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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2024
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 8 — SUBSEQUENT EVENTS

Effective May 1, 2024, the management fee that UNL is contractually obligated to pay USCF, which is based on UNL’s average daily total net assets and is paid monthly, was reduced from 0.75% per annum to 0.60% per annum. Simultaneously, the voluntary fee waiver, pursuant to which USCF paid certain expenses on a discretionary basis typically borne by UNL, where expenses exceed 0.15% (15 basis points) of UNL’s NAV, on an annualized basis, was terminated and no longer in effect as of May 1, 2024.

UNL has performed an evaluation of subsequent events through the date the condensed financial statements were issued. This evaluation did not result in any other subsequent events that necessitated disclosures and/or adjustments.