"I wonder if there's a spread between IV in UNG options and in the futures market to do a calendar or ratio spread." UNG is implemented via futures. They anno

"I wonder if there's a spread between IV in UNG options and in the futures market to do a calendar or ratio spread." UNG is implemented via futures. They announce roll dates every month http://www.unitedstatesnaturalgasfund.com/ung-rolldates.php http://www.unitedstatesnaturalgasfund.com/ung-rolldates.php and the futures traders definitely arb the fund's roll.