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FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2016
Fees Paid By Fund and Related Party Transactions [Abstract] |
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 UNL in accordance with the objectives and policies of UNL. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to UNL. For these services, UNL is contractually obligated to pay USCF a fee, which is paid monthly, that is equal to 0.75% per annum of average daily total net assets. Ongoing Registration Fees and Other Offering Expenses UNL 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 years ended December 31, 2016, 2015 and 2014, UNL did not incur any registration fees and other offering expenses. Independent Directors’ and Officers’ Expenses UNL is responsible for paying its portion of the directors’ and officers’ liability insurance for UNL and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of UNL and the Related Public Funds. UNL 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 fund, computed on a daily basis. These fees and expenses for the year ended December 31, 2016 were $582,050 for UNL and the Related Public Funds. UNL’s portion of such fees and expenses for the year ended December 31, 2016 was $2,888. For the year ended December 31, 2015 these fees and expenses were $569,303 for UNL and the Related Public Funds. UNL’s portion of such fees and expenses for the year ended December 31, 2015 was $3,140. Licensing Fees A discussed in Note 4 below, UNL entered into a licensing agreement with the NYMEX on December 4, 2007, as amended on October 20, 2011. Pursuant to the agreement, UNL and the Related Public Funds, other than BNO, USCI, CPER and USAG pay a licensing fee that is equal to 0.015% on all net assets. During the years ended December 31, 2016, 2015 and 2014, UNL incurred $2,046, $2,377 and $2,879, respectively, under this arrangement. Investor Tax Reporting Cost The fees and expenses associated with UNL’s audit expenses and tax accounting and reporting requirements are paid by UNL. These costs were approximately $76,000, $86,000 and $86,000, respectively, for the years ended December 31, 2016, 2015 and 2014. Tax reporting fluctuates between years due to the number of shareholder during any given year. Other Expenses and Fees and Expense Waivers In addition to the fees described above, UNL pays all brokerage fees and other expenses in connection with the operation of UNL, excluding costs and expenses paid by USCF as outlined in Note 4 below. USCF has voluntarily agreed to pay certain expenses typically borne by UNL, to the extent that such expenses exceeded 0.15% (15 basis points) of UNL’s NAV, on an annualized basis. USCF has no obligation to continue such payment into subsequent periods. For the year ended December 31, 2016, USCF waived $102,092 of UNL’s expenses. This voluntary expense waiver is in addition to those amounts USCF is contractually obligated to pay as described in Note 4 – Contracts and Agreements.

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