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FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS | 3 Months Ended
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Mar. 31, 2024
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 three months ended March 31, 2024 and 2023, USO did not incur 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 Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of USO and the Related Public Funds. USO shares the fees and expenses on a pro rata basis with each 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, 2024 are estimated to be a total of $441,000 for USO and, in the aggregate for USO and the Related Public Funds, $945,000. Licensing Fees As discussed in Note 4 below, USO entered into a licensing agreement with the NYMEX on December April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, USO and the 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 three months ended March 31, 2024 and 2023, USO incurred $52,781 and $62,505, 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 are estimated to be $2,300,000 for the year ending December 31, 2024. 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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