ADDED
The limited partners take no part in the management or control of, and have a minimal voice in UNL s operations or business.
USCF believes that holding futures contracts whose expiration dates are spread out over a 12 month period of time will cause the total return of such a portfolio to vary compared to a portfolio that holds only a single month s contract (such as the near month contract).
In addition, market conditions that USCF currently anticipates could cause UNL to invest in Other Natural Gas-Related Investments include, but are not limited to, those allowing UNL to obtain greater liquidity or to execute transactions with more favorable pricing.
As of December 31, 2025, UNL held 502 Natural Gas NG Futures Contracts traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures.
RBC Capital is subject to complex legal and regulatory requirements that continue to evolve.
It is and has been subject to a variety of legal proceedings including arbitrations, class actions and other civil litigations, as well as to other regulatory examinations, reviews, investigations (both formal and informal), audits and requests for information by various governmental regulatory agencies and self-regulatory organizations in various jurisdictions.
Some of these matters may involve novel legal theories and interpretations and claims for very substantial or indeterminable damages, and some could result in the imposition of substantial civil damages (including punitive damages), regulatory enforcement penalties, fines, injunctions or other relief.
In its discretion RBC Capital may choose to resolve claims, litigations or similar matters at any time.
Based on the facts as currently known, it is not possible to predict the ultimate outcome of such proceedings or the timing of their resolution.
The following is a description of RBC Capital s significant legal proceedings.
REMOVED
The registrant had 1,800,000 outstanding shares as of February 24, 2025.
USCF is required to evaluate the credit risk of UNL to the futures commission merchants ( FCMs ), oversee the purchase and sale of UNL s shares by certain authorized purchasers ( Authorized Participants ), review daily positions and margin requirements of UNL and manage UNL s investments.
UNL seeks to achieve its investment objective by investing in a mix of Futures Contracts and Other-Natural-Gas Related Investments such that the changes in its NAV will closely track the changes in the price of the NYMEX Futures Contracts for natural gas delivered to Henry Hub Louisiana.
The shares issued by UNL may only be purchased by Authorized Participants and only in blocks of 50,000 shares, called Creation Baskets .
As of December 31, 2024, UNL held 515 Natural Gas NG Futures Contracts traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures.
RBC Capital is a large broker dealer subject to many different complex legal and regulatory requirements.
RBC Capital complies fully with its regulators in all investigations being conducted and in all settlements it reaches.
In addition, RBC Capital 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.
RBC Capital complies fully with all settlements it reaches and all orders, awards and judgments made against it.
RBC Capital has been named as a defendant in various legal actions, including arbitrations, class actions and other litigation including those described below, arising in connection with its activities.