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FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2022
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS |
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS | NOTE 3 — FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS USCF Management Fee Under the LP Agreement, USCF is responsible for investing the assets of USO in accordance with the objectives and policies of USO. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to USO. For these services, USO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.45% per annum of average daily total net assets. Ongoing Registration Fees and Other Offering Expenses USO pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale. For the year ended December 31, 2022, USO did not incur in registration fees and other offering expenses. For the years ended December 31, 2022, 2021 and 2020, USO incurred $0, $1,260,041 and $3,203,939 respectively, in registration fees and other offering expenses. Independent Directors’ and Officers’ Expenses USO is responsible for paying its portion of the directors’ and officers’ liability insurance for USO and the other Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of USO and the other Related Public Funds. USO shares the fees and expenses on a pro rata basis with each other Related Public Fund, as described above, based on the relative assets of each Related Public Fund computed on a daily basis. These fees and expenses for the year ending December 31, 2022 totaled $828,823 for USO and, in the aggregate for USO and the other Related Public Funds, approximately $1,258,000. For the year ending December 31, 2021 these fees and expenses were $745,448 for USO and, in the aggregate for USO and the Related Public Funds, $1,081,963. For the year ended December 31, 2020, these fees and expenses were $585,896 for USO and the Related Public Funds. USO’s portion of such fees and expenses for the year ended December 31, 2020 was $391,372. Licensing Fees As discussed in Note 4 below, USO entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, USO and the other Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015% on all net assets. During the years ended December 31, 2022, 2021 and 2020, USO incurred $384,747, $446,110 and $512,944, respectively under this arrangement. Investor Tax Reporting Cost The fees and expenses associated with USO’s audit expenses and tax accounting and reporting requirements are paid by USO. These costs were estimated to be $1,779,300 for the year ending December 31, 2022. For the years ending December 31, 2021, and 2020 USO’s investor reporting costs totaled $6,671,000 and $2,694,975 respectively. Tax reporting costs fluctuate between years due to the number of shareholders during any given year. Other Expenses and Fees In addition to the fees described above, USO pays all brokerage fees and other expenses in connection with the operation of USO, excluding costs and expenses paid by USCF as outlined in Note 4 – Contracts and Agreements below.

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