ADDED
The registrant had 1,200,000 outstanding shares as of February 23, 2026.
USCF may not be removed as general partner except upon approval by the affirmative vote of the holders of at least 66 and 2/3 percent of USL s outstanding shares (excluding shares owned, if any, by USCF and its affiliates), subject to the satisfaction of certain conditions set forth in the LP Agreement.
The Benchmark Oil Futures Contracts are changed from the near month contract to expire and the 11 following months to the next month contract to expire and the 11 following months during one day each month.
USCF further believes that the daily changes in USL s NAV in percentage terms will closely track the daily changes in percentage terms in the Benchmark Oil Futures Contract, plus interested earned on USL s collateral holdings, less USL s expenses.
Designated contract markets ( DCMs ), such as the NYMEX and ICE Futures, have established accountability levels and position limits on the maximum net long or net short futures contracts in commodity interests that any person or group of persons under common trading control (other than as a hedge, which an investment by USL is not) may hold, own or control.
NYMEX imposes accountability levels for any one month in the Benchmark Oil Futures Contract is 10,000 contracts, and an accountability level for all months of 20,000 net futures contracts for light sweet crude oil, do apply.
As of December 31, 2025, USL held 642 futures contracts for light, sweet crude oil traded on the NYMEX and held 642 Oil Futures Contracts traded on the ICE Futures.
For the fiscal year ended held 642, USL did not exceed the accountability levels imposed by the NYMEX or ICE Futures, however, the aggregated total of certain of the Related Public Funds did exceed the accountability levels.
Accordingly, the Position Limits Rule could negatively impact the ability of USL to meet its investment objective by inhibiting USCF s ability to effectively invest the proceeds from sales of Creation Baskets of USL.
Spot Commodities While the Oil Futures Contracts traded on the exchange can be physically settled, USL does not intend to take or make physical delivery.
REMOVED
The registrant had 1,250,000 outstanding shares as of February 24, 2025.
The business and affairs of USCF are managed by a board of directors (the Board ), which is comprised of four management directors (the Management Directors ), each of whom are also executive officers or employees of USCF, and three independent directors who meet the independent director requirements established by the NYSE Arca Equities Rules and the Sarbanes-Oxley Act of 2002.
The anticipated dates on which the Benchmark Oil Futures Contracts are changed and USL s Oil Interests are rolled will be posted on USL s website at www.uscfinvestments.com, and are subject to change without notice.
USCF further believes that the daily changes in USL s NAV in percentage terms will closely track the daily changes in percentage terms in the Benchmark Oil Futures Contract, less USL s expenses.
Accountability Levels, Position Limits and Price Fluctuation Limits .
USCF received letters from the CME on behalf of the NYMEX Market Regulation Department on April 16, 2020 (the April 16 CME Letter ) and on April 23, 2020 (the April 23 CME Letter , and together with the April 16 CME Letter, the CME Letters ).
The CME Letters ordered USCF and the Related Public Funds not to exceed accountability levels in specified light, sweet crude oil futures contracts and not to assume any positions in the specified light, sweet crude oil futures contract in excess of the exchange established position limits.
The accountability levels and position limits are set forth in the April 23 CME Letter which superseded the April 16 CME Letter.
The April 23 CME Letter ordered USCF, USL and the Related Public Funds not to exceed accountability levels in excess of 10,000 futures contracts in the light, sweet crude oil futures contract for June 2020.
While these limits no longer apply, NYMEX s current accountability levels for any one month in the Benchmark Oil Futures Contract is 10,000 contracts, and an accountability level for all months of 20,000 net futures contracts for light sweet crude oil, do apply.