<SEC-DOCUMENT>0001171200-20-000590.txt : 20201001
<SEC-HEADER>0001171200-20-000590.hdr.sgml : 20201001
<ACCEPTANCE-DATETIME>20201001170052
ACCESSION NUMBER:		0001171200-20-000590
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201001
DATE AS OF CHANGE:		20201001

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States Natural Gas Fund, LP
		CENTRAL INDEX KEY:			0001376227
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				205576760
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-230255
		FILM NUMBER:		201216903

	BUSINESS ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		510-522-9600

	MAIL ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	United States Gas Fund LP
		DATE OF NAME CHANGE:	20060922
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>i20524_ung-424b3.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed pursuant to
Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>File No. 333-230255</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES NATURAL GAS FUND, LP</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Supplement dated October 1, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Prospectus dated April 24, 2020</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This supplement contains information that amends, supplements or
modifies certain information contained in the prospectus of United States Natural Gas Fund, LP (&ldquo;UNG&rdquo;) dated April
24, 2020 (the &ldquo;Prospectus&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You should carefully read the Prospectus and this supplement before
investing. This supplement should be read in conjunction with the Prospectus. <I>You should also carefully consider the &ldquo;Risk
Factors&rdquo; beginning on page 4 of the Prospectus before you decide to invest.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">The following changes are hereby
made to the Prospectus and each corresponding section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">On the cover page of the Prospectus, paragraph
4 is deleted in its entirety and replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">Investors who
buy or sell shares during the day from their broker may do so at a premium or discount relative to the market value of the underlying
natural gas futures contracts in which UNG invests due to supply and demand forces at work in the secondary trading market for
shares that are closely related to, but not identical to, the same forces influencing the prices of natural gas and the natural
gas futures contracts that serve as UNG&rsquo;s investment benchmark. <B>INVESTING IN UNG INVOLVES RISKS SIMILAR TO THOSE INVOLVED
WITH AN INVESTMENT DIRECTLY IN THE NATURAL GAS MARKET, BUT IT IS NOT A PROXY FOR TRADING DIRECTLY IN THE NATURAL GAS MARKETS.</B>
Investing in UNG also involves the correlation risk described below and other significant risks. You should consider carefully
the risks described below before making an investment decision. See &ldquo;Risk Factors Involved with an Investment in UNG&rdquo;
beginning on page 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The following is added after the first paragraph of the subsection
titled &ldquo;<I>UNG&rsquo;s Investment Objective and Strategy</I>&rdquo; on page 1 of the Prospectus: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG seeks to
achieve its investment objective by investing so that the average daily percentage change in UNG&rsquo;s NAV for any period of
30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the price of
the Benchmark Futures Contract over the same period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The sentence under the subsection titled &ldquo;<I>Investment Risk</I>&rdquo;
on page 2 of the Prospectus is deleted in its entirety and replaced with the following: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">Investors may
choose to use UNG as a means of investing indirectly in natural gas. <B>INVESTING IN UNG INVOLVES RISKS SIMILAR TO THOSE INVOLVED
WITH AN INVESTMENT DIRECTLY IN THE NATURAL GAS MARKET, BUT IT IS NOT A PROXY FOR TRADING DIRECTLY IN THE NATURAL GAS MARKETS.</B>
Investing in UNG also involves the correlation risk described below and other significant risks. You should consider carefully
the risks described below before making an investment decision. See &ldquo;Risk Factors Involved with an Investment in UNG&rdquo;
beginning on page 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The following is added to the subsection titled &ldquo;<I>Correlation
Risk</I>&rdquo; on page 2 of the Prospectus, as a new, third paragraph:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">As of the date
of this prospectus, significant market volatility has occurred in the oil markets and the oil futures markets. Such volatility
is attributable to the COVID-19 pandemic, disputes among oil-producing companies, a corresponding collapse in demand for oil and
a lack of on-land storage for oil. Although the volatility has abated in recent months, future volatility cannot be predicted.
Volatility in the natural gas market was also elevated, but it did not reach the same extreme levels as the volatility in the oil
futures market did. However, the COVID-19 pandemic could cause increased volatility in the future, the impact of which could limit
UNG&rsquo;s ability to have a substantial portion of its assets invested in the Benchmark Futures Contract. In such a circumstance,
UNG could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other
Futures Contract and/or Other Natural-Gas Related Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The following is added after the subsection titled &ldquo;<I>Other
Risks</I>&rdquo; on page 2 of the Prospectus:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify; text-indent: 0.25in"><B>UNG is not
leveraged. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG has not leveraged,
and does not intend to leverage, its assets through borrowings or otherwise, and makes its investments accordingly. Consistent
with the foregoing, UNG&rsquo;s announced investment intentions, and any changes thereto, will take into account the need for UNG
to make permitted investments that also allow it to maintain adequate liquidity to meet its margin and collateral requirements
and to avoid, to the extent reasonably possible, UNG becoming leveraged. If market conditions require it, these risk reduction
procedures may occur on short notice if they occur other than during a roll or rebalance period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify; text-indent: 0.25in"><B>UNG may temporarily
limit the offering of Creation Baskets. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG may determine
to limit the issuance of its shares through the offering of Creation Baskets to its Authorized Participants in order to allow it
to reinvest the proceeds from sales of its Creation Baskets in currently permitted assets in a manner that meets its investment
objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG will announce
to the market through the filing of a Current Report on Form 8-K if it intends to limit the offering of Creation Baskets at any
time. In such case, orders for Creation Baskets will be considered for acceptance in the order they are received by UNG and UNG
would continue to accept requests for redemption of its shares from Authorized Participants through Redemption Baskets during the
period of the limited offering of Creation Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The second paragraph of the section titled &ldquo;<I>Risk Factors
Involved with an Investment in UNG</I>&rdquo; on page 4 of the Prospectus is deleted in its entirety and replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG&rsquo;s investment
objective is for the daily percentage changes in the NAV per share to reflect the daily percentage changes of the spot price of
natural gas delivered at the Henry Hub, Louisiana as measured by the daily percentage changes in the price of the Benchmark Futures
Contract, plus interest earned on UNG&rsquo;s collateral holdings, less UNG&rsquo;s expenses. UNG seeks to achieve its investment
objective by investing so that the average daily percentage change in UNG&rsquo;s NAV for any period of 30 successive valuation
days will be within plus/minus ten percent (10%) of the average daily percentage change in the price of the Benchmark Futures Contract
over the same period. UNG&rsquo;s investment strategy is designed to provide investors with a cost-effective way to invest indirectly
in natural gas and to hedge against movements in the spot price of natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The first sentence of the third paragraph of the risk factor &ldquo;<I>An
investment in UNG may provide little or no diversification benefits. Thus, in a declining market, UNG may have no gains to offset
losses from other investments, and an investor may suffer losses on an investment in UNG while incurring losses with respect to
other asset classes.</I>&rdquo; on page 5 of the Prospectus is deleted and replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">Variables such
as drought, floods, weather, pandemics, embargoes, tariffs and other political events may have a larger impact on natural gas prices
and natural gas linked instruments, including Futures Contracts and Other Natural Gas-Related Investments, than on traditional
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The following is added to the risk factor &ldquo;<I>Correlation Risk</I>&rdquo;
on page 6 of the Prospectus, immediately before the risk factor titled &ldquo;<I>The market price at which investors buy or sell
shares may be significantly less or more than NAV</I>.&rdquo;:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">As of the date
of this prospectus, significant market volatility has occurred in the oil markets and the oil futures markets. Such volatility
is attributable to the COVID-19 pandemic, disputes among oil-producing companies, a corresponding collapse in demand for oil and
a lack of on-land storage for oil. Although the volatility has abated in recent months, future volatility cannot be predicted.
Volatility in the natural gas market was also elevated, but it did not reach the same extreme levels as the volatility in the oil
futures market did. However, the COVID-19 pandemic could cause increased volatility in the future, the impact of which could limit
UNG&rsquo;s ability to have a substantial portion of its assets invested in the Benchmark Futures Contract. In such a circumstance,
UNG could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other
Futures Contract and/or Other Natural-Gas Related Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The risk factor &ldquo;<I>The market price at which investors buy
or sell shares may be significantly less or more than NAV.</I>&rdquo; on page 6 of the Prospectus is amended as follows: the last
sentence of the first paragraph is deleted from that paragraph and forms the first sentence of a new, second paragraph, to which
the following is added:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">For example,
a shortage of UNG shares in the market and other factors could cause UNG&rsquo;s shares to trade at a premium. Investors should
be aware that such premiums can be transitory. To the extent an investor purchases shares that include a premium (e.g., because
of a shortage of shares in the market due to the inability of Authorized Participants to purchase additional shares from UNG that
could be resold into the market) and the cause of the premium no longer exists causing the premium to disappear (e.g., because
more shares are available for purchase from UNG by Authorized Participants that could be resold into the market) such investor&rsquo;s
return on its investment would be adversely impacted due to the loss of the premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The following risk factor is added on page 7 of the Prospectus, after
the risk factor &ldquo;<I>Daily percentage changes in UNG&rsquo;s NAV may not correlate with daily percentage changes in the price
of the Benchmark Futures Contract.</I>&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in"><B><I>An investment
in UNG is not a proxy for investing in the natural gas markets, and the daily percentage changes in the price of the Benchmark
Futures Contract, or the NAV of UNG, may not correlate with daily percentage changes in the spot price of natural gas.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">An investment
in UNG is not a proxy for investing in the natural gas markets. To the extent that investors use UNG as a means of indirectly investing
in natural gas, there is the risk that the daily changes in the price of UNG&rsquo;s shares on the NYSE Arca, on a percentage basis,
will not closely track the daily changes in the spot price of natural gas on a percentage basis. This could happen if the price
of shares traded on the NYSE Arca does not correlate closely with the value of UNG&rsquo;s NAV; the changes in UNG&rsquo;s NAV
do not correlate closely with the changes in the price of the Benchmark Futures Contract; or the changes in the price of the Benchmark
Futures Contract do not closely correlate with the changes in the cash or spot price of natural gas. This is a risk because if
these correlations do not exist, then investors may not be able to use UNG as a cost-effective way to indirectly invest in natural
gas or as a hedge against the risk of loss in natural gas-related transactions. The degree of correlation among UNG&rsquo;s share
price, the price of the Benchmark Futures Contract and the spot price of natural gas depends upon circumstances such as variations
in the speculative natural gas market, supply of and demand for Futures Contracts (including the Benchmark Futures Contract) and
Other Natural Gas-Related Investments, and technical influences on trading natural gas futures contracts. Investors who are not
experienced in investing in natural gas futures contracts or the factors that influence that market or speculative trading in the
natural gas markets and may not have the background or ready access to the types of information that investors familiar with these
markets may have and, as a result, may be at greater risk of incurring losses from trading in UNG shares than such other investors
with such experience and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The risk factor titled &ldquo;<I>Natural forces in the natural
                                                                                                    gas markets known as &ldquo;backwardation&rdquo; and &ldquo;contango&rdquo; may increase UNG&rsquo;s tracking error and/or
                                                                                                    negatively impact total return.</I>&rdquo; on page 7 of the Prospectus is deleted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">Natural forces in the natural gas futures market known as &ldquo;backwardation&rdquo;
and &ldquo;contango&rdquo; may increase UNG&rsquo;s tracking error and/or negatively impact total return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">The design of UNG&rsquo;s Benchmark Futures Contract is such that
every month it begins by using the near month contract to expire until the near month contract is within two weeks of expiration,
when, over a four day period, it transitions to the next month contract to expire as its benchmark contract and keeps that contract
as its benchmark until it becomes the near month contract and close to expiration. In the event of a natural gas futures market
where near month contracts trade at a higher price than next month to expire contracts, a situation described as &ldquo;backwardation&rdquo;
in the futures market, then absent the impact of the overall movement in natural gas prices the value of the benchmark contract
would tend to rise as it approaches expiration. Conversely, in the event of a natural gas futures market where near month contracts
trade at a lower price than next month contracts, a situation described as &ldquo;contango&rdquo; in the futures market, then absent
the impact of the overall movement in natural gas prices the value of the benchmark contract would tend to decline as it approaches
expiration. When compared to total return of other price indices, such as the spot price of natural gas, the impact of backwardation
and contango may cause the total return of UNG&rsquo;s per share NAV to vary significantly. Moreover, absent the impact of rising
or falling natural gas prices, a prolonged period of contango could have a significant negative impact on UNG&rsquo;s per share
NAV and total return and investors could lose part or all of their investment.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">While contango and backwardation are consistently present in trading
in the futures markets, such conditions can be exacerbated by market forces. For example, extraordinary market conditions in the
crude oil markets, including &ldquo;super contango&rdquo; (a higher level of contango arising from the overabundance of oil being
produced and the limited availability of storage for such excess supply), occurred, and may continue to occur for an unknown duration,
in the crude oil futures markets due to over-supply of crude oil in the face of weak demand during the COVID-19 pandemic when disputes
among oil-producing countries regarding limitations on the production of oil also were occurring. Volatility in the natural gas
market was also elevated, but it did not reach the same extreme levels as the volatility in the oil futures market did. However,
the COVID-19 pandemic could cause increased volatility in the future, the impact of which could limit UNG&rsquo;s ability to have
a substantial portion of its assets invested in the Benchmark Futures Contract. In such a circumstance, UNG could, if it determined
it appropriate to do so in light of market conditions and regulatory requirements, invest in other Futures Contract and/or Other
Natural-Gas Related Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in"><I>See</I>&nbsp;&ldquo;Additional
Information About UNG, its Investment Objective and Investments&rdquo; for a discussion of the potential effects of contango and
backwardation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The title for the risk factor <I>&ldquo;Accountability
levels, position limits, and daily price fluctuation limits set by the exchanges have the potential to cause tracking error, which
could cause the price of shares to substantially vary from the price of the Benchmark Futures Contract</I>.&rdquo; on page 7 of
the Prospectus is deleted and replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in"><B><I>Accountability
levels, position limits, and daily price fluctuation limits set by the exchanges have the potential to cause tracking error, by
limiting UNG&rsquo;s investments, including its ability to fully invest in the Benchmark Futures Contract, which could cause the
price of shares to substantially vary from the price of the Benchmark Futures Contract.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The following is added as a new risk factor
immediately before the subsection titled &ldquo;<I>Tax Risk</I>&rdquo; on page 8 of the Prospectus.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify"><B><I>Risk mitigation measures
imposed by UNG&rsquo;s FCMs have the potential to cause tracking error by limiting UNG&rsquo;s investments, including its ability
to fully invest in the Benchmark Futures Contract and other Futures Contracts, which could cause the price of UNG&rsquo;s shares
to substantially vary from the price of the Benchmark Futures Contract.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">UNG&rsquo;s FCMs have discretion
to impose limits on the positions that UNG may hold in the Benchmark Futures Contracts as well as certain other months. To date,
UNG&rsquo;s FCMs have not imposed any such limits. However, were UNG&rsquo;s FCMs to impose limits, UNG&rsquo;s ability to have
a substantial portion of its assets invested in the Benchmark Futures Contract and other Futures Contracts could be severely limited,
which could lead UNG to invest in other Futures Contracts or, potentially, Other Natural-Gas Related Investments. UNG could also
have to more frequently rebalance and adjust the types of holdings in its portfolio than is currently the case. This could inhibit
UNG from pursuing its investment objective in the same manner that it has historically and currently.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">In addition, when offering
Creation Baskets for purchase, limitations imposed by exchanges and/or any of UNG&rsquo;s FCMs could limit UNG&rsquo;s ability
to invest the proceeds of the purchases of Creation Baskets in Benchmark Futures Contracts and other Futures Contracts. If this
were the case, UNG may invest in other permitted investments, including Other Natural-Gas Related Investments, and may hold larger
amounts of Treasuries, cash and cash equivalents, which could impair UNG&rsquo;s ability to meet its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">14.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The risk factor &ldquo;<I>UNG is not actively
managed and tracks the Benchmark Futures Contract during periods in which the price of the Benchmark Futures Contract is flat or
declining as well as when the price is rising.</I>&rdquo; on page 11 of the Prospectus is deleted in its entirety and replaced
with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in"><B><I>UNG is
not actively managed and its investment objective is to track the Benchmark Futures Contract so that the average daily percentage
change in UNG&rsquo;s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average
daily percentage change in the price of the Benchmark Futures Contract over the same period.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG is not actively
managed by conventional methods. Accordingly, if UNG&rsquo;s investments in Natural Gas Interests are declining in value, in the
ordinary course, UNG will not close out such positions except in connection with paying the proceeds to an Authorized Participant
upon the redemption of a basket or closing out its positions in Futures Contracts and other permitted investments (i) in connection
with the monthly change in the Benchmark Futures Contract or when UNG otherwise determines it would be appropriate to do so, e.g.,
due to regulatory requirements or risk mitigation measures, or to avoid UNG becoming leveraged, and it reinvests the proceeds in
new Futures Contracts or Other Natural Gas-Related Investments to the extent possible. USCF will seek to cause the NAV of UNG&rsquo;s
shares to track the Benchmark Futures Contract during periods in which its price is flat or declining as well as when the price
is rising.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG&rsquo;s ability
to invest in the Benchmark Futures Contract could be limited as a result of any or all of the following: evolving market conditions,
a change in regulatory accountability levels and position limits imposed on UNG with respect to its investment in Futures Contracts,
additional or different risk mitigation measures taken by market participants, generally, including UNG, with respect to UNG acquiring
additional Futures Contracts, or UNG selling additional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">15.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The following risk factor is added immediately
before the risk factor &ldquo;<I>The NYSE ARCA may halt trading in UNG&rsquo;s shares, which could adversely impact an investor&rsquo;s
ability to sell shares.</I>&rdquo; on page 11 of the Prospectus:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in"><B><I>UNG may
not meet the listing standards of NYSE Arca, which would adversely impact an investor&rsquo;s ability to sell shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG&rsquo;s shares
are listed for trading on the NYSE Arca under the market symbol &ldquo;UNG.&rdquo; NYSE Arca may suspend UNG&rsquo;s shares from
trading on the exchange with or without prior notice to UNG, upon failure of UNG to comply with the NYSE&rsquo;s listing requirements,
or when in its sole discretion, the NYSE Arca determines that such suspension of dealings is in the public interest or otherwise
warranted. There can be no assurance that the requirements necessary to maintain the listing of UNG&rsquo;s shares will continue
to be met or will remain unchanged. If UNG were unable to meet the NYSE&rsquo;s listing standards and were to become delisted,
an investor&rsquo;s ability to sell its shares would be adversely impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">16.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The first and last sentences of the risk factor
&ldquo;<I>The NYSE Arca may halt trading in UNG&rsquo;s shares, which would adversely impact an investor&rsquo;s ability to sell
shares.</I>&rdquo; on page 11 of the Prospectus are deleted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">17.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The
                                         following risk factor is added to the &ldquo;<I>Other Risks</I>&rdquo; subsection of
                                         the Prospectus, after the risk factor &ldquo;<I>Limited partners and shareholders do
                                         not participate in the management of UNG and do not control USCF, so they do not have
                                         any influence over basic matters that affect UNG.</I>&rdquo; on page 12:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in"><B><I>UNG could
become leveraged if it had insufficient assets to completely meet its margin or collateral requirements relating to its investments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">Although UNG
does not and will not borrow money or use debt to satisfy its margin or collateral obligations in respect of its investments, it
could become leveraged if UNG were to hold insufficient assets that would allow it to meet not only the current, but also future,
margin or collateral obligations required for such investments. Such a circumstance could occur if UNG were to hold assets that
have a value of less than zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">USCF endeavors
to have the value of UNG&rsquo;s Treasuries, cash and cash equivalents, whether held by UNG or posted as margin or other collateral,
at all times approximate the aggregate market value of its obligations under its Futures Contracts and Other Natural Gas-Related
Investments. Although permitted to do so under its Limited Partnership Agreement, UNG has not and does not intend to leverage its
assets by making investments beyond its potential ability to meet the potential margin and collateral obligations relating to such
investments. Consistent with this, UNG&rsquo;s investment decisions will take into account the need for UNG to make permitted investments
that also allow it to maintain adequate liquidity to meet its margin and collateral requirements and to avoid, to the extent reasonably
possible, UNG becoming leveraged, including by its holding of assets that have a high probability of having a value of less than
zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">18.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The following paragraph is added as a new,
second paragraph, to the risk factor &ldquo;<I>UNG and USCF may have conflicts of interest, which may permit them to favor their
own interests to the detriment of shareholders.</I>&rdquo; on page 13 of the Prospectus.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">USCF serves as
the general partner or sponsor to each of UNG and the Related Public Funds. USCF may have a conflict to the extent that its trading
decisions for UNG may be influenced by the effect they would have on the other funds it manages. By way of example, if, as a result
of reaching position limits imposed by the NYMEX, UNG purchased natural gas futures contracts, this decision could impact UNG&rsquo;s
ability to purchase additional natural gas futures contracts if the number of contracts held by funds managed by USCF reached the
maximum allowed by the NYMEX. Similar situations could adversely affect the ability of any fund to track its Benchmark Futures
Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">19.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The second sentence of the risk factor &ldquo;<I>UNG
could terminate at any time and cause the liquidation and potential loss of an investor&rsquo;s investment and could upset the
overall maturity and timing of an investor&rsquo;s investment portfolio</I>.&rdquo; on page 14 of the Prospectus is deleted and
replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">In particular,
unforeseen circumstances, including, but not limited to, (i) market conditions, regulatory requirements, risk mitigation measures
taken by UNG or third parties or otherwise that would lead UNG to determine that it could no longer foreseeably meet its business
objective or that UNG&rsquo;s aggregate net assets in relation to its operating expenses or its margin or collateral requirements
make the continued operation of UNG unreasonable or imprudent, or (ii) adjudication of incompetence, bankruptcy, dissolution, withdrawal
or removal of USCF as the general partner of UNG could cause UNG to terminate unless a majority interest of the limited partners
within 90 days of the event elects to continue the partnership and appoints a successor general partner, or the affirmative vote
of a majority in interest of the limited partners subject to certain conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">20.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The first paragraph of the risk factor &ldquo;<I>An
unanticipated number of creation requests during a short period of time could result in a shortage of shares</I>.&rdquo; on page
14 of the Prospectus is deleted in its entirety and replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">While USCF makes
every effort to predict and maintain an adequate amount of shares outstanding, if a substantial number of requests for Creation
Baskets are received by UNG during a relatively short period of time that substantially differs from past creation volumes, due
to market volatility or otherwise, it could result in circumstances where, because of high demand for its shares, UNG may not have
sufficient shares available for sale to satisfy demand. Authorized Participants may, therefore, be unable to purchase additional
Creation Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">21.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The
                                         following risk factor is added to the &ldquo;<I>Other Risks</I>&rdquo; subsection of
                                         the Prospectus, after the risk factor &ldquo;<I>UNG may potentially lose money on its
                                         holdings of money market funds.</I>&rdquo; on page 15 of the Prospectus:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in"><B><I>UNG may
determine that to allow it to reinvest the proceeds from sales of its Creation Baskets in currently permitted assets in a manner
that meets its investment objective it may limit its offers of Creation Baskets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG may determine
that UNG will limit the issuance of its shares through the offering of Creation Baskets to its Authorized Participants. As a result
of certain circumstances described herein, including (1) the need to comply with regulatory requirements (including, but not limited
to, exchange accountability levels and position limits); (2) market conditions (including but not limited to those allowing UNG
to obtain greater liquidity or to execute transactions with more favorable pricing); and (3) risk mitigation measures taken by
UNG&rsquo;s current and other FCMs that limit UNG and other market participants from investing in particular natural gas futures
contracts, UNG&rsquo;s management can determine that it will limit the issuance of shares and the offerings of Creation Baskets
because it is unable to invest the proceeds from such offerings in investments that would permit it to reasonably meet its investment
objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">If such a determination
is made, the same consequences associated with a suspension of the offering of Creation Baskets, as described in the foregoing
risk factor, <B><I>An unanticipated number of creation requests during a short period of time could result in a shortage of shares</I></B>,
could also occur as a result of UNG determining to limit the offering of creation basket<B><I>s</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">22.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The following is added after the first paragraph
of the subsection titled &ldquo;<I>Investment Objective</I>&rdquo; on page 23 of the Prospectus: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">UNG seeks to
achieve its investment objective by investing so that that the average daily percentage change in UNG&rsquo;s NAV for any period
of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the price
of the Benchmark Futures Contract over the same period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">23.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The following is added to the end of the paragraph
of the subsection titled &ldquo;<I>Leverage</I>&rdquo; on page 23 of the Prospectus:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">Although permitted
to do so under its Limited Partnership Agreement, UNG has not and does not intend to leverage its assets and makes its investments
accordingly. Consistent with this, UNG&rsquo;s investment decisions will take into account the need for UNG to make permitted investments
that also allow it to maintain adequate liquidity to meet its margin and collateral requirements and to avoid, to the extent reasonably
possible, UNG becoming leveraged, including by its holding of assets that have a high probability of causing the net asset value
of the fund to be less than zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-size: 10pt">24.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 10pt">The seventh sentence of the first paragraph
of the subsection titled &ldquo;<I>USCF and its Management and Traders</I>&rdquo; on page 25 of the Prospectus is deleted and replaced
with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 17.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-align: justify; text-indent: 0in">USCF Advisers
serves as the investment adviser for the USCF SummerHaven SHPEI Index Fund (&ldquo;BUY&rdquo;) and the USCF SummerHaven Dynamic
Commodity Strategy No K-1 Fund (&ldquo;SDCI&rdquo;), each a series of the USCF ETF Trust. USCF Advisers was also the investment
adviser for the USCF Commodity Strategy Fund (the &ldquo;Mutual Fund&rdquo;), a series of the USCF Mutual Funds Trust, until March
2019, when the Mutual Fund liquidated all of its assets and distributed cash pro rata to all remaining shareholders and for the
USCF SummerHaven SHPEN Index Fund (&ldquo;BUYN&rdquo;), a series of the USCF ETF Trust until May 2020, when BUYN liquidated all
of its assets and distributed cash pro rata to all remaining shareholders. USCF ETF Trust and USCF Mutual Funds Trust are registered
under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;&nbsp;</P>

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