natural Gas Fund in 2025 Q2 according to their latest regulatory filings, with 21 funds opening new positions, 26 increasing their positions, 17 reducing their positions, and 18 closing their positions.
53% more repeat investments, than reductions
Existing positions increased: 26 | Existing positions reduced: 17
17% more first-time investments, than exits
New positions opened: 21 | Existing positions closed: 18
4% more funds holding
Funds holding: 78 → 81 (+3)
4% more call options, than puts
Call options by funds: $97.5M | Put options by funds: $93.5M
19.55% less ownership
Funds ownership: 38.68% → 19.13% (-20%)
59% less capital invested
Capital invested by funds: $168M → $68.3M (-$100M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JG
Jain Global
New York
|
+$9.48M |
| 2 |
UBS Group
Zurich,
Switzerland
|
+$3.14M |
| 3 |
CWM
Centric Wealth Management
Chicago,
Illinois
|
+$1.38M |
| 4 |
JP Morgan Chase
New York
|
+$1.06M |
| 5 |
Cetera Investment Advisers
Schaumburg,
Illinois
|
+$790K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BNP Paribas Financial Markets
Paris,
France
|
-$28.1M |
| 2 |
Morgan Stanley
New York
|
-$14.4M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$12M |
| 4 |
JF
Jump Financial
Chicago,
Illinois
|
-$11.4M |
| 5 |
Citadel Advisors
Miami,
Florida
|
-$4.42M |
UNG Hedge Fund Activity: Q2 2025 in Review
81 of the 7,613 institutional investors tracked by Wall St. Rank reported a position in United States Natural Gas Fund (UNG) for Q2 2025, worth a combined $68.3M — down 59% from $168M a quarter earlier.
Buyers outnumbered sellers: 21 funds opened new UNG positions and 18 closed out — a net gain of 3 holders — while 26 added to existing stakes and 17 trimmed.
The largest buyer was Jain Global, opening a new position worth an estimated $9.48M. The largest seller was BNP Paribas Financial Markets, cutting an estimated $28.1M.
- 81 institutional investors held United States Natural Gas Fund (UNG) as of Q2 2025, up from 78 in Q1 2025.
- Funds reported $68.3M of United States Natural Gas Fund stock for Q2 2025, down 59% quarter-over-quarter.
- 21 funds opened new United States Natural Gas Fund positions in Q2 2025 and 18 closed out, a net change of +3 holders.
- The largest United States Natural Gas Fund buyer in Q2 2025 was Jain Global, an estimated $9.48M added.
- The largest United States Natural Gas Fund seller in Q2 2025 was BNP Paribas Financial Markets, an estimated $28.1M sold.
Based on aggregated 13F filings for Q2 2025.