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CONTRACTS AND AGREEMENTS (Tables)

9 Months Ended

Sep. 30, 2020

CONTRACTS AND AGREEMENTS

Schedule of brokerage commissions

USL also incurs commissions to brokers for the purchase and sale of Oil Futures Contracts, Other Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

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​	​	​	​	​	​	​	​
​		Nine months			Nine months		​
​	​	ended		​	ended		​
​	​	September 30, 2020		​	September 30, 2019		​
Total commissions accrued to brokers	​	$	89,983	​	$	5,484	​
Total commissions as annualized percentage of average total net assets	​		0.07	%		0.01	%
Commissions accrued as a result of rebalancing	​	$	26,140	​	$	5,021	​
Percentage of commissions accrued as a result of rebalancing	​		29.05	%		91.56	%
Commissions accrued as a result of creation and redemption activity	​	$	63,843	​	$	463	​
Percentage of commissions accrued as a result of creation and redemption activity	​		70.95	%		8.44	%

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Tabular disclosure of fees earned by the broker commission.

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