FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS	12 Months Ended
Dec. 31, 2020
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 USL in accordance with the objectives and policies of USL. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to USL. For these services, USL is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.60% per annum of average daily total net assets. Ongoing Registration Fees and Other Offering Expenses USL 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, 2020, 2019 and 2018, USL incurred $124,835, $0 and $0 respectively, in registration fees and other offering expenses. Independent Directors’ and Officers’ Expenses USL is responsible for paying its portion of the directors’ and officers’ liability insurance for USL and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of USL and the Related Public Funds. USL 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, 2020 are estimated to be a total of $17,435 for USL and, in the aggregate for USL and the Related Public Funds, $585,896. For the year ended December 31, 2019, these fees and expenses were $556,951 for USL and the Related Public Funds. USL’s portion of such fees and expenses for the year ended December 31, 2019 was $13,028. For the year ended December 31, 2018, these fees and expenses were $521,689 for USL and the Related Public Funds. USL’s portion of such fees and expenses for the year ended December 31, 2018 was $13,806. Licensing Fees As discussed in Note 4 below, USL entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, USL 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 years ended December 31, 2020, 2019 and 2018, USL incurred $27,019, $8,433 and $11,830, respectively under this arrangement. Investor Tax Reporting Cost The fees and expenses associated with USL’s audit expenses and tax accounting and reporting requirements are paid by USL. These costs are estimated to be $172,800 for the year ending December 31, 2020 approximately $131,500 for the year ended December 31, 2019 and approximately $144,700 for the year ended December 31, 2018. 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, USL pays all brokerage fees and other expenses in connection with the operation of USL, excluding costs and expenses paid by USCF as outlined in Note 4 – Contracts and Agreements below.

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2020

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 USL in accordance with the objectives and policies of USL. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to USL. For these services, USL is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.60% per annum of average daily total net assets.

Ongoing Registration Fees and Other Offering Expenses

USL 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, 2020, 2019 and 2018, USL incurred $124,835, $0 and $0 respectively, in registration fees and other offering expenses.

Independent Directors’ and Officers’ Expenses

USL is responsible for paying its portion of the directors’ and officers’ liability insurance for USL and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of USL and the Related Public Funds. USL 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, 2020 are estimated to be a total of $17,435 for USL and, in the aggregate for USL and the Related Public Funds, $585,896. For the year ended December 31, 2019, these fees and expenses were $556,951 for USL and the Related Public Funds. USL’s portion of such fees and expenses for the year ended December 31, 2019 was $13,028. For the year ended December 31, 2018, these fees and expenses were $521,689 for USL and the Related Public Funds. USL’s portion of such fees and expenses for the year ended December 31, 2018 was $13,806.

Licensing Fees

As discussed in Note 4 below, USL entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, USL 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 years ended December 31, 2020, 2019 and 2018, USL incurred $27,019, $8,433 and $11,830, respectively under this arrangement.

Investor Tax Reporting Cost

The fees and expenses associated with USL’s audit expenses and tax accounting and reporting requirements are paid by USL. These costs are estimated to be $172,800 for the year ending December 31, 2020 approximately $131,500 for the year ended December 31, 2019 and approximately $144,700 for the year ended December 31, 2018. 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, USL pays all brokerage fees and other expenses in connection with the operation of USL, excluding costs and expenses paid by USCF as outlined in Note 4 – Contracts and Agreements below.