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FINANCIAL HIGHLIGHTS (Tables)

6 Months Ended

Jun. 30, 2024

FINANCIAL HIGHLIGHTS

Schedule of per share performance data and other supplemental financial data


		Three months ended			Three months ended			Six months ended			Six months ended
		June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period		$	7.77		$	11.66		$	8.58		$	17.24
Total income (loss)			0.55			(0.13)			(0.25)			(5.68)
Total expenses			(0.04)			(0.02)			(0.05)			(0.05)
Net increase (decrease) in net asset value			0.51			(0.15)			(0.30)			(5.73)
Net asset value, end of period		$	8.28		$	11.51		$	8.28		$	11.51

Total Return			6.56	%		(1.29)	%		(3.50)	%		(33.24)	%

Ratios to Average Net Assets
Total income (loss)			6.79	%		(0.89)	%		(5.54)	%		(47.35)	%
Management fees^#*			0.75	%		0.75	%		0.75	%		0.75	%
Total expenses excluding management fees^#			1.38	%		0.92	%		1.49	%		0.88	%
Expense waived^#			(0.42)	%		(0.77)	%		(0.92)	%		(0.73)	%
Net expense excluding management fees^#			0.96	%		0.15	%		0.57	%		0.15	%
Net income (loss)			6.36	%		(1.11)	%		(6.19)	%		(47.80)	%

#Annualized.

*	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.