<SEC-DOCUMENT>0001171200-22-000271.txt : 20220615
<SEC-HEADER>0001171200-22-000271.hdr.sgml : 20220615
<ACCEPTANCE-DATETIME>20220615172618
ACCESSION NUMBER:		0001171200-22-000271
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220615
DATE AS OF CHANGE:		20220615

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:	333-263570
		FILM NUMBER:		221018638

	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>i22348_ung-424b3.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt"><B>Filed
pursuant to Rule 424(b)(3)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt"><B>File
No. 333-263570</B></FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 40%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Supplement dated
June 15, 2022</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Prospectus
dated April 26, 2022</FONT></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 40%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 36.55pt"><FONT STYLE="font-size: 10pt">This
supplement contains information which amends, supplements or modifies certain information contained in the prospectus of United
States Natural Gas Fund, LP dated April 26, 2022 (the &ldquo;Prospectus&rdquo;). Please read it and keep it with your Prospectus
for future reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 37.4pt"><FONT STYLE="font-size: 10pt"><I>You
should carefully consider the &ldquo;Risk Factors&rdquo; beginning on page 7 of the Prospectus before you decide to invest.</I></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->








<!-- Field: Page; Sequence: 1 -->

    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">On June 13, 2022,
United States Natural Gas Fund, LP (&ldquo;UNG&rdquo;) entered into an International Swaps and Derivatives Association, Inc. (&ldquo;ISDA&rdquo;)
2002 Master Agreement (the &ldquo;Agreement&rdquo;) with Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., pursuant to which Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A. has agreed to serve as an over-the-counter (&ldquo;OTC&rdquo;) swaps counterparty for UNG.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In light
of the foregoing, the Prospectus is revised as follows:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The section of the
    Prospectus titled &ldquo;Swap Dealer&rdquo; that appears on page 41 of the Prospectus, immediately before the subheading &ldquo;UNG&rsquo;s
    Fees and Expenses&rdquo;, 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 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Swap
Dealers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Macquarie
Bank Limited</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
November 30, 2021, UNG entered into an ISDA 2002 Master Agreement (the &ldquo;Macquarie ISDA&rdquo;) with Macquarie Bank Limited,
pursuant to which Macquarie Bank Limited has agreed to serve as an over-the-counter (&ldquo;OTC&rdquo;) swaps counterparty for
UNG.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Macquarie
Bank Limited&rsquo;s principal address is Level 6, 50 Martin Place, Sydney, Nsw 200, Australia. Macquarie Bank Limited is registered
with the CFTC as a swap dealer. As of the date hereof, Macquarie Bank Limited has no material litigation to disclose as that term
is defined under the CEA and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Macquarie
Bank Limited is not affiliated with UNG or USCF. Therefore, neither USCF nor UNG believes that there will be any conflicts of
interest with Macquarie Bank Limited or its trading principals arising from Macquarie Bank Limited acting as an OTC swaps counterparty
to UNG.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Macquarie ISDA provides UNG with the ability to invest in OTC swaps in furtherance of its investment objective by providing it
with investment flexibility in light of regulatory requirements, risk mitigation measures, market conditions, liquidity requirements
or other factors. When UNG enters into OTC swap transactions with Macquarie under the Macquarie ISDA, UNG&rsquo;s OTC swap transactions
outstanding under the Macquarie ISDA, along with UNG&rsquo;s other holdings, will be published on UNG&rsquo;s webpage, www.uscfinvestments.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On June
13, 2022, UNG entered into an ISDA 2002 Master Agreement (the &ldquo;SocGen ISDA&rdquo;) with Soci&eacute;t&eacute; G&eacute;n&eacute;rale
S.A., pursuant to which Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. has agreed to serve as an OTC swaps counterparty for UNG.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A.&rsquo;s principal address is 29 Boulevard Haussman Paris, 75009 France. Soci&eacute;t&eacute; G&eacute;n&eacute;rale
S.A. is registered with the CFTC as a swap dealer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A. is a large swap dealer subject to many different complex legal and regulatory requirements. As a result,
certain of Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A.&rsquo;s regulators may from time to time conduct investigations,
initiate enforcement proceedings and/or enter into settlements with Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. with respect
to issues raised in various investigations. In addition, Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. is and has been subject
to a variety of civil legal claims in various jurisdictions, a variety of settlement agreements and a variety of orders, awards
and judgments made against it by courts and tribunals, both in regard to such claims and investigations. Listed below are the
civil, administrative, and/or criminal proceedings pending, on appeal, or concluded against Soci&eacute;t&eacute; G&eacute;n&eacute;rale
S.A. in the past five (5) years that are material to Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. serving as an OTC swaps
counterparty to UNG.</FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Gainsboro 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Notwithstanding
agreements reached in 2018 with United States authorities regarding certain London Interbank Offered Rates and the Euro Interbank
Offered Rate (the &ldquo;IBOR matter&rdquo;) and the dismissal on 30 November 2021 of legal proceedings brought by the United
States Department of Justice in this matter, Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. continues to defend civil proceedings
in the United States and has responded to information requests received from other authorities, including the Attorneys General
of various States of the United States and the New York Department of Financial Services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
the United States, Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., along with other financial institutions, has been named
as a defendant in putative class actions involving the setting of U.S. Dollar LIBOR, Japanese Yen LIBOR, and Euribor rates and
trading in instruments indexed to those rates. Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. has also been named in several
individual (non-class) actions concerning the U.S. Dollar LIBOR rate. All of these actions are pending in the U.S. District Court
in Manhattan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
to US Dollar LIBOR, all claims against Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. were dismissed by the District Court
or voluntarily dismissed by the plaintiffs, except in two putative class actions and one individual action that are effectively
stayed. The class plaintiffs and a number of individual plaintiffs appealed the dismissal of their antitrust claims to the United
States Court of Appeals for the Second Circuit (&ldquo;Second Circuit&rdquo;). On&nbsp;30&nbsp;December 2021, the Second Circuit
reversed the dismissal and reinstated the antitrust claims. These&nbsp;reinstated claims include those asserted by a proposed
class of OTC plaintiffs and by OTC plaintiffs that have filed individual actions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
to Japanese Yen LIBOR, the District Court dismissed the complaint brought by purchasers of Euroyen OTC derivative products. On
1&nbsp;April 2020, the Second Circuit reversed the dismissal and reinstated the claims. On 30&nbsp;September 2021, the District
Court dismissed plaintiffs&rsquo; Racketeer Influenced and Corrupt Organizations Act claims but upheld plaintiffs&rsquo; antitrust
and state law claims against Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. In the other action, brought by purchasers or sellers
of Euroyen derivative contracts on the Chicago Mercantile Exchange on 27&nbsp;September 2019, plaintiff filed a motion for class
certification. On&nbsp;25&nbsp;September 2020, the District Court granted defendants&rsquo; motion for judgment on the pleadings
and dismissed plaintiffs&rsquo; remaining claims. Plaintiff has appealed to the Second Circuit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
to Euribor, the District Court dismissed all claims against Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. in the putative
class action and denied the plaintiffs&rsquo; motion to file a proposed amended complaint. Plaintiffs&#8239;have appealed those
rulings to the Second Circuit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
Argentina, Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., along with other financial institutions, has been named as a defendant
in litigation brought by a consumer association on behalf of Argentine consumers who held government bonds or other specified
instruments that paid interest tied to US Dollar LIBOR. The allegations concern violations of Argentine consumer protection law
in connection with alleged manipulation of the US Dollar LIBOR rate. Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. has not
yet been served with the complaint in this matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Beginning
on 15&nbsp;January 2019, Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. and SG Americas Securities,&nbsp;LLC, along with other
financial institutions, were named in three putative antitrust class actions in the US District Court in Manhattan, which have
since been consolidated. Plaintiffs allege that the USD&nbsp;ICE LIBOR panel banks conspired to make artificially low submissions
to that benchmark in order to profit on their trading in derivatives tied to USD&nbsp;ICE LIBOR. Plaintiffs&nbsp;seek to certify
a class comprised of US residents (individuals and entities) that transacted with a defendant in floating rate debt instruments
or interest rate swaps tied to USD&nbsp;ICE LIBOR and received a payment at any time between 1&nbsp;February 2014 to the present,
regardless of when the instrument was purchased. By order dated 26&nbsp;March 2020, the District Court dismissed the action. Plaintiffs
appealed that ruling. On 6&nbsp;April 2021, the&nbsp;Second Circuit permitted a new proposed class representative to intervene
as a plaintiff in the appeal and denied defendants&rsquo; motion which sought dismissal of the appeal because the original proposed
class representatives withdrew from the action.</FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Gainsboro 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A., along with several other financial institutions, was&#8239;named as a defendant in a putative class
action alleging violations of US antitrust laws and the Commodity Exchange Act in connection with foreign exchange spot and derivatives
trading. The action was brought by persons or entities that transacted in certain over-the-counter and exchange-traded foreign
exchange instruments. Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. reached a settlement of USD&nbsp;18&nbsp;million, which
was approved by the Court on 6&nbsp;August 2018. On 7&nbsp;November 2018, a group of individual entities that elected to opt out
of the settlement filed a lawsuit against Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., SG Americas Securities,&nbsp;LLC
and several other financial institutions. SG Americas Securities,&nbsp;LLC was dismissed by order dated 28&nbsp;May 2020. Discovery
is proceeding as to Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. and the other remaining defendants. On&nbsp;11&nbsp;November
2020, Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. was named, along with several other banks, in an action in the United
Kingdom alleging collusion in the market for FX instruments. Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. is defending the
action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
May&nbsp;2019, Soci&eacute;t&eacute; G&eacute;n&eacute;rale Americas Securities (&ldquo;SGAS&rdquo;) was named, along with other
financial institutions, as a defendant in a putative class action in the US alleging anticompetitive behavior in the pricing of
agency bonds issued by USA&nbsp;Government Sponsored Enterprises (&ldquo;GSEs&rdquo;), including Federal Home Loan Bank, Federal
Home Loan Mortgage Corporation, and Federal National Mortgage Association. On&nbsp;16&nbsp;June 2020, SGAS and twelve other bank
defendants reached a final settlement with plaintiffs. Although SGAS&rsquo; share of the settlement is not public, the amount
was not material from a financial statement perspective. SGAS was also named in four separate individual opt-out litigations by
the following plaintiffs: the State of Louisiana (filed September&nbsp;2019), the City of Baton Rouge/East Baton Rouge Parish
and related entities (October&nbsp;2019), Louisiana Asset Management Pool (April&nbsp;2020), and the City of New&nbsp;Orleans
and related entities (September&nbsp;2020). These suits also asserted antitrust claims (and in some cases other related claims)
against SGAS and multiple other bank defendants based on these plaintiffs&rsquo; purchases of GSE bonds. As to the opt-out litigations,
a settlement was reached involving all defendants in June&nbsp;2021, of which SGAS&rsquo;s share was immaterial, and these actions
have been dismissed. SGAS&nbsp;also received a subpoena from the United States Department of Justice in connection with its US
agency bond business. SGAS responded to these requests and is cooperating with the Department of Justice investigation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
15&nbsp;October 2020, Vestia, a Dutch housing developer, brought proceedings against Soci&eacute;t&eacute; G&eacute;n&eacute;rale
S.A. before the High Court of England regarding the conditions pursuant to which Vestia contracted derivative products with Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A. between 2008 and 2011. Vestia claims that these transactions were outside of its capacity and alleges
they were induced by corruption. Vestia seeks to rescind the transactions and recover the amounts paid to Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A. pursuant to these transactions. On 8&nbsp;January 2021, Soci&eacute;t&eacute; G&eacute;n&eacute;rale
S.A. filed a Statement of Defence and Counterclaim. On 11&nbsp;October 2021, Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A.
and Vestia reached an agreement to settle this dispute without any admission of liability for Soci&eacute;t&eacute; G&eacute;n&eacute;rale
S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
29 September 2021, the United States Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) filed and settled charges against
Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. for Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A.&rsquo;s failure to comply
with certain swap dealer requirements for disclosing mid-market marks to counterparties, reporting inaccurate swap valuation data
to a swaps data repository (SDR), and related supervision failures. Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. agreed to
a $1,500,000 civil monetary penalty, to cease and desist from further violations of the Commodity Exchange Act and CFTC regulations
and to comply with certain undertakings, including continuing remediation efforts and updating the CFTC on its remediation efforts
and compliance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A., along with other financial institutions, was named as a defendant in a putative class action alleging
violations of US antitrust laws and the Commodity Exchange Act in connection with its involvement in the London Gold Market Fixing.
The action is brought on behalf of persons or entities that sold physical gold, sold gold futures contracts traded on the Chicago
Mercantile Exchange, sold shares in gold exchange-traded funds, sold gold call options traded on Chicago Mercantile Exchange,
bought gold put options traded on Chicago Mercantile Exchange, sold&#8239;OTC gold spot or forward contracts or gold call options,
or&nbsp;bought OTC gold put options. Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A., along with three other defendants, has&nbsp;reached
a settlement to resolve this action for USD&nbsp;50&nbsp;million. By order dated 13&nbsp;January 2022, the&nbsp;Court granted
preliminary approval of the settlement. The final fairness hearing has been scheduled for 5&nbsp;August 2022. Although Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A.&rsquo;s share of the settlement is not public, it was not material from a financial perspective. Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A., along with other financial institutions, is also named as a defendant in two putative class actions
in Canada (in the Ontario Superior Court in Toronto and Quebec Superior Court in Quebec City) involving similar claims. Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A. is defending the claims.</FONT></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Gainsboro 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A. is not affiliated with UNG or USCF. Therefore, neither USCF nor UNG believes that there will be any
conflicts of interest with Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. or its trading principals arising from Soci&eacute;t&eacute;
G&eacute;n&eacute;rale S.A. acting as an OTC swaps counterparty to UNG.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
SocGen ISDA provides UNG with the ability to invest in OTC swaps in furtherance of its investment objective by providing it with
investment flexibility in light of regulatory requirements, risk mitigation measures, market conditions, liquidity requirements
or other factors. When UNG enters into OTC swap transactions with Soci&eacute;t&eacute; G&eacute;n&eacute;rale S.A. under the
SocGen ISDA, UNG&rsquo;s OTC swap transactions outstanding under the SocGen ISDA, along with UNG&rsquo;s other holdings, will
be published on UNG&rsquo;s webpage, www.uscfinvestments.com.</FONT></P>


    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Gainsboro 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
