<SEC-DOCUMENT>0001171200-21-000105.txt : 20210311
<SEC-HEADER>0001171200-21-000105.hdr.sgml : 20210311
<ACCEPTANCE-DATETIME>20210311170943
ACCESSION NUMBER:		0001171200-21-000105
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20210311
DATE AS OF CHANGE:		20210311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States 12 Month Oil Fund, LP
		CENTRAL INDEX KEY:			0001405528
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				260431897
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238283
		FILM NUMBER:		21734169

	BUSINESS ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AM
<SEQUENCE>1
<FILENAME>i21115_usl-posam.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>As filed with
the Securities and Exchange Commission on March 11, 2021</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Registration
No. 333-238283</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES</B></FONT><BR>
<FONT STYLE="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Washington, D.C. 20549</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>POST-EFFECTIVE
AMENDMENT NO. 1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>on</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM S-3 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>TO FORM S-1</B></FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt"><B>REGISTRATION STATEMENT</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>UNDER</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>THE SECURITIES ACT OF 1933</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 0 10pt; text-align: center"><FONT STYLE="font-size: 24pt"><B>UNITED
STATES 12 MONTH OIL FUND, LP</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(Exact Name of Registrant as Specified in Its Charter)</B></FONT></P>

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    <TD STYLE="width: 34%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></td>
    <TD STYLE="width: 33%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>6770</B></FONT></td>
    <TD STYLE="width: 33%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>26-0431897</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(State or Other
    Jurisdiction of </B><br>
    <B>Incorporation or Organization)</B></FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(Primary Standard
    Industrial </B><br>
    <B>Classification Code Number)</B></FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(I.R.S. Employer
    Identification Number)</B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>United
    States Commodity Funds LLC</B><br>
    <B>1850 Mt. Diablo Boulevard, Suite 640</B><br>
    <B>Walnut Creek, California 94596</B><br>
    <B>510.522.9600</B></FONT></td>
    <TD STYLE="width: 50%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Daphne
    G. Frydman</B><br>
    <B>1850 Mt. Diablo Boulevard, Suite 640</B><br>
    <B>Walnut Creek, California 94596</B><br>
    <B>510.522.9600</B><br>
    <br></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(Address, Including
    Zip Code, and Telephone Number, Including</B><br>
    <B>Area Code, of Registrant&rsquo;s Principal Executive Offices)</B></FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(Name, Address,
    Including Zip Code, and Telephone Number,</B><br>
    <B>Including Area Code, of Agent for Service)</B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Copies
to:</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><I></I>James M. Cain, Esq.</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Eversheds Sutherland (US) LLP</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>700 Sixth Street, N.W., Suite 700</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Washington, DC 20001-3980</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>202.383.0100</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Approximate
date of commencement of proposed sale to the public: </B>As soon as practicable after this registration statement becomes effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please
check the following box:&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box. <FONT STYLE="font-family: Wingdings">x</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the
same offering. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
this Form is a post-effective amendment pursuant to General Instruction I.D. or a post-effective amendment thereto that shall
become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
&ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>

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    <TD STYLE="width: 64%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></FONT></td>
    <TD STYLE="width: 27%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></td>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">x</FONT></TD></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></td>
    <TD STYLE="padding-top: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-top: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>The registrant
hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such
date as the Securities and Commission, acting pursuant to said Section 8(a), may determine.&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>EXPLANATORY
NOTE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Post-Effective
Amendment No. 1 on Form S-3 to the Registration Statement on Form S-1 (File No. 333-238283) is being filed for the purposes of
changing the form of registration statement from Form S-1 to Form S-3 because, as required by Form S-3, General Instruction I.B.1,
United States 12 Month Oil Fund, LP&rsquo;s outstanding voting and non-voting common equity held by non-affiliates was $75 million
or more as of a date within the prior 60 days of this filing. No additional securities are registered hereby.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><FONT STYLE="font-size: 10pt"><B>The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is
not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; color: red"><FONT STYLE="font-size: 10pt"><B>Subject
to Completion, dated March 11, 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>PRELIMINARY PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>United
States 12 Month Oil Fund, LP<SUP>&reg;</SUP>*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>258,950,000
Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><FONT STYLE="font-size: 10pt"><B>*Principal U.S.
Listing Exchange: NYSE Arca, Inc. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
United States 12 Month Oil Fund, LP (&ldquo;USL&rdquo;) is an exchange traded fund organized as a limited partnership that issues
shares that trade on the NYSE Arca stock exchange (&ldquo;NYSE Arca&rdquo;). USL&rsquo;s investment objective is to track a benchmark
of short-term oil futures contracts. USL pays its general partner, United States Commodity Funds LLC (&ldquo;USCF&rdquo;), a limited
liability company, a management fee and incurs operating costs. Both USCF and USL are located at 1850 Mt. Diablo Boulevard, Suite
640, Walnut Creek, California 94596. The telephone number for both USCF and USL is 510.522.9600. In order for a hypothetical investment
in shares to break even over the next 12 months, assuming a selling price of $21.15 (the net asset value as of February 28, 2021),
the investment would have to generate 1.097% return or $0.232, rounded to $0.23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is an exchange traded fund. This means that most investors who decide to buy or sell shares of USL shares place their trade orders
through their brokers and may incur customary brokerage commissions and charges. Shares trade on the NYSE Arca under the ticker
symbol &ldquo;USL&rdquo; and are bought and sold throughout the trading day at bid and ask prices like other publicly traded securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Shares
trade on the NYSE Arca after they are initially purchased by &ldquo;Authorized Participants,&rdquo; institutional firms that purchase
and redeem shares in blocks of 50,000 shares called &ldquo;baskets&rdquo; through USL&rsquo;s marketing agent, ALPS Distributors,
Inc. (the &ldquo;Marketing Agent&rdquo;). The price of a basket is equal to the net asset value (&ldquo;NAV&rdquo;) of 50,000
shares on the day that the order to purchase the basket is accepted by the Marketing Agent. The NAV per share is calculated by
taking the current market value of USL&rsquo;s total assets (after close of NYSE Arca) subtracting any liabilities and dividing
that total by the total number of outstanding shares. The offering of USL&rsquo;s shares is a &ldquo;best efforts&rdquo; offering,
which means that neither the Marketing Agent nor any Authorized Participant is required to purchase a specific number or dollar
amount of shares. USCF pays the Marketing Agent a marketing fee consisting of a fixed annual amount plus an incentive fee based
on the amount of shares sold. Authorized Participants will not receive from USL, USCF or any of their affiliates any fee or other
compensation in connection with the sale of shares. Aggregate compensation paid to the Marketing Agent and any affiliate of USCF
for distribution-related services in connection with this offering of shares will not exceed ten percent (10%) of the gross proceeds
of the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Investors
who buy or sell shares during the day from their broker may do so at a premium or discount relative to the market value of the
underlying oil futures contracts in which USL invests due to supply and demand forces at work in the secondary trading market
for shares that are closely related to, but not identical to, the same forces influencing the prices of crude oil and the oil
futures contracts that serve as USL&rsquo;s investment benchmark. INVESTING IN USL INVOLVES RISKS SIMILAR TO THOSE INVOLVED WITH
AN INVESTMENT DIRECTLY IN THE OIL MARKETS, BUT IT IS NOT A PROXY FOR TRADING DIRECTLY IN THE OIL MARKETS. Investing in USL also
involves the correlation risk described below, and other significant risks. Recent and unprecedented volatility in the oil markets
in 2020 demonstrates that these risks are real. You should consider carefully the risks described below before making an investment
decision. See &ldquo;<B>Risk Factors Involved with an Investment in USL</B>&rdquo; beginning on page 4.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
offering of USL&rsquo;s shares is registered with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) in accordance with
the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;). The offering is intended to be a continuous offering and is not expected
to terminate until all of the registered shares have been sold or three years from the date of the original offering, whichever
is earlier, unless extended as permitted under the rules under the 1933 Act, although the offering may be temporarily suspended
if and when no suitable investments for USL are available or practicable. USL is not a mutual fund registered under the Investment
Company Act of 1940 (&ldquo;1940 Act&rdquo;) and is not subject to regulation under the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>NEITHER
THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED
IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is a commodity pool and USCF is a commodity pool operator subject to regulation by the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;)
and the National Futures Association (&ldquo;NFA&rdquo;) under the Commodity Exchange Act (&ldquo;CEA&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>THE
COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED
ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>The date of
this prospectus is [ ], 2021.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>COMMODITY
FUTURES TRADING COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RISK
DISCLOSURE STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>YOU
SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD
BE AWARE THAT COMMODITY INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE
THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS
MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>FURTHER,
COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR
THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS.
THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 3 AND A STATEMENT OF
THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 41. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>THIS
BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL.
THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING
A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGE 4. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>YOU
SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED
OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER
DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE
TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS
FOR THE POOL MAY BE EFFECTED. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>SWAPS
TRANSACTIONS, LIKE OTHER FINANCIAL TRANSACTIONS, INVOLVE A VARIETY OF SIGNIFICANT RISKS. THE SPECIFIC RISKS PRESENTED BY A PARTICULAR
SWAP TRANSACTION NECESSARILY DEPEND UPON THE TERMS OF THE TRANSACTION AND YOUR CIRCUMSTANCES. IN GENERAL, HOWEVER, ALL SWAPS TRANSACTIONS
INVOLVE SOME COMBINATION OF MARKET RISK, CREDIT RISK, COUNTERPARTY CREDIT RISK, FUNDING RISK, LIQUIDITY RISK, AND OPERATIONAL
RISK. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>HIGHLY
CUSTOMIZED SWAPS TRANSACTIONS IN PARTICULAR MAY INCREASE LIQUIDITY RISK, WHICH MAY RESULT IN A SUSPENSION OF REDEMPTIONS. HIGHLY
LEVERAGED TRANSACTIONS MAY EXPERIENCE SUBSTANTIAL GAINS OR LOSSES IN VALUE AS A RESULT OF RELATIVELY SMALL CHANGES IN THE VALUE
OR LEVEL OF AN UNDERLYING OR RELATED MARKET FACTOR. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>IN
EVALUATING THE RISKS AND CONTRACTUAL OBLIGATIONS ASSOCIATED WITH A PARTICULAR SWAP TRANSACTION, IT IS IMPORTANT TO CONSIDER THAT
A SWAP TRANSACTION MAY BE MODIFIED OR TERMINATED ONLY BY MUTUAL CONSENT OF THE ORIGINAL PARTIES AND SUBJECT TO AGREEMENT ON INDIVIDUALLY
NEGOTIATED TERMS. THEREFORE, IT MAY NOT BE POSSIBLE FOR THE COMMODITY POOL OPERATOR TO MODIFY, TERMINATE, OR OFFSET THE POOL&rsquo;S
OBLIGATIONS OR THE POOL&rsquo;S EXPOSURE TO THE RISKS ASSOCIATED WITH A TRANSACTION PRIOR TO ITS SCHEDULED TERMINATION DATE. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 97%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Disclosure Document:</B></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a001">Prospectus
    Summary&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a002">USL&rsquo;s
    Investment Objective and Strategy&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a003">Principal
    Investment Risks of an Investment in USL&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a004">USL&rsquo;s
    Fees and Expenses&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a005">Risk
    Factors Involved with an Investment in USL&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a006">Investment
    Risk&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a007">Correlation
    Risk&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a008">Tax
    Risk&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a009">OTC
    Contract Risk&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">12</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a010">Other
    Risks&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">12</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a011">Additional
    Information about USL, its Investment Objective and Investments&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">21</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a012">Impact
    of Contango and Backwardation on Total Returns&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">23</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a013">What
    are the Trading Policies of USL?</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">28</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a014">Prior
    Performance of USL</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">29</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a015">Composite
    Performance Data for USL&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">30</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a016">USL&rsquo;s
    Operations&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">31</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a017">USCF
    and its Management and Traders&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">31</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a018">USL&rsquo;s
    Service Providers&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">36</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a019">USL&rsquo;s
    Fees and Expenses&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">41</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a020">Breakeven
    Analysis&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">41</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a021">Conflicts
    of Interest&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">42</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a022">Ownership
    or Beneficial Interest in USL&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">44</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a023">USCF&rsquo;s
    Responsibilities and Remedies</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">44</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a024">Liability
    and Indemnification</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">44</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a025">Meetings&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">45</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a026">Termination
    Events&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">45</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a027">Provisions
    of Law&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">45</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a028">Books
    and Records&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">46</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a029">Statements,
    Filings, and Reports&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">46</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a030">Fiscal
    Year&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">47</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a031">Governing
    Law; Consent to Delaware Jurisdiction&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">47</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a032">Legal
    Matters&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">47</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a033">U.S.
    Federal Income Tax Considerations&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">50</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a034">Backup
    Withholding&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">59</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a035">Foreign
    Account Tax Compliance Act Provisions&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">60</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a036">Other
    Tax Considerations&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">60</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a037">Certain
    ERISA and Related Considerations&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">60</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a038">Form
    of Shares&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">63</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a039">Transfer
    of Shares&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">63</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a040">What
    is the Plan of Distribution?&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">65</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a041">Calculating
    Per Share NAV&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">66</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a042">Creation
    and Redemption of Shares&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">67</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a043">Use
    of Proceeds&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">72</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a044">Information
    You Should Know&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">73</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a045">Summary
    of Promotional and Sales Material&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">73</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a046">Intellectual
    Property&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">73</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a047">Where
    You Can Find More Information&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">74</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a048">Statement
    Regarding Forward-Looking Statements&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">74</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a049">Incorporation
    by Reference of Certain Information&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">74</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a050">Privacy
    Policy&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">75</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a051">Appendix
    A&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">A-1</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="#i21115a052">Glossary
    of Defined Terms&#9;</a></FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">A-1</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


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<div style="border: solid black 1px; padding: 6pt; width:98%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a001"></A><B>PROSPECTUS
SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>This
is only a summary of the prospectus and, while it contains material information about USL and its shares, it does not contain
or summarize all of the information about USL and the shares contained in this prospectus that is material and/or which may be
important to you. You should read this entire prospectus, including &ldquo;Risk Factors Involved with an Investment in USL&rdquo;
beginning on page 4, before making an investment decision about the shares. For a glossary of defined terms, see Appendix A. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>USL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">United
States 12 Month Oil Fund, LP (&ldquo;USL&rdquo;), a Delaware limited partnership, is a commodity pool that continuously issues
common shares of beneficial interest that may be purchased and sold on the NYSE Arca stock exchange (&ldquo;NYSE Arca&rdquo;).
USL is managed and controlled by United States Commodity Funds LLC (&ldquo;USCF&rdquo;), a Delaware limited liability company.
USCF is registered as a commodity pool operator (&ldquo;CPO&rdquo;) with the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;)
and is a member of the National Futures Association (&ldquo;NFA&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a002"></A><B>USL&rsquo;s
Investment Objective and Strategy </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
investment objective of USL is for the daily changes in percentage terms of its per share net asset value (&ldquo;NAV&rdquo;)
to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as
measured by the daily changes in the average of the prices of specified short-term futures contracts on light, sweet crude oil
called the &ldquo;Benchmark Oil Futures Contracts,&rdquo; plus interest earned on USL&rsquo;s collateral holdings, less USL&rsquo;s
expenses.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2.15pt; padding-left: 2.15pt"><FONT STYLE="font-size: 10pt"><B>What
    Are the &ldquo;Benchmark Oil Futures Contracts&rdquo;? </B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.15pt; padding-bottom: 2pt; padding-left: 2.15pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
    Benchmark Oil Futures Contracts are the futures contracts on light, sweet crude oil as traded on the New York Mercantile Exchange
    (the &ldquo;NYMEX&rdquo;) that is the near month contract to expire, and the contracts for the following 11 months, for a
    total of 12 consecutive months&rsquo; contracts, except when the near month contract is within two weeks of expiration, in
    which case it will be the futures contract that is the next month contract to expire and the contracts for the following 11
    consecutive months. When calculating the daily movement of the average price of the 12 contracts, each contract month is equally
    weighted.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
seeks to achieve its investment objective by investing so that the average daily percentage change in USL&rsquo;s NAV for any
period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the
prices of the Benchmark Oil Futures Contracts over the same period. USL seeks to achieve its investment objective by investing
primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas,
and other petroleum-based fuels that are traded on the NYMEX, ICE Futures Europe and ICE Futures U.S. (together, &ldquo;ICE Futures&rdquo;)
or other U.S. and foreign exchanges (collectively, &ldquo;Oil Futures Contracts&rdquo;) and to a lesser extent, in order to comply
with regulatory requirements or in view of market conditions, other oil-related
investments such as cash-settled options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and non-exchange
traded (&ldquo;over-the-counter&rdquo; or &ldquo;OTC&rdquo;) transactions that are based on the price of oil, other petroleum-based
fuels, Oil Futures Contracts and indices based on the foregoing (collectively, &ldquo;Other Oil-Related Investments&rdquo;). Market
conditions that USCF currently anticipates could cause USL to invest in Other Oil-Related Investments include those allowing USL
to obtain greater liquidity or to execute transactions with more favorable pricing. (For convenience and unless otherwise specified,
Oil Futures Contracts and Other Oil-Related Investments collectively are referred to as &ldquo;Oil Interests&rdquo; in this prospectus.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition, USCF believes that market arbitrage opportunities will cause daily changes in USL&rsquo;s share price on the NYSE Arca
on a percentage basis to closely track daily changes in USL&rsquo;s per share NAV on a percentage basis. USCF further believes
that the daily changes in the average prices of the Benchmark Oil Futures Contracts have historically closely tracked the daily
changes in prices of light, sweet crude oil. USCF believes that the net effect of these relationships will be that the daily changes
in the price of USL&rsquo;s shares on the NYSE Arca on a percentage basis will closely track the daily changes in the spot price
of a barrel of light, sweet crude oil on a percentage basis, less USL&rsquo;s expenses.</FONT></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Investors
should be aware that USL&rsquo;s investment objective is <I>not</I> for its NAV or market price of shares to equal, in dollar
terms, the spot price of light, sweet crude oil or any particular futures contract based on light, sweet crude oil, <I>nor</I>
is USL&rsquo;s investment objective for the percentage change in its NAV to reflect the percentage change of the price of any
particular futures contract as measured over a time period <I>greater than one day</I>. This is because natural market forces
called contango and backwardation have impacted the total return on an investment in USL&rsquo;s shares during the past year relative
to a hypothetical direct investment in crude oil and, in the future, it is likely that the relationship between the market price
of USL&rsquo;s shares and changes in the spot prices of light, sweet crude oil will continue to be so impacted by contango and
backwardation. (It is important to note that the disclosure above ignores the potential costs associated with physically owning
and storing crude oil, which could be substantial.)<B> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a003"></A><B>Principal
Investment Risks of an Investment in USL </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
investment in USL involves a degree of risk. Some of the risks you may face are summarized below. A more extensive discussion
of these risks appears beginning on page 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Investment Risk </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Investors
may choose to use USL as a means of investing indirectly in crude oil. INVESTING IN USL INVOLVES RISKS SIMILAR TO THOSE INVOLVED
WITH AN INVESTMENT DIRECTLY IN THE OIL MARKETS, BUT IT IS NOT A PROXY FOR TRADING DIRECTLY IN THE OIL MARKETS. Investing in USL
also involves the correlation risk described below and other significant risks. There are significant risks and hazards inherent
in the crude oil industry that may cause the price of crude oil to widely fluctuate. Recent and unprecedented volatility in the
crude oil markets in 2020 demonstrates that these risks are real.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Correlation Risk </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">To
the extent that investors use USL as a means of indirectly investing in crude oil, there is the risk that the daily changes in
the price of USL&rsquo;s shares on the NYSE Arca on a percentage basis will not closely track the daily changes in the spot price
of light, sweet crude oil on a percentage basis. This could happen if the price of shares traded on the NYSE Arca does not correlate
closely with the value of USL&rsquo;s NAV; the changes in USL&rsquo;s NAV do not correlate closely with the changes in the average
prices of the Benchmark Oil Futures Contracts, or the changes in the average prices of the Benchmark Oil Futures Contracts do
not closely correlate with the changes in the cash or spot price of crude oil. This is a risk because if these correlations do
not exist, then investors may not be able to use USL as a cost-effective way to indirectly invest in crude oil or as a hedge against
the risk of loss in crude oil-related transactions.<B> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
believes that holding futures contracts whose expiration dates are spread out over a 12 month period of time will cause the total
return of such a portfolio to vary compared to a portfolio that holds only a single month&rsquo;s contract (such as the near month
contract). In particular, USCF believes that the total return of a portfolio holding contracts with a range of expiration months
will be impacted differently by the price relationship between different contract months of the same commodity future compared
to the total return of a portfolio consisting of the near month contract. For example, in cases in which the near month contract&rsquo;s
price is higher than the price of contracts that expire later in time (a situation known as &ldquo;backwardation&rdquo; in the
futures markets), then absent the impact of the overall movement in crude oil prices the value of the near month contract would
tend to rise as it approaches expiration. Conversely, in cases in which the near month contract&rsquo;s price is lower than the
price of contracts that expire later in time (a situation known as &ldquo;contango&rdquo; in the futures markets), then absent
the impact of the overall movement in crude oil prices the value of the near month contract would tend to decline as it approaches
expiration. The total return of a portfolio that owned the near month contract and &ldquo;rolled&rdquo; forward each month by
selling the near month contract as it approached expiration and purchasing the next month contract to expire would be positively
impacted by a backwardation market, and negatively impacted by a contango market. Depending on the exact price relationship of
the different month&rsquo;s prices, portfolio expenses, and the overall movement of crude oil prices, the impact of backwardation
and contango could have a major impact on the total return of such a portfolio over time. USCF believes that based on historical
evidence a portfolio that held futures contracts with a range of expiration dates spread out over a 12 month period of time would
typically be impacted less by the positive effect of backwardation and the negative effect of contango compared to a portfolio
that held contracts of a single near month. As a result, absent the impact of any other factors, a portfolio of 12 different monthly
contracts would tend to have a lower total return than a near month only portfolio in a backwardation market and a higher total
return in a contango market. However there can be no assurance that such historical relationships would provide the same or similar
results in the future.</FONT></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Tax Risk </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is organized and operated as a limited partnership in accordance with the provisions of its limited partnership agreement and
applicable state law, and therefore, has a more complex tax treatment than conventional mutual funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Over-the-Counter (&ldquo;OTC&rdquo;)
Contract Risk </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may also invest in Other Oil-Related Investments, many of which are negotiated or &ldquo;OTC&rdquo; contracts that are not as
liquid as Oil Futures Contracts and expose USL to credit risk that its counterparty may not be able to satisfy its obligations
to USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Other Risks </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
pays fees and expenses that are incurred regardless of whether it is profitable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Unlike
mutual funds, commodity pools or other investment pools that manage their investments in an attempt to realize income and gains
and distribute such income and gains to their investors, USL generally does not distribute cash to shareholders. You should not
invest in USL if you will need cash distributions from USL to pay taxes on your share of income and gains of USL, if any, or for
any other reason.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">You
will have no rights to participate in the management of USL and will have to rely on the duties and judgment of USCF to manage
USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is subject to actual and potential inherent conflicts involving USCF, various commodity futures brokers and &ldquo;Authorized
Participants,&rdquo; the institutional firms that directly purchase and redeem shares in baskets of 50,000 shares. USCF&rsquo;s
officers, directors and employees do not devote their time exclusively to USL. USCF&rsquo;s persons are directors, officers or
employees of other entities that may compete with USL for their services, including other commodity pools (funds) that USCF manages.
USCF could have a conflict between its responsibilities to USL and to those other entities. As a result of these and other relationships,
parties involved with USL have a financial incentive to act in a manner other than in the best interests of USL and the shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a004"></A><B>USL&rsquo;s
Fees and Expenses </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>This
table describes the fees and expenses that you may pay if you buy and hold shares of USL. You should note that you may pay brokerage
commissions on purchases and sales of USL&rsquo;s shares, which are not reflected in the table. Authorized Participants will pay
applicable creation and redemption fees. See &ldquo;Creation and Redemption of Shares&mdash;<I>Creation and Redemption Transaction
Fee,</I>&rdquo; page 71. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Annual
Fund Operating Expenses (expenses that you pay each year as a </B><BR>
<B>percentage of the value of your investment)<SUP>(1)</SUP></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 87%; text-align: left">Management Fees&#9;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">0.60</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%(2)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Distribution Fees&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">NONE</FONT></TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Other Fund Expenses&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">0.28</TD><TD NOWRAP STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Total Annual Fund Operating Expenses&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">0.88</TD><TD NOWRAP STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-indent: -8.65pt">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 17.3pt; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Based on amounts for the
year ended December 31, 2020. The individual expense amounts in dollar terms are shown in the table below. As used in this table,
(i) Professional Expenses include expenses for legal, audit, tax accounting and printing; and (ii) Independent Director and Officer
Expenses include amounts paid to independent directors and for officers&rsquo; liability insurance.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 83%; text-align: left">Management Fees&#9;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1,080,769</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Professional Expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">231,301</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Registration Fees&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">124,835</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brokerage Commissions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Licensing Fees&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27,019</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Independent Director and Officer Expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">These
amounts are based on USL&rsquo;s average total net assets, which are the sum of daily total net assets of USL divided by the number
of calendar days in the year. For the year ended December 31, 2020, USL&rsquo;s average total net assets were $180,126,327.<B>
</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">USL is contractually obligated to pay USCF
    a management fee, which is paid monthly, equal to 0.60% per annum of average daily net assets.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a005"></A><B>RISK
FACTORS INVOLVED WITH AN INVESTMENT IN USL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>You
should consider carefully the risks described below before making an investment decision. You should also refer to the other information
included in this prospectus as well as information found in our periodic reports, which include USL&rsquo;s financial statements
and the related notes, that are incorporated by reference. See &ldquo;Incorporation By Reference of Certain Information,&rdquo;
page 74. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL&rsquo;s
investment objective is for the daily percentage changes in the net asset value (&ldquo;NAV&rdquo;) per share to reflect the daily
percentage changes of the spot price of light, sweet crude oil, as measured by the daily percentage changes in the average of
the prices of the Benchmark Oil Futures Contracts, plus interest earned on USL&rsquo;s collateral holdings, less USL&rsquo;s expenses.
The Benchmark Oil Futures Contracts are the futures contracts on light, sweet crude oil as traded on the NYMEX that is the near
month contract to expire, and the contracts for the following 11 months, for a total of 12 consecutive months&rsquo; contracts,
except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract
that is the next month contract to expire and the contracts for the following 11 consecutive months. When calculating the daily
movement of the average price of the 12 contracts, each contract month is equally weighted. USL seeks to achieve its investment
objective by investing so that the average daily percentage change in USL&rsquo;s NAV for any period of 30 successive valuation
days will be within plus/minus ten percent (10%) of the average daily percentage change in the prices of the Benchmark Oil Futures
Contracts over the same period. USL&rsquo;s investment strategy is designed to provide investors with a cost-effective way to
invest indirectly in crude oil and to hedge against movements in the spot price of light, sweet crude oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
investment in USL involves investment risk similar to a direct investment in Oil Futures Contracts and Other Oil-Related Investments,
but it is not a proxy for investing in the oil markets. Investing in USL also involves correlation risk, or the risk that investors
purchasing shares to hedge against movements in the price of crude oil will have an efficient hedge only if the price they pay
for their shares closely correlates with the price of crude oil. In addition to investment risk and correlation risk, an investment
in USL involves tax risks, OTC risks, and other risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a006"></A><B>Investment
Risk </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>The
NAV of USL&rsquo;s shares relates directly to the value of the Benchmark Oil Futures Contracts and other assets held by USL and
fluctuations in the prices of these assets could materially adversely affect an investment in USL&rsquo;s shares. Past performance
is not necessarily indicative of future results; all or substantially all of an investment in USL could be lost. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
net assets of USL consist primarily of investments in Oil Futures Contracts and, to a lesser extent, in Other Oil-Related Investments.
The NAV of USL&rsquo;s shares relates directly to the value of these assets (less liabilities, including accrued but unpaid expenses),
which in turn relates to the price of light, sweet crude oil in the marketplace. Crude oil prices depend on local, regional and
global events or conditions that affect supply and demand for oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Economic
conditions impacting crude oil</I></B><I>.</I> The demand for crude oil correlates closely with general economic growth rates.
The occurrence of recessions or other periods of low or negative economic growth will typically have a direct adverse impact on
crude oil prices. Other factors that affect general economic conditions in the world or in a major region, such as changes in
population growth rates, periods of civil unrest, pandemics (e.g. COVID-19), government austerity programs, or currency exchange
rate fluctuations, can also impact the demand for crude oil. Sovereign debt downgrades, defaults, inability to access debt markets
due to credit or legal constraints, liquidity crises, the breakup or restructuring of fiscal, monetary, or political systems such
as the European Union, and other events or conditions (e.g. pandemics, such as COVID-19), that impair the functioning of financial
markets and institutions also may adversely impact the demand for crude oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Other
crude oil demand-related factors</I></B><I>.</I> Other factors that may affect the demand for crude oil and therefore its price,
include technological improvements in energy efficiency; seasonal weather patterns, which affect the demand for crude oil associated
with heating and cooling; increased competitiveness of alternative energy sources that have so far generally not been competitive
with oil without the benefit of government subsidies or mandates; and changes in technology or consumer preferences that alter
fuel choices, such as toward alternative fueled vehicles.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Other
crude oil supply-related factors</I></B><I>.</I> Crude oil prices also vary depending on a number of factors affecting supply.
For example, increased supply from the development of new oil supply sources and technologies to enhance recovery from existing
sources tends to reduce crude oil prices to the extent such supply increases are not offset by commensurate growth in demand.
Similarly, increases in industry refining or petrochemical manufacturing capacity may impact the supply of crude oil. World oil
supply levels can also be affected by factors that reduce available supplies, such as adherence by member countries to the Organization
of the Petroleum Exporting Countries (&ldquo;OPEC&rdquo;) production quotas and the occurrence of wars, hostile actions, natural
disasters, disruptions in competitors&rsquo; operations, or unexpected unavailability of distribution channels that may disrupt
supplies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Technological
change can also alter the relative costs for companies in the petroleum industry to find, produce, and refine oil and to manufacture
petrochemicals, which in turn may affect the supply of and demand for oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Other
factors impacting the crude oil market</I></B><I>.</I> The supply of and demand for crude oil may also be impacted by changes
in interest rates, inflation, and other local or regional market conditions, as well as by the development of alternative energy
sources.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"><B><I>Price
volatility may possibly cause the total loss of your investment</I></B><I>.</I> Futures contracts have a high degree of price
variability and are subject to occasional rapid and substantial changes. Consequently, you could lose all or substantially all
of your investment in USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>An
investment in USL may provide little or no diversification benefits. Thus, in a declining market, USL may have no gains to offset
losses from other investments, and an investor may suffer losses on an investment in USL while incurring losses with respect to
other asset classes.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Historically,
Oil Futures Contracts and Other Oil-Related Investments have generally been non-correlated to the performance of other asset classes
such as stocks and bonds. Non-correlation means that there is a low statistically valid relationship between the performance of
futures and other commodity interest transactions, on the one hand, and stocks or bonds, on the other hand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">However,
there can be no assurance that such non-correlation will continue during future periods. If, contrary to historic patterns, USL&rsquo;s
performance were to move in the same general direction as the financial markets, investors will obtain little or no diversification
benefits from an investment in USL&rsquo;s shares. In such a case, USL may have no gains to offset losses from other investments,
and investors may suffer losses on their investment in USL at the same time they incur losses with respect to other investments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Variables
such as drought, floods, weather, pandemics (such as COVID-19), embargoes, tariffs and other political events may have a larger
impact on crude oil prices and crude oil-linked instruments, including Oil Futures Contracts and Other Oil-Related Investments,
than on traditional securities. These additional variables may create additional investment risks that subject USL&rsquo;s investments
to greater volatility than investments in traditional securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Non-correlation
should not be confused with negative correlation, where the performance of two asset classes would be opposite of each other.
There is no historical evidence that the spot price of crude oil and prices of other financial assets, such as stocks and bonds,
are negatively correlated. In the absence of negative correlation, USL cannot be expected to be automatically profitable during
unfavorable periods for the stock market, or vice versa.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Historical
performance of USL and the Benchmark Oil Futures Contracts is not indicative of future performance.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Past
performance of USL or the Benchmark Oil Futures Contracts is not necessarily indicative of future results. Therefore, past performance
of USL or the Benchmark Oil Futures Contracts should not be relied upon in deciding whether to buy shares of USL.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>COVID-19
and other infectious disease outbreaks could negatively affect the valuation and performance of USL&rsquo;s investments.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December
2019 and has now been detected globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic.
COVID-19 has resulted in numerous deaths, travel restrictions, closed international borders, enhanced health screenings at ports
of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines and the
imposition of both local and more widespread &ldquo;work from home&rdquo; measures, cancellations, loss of employment, supply chain
disruptions, and lower consumer and institutional demand for goods and services, as well as general concern and uncertainty. The
ongoing spread of COVID-19 has had, and is expected to continue to have, a material adverse impact on local economies in the affected
jurisdictions and also on the global economy, as cross border commercial activity and market sentiment are increasingly impacted
by the outbreak and government and other measures seeking to contain its spread. COVID-19 has had, and is expected to continue
to have, a material adverse impact on the crude oil markets and oil futures markets to the extent economic activity and the use
of crude oil continues to be curtailed, which in turn has had a significant adverse effect on the prices of Oil Futures Contracts,
including the Benchmark Oil Futures Contracts, and Other Oil-Related Contracts. COVID-19 has had, and is expected to continue
to have, a material adverse impact on the oil markets and oil futures markets to the extent economic activity and the use of oil
continues to be curtailed, which in turn has had a significant adverse effect on the prices of Oil Futures Contracts, including
the Benchmark Oil Futures Contracts, and Other Oil-Related Interests. The impact of COVID-19, and other infectious disease outbreaks
that may arise in the future, could adversely affect individual issuers and capital markets in ways that cannot necessarily be
foreseen. In addition, actions taken by government and quasi-governmental authorities and regulators throughout the world in response
to the COVID-19 outbreak, including significant fiscal and monetary policy changes, may affect the value, volatility, pricing
and liquidity of some investments or other assets, including those held by or invested in by USL. Public health crises caused
by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally.
The duration of the COVID-19 outbreak and its ultimate impact on USL and, on the global economy, cannot be determined with certainty.
The COVID-19 pandemic and its effects may last for an extended period of time, and could result in significant and continued market
volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial
economic downturn or recession. The foregoing could impair USL&rsquo;s ability to maintain operational standards (such as with respect
to satisfying redemption requests), disrupt the operations of USL&rsquo;s service providers, adversely affect the value and liquidity
of USL&rsquo;s investments, and negatively impact USL&rsquo;s performance and your investment in USL. The extent to which COVID-19 will affect
USL and USL&rsquo;s service providers and portfolio investments will depend on future developments, which are highly uncertain and cannot
be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19.
Given the significant economic and financial market disruptions associated with the COVID-19 pandemic, the valuation and performance
of USL&rsquo;s investments could be impacted adversely.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a007"></A><B>Correlation Risk </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Investors
purchasing shares to hedge against movements in the price of crude oil will have an efficient hedge only if the price investors
pay for their shares closely correlates with the price of crude oil. Investing in USL&rsquo;s shares for hedging purposes involves
the following risks:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The market price at
    which the investor buys or sells shares may be significantly less or more than the NAV.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Daily percentage changes
    in NAV may not closely correlate with daily percentage changes in the average of the prices of the Benchmark Oil Futures Contracts.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Daily percentage changes in the average
    of the prices of the Benchmark Oil Futures Contracts may not closely correlate with daily percentage changes in the price
    of light, sweet crude oil.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>The
market price at which investors buy or sell shares may be significantly less or more than NAV. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">USL&rsquo;s
NAV per share will change throughout the day as fluctuations occur in the market value of USL&rsquo;s portfolio investments. The
public trading price at which an investor buys or sells shares during the day from their broker may be different from the NAV
of the shares, which is also the price shares can be redeemed with USL by Authorized Participants in Redemption Baskets. USCF
expects that exploitation of certain arbitrage opportunities by Authorized Participants and their clients and customers will tend
to cause the public trading price to track NAV per share closely over time, but there can be no assurance of that. For example,
a shortage of USL&rsquo;s shares in the market and other factors could cause USL&rsquo;s shares to trade at a premium. Investors should be
aware that such premiums can be transitory. To the extent an investor purchases shares that include a premium (e.g., because of
a shortage of shares in the market due to the inability of Authorized Participants to purchase additional shares from USL that
could be resold into the market) and the cause of the premium no longer exists causing the premium to disappear (e.g., because
more shares are available for purchase from USL by Authorized Participants that could be resold into the market) such investor&rsquo;s
return on its investment would be adversely impacted due to the loss of the premium.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">Price
differences may relate primarily to supply and demand forces at work in the secondary trading market for shares that are closely
related to, but not identical to, the same forces influencing the prices of crude oil and the Benchmark Oil Futures Contracts
at any point in time. For example, a shortage of USL shares in the market and other factors could cause USL&rsquo;s shares to trade
at a premium. Investors should be aware that such premiums can be transitory. To the extent an investor purchases shares that
include a premium (e.g., because of a shortage of shares in the market due to the inability of Authorized Participants to purchase
additional shares from USL that could be resold into the market) and the cause of the premium no longer exists causing the premium
to disappear (e.g., because more shares are available for purchase from USL by Authorized Participants that could be resold into
the market) such investor&rsquo;s return on its investment would be adversely impacted due to the loss of the premium. See the risk
factor, <B><I>An unanticipated number of Creation Basket requests during a short period of time could result in a shortage of
shares</I></B>, below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">The
NAV of USL&rsquo;s shares may also be influenced by non-concurrent trading hours between the NYSE Arca and the various futures
exchanges on which crude oil is traded. While the shares trade on the NYSE Arca from 9:30&nbsp;a.m. to 4:00&nbsp;p.m. Eastern
Time, the trading hours for the futures exchanges on which crude oil trades may not necessarily coincide during all of this time.
As a result, during periods when the NYSE Arca is open and the futures exchanges on which sweet, light crude oil is traded are
closed, trading spreads and the resulting premium or discount on the shares may widen and, therefore, increase the difference
between the price of the shares and the NAV of the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Daily
percentage changes in USL&rsquo;s NAV may not correlate with daily percentage changes in the average of the prices of the Benchmark
Oil Futures Contracts. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">It
is possible that the daily percentage changes in USL&rsquo;s NAV per share may not closely correlate to daily percentage changes
in the average of the prices of the Benchmark Oil Futures Contracts. Non-correlation may be attributable to disruptions in the
market for light, sweet crude oil, the imposition of position or accountability limits by regulators or exchanges, or other extraordinary
circumstances. As USL approaches or reaches position limits with respect to the Benchmark Oil Futures Contracts and other Oil
Futures Contracts or in view of market conditions, USL may begin investing in Oil Futures Contracts other than the Benchmark Oil
Futures Contracts and Other Oil-Related Investments. In addition, USL is not able to replicate exactly the changes in the average
prices of the Benchmark Oil Futures Contracts because the total return generated by USL is reduced by expenses and transaction
costs, including those incurred in connection with USL&rsquo;s trading activities, and increased by interest income from USL&rsquo;s
holdings of Treasuries (defined below). Tracking the Benchmark Oil Futures Contracts requires trading of USL&rsquo;s portfolio
with a view to tracking the Benchmark Oil Futures Contracts over time and is dependent upon the skills of USCF and its trading
principals, among other factors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>An
investment in USL is not a proxy for investing in the oil markets, and the daily percentage changes in the prices of the Benchmark
Oil Futures Contracts, or the NAV of USL, may not correlate with daily percentage changes in the spot price of light, sweet crude
oil. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
investment in USL is not a proxy for investing in the oil markets. To the extent that investors use USL as a means of indirectly
investing in crude oil, there is the risk that the daily changes in the price of USL&rsquo;s shares on the NYSE Arca, on a percentage
basis, will not closely track the daily changes in the spot price of light, sweet crude oil on a percentage basis. This could
happen if the price of shares traded on the NYSE Arca does not correlate closely with the value of USL&rsquo;s NAV; the changes
in USL&rsquo;s NAV do not correlate closely with the changes in the prices of the Benchmark Oil Futures Contracts; or the changes
in the prices of the Benchmark Oil Futures Contracts do not closely correlate with the changes in the cash or spot price of crude
oil. This is a risk because if these correlations do not exist, then investors may not be able to use USL as a cost-effective
way to indirectly invest in crude oil or as a hedge against the risk of loss in crude oil-related transactions. The degree of
correlation among USL&rsquo;s share price, the prices of the Benchmark Oil Futures Contracts, and the spot price of crude oil
depends upon circumstances such as variations in the speculative oil market, supply of and demand for Oil Futures Contracts (including
the Benchmark Oil Futures Contracts) and Other Oil-Related Investments, and technical influences on trading oil futures contracts.
Investors who are not experienced in investing in oil futures contracts or the factors that influence that market or speculative
trading in the crude oil markets and may not have the background or ready access to the types of information that investors familiar
with these markets may have and, as a result, may be at greater risk of incurring losses from trading in USL shares than such
other investors with such experience and resources.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Natural
forces in the crude oil futures market known as &ldquo;backwardation&rdquo; and &ldquo;contango&rdquo; may increase USL&rsquo;s
tracking error and/or negatively impact total return. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
design of USL&rsquo;s Benchmark Oil Futures Contracts consists of the near month contract to expire and the 11 following months,
which are changed to the next month contract to expire and the 11 following months during one day each month. In the event of
a crude oil futures market where near month contracts trade at a higher price than next month to expire contracts, a situation
described as &ldquo;backwardation&rdquo; in the futures market, then absent the impact of the overall movement in light, sweet
crude oil prices the value of the benchmark contract would tend to rise as it approaches expiration. Conversely, in the event
of a crude oil futures market where near month contracts trade at a lower price than next month contracts, a situation described
as &ldquo;contango&rdquo; in the futures market, then absent the impact of the overall movement in crude oil prices the value
of the benchmark contract would tend to decline as it approaches expiration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">While
contango and backwardation are consistently present in trading in the futures markets, such conditions can be exacerbated by market
forces. For example, extraordinary market conditions in the crude oil markets, including &ldquo;super contango&rdquo; (a higher
level of contango arising from the overabundance of oil being produced and the limited availability of storage for such excess
supply), occurred, and may continue to occur for an unknown duration, in the crude oil futures markets due to over-supply of crude
oil in the face of weak demand during the COVID-19 pandemic when disputes among oil-producing countries regarding limitations
on the production of oil also were occurring.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">When
compared to total return of other price indices, such as the spot price of crude oil, the impact of backwardation and contango
may cause the total return of USL&rsquo;s per share NAV to vary significantly. Moreover, absent the impact of rising or falling
oil prices, a prolonged period of contango could have a significant negative impact on USL&rsquo;s per share NAV and total return
and investors could lose part or all of their investment. See &ldquo;Additional Information About USL, its Investment Objective
and Investments&rdquo; for a discussion of the potential effects of contango and backwardation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Accountability levels, position
limits, and daily price fluctuation limits set by the exchanges have the potential to cause tracking error, which could cause
the average of the prices of shares to substantially vary from the price of the Benchmark Oil Futures Contracts.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Designated
contract markets, such as the NYMEX and ICE Futures, have established accountability levels and position limits on the maximum
net long or net short futures contracts in commodity interests that any person or group of persons under common trading control
(other than as a hedge, which an investment by USL is not) may hold, own or control. These levels and position limits apply to
the futures contracts that USL invests in to meet its investment objective. In addition to accountability levels and position
limits, the NYMEX and ICE Futures, also set daily price limits on futures contracts. The daily price fluctuation limit establishes
the maximum amount that the price of a futures contract may vary either up or down from the previous day&rsquo;s settlement price.
Once the daily price fluctuation limit has been reached in a particular futures contract, no trades may be made at a price beyond
that limit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
accountability levels for the Benchmark Oil Futures Contracts and other Oil Futures Contracts traded on U.S.-based futures exchanges,
such as the NYMEX, are not a fixed ceiling, but rather a threshold above which the NYMEX may exercise greater scrutiny and control
over an investor&rsquo;s positions. The current accountability level for investments for any one-month in the Benchmark Oil Futures
Contracts is 10,000 contracts. In addition, the NYMEX imposes an accountability level for all months of 20,000 net futures contracts
for light, sweet crude oil. In addition, the ICE Futures maintains the same accountability levels, position limits and monitoring
authority for its light, sweet crude oil contract as the NYMEX. If USL and the Related Public Funds exceed these accountability
levels for investments in the futures contracts for light, sweet crude oil, the NYMEX and ICE Futures will monitor such exposure
and may ask for further information on their activities, including the total size of all positions, investment and trading strategy,
and the extent of liquidity resources of USL and the Related Public Funds. If deemed necessary by the NYMEX and/or ICE Futures,
USL could be ordered to reduce its net oil futures contracts back to the accountability level.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
received letters from the CME on behalf of the NYMEX Market Regulation Department on April 16, 2020 (the &ldquo;April 16 CME Letter&rdquo;)
and on April 23, 2020 (the &ldquo;April 23 CME Letter&rdquo;, and together with the April 16 CME Letter, the &ldquo;CME Letters&rdquo;).
The CME Letters ordered USCF and the Related Public Funds not to exceed accountability levels in specified light, sweet crude
oil futures contracts and not to assume any positions in the specified light, sweet crude oil futures contract in excess of the
exchange established position limits. The current accountability levels and position limits are set forth in the April 23 CME
Letter which superseded the April 16 CME Letter. The April 23 CME Letter ordered USCF, USL and the Related Public Funds not to
exceed accountability levels in excess of 10,000 futures contracts in the light, sweet crude oil futures contract for June 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Position
limits differ from accountability levels in that they represent fixed limits on the maximum number of futures contracts that any
person may hold and cannot allow such limits to be exceeded without express CFTC authority to do so. In addition to accountability
levels and position limits that may apply at any time, the NYMEX and the ICE Futures impose position limits on contracts held
in the last few days of trading in the near month contract to expire. It is unlikely that USL will run up against such position
limits because USL&rsquo;s investment strategy is to close out its positions and &ldquo;roll&rdquo; from the near month contracts to expire
to the next month contracts during a one-day period beginning two weeks from expiration of the contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
October 15, 2020, the CFTC approved the Position Limits Rule. The Position Limits Rule establishes federal position limits for
25 core referenced futures contracts (comprised of agricultural, energy and metals futures contracts), futures and options linked
to the core referenced futures contracts, and swaps that are economically equivalent to the core referenced futures contracts.
The Position Limits Rule sets position limits for the spot month and non-spot month; however, the non-spot month limits only apply
in respect of the agricultural futures contracts that are currently subject to position limits under Part 150 of the CFTC regulations
(the &ldquo;legacy agricultural contracts&rdquo;). With respect to regulatory oversight, the Position Limits Rule delegates authority
to designated contract markets and swap execution facilities to oversee certain aspects of the position limits framework. In addition
to setting the federal position limits, the Position Limits Rule also provides several exemptions from such position limits, including
an expanded list of enumerated bona fide hedge exemptions and certain spread exemptions. Further, the Position Limits Rule sets
forth two alternative processes for pursuing an exemption for non-enumerated hedge positions. Other than for the legacy agricultural
contracts, compliance with the limits imposed by the Position Limits Rule will not be required until 2022, except that economically
equivalent swaps need not comply with the Position Limits Rule until 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Benchmark Oil Futures Contracts will be subject to position limits under the Position Limits Rule, and USL&rsquo;s trading does not
qualify as an enumerated bona fide hedge. Accordingly, the Position Limits Rule could negatively impact the ability of USL to
meet its investment objective by inhibiting USCF&rsquo;s ability to effectively invest the proceeds from sales of Creation Baskets of
USL in particular amounts and types of its permitted investments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Until
such time as compliance with the Position Limits Rule&nbsp;is required, the regulatory architecture in effect prior to the adoption
of the Position Limit Rules&nbsp;will govern transactions in commodities and related derivatives. Under that system, the CFTC
enforces federal limits on speculation in the nine legacy agricultural contracts, while futures exchanges establish and enforce
position limits and accountability levels for other agricultural products&nbsp;and certain energy products (e.g., oil and natural
gas).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under
existing CFTC regulations and the Position Limits Rule, for the purpose of position limits, a market participant is generally
required, subject to certain narrow exceptions, to aggregate all positions for which that participant controls the trading decisions
with all positions for which that participant has a 10% or greater ownership interest in an account or position, as well as the
positions of two or more persons acting pursuant to an express or implied agreement or understanding with that market participant
(the &ldquo;Aggregation Rules&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">All
of these limits may potentially cause a tracking error between the price of USL&rsquo;s shares and the average of the prices of
the Benchmark Oil Futures Contracts. This may in turn prevent investors from being able to effectively use USL as a way to hedge
against crude oil-related losses or as a way to indirectly invest in crude oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
has not limited the size of its offering and is committed to utilizing substantially all of its proceeds to purchase Oil Futures
Contracts and Other Oil-Related Investments. If USL encounters accountability levels, position limits, or price fluctuation limits
for Oil Futures Contracts on the NYMEX or ICE Futures, it may then, if permitted under applicable regulatory requirements, purchase
Oil Futures Contracts on other exchanges that trade listed crude oil futures or enter into swaps or other transactions to meet
its investment objective. In addition, if USL exceeds accountability levels on either the NYMEX or ICE Futures, and is required
by such exchanges to reduce its holdings, such reduction could potentially cause a tracking error between the price of USL&rsquo;s
shares and the average of the prices of the Benchmark Oil Futures Contracts.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Risk
mitigation measures imposed by USL&rsquo;s FCMs have the potential to cause tracking error by limiting USL&rsquo;s investments, including
its ability to fully invest in the Benchmark Oil Futures Contracts and other Futures Contracts, which could cause the price of
USL&rsquo;s shares to substantially vary from the price of the Benchmark Oil Futures Contracts.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL&rsquo;s
futures commission merchants (&ldquo;FCMs&rdquo;) have discretion to impose limits on the positions that USL may hold in the Benchmark
Futures Contracts as well as certain other months. To date, USL&rsquo;s FCMs have not imposed any such limits. However, were USL&rsquo;s FCMs
to impose limits, USL&rsquo;s ability to have a substantial portion of its assets invested in the Benchmark Oil Futures Contracts and
other Futures Contracts could be severely limited, which could lead USL to invest in other Futures Contracts or, potentially,
Other Oil-Related Investments. USL could also have to more frequently rebalance and adjust the types of holdings in its portfolio
than is currently the case. This could inhibit USL from pursuing its investment objective in the same manner that it has historically
and currently.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition, when offering Creation Baskets for purchase, limitations imposed by exchanges and/or any of USL&rsquo;s FCMs could limit USL&rsquo;s
ability to invest the proceeds of the purchases of Creation Baskets in Benchmark Oil Futures Contracts and other Futures Contracts.
If this were the case, USL may invest in other permitted investments, including Other Oil-Related Investments, and may hold larger
amounts of Treasuries, cash and cash equivalents, which could impair USL&rsquo;s ability to meet its investment objective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a008"></A><B>Tax
Risk </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>An
investor&rsquo;s tax liability may exceed the amount of distributions, if any, on its shares. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Cash
or property will be distributed at the sole discretion of USCF. USCF has not and does not currently intend to make cash or other
distributions with respect to shares. Investors will be required to pay U.S. federal income tax and, in some cases, state, local,
or foreign income tax, on their allocable share of USL&rsquo;s taxable income, without regard to whether they receive distributions
or the amount of any distributions. Therefore, the tax liability of an investor with respect to its shares may exceed the amount
of cash or value of property (if any) distributed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>An
investor&rsquo;s allocable share of taxable income or loss may differ from its economic income or loss on its shares. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Due
to the application of the assumptions and conventions applied by USL in making allocations for tax purposes and other factors,
an investor&rsquo;s allocable share of USL&rsquo;s income, gain, deduction or loss may be different than its economic profit or
loss from its shares for a taxable year. This difference could be temporary or permanent and, if permanent, could result in it
being taxed on amounts in excess of its economic income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Items
of income, gain, deduction, loss and credit with respect to shares could be reallocated, and USL could be liable for U.S. federal
income tax, if the U.S. Internal Revenue Service (&ldquo;IRS&rdquo;) does not accept the assumptions and conventions applied by
USL in allocating those items, with potential adverse consequences for an investor. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
U.S. tax rules pertaining to partnerships are complex and their application to large, publicly traded partnerships such as USL
is in many respects uncertain. USL applies certain assumptions and conventions in an attempt to comply with the intent of the
applicable rules and to report taxable income, gains, deductions, losses and credits in a manner that properly reflects shareholders&rsquo;
economic gains and losses. These assumptions and conventions may not fully comply with all aspects of the Internal Revenue Code
of 1986, as amended (the &ldquo;Code&rdquo;), and applicable Treasury Regulations, however, and it is possible that
the IRS will successfully challenge USL&rsquo;s allocation methods and require USL to reallocate items of income, gain, deduction,
loss or credit in a manner that adversely affects investors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may be liable for U.S. federal income tax on any &ldquo;imputed understatement&rdquo; of tax resulting from an adjustment as a
result of an IRS audit. The amount of the imputed understatement generally includes increases in allocations of items of income
or gains to any investor and decreases in allocations of items of deduction, loss, or credit to any investor without any offset
for any corresponding reductions in allocations of items of income or gain to any investor or increases in allocations of items
of deduction, loss, or credit to any investor. If USL is required to pay any U.S. federal income taxes on any imputed understatement,
the resulting tax liability would reduce the net assets of USL and would likely have an adverse impact on the value of the shares.
Under certain circumstances, USL may be eligible to make an election to cause the investors to take into account the amount of
any imputed understatement, including any interest and penalties. The ability of a publicly traded partnership such as USL to
make this election is uncertain. If the election is made, USL would be required to provide investors who owned beneficial interests
in the shares in the year to which the adjusted allocations relate with a statement setting forth their proportionate shares of
the adjustment (&ldquo;Adjusted K-1s&rdquo;). The investors would be required to take the adjustment into account in the taxable
year in which the Adjusted K-1s are issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
could be treated as a corporation for federal income tax purposes, which may substantially reduce the value of the shares. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
has received an opinion of counsel that, under current U.S. federal income tax laws, USL will be treated as a partnership that
is not taxable as a corporation for U.S. federal income tax purposes, provided that (i) at least 90 percent of USL&rsquo;s annual
gross income will be derived from (a) income and gains from commodities (not held as inventory) or futures, forwards, options,
swaps and other notional principal contracts with respect to commodities, and (b) interest income, (ii) USL is organized and operated
in accordance with its governing agreements and applicable law and (iii) USL does not elect to be taxed as a corporation for federal
income tax purposes. Although USCF anticipates that USL has satisfied and will continue to satisfy the &ldquo;qualifying income&rdquo;
requirement for all of its taxable years, that result cannot be assured. USL has not requested and will not request any ruling
from the IRS with respect to its classification as a partnership not taxable as a corporation for federal income tax purposes.
If the IRS were to successfully assert that USL is taxable as a corporation for federal income tax purposes in any taxable year,
rather than passing through its income, gains, losses and deductions proportionately to shareholders, USL would be subject to
tax on its net income for the year at corporate tax rates. In addition, although USCF does not currently intend to make distributions
with respect to shares, any distributions would be taxable to shareholders as dividend income. Taxation of USL as a corporation
could materially reduce the after-tax return on an investment in shares and could substantially reduce the value of the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
is organized and operated as a limited partnership in accordance with the provisions of the LP Agreement and applicable state
law, and therefore, USL has a more complex tax treatment than traditional mutual funds. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is organized and operated as a limited partnership in accordance with the provisions of the LP Agreement and applicable state
law. No U.S. federal income tax is paid by USL on its income. Instead, USL will furnish shareholders each year with tax information
on IRS Schedule K-1 (Form 1065) and each U.S. shareholder is required to report on its U.S. federal income tax return its allocable
share of the income, gain, loss and deduction of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This
must be reported without regard to the amount (if any) of cash or property the shareholder receives as a distribution from USL
during the taxable year. A shareholder, therefore, may be allocated income or gain by USL but receive no cash distribution with
which to pay the tax liability resulting from the allocation, or may receive a distribution that is insufficient to pay such liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition to federal income taxes, shareholders may be subject to other taxes, such as state and local income taxes, unincorporated
business taxes, business franchise taxes and estate, inheritance or intangible taxes that may be imposed by the various jurisdictions
in which USL does business or owns property or where the shareholders reside. Although an analysis of those various taxes is not
presented here, each prospective shareholder should consider their potential impact on its investment in USL. It is each shareholder&rsquo;s
responsibility to file the appropriate U.S. federal, state, local and foreign tax returns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>If
USL is required to withhold tax with respect to any Non-U.S. shareholders, the cost of such withholding may be borne by all shareholders.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under certain
circumstances, USL may be required to pay withholding tax with respect to allocations to Non-U.S. shareholders. Although the LP
Agreement provides that any such withholding will be treated as being distributed to the Non-U.S. shareholder, USL may not be
able to cause the economic cost of such withholding to be borne by the Non-U.S. shareholder on whose behalf such amounts were
withheld since it does not generally expect to make any distributions. Under such circumstances, the economic cost of the withholding
may be borne by all shareholders, not just the shareholders on whose behalf such amounts were withheld. This could have a material
impact on the value of the shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>The
impact of changes in U.S. tax laws on USL is uncertain.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">U.S.
tax laws and Treasury regulations are subject to change, sometimes with retroactive effect. We cannot predict with certainty how
any changes in the tax laws might affect the U.S. economy, the demand for and the price of commodities, or our status as a publicly
traded partnership. As a result, it is possible that changes in the Code,
as well as any U.S. Treasury regulations, administrative interpretations or court decisions interpreting the Code, could have
unexpected or negative impacts on USL and some or all of its shareholders. Shareholders are urged to consult with their tax advisor
regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment
in USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a009"></A><B>OTC
Contract Risk </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
will be subject to credit risk with respect to counterparties to OTC contracts entered into by USL or held by special purpose
or structured vehicles. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
faces the risk of non-performance by the counterparties to the OTC contracts. Unlike in futures contracts, the counterparty to
these contracts is generally a single bank or other financial institution, rather than a clearing organization backed by a group
of financial institutions. As a result, there will be greater counterparty credit risk in these transactions. A counterparty may
not be able to meet its obligations to USL, in which case USL could suffer significant losses on these contracts. The two-way
margining requirements imposed by U.S. regulators are intended to mitigate this risk.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, USL may experience
significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. USL may obtain only limited recovery
or may obtain no recovery in such circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Valuing
OTC derivatives may be less certain than actively traded financial instruments. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
general, valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange traded futures
contracts and securities or cleared swaps because the price and terms on which such OTC derivatives are entered into or can be
terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other
sources. In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating
OTC contracts, they typically are not contractually obligated to do so, particularly if they are not a party to the transaction.
As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a010"></A><B>Other
Risks </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
is not leveraged.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
has not leveraged, and does not intend to leverage, its assets through borrowings or otherwise, and makes its investments accordingly.
Consistent with the foregoing, USL&rsquo;s announced investment intentions, and any changes thereto, will take into account the need
for USL to make permitted investments that also allow it to maintain adequate liquidity to meet its margin and collateral requirements
and to avoid, to the extent reasonably possible, USL becoming leveraged. If market conditions require it, these risk reduction
procedures may occur on short notice if they occur other than during a roll or rebalance period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
may temporarily limit the offering of Creation Baskets.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may determine to limit the issuance of its shares through the offering of Creation Baskets to its Authorized Participants in order
to allow it to reinvest the proceeds from sales of its Creation Baskets in currently permitted assets in a manner that meets its
investment objective. USL will announce to the market through the filing of a Current Report on Form 8-K if it intends to limit
the offering of Creation Baskets at any time. In such case, orders for Creation Baskets will be considered for acceptance in the
order they are received by USL and USL would continue to accept requests for redemption of its shares from Authorized Participants
through Redemption Baskets during the period of the limited offering of Creation Baskets.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Certain
of USL&rsquo;s investments could be illiquid, which could cause large losses to investors at any time or from time to time. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Futures
positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there
is a relatively small volume of buy and sell orders in a market. A market disruption, such as a foreign government taking political
actions that disrupt the market for its currency, its crude oil production or exports, or another major export, can also make
it difficult to liquidate a position. Because both Oil Futures Contracts and Other Oil-Related Investments may be illiquid, USL&rsquo;s
Oil Interests may be more difficult to liquidate at favorable prices in periods of illiquid markets and losses may be incurred
during the period in which positions are being liquidated. The large size of the positions that USL may acquire increases the
risk of illiquidity both by making its positions more difficult to liquidate and by potentially increasing losses while trying
to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">OTC
contracts that are not subject to clearing may be even less marketable than futures contracts because they are not traded on an
exchange, do not have uniform terms and conditions, and are entered into based upon the creditworthiness of the parties and the
availability of credit support, such as collateral, and in general, they are not transferable without the consent of the counterparty.
These conditions make such contracts less liquid than standardized futures contracts traded on a commodities exchange and could
adversely impact USL&rsquo;s ability to realize the full value of such contracts. In addition, even if collateral is used to reduce
counterparty credit risk, sudden changes in the value of OTC transactions may leave a party open to financial risk due to a counterparty
default since the collateral held may not cover a party&rsquo;s exposure on the transaction in such situations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
is not actively managed and its investment objective is to track the Benchmark Oil Futures Contracts so that the average daily
percentage change in USL&rsquo;s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the
average daily percentage change in the price of the Benchmark Oil Futures Contracts over the same period.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is not actively managed by conventional methods. Accordingly, if USL&rsquo;s investments in Oil Interests are declining in value,
in the ordinary course, USL will not close out such positions except in connection with paying the proceeds to an Authorized Participant
upon the redemption of a basket or closing out its positions in Oil Futures Contracts and other permitted investments (i) in connection
with the&nbsp;monthly change in the Benchmark Oil Futures Contracts or when USL otherwise determines it would be appropriate to
do so, e.g., due to regulatory requirements or risk mitigation measures, or to avoid USL becoming leveraged, and it reinvests
the proceeds in new Oil Futures Contracts or Other Oil-Related Investments to the extent possible. USCF will seek to cause the
NAV of USL&rsquo;s shares to track the Benchmark Oil Futures Contracts during periods in which its price is flat or declining
as well as when the price is rising.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
may not meet the listing standards of NYSE Arca, which would adversely impact an investor&rsquo;s ability to sell shares.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">NYSE
Arca may suspend USL&rsquo;s shares from trading on the exchange with or without prior notice to USL, upon failure of USL to comply
with the NYSE&rsquo;s listing requirements, or when in its sole discretion, the NYSE Arca determines that such suspension of dealings
is in the public interest or otherwise warranted. There can be no assurance that the requirements necessary to maintain the listing
of USL&rsquo;s shares will continue to be met or will remain unchanged. If USL were unable to meet the NYSE&rsquo;s listing standards and
were to become delisted, an investor&rsquo;s ability to sell its shares would be adversely impacted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>The
NYSE Arca may halt trading in USL&rsquo;s shares, which would adversely impact an investor&rsquo;s ability to sell shares. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL&rsquo;s
shares are listed for trading on the NYSE Arca under the market symbol &ldquo;USL.&rdquo; Trading in shares may be halted due
to market conditions or, in light of NYSE Arca rules and procedures, for reasons that, in the view of the NYSE Arca, make trading
in shares inadvisable. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to
&ldquo;circuit breaker&rdquo; rules that require trading to be halted for a specified period based on a specified market decline.
Additionally, there can be no assurance that the requirements necessary to maintain the listing of USL&rsquo;s shares will continue
to be met or will remain unchanged.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>The
liquidity of the shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely
affect the market price of the shares.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
the event that one or more Authorized Participants which have substantial interests in the shares withdraw from participation,
the liquidity of the shares will likely decrease, which could adversely affect the market price of the shares and result in investors
incurring a loss on their investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Shareholders
that are not Authorized Participants may only purchase or sell their shares in secondary trading markets, and the conditions associated
with trading in secondary markets may adversely affect investors&rsquo; investment in the shares.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Only
Authorized Participants may directly purchase from, or redeem shares with, USL through Creation Baskets or Redemption Baskets.
All other investors that desire to purchase or sell shares must do so through the NYSE Arca or in other markets, if any, in which
the shares may be traded. Shares may trade at a premium or discount to NAV per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>The
lack of an active trading market for USL&rsquo;s shares may result in losses on an investor&rsquo;s investment in USL at the time
the investor sells the shares. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Although
USL&rsquo;s shares are listed and traded on the NYSE Arca, there can be no guarantee that an active trading market for the shares
will be maintained. If an investor needs to sell shares at a time when no active trading market for them exists, the price the
investor receives upon sale of the shares, assuming they were able to be sold, likely would be lower than if an active market
existed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
could become leveraged if it had insufficient assets to completely meet its margin or collateral requirements relating to its
investments. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Although
USL does not and will not borrow money or use debt to satisfy its margin or collateral obligations in respect of its investments,
it could become leveraged if USL were to hold insufficient assets that would allow it to meet not only the current, but also future,
margin or collateral obligations required for such investments. Such a circumstance could occur if USL were to hold assets that
have a value of less than zero.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
endeavors to have the value of USL&rsquo;s Treasuries, cash and cash equivalents, whether held by USL or posted as margin or other
collateral, at all times approximate the aggregate market value of its obligations under its Oil Futures Contracts and Other Oil-Related
Investments. Although permitted to do so under its Limited Partnership Agreement, USL has not and does not intend to leverage
its assets by making investments beyond its potential ability to meet the potential margin and collateral obligations relating
to such investments. Consistent with this, USL&rsquo;s investment decisions, will take into account the need for USL to make permitted
investments that also allow it to maintain adequate liquidity to meet its margin and collateral requirements and to avoid, to
the extent reasonably possible, USL becoming leveraged, including by its holding of assets that have a high probability of having
a value of less than zero. If market conditions require it, these risk reduction procedures may occur on short notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Limited
partners and shareholders do not participate in the management of USL and do not control USCF, so they do not have any influence
over basic matters that affect USL. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
limited partners and shareholders take no part in the management or control, and have a minimal voice in USL&rsquo;s operations
or business. Limited partners and shareholders must therefore rely upon the duties and judgment of USCF to manage USL&rsquo;s
affairs. Limited partners and shareholders have no right to elect USCF on an annual or any other continuing basis. If USCF voluntarily
withdraws, however, the holders of a majority of USL&rsquo;s outstanding shares (excluding for purposes of such determination
shares owned, if any, by the withdrawing general partner and its affiliates) may elect its successor. USCF may not be removed
as general partner except upon approval by the affirmative vote of the holders of at least 66 2/3 percent of USL&rsquo;s outstanding
shares (excluding shares, if any, owned by USCF and its affiliates), subject to the satisfaction of certain conditions set forth
in the LP Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Limited
partners may have limited liability in certain circumstances, including potentially having liability for the return of wrongful
distributions. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under
Delaware law, a limited partner might be held liable for USL&rsquo;s obligations as if it were a general partner if the limited
partner participates in the control of the partnership&rsquo;s business and the persons who transact business with the partnership
think the limited partner is the general partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
limited partner will not be liable for assessments in addition to its initial capital investment in any of USL&rsquo;s shares.
However, a limited partner may be required to repay to USL any amounts wrongfully returned or distributed to it under some circumstances.
Under Delaware law, USL may not make a distribution to limited partners if the distribution causes USL&rsquo;s liabilities (other
than liabilities to partners on account of their partnership interests and nonrecourse liabilities) to exceed the fair value of
USL&rsquo;s assets. Delaware law provides that a limited partner who receives such a distribution and knew at the time of the
distribution that the distribution violated the law will be liable to the limited partnership for the amount of the distribution
for three years from the date of the distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>The
LLC Agreement provides limited authority to the Non-Management Directors, and any Director of USCF may be removed by USCF&rsquo;s
parent company, which is wholly owned by Concierge Technologies, Inc., a controlled public company where the majority of shares
are owned by Nicholas D. Gerber along with certain family members and certain other shareholders. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF&rsquo;s
Board of Directors (the &ldquo;Board&rdquo;) currently consists of four Management Directors, each of whom are also executive
officers or employees of USCF (&ldquo;Management Directors&rdquo;), and three Non-Management Directors, each of whom are considered
independent for purposes of applicable NYSE Arca and SEC rules. Under USCF&rsquo;s Sixth Amended and Restated Limited Liability
Company Agreement, dated as of May 15, 2015 (as amended from time to time), the (&ldquo;LLC Agreement&rdquo;), the Non-Management
Directors have only such authority as the Management Directors expressly confer upon them, which means that the Non-Management
Directors may have less authority to control the actions of the Management Directors than is typically the case with the independent
members of a company&rsquo;s Board. In addition, any Director may be removed by written consent of Wainwright Holdings, Inc. (&ldquo;Wainwright&rdquo;),
which is the sole member of USCF. The sole shareholder of Wainwright is Concierge Technologies Inc. (&ldquo;Concierge&rdquo;),
a company publicly traded under the ticker symbol &ldquo;CNCG&rdquo;. Mr. Nicholas D. Gerber along with certain of Mr. Gerber&rsquo;s
family members and certain other shareholders, own the majority of the shares in Concierge, which is the sole shareholder of Wainwright,
the sole member of USCF. Accordingly, although USCF is governed by the Board, which consists of both Management Directors and
Non-Management Directors, pursuant to the LLC Agreement, it is possible for Mr. Gerber to exercise his indirect control of Wainwright
to effect the removal of any Director (including the Non-Management Directors which comprise the Audit Committee) and to replace
that Director with another Director. Having control in one person could have a negative impact on USCF and USL, including their
regulatory obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>There
is a risk that USL will not earn trading gains sufficient to compensate for the fees and expenses that it must pay and as such
USL may not earn any profit.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
pays brokerage charges of approximately 0.01% of average total net assets based on brokerage fees of $3.50 per buy or sell, management
fees of 0.60% of NAV on its average net assets, and OTC spreads and extraordinary expenses (e.g., subsequent offering expenses,
other expenses not in the ordinary course of business, including the indemnification of any person against liabilities and obligations
to the extent permitted by law and required under the LP Agreement and under agreements entered into by USCF on USL&rsquo;s behalf
and the bringing and defending of actions at law or in equity and otherwise engaging in the conduct of litigation and the incurring
of legal expenses and the settlement of claims and litigation) that cannot be quantified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">These
fees and expenses must be paid in all cases regardless of whether USL&rsquo;s activities are profitable. Accordingly, USL must
earn trading gains sufficient to compensate for these fees and expenses before it can earn any profit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
is subject to extensive regulatory reporting and compliance.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is subject to a comprehensive scheme of regulation under the federal commodities and securities laws. USL could be subject to
sanctions for a failure to comply with those requirements, which could adversely affect its financial performance (in the case
of financial penalties) or ability to pursue its investment objective (in the case of a limitation on its ability to trade).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Because
USL&rsquo;s shares are publicly traded, USL is subject to certain rules and regulations of federal, state and financial market
exchange entities charged with the protection of investors and the oversight of companies whose securities are publicly traded.
These entities include the Public Company Accounting Oversight Board (the &ldquo;PCAOB&rdquo;), the SEC, the CFTC, the NFA, and
NYSE Arca and these authorities have continued to develop additional regulations or interpretations of existing regulations. USL&rsquo;s
ongoing efforts to comply with these regulations and interpretations have resulted in, and are likely to continue resulting in,
a diversion of management&rsquo;s time and attention from revenue-generating activities to compliance related activities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is responsible for establishing and maintaining adequate internal control over financial reporting. USL&rsquo;s internal control
system is designed to provide reasonable assurance to its management regarding the preparation and fair presentation of published
financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those
systems determined to be effective may provide only reasonable assurance with respect to financial statement preparation and presentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Regulatory
changes or actions, including the implementation of new legislation, is impossible to predict but may significantly and adversely
affect USL.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
futures markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the CFTC and futures
exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive
implementation of speculative position limits or higher margin requirements, the establishment of daily price limits and the suspension
of trading. Regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject
to ongoing modification by governmental and judicial action. Considerable regulatory attention has been focused on non-traditional
investment pools that are publicly distributed in the United States. In addition, the SEC, CFTC and the exchanges are authorized
to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative
position limits or higher margin requirements, the establishment of daily price limits and the suspension of trading. Further,
various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative
trading in the energy markets and the need to regulate the derivatives markets in general. The effect of any future regulatory
change on USL is impossible to predict, but it could be substantial and adverse.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
is not a registered investment company so shareholders do not have the protections of the 1940 Act. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is not an investment company subject to the 1940 Act. Accordingly, investors do not have the protections afforded by that statute,
which, for example, requires investment companies to have a majority of disinterested directors and regulates the relationship
between the investment company and its investment manager.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Trading
in international markets could expose USL to credit and regulatory risk. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
invests primarily in Oil Futures Contracts, a significant portion of which are traded on United States exchanges, including the
NYMEX. However, a portion of USL&rsquo;s trades may take place on markets and exchanges outside the United States. Trading on
such non-U.S. markets or exchanges presents risks because they are not subject to the same
degree of regulation as their U.S. counterparts, including potentially different or diminished investor protections. In trading
contracts denominated in currencies other than U.S. dollars, USL is subject to the
risk of adverse exchange-rate movements between the dollar and the functional currencies of such contracts. Additionally,
trading on non-U.S. exchanges is subject to the risks presented by exchange controls, expropriation, increased tax burdens and
exposure to local economic declines and political instability. An adverse development with respect to any of these variables could
reduce the profit or increase the loss earned on trades in the affected international markets.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
and USCF may have conflicts of interest, which may permit them to favor their own interests to the detriment of shareholders.
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is subject to actual and potential inherent conflicts involving USCF, various commodity futures brokers and Authorized Participants.
USCF&rsquo;s officers, directors and employees do not devote their time exclusively to USL and also are directors, officers or
employees of other entities that may compete with USL for their services. They could have a conflict between their responsibilities
to USL and to those other entities. As a result of these and other relationships, parties involved with USL have a financial incentive
to act in a manner other than in the best interests of USL and the shareholders. USCF has not established any formal procedure
to resolve conflicts of interest. Consequently, investors are dependent on the good faith of the respective parties subject to
such conflicts of interest to resolve them equitably. Although USCF attempts to monitor these conflicts, it is extremely difficult,
if not impossible, for USCF to ensure that these conflicts do not, in fact, result in adverse consequences to the shareholders.
<I>See</I> &ldquo;<B>Conflicts of Interest</B>&rdquo; below at page 42.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
serves as the general partner or sponsor to each of USL and the Related Public Funds. USCF may have a conflict to the extent that
its trading decisions for USL may be influenced by the effect they would have on the other funds it manages. By way of example,
if, as a result of reaching position limits imposed by the NYMEX, USL purchased oil futures contracts, this decision could impact
USL&rsquo;s ability to purchase additional oil futures contracts if the number of contracts held by funds managed by USCF reached
the maximum allowed by the NYMEX. Similar situations could adversely affect the ability of any fund to track its Benchmark Oil
Futures Contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may also be subject to certain conflicts of interest with respect to its FCMs, including, but not limited to, conflicts that result
from the FCM receiving greater amounts of compensation from USL than other clients, or purchasing opposite or competing positions
on behalf of third-party accounts traded through the FCM. In addition, USCF&rsquo;s principals, officers, directors or employees
may trade futures and related contracts for their own account. A conflict of interest may exist if their trades are in the same
markets and at the same time as USL trades using the clearing broker to be used by USL. A potential conflict also may occur if
USCF&rsquo;s principals, officers, directors or employees trade their accounts more aggressively or take positions in their accounts
which are opposite, or ahead of, the positions taken by USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
could terminate at any time and cause the liquidation and potential loss of an investor&rsquo;s investment and could upset the
overall maturity and timing of an investor&rsquo;s investment portfolio. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may terminate at any time, regardless of whether USL has incurred losses, subject to the terms of the LP Agreement. In particular,
unforeseen circumstances, including, but not limited to, (i) market conditions, regulatory requirements, risk mitigation measures
taken by USL or third parties or otherwise that would lead USL to determine that it could no longer foreseeably meet its investment
objective or that USL&rsquo;s aggregate net assets in relation to its operating expenses or its margin or collateral requirements
make the continued operation of USL unreasonable or imprudent, or (ii) adjudication of incompetence, bankruptcy, dissolution,
withdrawal, or removal of USCF as the general partner of USL, could cause USL to terminate unless a majority interest of the limited
partners within 90 days of the event elects to continue the partnership and appoints a successor general partner, or the affirmative
vote of a majority in interest of the limited partners subject to certain conditions. However, no level of losses will require
USCF to terminate USL. USL&rsquo;s termination would cause the liquidation and potential loss of an investor&rsquo;s investment.
Termination could also negatively affect the overall maturity and timing of an investor&rsquo;s investment portfolio.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
does not expect to make cash distributions. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
has not previously made any cash distributions and intends to reinvest any realized gains in additional Oil Interests rather than
distributing cash to limited partners or other shareholders. Therefore, unlike mutual funds, commodity pools or other investment
pools that actively manage their investments in an attempt to realize income and gains from their investing activities and distribute
such income and gains to their investors, USL generally does not expect to distribute cash to limited partners. An investor should
not invest in USL if the investor will need cash distributions from USL to pay taxes on its share of income and gains of USL,
if any, or for any other reason. Nonetheless, although USL does not intend to make cash distributions, the income earned from
its investments held directly or posted as margin may reach levels that merit distribution, <I>e.g.,</I> at levels where such
income is not necessary to support its underlying investments in Oil Interests and investors adversely react to being taxed on
such income without receiving distributions that could be used to pay such tax. If this income becomes significant then cash distributions
may be made.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>An
unanticipated number of Redemption Basket requests during a short period of time could have an adverse effect on USL&rsquo;s NAV.
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
a substantial number of requests for redemption of Redemption Baskets are received by USL during a relatively short period of
time, USL may not be able to satisfy the requests from USL&rsquo;s assets not committed to trading. As a consequence, it could
be necessary to liquidate positions in USL&rsquo;s trading positions before the time that the trading strategies would otherwise
dictate liquidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>An
unanticipated number of Creation Basket requests during a short period of time could result in a shortage of shares.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">While
USCF makes every effort to predict and maintain an adequate amount of shares outstanding, if a substantial number of requests
for Creation Baskets are received by USL during a relatively short period of time that substantially differ from past creation
volumes, due to market volatility or otherwise, including, for example, volatility that occurred during the COVID-19 pandemic
and disputes among oil-producing countries regarding limits on the production of crude oil. Among other things, such conditions
could result in circumstances where, because of high demand for its shares, USL may not have sufficient shares available for sale
to satisfy demand and Authorized Participants may, therefore, be unable to purchase additional Creation Baskets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
the event that there was a suspension in the ability of Authorized Participants to purchase additional Creation Baskets, Authorized
Participants and other groups that make a market in shares of USL would likely still continue to actively trade the shares. However,
in such a situation, Authorized Participants and other market makers may seek to adjust the market they make in the shares. Specifically,
such market participants may increase the spread between the prices that they quote for offers to buy and sell shares to allow
them to adjust to the potential uncertainty as to when they might be able to purchase additional Creation Baskets of shares. In
addition, Authorized Participants may be less willing to offer to quote offers to buy or sell shares in large numbers. The potential
impact of either wider spreads between bid and offer prices, or reduced number of shares on which quotes may be available, could
increase the trading costs to investors in USL compared to the quotes and the number of shares on which bids and offers are made
if the Authorized Participants still were able to freely create new baskets of shares. In addition, there could be a significant
variation between the market price at which shares are traded and the shares&rsquo; NAV, which is also the price shares can be
redeemed with USL by Authorized Participants in Redemption Baskets. The foregoing could also create significant deviations from
USL&rsquo;s investment objective. Any potential impact to the market in shares of USL that could occur from the Authorized Participants
inability to create new baskets would likely not extend beyond the time when additional shares would be registered and available
for distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;USL
may limit the offering of Creation Baskets if it determines that it cannot reasonably reinvest the proceeds in a manner that meets
its investment objective and satisfy regulatory requirements and risk mitigation measures.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may determine that USL will limit the issuance of its shares through the offering of Creation Baskets to its Authorized Participants.
As a result of certain circumstances described herein, including (1) the need to comply with regulatory requirements (including,
but not limited to, exchange accountability levels and position limits); (2) market conditions (including but not limited to those
allowing USL to obtain greater liquidity or to execute transactions with more favorable pricing); and (3) risk mitigation measures
taken by USL&rsquo;s current and other FCMs that limit USL and other market participants from investing in particular crude oil futures
contracts, USL&rsquo;s management can determine that it will limit the issuance of shares and the offerings of Creation Baskets because
it is unable to invest the proceeds from such offerings in investments that would permit it to reasonably meet its investment
objective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
such a determination is made, the same consequences associated with a suspension of the offering of Creation Baskets, as described
in the foregoing risk factor, &ldquo;<B><I>An unanticipated number of Creation Basket requests during a short period of time could
result in a shortage of shares, could also occur as a result of USL determining to limit the offering of creation baskets</I></B>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>USL
may potentially lose money on its holdings of money market funds. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
SEC adopted amendments to Rule 2a-7 under the 1940 Act which became effective in 2016, to reform money market funds (&ldquo;MMFs&rdquo;).
While the rule applies only to MMFs, it may indirectly affect institutional investors such as USL. A portion of USL&rsquo;s assets
that are not used for margin or collateral in the Futures Contracts currently are invested in government MMFs. USL does not hold
any non-government MMFs and does not anticipate investing in any non-government MMFs. However, if USL invests in other types of
MMFs besides government MMFs in the future, USL could be negatively impacted by investing in an MMF that does not maintain a stable
$1.00 NAV or that has the potential to impose redemption fees and gates (temporary suspension of redemptions).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Although
such government money market funds seek to preserve the value of an investment at $1.00 per share, there is no guarantee that
they will be able to do so and USL may lose money by investing in a government money market fund. An investment in a government
money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation, referred to herein as the FDIC, or
any other government agency. The share price of a government money market fund can fall below the $1.00 share price. USL cannot
rely on or expect a government money market fund&rsquo;s adviser or its affiliates to enter into support agreements or take other
actions to maintain the government money market fund&rsquo;s $1.00 share price. The credit quality of a government money market
fund&rsquo;s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact
on the government money market fund&rsquo;s share price. Due to fluctuations in interest rates, the market value of securities
held by a government money market fund may vary. A government money market fund&rsquo;s share price can also be negatively affected
during periods of high redemption pressures and/or illiquid markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>&nbsp;<I>
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>The
failure or bankruptcy of an FCM or clearing house could result in a substantial loss of USL&rsquo;s assets and could impair USL
in its ability to execute trades. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
CEA and CFTC regulations impose several requirements on FCMs and clearing houses that are designed to protect customers, including
mandating the implementation of risk management programs, internal monitoring and controls, capital and liquidity standards, customer
disclosures, and auditing and examination programs. In particular, the CEA and CFTC regulations require FCMs and clearing houses
to segregate all funds received from customers from proprietary assets. There can be no assurance that the requirements imposed
by the CEA and CFTC regulations will prevent losses to, or not materially adversely affect, USL or its investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
particular, in the event of an FCM&rsquo;s or clearing house&rsquo;s bankruptcy, USL could be limited to recovering either a pro
rata share of all available funds segregated on behalf of the FCM&rsquo;s combined customer accounts or USL may not recover any
assets at all.&nbsp;USL may also incur a loss of any unrealized profits on its open and closed positions.&nbsp; This is because
if such a bankruptcy were to occur, USL would be afforded the protections granted to customers of an FCM, and participants to
transactions cleared through a clearing house, under the United States Bankruptcy Code and applicable CFTC regulations. Such provisions
generally provide for a pro rata distribution to customers of customer property held by the bankrupt FCM or an exchange&rsquo;s
clearing house if the customer property held by the FCM or the exchange&rsquo;s clearing house is insufficient to satisfy all
customer claims.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Bankruptcy
of a clearing FCM can be caused by, among other things, the default of one of the FCM&rsquo;s customers. In this event, the exchange&rsquo;s
clearing house is permitted to use the entire amount of margin posted by USL (as well as margin posted by other customers of the
FCM) to cover the amounts owed by the bankrupt FCM. Consequently, USL could be unable to recover amounts due to it on its futures
positions, including assets posted as margin, and could sustain substantial losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Notwithstanding
that USL could sustain losses upon the failure or bankruptcy of its FCM, the majority of USL&rsquo;s assets are held in Treasuries,
cash and/or cash equivalents with USL&rsquo;s Custodian and would not be impacted by the bankruptcy of an FCM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>The
failure or bankruptcy of USL&rsquo;s Custodian could result in a substantial loss of USL&rsquo;s assets.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
majority of USL&rsquo;s assets are held in Treasuries, cash and/or cash equivalents with the Custodian. The insolvency of the
Custodian could result in a complete loss of USL&rsquo;s assets held by that Custodian, which, at any given time, would likely
comprise a substantial portion of USL&rsquo;s total assets.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Third
parties may infringe upon or otherwise violate intellectual property rights or assert that USCF has infringed or otherwise violated
their intellectual property rights, which may result in significant costs and diverted attention. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">It
is possible that third parties might utilize USL&rsquo;s intellectual property or technology, including the use of its business
methods, trademarks and trading program software, without permission. USCF has a patent for USL&rsquo;s business method and has
registered its trademarks. USL does not currently have any proprietary software. However, if it obtains proprietary software in
the future, any unauthorized use of USL&rsquo;s proprietary software and other technology could also adversely affect its competitive
advantage. USL may not have adequate resources to implement procedures for monitoring unauthorized uses of its patents, trademarks,
proprietary software and other technology. Also, third parties may independently develop business methods, trademarks or proprietary
software and other technology similar to that of USCF or claim that USCF has violated their intellectual property rights, including
their copyrights, trademark rights, trade names, trade secrets and patent rights. As a result, USCF may have to litigate in the
future to protect its trade secrets, determine the validity and scope of other parties&rsquo; proprietary rights, defend itself
against claims that it has infringed or otherwise violated other parties&rsquo; rights, or defend itself against claims that its
rights are invalid. Any litigation of this type, even if USCF is successful and regardless of the merits, may result in significant
costs, divert its resources from USL, or require it to change its proprietary software and other technology or enter into royalty
or licensing agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Due
to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">With
the increased use of technologies such as the internet and the dependence on computer systems to perform necessary business functions,
USL is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks
or unintentional events such as a cyber-attack against USL, a natural catastrophe, an industrial accident, failure of USL&rsquo;s
disaster recovery systems, or consequential employee error. Cyber-attacks include, but are not limited to, gaining unauthorized
access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational
disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing
denial-of-service attacks on websites. Cyber security failures or breaches of USL&rsquo;s clearing broker or third party service
provider (including, but not limited to, index providers, the administrator and transfer agent, the custodian), have the ability
to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of USL shareholders
to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement
or other compensation costs, and/or additional compliance costs. Adverse effects can become particularly acute if those events
affect USL&rsquo;s electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity,
or confidentiality of our data.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. USL and its shareholders could
be negatively impacted as a result. While USCF and the Related Public Funds, including USL, have established business continuity
plans, there are inherent limitations in such plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>General
Risk Factors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Changes
to U.S. tariff and import/export regulations could have a negative effect on USL.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">There
has been ongoing discussion and commentary regarding significant changes that have been and could be made to U.S. trade policies,
treaties and tariffs. The new U.S. presidential administration and U.S. Congress is in the process of revisiting and, in some
cases, reversing changes made by the prior U.S. presidential administration and there is uncertainty about the future relationship
between the United States and other countries with respect to trade policies, treaties and tariffs. These developments, or the
perception that any of them could occur, could have a material adverse effect on global economic conditions and the stability
of global financial markets, and could significantly reduce global trade and, in particular, trade between the impacted nations
and the United States. Any of these factors could depress economic activity and negatively impact USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>There
is uncertainty surrounding potential legal, regulatory and policy changes by the new presidential administration in the United
States that may directly affect financial institutions and the global economy.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
a result of the United States presidential election, which occurred on November 3, 2020 and subsequent senate runoff elections,
there has been a change in control of the executive and legislative branches of the U.S. government. Changes in federal policy,
including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections, which
lead to changes involving the level of oversight and regulation of the energy sector, climate change, and the financial services
industry, as well as changes in tax rates. The nature, timing and economic and political effects of potential changes to the current
legal and regulatory framework affecting the energy sector and financial institutions remain highly uncertain. Uncertainty surrounding
future changes may adversely affect USL and its investments.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a011"></A><B>ADDITIONAL
INFORMATION ABOUT USL, ITS INVESTMENT OBJECTIVE AND INVESTMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is a Delaware limited partnership organized on June 27, 2007. It operates pursuant to the terms of the Third Amended and Restated
Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the &ldquo;LP Agreement&rdquo;),
which grants full management control of USL to USCF. USL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite
640, Walnut Creek, California 94596.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
net assets of USL consist primarily of investments in Oil Futures Contracts and, to a lesser extent, in order to comply with regulatory
requirements or in view of market conditions, Other Oil-Related Investments.
Market conditions that USCF currently anticipates could cause USL to invest in Other Oil-Related Investments include those allowing
USL to obtain greater liquidity or to execute transactions with more favorable pricing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
invests substantially the entire amount of its assets in Oil Futures Contracts while supporting such investments by holding the
amounts of its margin, collateral and other requirements relating to these obligations in short-term obligations of the United
States of two years or less (&ldquo;Treasuries&rdquo;), cash and cash equivalents. The daily holdings of USL are available on
USL&rsquo;s website at <I>www.uscfinvestments.com</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
invests in Oil Interests to the fullest extent possible without being leveraged or unable to satisfy its current or potential
margin or collateral obligations with respect to its investments in Oil Interests. In pursuing this objective, the primary focus
of USCF, is the investment in Oil Futures Contracts and the management of USL&rsquo;s investments in Treasuries, cash and/or cash
equivalents for margining purposes and as collateral.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
seeks to invest in a combination of Oil Interests such that the daily changes in its NAV, measured in percentage terms, will closely
track the daily changes in the price of the Benchmark Oil Futures Contracts, also measured in percentage terms. As a specific
benchmark, USCF endeavors to place USL&rsquo;s trades in Oil Interests and otherwise manage USL&rsquo;s investments so that &ldquo;A&rdquo;
will be within plus/ minus ten percent (10%) of &ldquo;B&rdquo;, where:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">A
    is the average daily percentage change in USL&rsquo;s per share NAV for any period of 30 successive valuation days; <I>i.e.</I>,
    any NYSE Arca trading day as of which USL calculates its per share NAV; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">B
    is the average daily percentage change in the average of the prices of the Benchmark Oil Futures Contracts over the same period.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
believes that market arbitrage opportunities will cause the daily changes in USL&rsquo;s share price on the NYSE Arca to closely
track the daily changes in USL&rsquo;s NAV per share. USCF further believes that the daily changes in USL&rsquo;s NAV in percentage
terms will closely track the daily changes in percentage terms in the average of the prices of the Benchmark Oil Futures Contracts,
less USL&rsquo;s expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The following
two graphs demonstrate the correlation between the changes in USL&rsquo;s NAV and the changes in the Benchmark Oil Futures Contracts.
The first graph exhibits the daily changes in the last 30 valuation days ended December 31, 2020. The second graph measures monthly
changes since December 31, 2015 through December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>*PAST PERFORMANCE
IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><IMG SRC="i21115001.jpg" ALT="(Bar chart)"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>*PAST PERFORMANCE
IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><IMG SRC="i21115002.jpg" ALT="(Bar chart)"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
employs a &ldquo;neutral&rdquo; investment strategy in order to track changes in the average prices of the Benchmark Oil Futures
Contracts regardless of whether these prices go up or go down. USL&rsquo;s &ldquo;neutral&rdquo; investment strategy is designed
to permit investors generally to purchase and sell USL&rsquo;s shares for the purpose of investing indirectly in crude oil in
a cost-effective manner, and/or to permit participants in the oil or other industries to hedge the risk of losses in their crude
oil-related transactions. Accordingly, depending on the investment objective of an individual investor, the risks generally associated
with investing in crude oil and/or the risks involved in hedging may exist. In addition, an investment in USL involves the risk
that the daily changes in the price of USL&rsquo;s shares, in percentage terms, will not accurately track the daily changes in
the average prices of the Benchmark Oil Futures Contracts, in percentage terms, and that daily changes in the Benchmark Oil Futures
Contracts, in percentage terms, will not closely correlate with daily changes in the spot prices of light, sweet crude oil, in
percentage terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
alternative tracking measurement of the return performance of USL versus the return of its Benchmark Oil Futures Contracts can
be calculated by comparing the actual average of the prices of its return of USL, measured by changes in its per share NAV, versus
the expected changes in its per share NAV under the assumption that USL&rsquo;s returns had been exactly the same as the daily
changes in its Benchmark Oil Futures Contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">For
the year ended December 31, 2020, the actual total return of USL as measured by changes in its per share NAV was (24.92)%. This
is based on an initial per share NAV of $22.95 as of December 31, 2019 and an ending per share NAV as of December 31, 2020 of
$17.23. During this time period, USL made no distributions to its shareholders. However, if USL&rsquo;s daily changes in its per
share NAV had instead exactly tracked the changes in the daily total return of the Benchmark Oil Futures Contracts, USL would
have had an estimated per share NAV of $17.31 as of December 31, 2020, for a total return over the relevant time period of (24.58)%.
The difference between the actual per share NAV total return of USL of (24.92)% and the expected total return based on the Benchmark
Oil Futures Contracts of (24.58)% was an error over the time period of (0.34)% which is to say that USL&rsquo;s actual total return
underperformed its benchmark by that percentage. USL incurs expenses primarily composed of the management fee, brokerage commissions
for the buying and selling of futures contracts, and other expenses. The impact of these expenses, offset by interest and dividend
income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of USL to track slightly
lower than daily changes in the price of the Benchmark Oil Futures Contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a012"></A><B>Impact
of Contango and Backwardation on Total Returns </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Several
factors determine the total return from investing in futures contracts. One factor arises from &ldquo;rolling&rdquo; futures contracts
that will expire at the end of the current&nbsp;month (the &ldquo;near&rdquo; or &ldquo;front&rdquo;&nbsp;month contract) forward
each&nbsp;month prior to expiration. For a strategy that entails holding the near&nbsp;month contract, the price relationship
between that futures contract and the next&nbsp;month futures contract will impact returns. For example, if the price of the near&nbsp;month
futures contract is higher than the next futures&nbsp;month contract (a situation referred to as &ldquo;backwardation&rdquo;),
then absent any other change, the price of a next&nbsp;month futures contract tends to rise in value as it becomes the near&nbsp;month
futures contract and approaches expiration. Conversely, if the price of a near&nbsp;month futures contract is lower than the next&nbsp;month
futures contract (a situation referred to as &ldquo;contango&rdquo;), then absent any other change, the price of a next&nbsp;month
futures contract tends to decline in value as it becomes the near&nbsp;month futures contract and approaches expiration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
an example, assume that the price of&nbsp;crude oil for immediate delivery, is $50 per barrel, and the value of a position in
the near&nbsp;month futures contract is also $50. Over time, the price of&nbsp;crude oil will fluctuate based on a number of market
factors, including demand for&nbsp;oil relative to supply. The value of the near&nbsp;month futures contract will likewise fluctuate
in reaction to a number of market factors. If an investor seeks to maintain a position in a near&nbsp;month futures contract and
not take delivery of physical&nbsp;barrels of crude oil, the investor must sell the current near&nbsp;month futures contract as
it approaches expiration and invest in the next&nbsp;month futures contract. In order to continue holding a position in the current
near&nbsp;month futures contract, this &ldquo;roll&rdquo; forward of the futures contract must be executed every&nbsp;month.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Contango
and backwardation are natural market forces that have impacted the total return on an investment in USL&rsquo;s shares during
the past&nbsp;year relative to a hypothetical direct investment in crude oil. In the future, it is likely that the relationship
between the market price of USL&rsquo;s shares and changes in the spot prices of&nbsp;light, sweet crude oil will continue to
be impacted by contango and backwardation. It is important to note that this comparison ignores the potential costs associated
with physically owning and storing crude oil, which could be substantial.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
the futures market is in backwardation, e.g., when the price of the near&nbsp;month futures contract is&nbsp;higher than the price
of the next&nbsp;month futures contract, the investor would buy a next&nbsp;month futures contract for a lower price than the
current near&nbsp;month futures contract. Assuming the price of the next&nbsp;month futures contract was $49 per barrel, or 2%
cheaper than the $50 near&nbsp;month futures contract, then, hypothetically, and assuming no other changes (e.g., to either prevailing&nbsp;crude
oil prices or the price relationship between the spot price, the near&nbsp;month contract and the next&nbsp;month contract, and,
ignoring the impact of commission costs and the income earned on cash and/or cash equivalents), the value of the $49 next&nbsp;month
futures contract would rise to $50 as it approaches expiration. In this example, the value of an investment in the next&nbsp;month
futures contract would tend to outperform the spot price of crude oil. As a result, it would be possible for the new near&nbsp;month
futures contract to rise 12% while the spot price of&nbsp;crude oil may have risen a lower amount, e.g., only 10%. Similarly,
the spot price of&nbsp;crude oil could have fallen 10% while the value of an investment in the futures contract might have fallen
another amount, e.g., only 8%. Over time, if backwardation remained constant, this difference between the spot price and the futures
contract price would continue to increase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
the futures market is in contango, an investor would be buying a next&nbsp;month futures contract for a&nbsp;higher&nbsp;price
than the current near&nbsp;month futures contract. Again, assuming the near&nbsp;month futures contract is $50&nbsp;per barrel,
the price of the next&nbsp;month futures contract might be $51 per barrel, or 2% more expensive than the front&nbsp;month futures
contract. Hypothetically, and assuming no other changes, the value of the $51 next&nbsp;month futures contract would fall to $50
as it approaches expiration. In this example, the value of an investment in the second&nbsp;month would tend to underperform the
spot price of crude oil. As a result, it would be possible for the new near&nbsp;month futures contract to rise only 10% while
the spot price of crude oil&nbsp;may have risen a higher amount, e.g., 12%. Similarly, the spot price of&nbsp;crude oil could
have fallen 10% while the value of an investment in the second&nbsp;month futures contract might have fallen another amount, e.g.,
12%. Over time, if contango remained constant, this difference between the spot price and the futures contract price would continue
to increase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
chart below compares the daily price of the near&nbsp;month&nbsp;crude oil futures contract to the price of 13<SUP>th</SUP>&nbsp;month&nbsp;crude
oil futures contract (i.e., a contract one&nbsp;year forward) over the last 10&nbsp;years. When the price of the near&nbsp;month
futures contract is higher than the price of the 13<SUP>th</SUP>&nbsp;month futures contract, the market would be described as
being in backwardation. When the price of the near&nbsp;month futures contract is lower than the 13<SUP>th</SUP>&nbsp;month futures
contract, the market would be described as being in contango. Although the price of the near&nbsp;month futures contract and the
price of the 13<SUP>th</SUP>&nbsp;month futures&nbsp;contract tend to move together, it can be seen that at times the near&nbsp;month
futures contract prices are higher than the 13<SUP>th</SUP>&nbsp;month futures&nbsp;contract prices (backwardation) and, at other
times, the near&nbsp;month futures contract prices are lower than the 13<SUP>th</SUP>&nbsp;month futures contract prices (contango).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>*PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><IMG SRC="i21115003.jpg" ALT="(Bar chart)"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
alternative way to view the same data is to subtract the dollar price of the 13th month crude oil futures contract from the dollar
price of the near month crude oil futures contract, as shown in the chart below. When the difference is positive, the market is
in backwardation. When the difference is negative, the market is in contango. The crude oil market spent time in both backwardation
and contango during the last ten years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>*PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; color: Red"><IMG SRC="i21115004.jpg" ALT="(Bar chart)"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
investment in a portfolio that owned only the near&nbsp;month crude oil futures contract would likely produce a different result
than an investment in a portfolio that owned an equal number of each of the near 12&nbsp;months&rsquo; of crude oil futures contracts.
Generally speaking, when the crude oil futures market is in backwardation, a portfolio of only the near&nbsp;month crude oil futures
contract may tend to have a higher total return than a portfolio of 12&nbsp;months&rsquo; of the crude oil futures contract. Conversely,
if the crude oil futures market was in contango, the portfolio containing only 12&nbsp;months&rsquo; of crude oil futures contracts
may tend to outperform the portfolio holding only the near&nbsp;month crude oil futures contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Historically,
the crude oil futures markets have experienced periods of contango and backwardation, with backwardation being in place somewhat
less often than contango since oil futures trading started in 1983. Following the global financial crisis in the fourth quarter
of 2008, the crude oil market moved into contango and remained in contango for a period of several&nbsp;years. During parts of
2009, the level of contango was unusually steep as a combination of slack U.S. and global demand for crude oil and issues involving
the physical transportation and storage of crude oil at Cushing, Oklahoma, the primary pricing point for oil traded in the U.S.,
led to unusually high inventories of crude oil. A combination of improved transportation and storage capacity, along with growing
demand for crude oil globally, moderated the inventory build-up and led to reduced levels of contango by 2011. However, at the
end of November&nbsp;2014, global crude oil inventories grew rapidly after the Organization of Petroleum Exporting Countries (&ldquo;OPEC&rdquo;)
voted to defend its market share against U.S. shale-oil producers, resulting in another period during which the crude oil market
remained primarily in contango. This period of contango continued through December&nbsp;31, 2017. Declining global crude oil inventories
caused the market to flip into backwardation at the beginning of 2018 through late October&nbsp;2018, at which point ongoing supply
growth in the U.S., combined with increased OPEC production, once again led market participants to fear another global glut of
crude oil. The crude oil market was primarily in contango the first half of 2019 and in backwardation during the second half of
2019. Crude oil flipped back into contango in January 2020 and remained predominantly in contango throughout 2020.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
March 2020, contango dramatically increased and reached historic levels during the economic crisis arising from the COVID-19 pandemic
and disputes among oil producing nations regarding limits on oil production levels. This level of contango was due to significant
market volatility that occurred in crude oil markets as well as oil futures markets. Crude oil prices collapsed in the wake of
the COVID-19 demand shock, which reduced global petroleum consumption, and the price war launched by Saudi Arabia at the beginning
of March 2020 in response to Russia&rsquo;s unwillingness to participate in extending previously agreed upon supply cuts. An estimated
twenty million barrels a day of crude demand evaporated as a result of quarantines and massive drops in industrial and manufacturing
activity. Eventually, the United States, OPEC, Russia, and other oil producers around the world agreed to a historic 9.7 million
barrel per day cut to crude supply. The supply cut along with the partial reopening of economies during the third quarter of 2020
reduced some of the unprecedented volatility oil markets experienced in the spring of 2020. Likewise, contango returned to moderate
levels in May 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
believes that holding futures contracts whose expiration dates are spread out over a 12&nbsp;month period of time will cause the
total return of such a portfolio to vary compared to a portfolio that holds only a single&nbsp;month&rsquo;s contract (such as
the near&nbsp;month contract). In particular, USCF believes that the total return of a portfolio holding contracts with a range
of expiration&nbsp;months will be impacted differently by the price relationship between different contract&nbsp;months of the
same commodity future compared to the total return of a portfolio consisting of the near&nbsp;month contract. USCF believes that
based on historical evidence a portfolio that held futures contracts with a range of expiration dates spread out over a 12&nbsp;month
period of time would typically be impacted less by the positive effect of backwardation, and less by the negative effect of contango,
compared to a portfolio that held contracts of a single near&nbsp;month. As a result, absent the impact of any other factors,
a portfolio of 12 different&nbsp;monthly contracts would tend to have a lower total return than a near&nbsp;month only portfolio
in a backwardation market and a higher total return in a contango market. However, there can be no assurance that such historical
relationships would provide the same or similar results in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Periods
of contango or backwardation do not materially impact USL&rsquo;s investment objective of having the daily percentage changes
in its per share NAV track the daily percentage changes in the average of the prices of the Benchmark Oil Futures Contracts since
the impact of backwardation and contango tend to equally impact the daily percentage changes in price of both USL&rsquo;s shares
and the Benchmark Oil Futures Contracts. It is impossible to predict with any degree of certainty whether backwardation or contango
will occur in the future. It is likely that both conditions will occur during different periods. Contango may persist for the
foreseeable future, potentially at extreme levels at times, as a result of the ongoing uncertainty in the wake of the COVID-19
crisis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
managing USL&rsquo;s assets USCF does not use a technical trading system that issues buy and sell orders. USCF instead employs
a quantitative methodology whereby each time a Creation Basket is sold, USCF purchases Oil Interests, such as the Benchmark Oil
Futures Contracts, that have an aggregate market value that approximates the amount of Treasuries and/or cash received upon the
issuance of the Creation Basket.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
specific Oil Futures Contracts purchased depend on various factors, including a judgment by USCF as to the appropriate diversification
of USL&rsquo;s investments in futures contracts with respect to the month of expiration, and the prevailing price volatility of
particular contracts. In addition, USL may make use of a mixture of standard sized futures contracts as well as the smaller sized
&ldquo;mini&rdquo; contracts. While USCF has made significant investments in NYMEX Oil Futures Contracts, for various reasons,
including the ability to enter into the precise amount of exposure to the crude oil market, position limits or other regulatory
requirements limiting USL&rsquo;s holdings, and market conditions, it may invest in Futures Contracts traded on other exchanges
or invest in Other Oil-Related Investments. To the extent that USL invests in Other Oil-Related Investments, it would prioritize
investments in contracts and instruments that are economically equivalent to the Benchmark Oil Futures Contracts, including cleared
swaps that satisfy such criteria, and then, to a lesser extent, it would invest in other types of cleared swaps and other contracts,
instruments and non-cleared swaps, such as swaps in the over-the-counter market (or commonly referred to as the &ldquo;OTC market&rdquo;).
If USL is required by law or regulation, or by one of its regulators, including a futures exchange, to reduce its position in
the Futures Contracts to the applicable position limit or to a specified accountability level or if market conditions dictate
it would be more appropriate to invest in Other Oil-Related Investments, a substantial portion of USL&rsquo;s assets could be
invested in accordance with such priority in Other Oil-Related Investments that are intended to replicate the return on the Futures
Contracts. As USL&rsquo;s assets reach higher levels, it is more likely to exceed position limits, accountability levels or other
regulatory limits and, as a result, it is more likely that it will invest in accordance with such priority in Other Oil-Related
Investments at such higher levels. In addition, market conditions that USCF currently anticipates could cause USL to invest in
Other Oil-Related Investments include those allowing USL to obtain greater liquidity or to execute transactions with more favorable
pricing. See &ldquo;<B><I>Risk Factors Involved With an Investment in USL</I></B>&rdquo; for a discussion of the potential impact
of the regulation on USL&rsquo;s ability to invest in OTC transactions and cleared swaps.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
may not be able to fully invest USL&rsquo;s assets in the Oil Futures Contracts having an aggregate notional amount exactly equal
to USL&rsquo;s NAV. For example, as standardized contracts, the Futures Contracts are for a specified amount of a particular commodity,
and USL&rsquo;s NAV and the proceeds from the sale of a Creation Basket are unlikely to be an exact multiple of the amounts of
those contracts. As a result, in such circumstances, USL may be better able to achieve the exact amount of exposure to changes
in price of the Benchmark Oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Futures
Contracts through the use of Other Oil-Related Investments, such as OTC contracts that have better correlation with changes in
price of the Benchmark Oil Futures Contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
anticipates that to the extent it invests in Oil Futures Contracts other than contracts on light, sweet crude oil (such as futures
contracts for diesel-heating oil, natural gas, and other petroleum-based fuels) and Other Oil-Related Investments, it will enter
into various non-exchange-traded derivative contracts to hedge the short-term price movements of such Oil Futures Contracts and
Other Oil-Related Investments against the current Benchmark Oil Futures Contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
does not anticipate letting USL&rsquo;s Oil Futures Contracts expire and taking delivery of the underlying commodity. Instead,
USCF closes existing positions, e.g., when it changes the Benchmark Oil Futures Contracts or Other Oil-Related Investments or
it otherwise determines it would be appropriate to do so and reinvests the proceeds in new Oil Futures Contracts or Other Oil-Related
Investments. Positions may also be closed out to meet orders for Redemption Baskets and in such case proceeds for such baskets
will not be reinvested.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Benchmark Oil Futures Contracts are changed from the near month contract to expire and the 11 following months to the next month
contract to expire and the 11 following months during one day each month. On that day, USCF &ldquo;rolls&rdquo; USL&rsquo;s positions
by closing, or selling, USL&rsquo;s Oil Interests and reinvests the proceeds from closing these positions in new Oil Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
anticipated dates on which the Benchmark Oil Futures Contracts are changed and USL&rsquo;s Oil Interests are &ldquo;rolled&rdquo;
will be posted on USL&rsquo;s website at www.uscfinvestments.com, and are subject to change without notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">By
remaining invested as fully as possible in Oil Futures Contracts or Other Oil-Related Investments, USCF believes that the changes
in percentage terms in USL&rsquo;s per share NAV will continue to closely track the daily changes in percentage terms in the average
of the prices of the price of the Benchmark Oil Futures Contracts. USCF believes that certain arbitrage opportunities result in
the price of the shares traded on the NYSE Arca closely tracking the per share NAV of USL. Additionally, Oil Futures Contracts
traded on the NYMEX have closely tracked the spot price of light, sweet crude oil. Based on these expected interrelationships,
USCF believes that the changes in the price of USL&rsquo;s shares traded on the NYSE Arca have closely tracked on a daily basis
and will continue to closely track the changes in the spot price of light, sweet crude oil, on a percentage basis.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a013"></A><B>What
are the Trading Policies of USL? </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Investment Objective</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL&rsquo;s
investment objective is for the daily percentage changes in the NAV per share to reflect the daily percentage changes of the spot
price of light, sweet crude oil, as measured by the daily percentage changes in the average of the prices of the Benchmark Oil
Futures Contracts, plus interest earned on USL&rsquo;s collateral holdings, less USL&rsquo;s expenses. The Benchmark Oil Futures
Contracts are the futures contracts on light, sweet crude oil as traded on the NYMEX that is the near month contract to expire,
and the contracts for the following 11 months, for a total of 12 consecutive months&rsquo; contracts, except when the near month
contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract
to expire and the contracts for the following 11 consecutive months. When calculating the daily movement of the average price
of the 12 contracts, each contract month is equally weighted. USL seeks to achieve its investment objective by investing so that
the average daily percentage change in USL&rsquo;s NAV for any period of 30 successive valuation days will be within plus/minus
ten percent (10%) of the average daily percentage change in the price of the Benchmark Oil Futures Contracts over the same period.
USL&rsquo;s investment strategy is designed to provide investors with a cost-effective way to invest indirectly in crude oil and
to hedge against movements in the spot price of light, sweet crude oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
connection with investing in Oil Futures Contracts and Other Oil-Related Investments, USL holds Treasuries, cash and/or cash equivalents
that serve as segregated assets supporting USL&rsquo;s positions in Oil Futures Contracts and Other Oil-Related Investments. For
example, the purchase of an Oil Futures Contract with a stated value of $10 million would not require USL to pay $10 million upon
entering into the contract; rather, only a margin deposit, generally of 5% to 30% of the stated value of the Oil Futures Contract,
would be required. To secure its Oil Futures Contract obligations, USL would deposit the required margin with the FCMs and would
separately hold, through its Custodian, Treasuries, cash and/or cash equivalents in an amount equal to the balance of the current
market value of the contract, which at the contract&rsquo;s inception would be $10 million minus the amount of the margin deposit,
or $9.5 million (assuming a 5% margin).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
a result of the foregoing, typically 5% to 30% of USL&rsquo;s assets are held as margin in segregated accounts with an FCM. In
addition to the Treasuries and cash it posts with the FCMs for the Oil Futures Contracts it owns, USL may hold, through the Custodian
or FCM, Treasuries, cash and/or cash equivalents that can be posted as additional margin or as other collateral to support its
OTC contracts. USL earns income from the Treasuries and/or cash equivalents that it purchases, and on the cash it holds through
the Custodian or FCM. USL anticipates that the earned income will increase the NAV and limited partners&rsquo; capital contribution
accounts. USL reinvests the earned income, holds it in cash, or uses it to pay its expenses. If USL reinvests the earned income,
it makes investments that are consistent with its investment objective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Liquidity </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
invests only in Oil Futures Contracts and Other Oil-Related Investments that, in the opinion of USCF, are traded in sufficient
volume to permit the ready taking and liquidation of positions in these financial interests and in Other Oil-Related Investments
that, in the opinion of USCF, may be readily liquidated with the original counterparty or through a third party assuming the position
of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Spot Commodities </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">While
the Oil Futures Contracts traded can be physically settled, USL does not intend to take or make physical delivery. USL may from
time to time trade in Other Oil-Related Investments, including contracts based on the spot price of crude oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Leverage </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
endeavors to have the value of USL&rsquo;s Treasuries, cash and cash equivalents, whether held by USL or posted as margin or other
collateral, at all times approximate the aggregate market value of its obligations under its Oil Interests. Commodity pools&rsquo;
trading positions in futures contracts or other related investments are typically required to be secured by the deposit of margin
funds that represent only a small percentage of a futures contract&rsquo;s (or other commodity interest&rsquo;s) entire market
value. While USCF has not and does not intend to leverage USL&rsquo;s assets, it is not prohibited from doing so under the LP
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Although
permitted to do so under its Limited Partnership Agreement, USL has not and does not intend to leverage its assets and makes its
investments accordingly. Consistent with the foregoing, USL&rsquo;s investments will take into account the need for USL to make
permitted investments that also allow it to maintain adequate liquidity to meet its margin and collateral requirements and to
avoid, to the extent reasonably possible, USL becoming leveraged. If market conditions require it, these risk reduction procedures
may occur on short notice if they occur other than during a roll or rebalance period.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Borrowings </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Borrowings
are not used by USL unless USL is required to borrow money in the event of physical delivery, if USL trades in cash commodities,
or for short-term needs created by unexpected redemptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>OTC Derivatives (Including
Spreads and Straddles)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition to Oil Futures Contracts, there are also a number of listed options on the Oil Futures Contracts on the principal futures
exchanges. These contracts offer investors and hedgers another set of financial vehicles to use in managing exposure to the crude
oil market. Consequently, USL may purchase options on crude Oil Futures Contracts on these exchanges in pursuing its investment
objective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition to the Oil Futures Contracts and options on the Oil Futures Contracts, there also exists an active non-exchange-traded
market in derivatives tied to crude oil. These derivatives transactions (also known as OTC contracts) are usually entered into
between two parties in private contracts. Unlike most of the exchange-traded Oil Futures Contracts or exchange-traded options
on the Oil Futures Contracts, each party to such contract bears the credit risk of the other party, i.e., the risk that the other
party may not be able to perform its obligations under its contract. To reduce the credit risk that arises in connection with
such contracts, USL will generally enter into an agreement with each counterparty based on the Master Agreement published by the
International Swaps and Derivatives Association,&nbsp;Inc. (&ldquo;ISDA&rdquo;) that provides for the netting of its overall exposure
to its counterparty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
assesses or reviews, as appropriate, the creditworthiness of each potential or existing counterparty to an OTC contract pursuant
to guidelines approved by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may enter into certain transactions where an OTC component is exchanged for a corresponding futures contract (&ldquo;Exchange
for Related Position&rdquo; or &ldquo;EFRP&rdquo; transactions). In the most common type of EFRP transaction entered into by USL,
the OTC component is the purchase or sale of one or more baskets of USL&rsquo;s shares. These EFRP transactions may expose USL
to counterparty risk during the interim period between the execution of the OTC component and the exchange for a corresponding
futures contract. Generally, the counterparty risk from the EFRP transaction will exist only on the day of execution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may employ spreads or straddles in its trading to mitigate the differences in its investment portfolio and its goal of tracking
the price of the Benchmark Oil Futures Contracts. USL would use a spread when it chooses to take simultaneous long and short positions
in futures written on the same underlying asset, but with different delivery&nbsp;months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">During
the year ended December 31, 2020 and through February 28, 2021, USL limited its derivatives activities to Oil Futures Contracts
and EFRP transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Pyramiding </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL has
not employed and will not employ the technique, commonly known as pyramiding, in which the speculator uses unrealized profits
on existing positions as variation margin for the purchase or sale of additional positions in the same or another commodity interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a014"></A><B>Prior
Performance of USL </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><FONT STYLE="font-size: 10pt"><B>*PAST PERFORMANCE
IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
manages USL which is a commodity pool that issues shares traded on the NYSE Arca. The chart below shows, as of February 28, 2021,
the number of Authorized Participants, the total number of baskets created and redeemed since inception and the number of outstanding
shares for USL.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"># of Authorized<BR> Participants</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Baskets<BR> Purchased</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Baskets<BR> Redeemed</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Outstanding<BR> Shares</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: center">9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: center">928</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: center">758</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 19%; text-align: center">10,350,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Since
the commencement of the offering of USL shares to the public on December 6, 2007 to February 28, 2021, the simple average daily
change in the Benchmark Oil Futures Contracts was (0.002)%, while the simple average daily change in the per share NAV of USL
over the same time period was (0.003)%. The average daily difference was (0.001)% (or (0.1) basis points, where 1 basis point
equals 1/100 of 1%). As a percentage of the daily movement of the Benchmark Oil Futures Contracts, the average error in daily
tracking by the per share NAV was 0.409%, meaning that over this time period USL&rsquo;s tracking error was within the plus or
minus 10% range established as its benchmark tracking goal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
table below shows the relationship between the trading prices of the shares and the daily NAV of USL, since inception through
February 28, 2021. The first row shows the average amount of the variation between USL&rsquo;s closing market price and NAV, computed
on a daily basis since inception, while the second and third rows depict the maximum daily amount of the end of day premiums and
discounts to NAV since inception, on a percentage basis. USCF believes that maximum and minimum end of day premiums and discounts
typically occur because trading in the shares continues on the NYSE Arca until 4:00 p.m. New York time while regular trading in
the Benchmark Futures Contracts on the NYMEX ceases at 2:30 p.m. New York time and the value of the relevant Benchmark Futures
Contracts, for purposes of determining its end of day NAV, can be determined at that time.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">USL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%">Average Difference</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.02</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Max Premium %</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.45</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Max Discount %</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.72</TD><TD STYLE="text-align: left">)%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">For more information on the
performance of USL, see the Performance Tables below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a015"></A><B>COMPOSITE
PERFORMANCE DATA FOR USL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Name of Pool: United States
12 Month Oil Fund, LP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Type of Pool: Public, Exchange-Listed
Commodity Pool</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Inception of Trading: December
6, 2007</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Aggregate Subscriptions (from
inception through February 29, 2021): $978,971,988.16</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Total Net Assets as of February
28, 2021: $$218,906,678.47</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">NAV per Share as of February
28, 2021: $21.15</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Worst Monthly Percentage Draw-down:
March 2020 (32.37)%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Worst Peak-to-Valley Draw-down:
June 2008 - April 2020 (87.34)%</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rates of Return*</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Month</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 37%">January&#9;</TD><TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 6%; text-align: right">(6.53</TD><TD NOWRAP STYLE="width: 1%; text-align: left">)%</TD><TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 6%; text-align: right">(3.43</TD><TD NOWRAP STYLE="width: 1%; text-align: left">)%</TD><TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 6%; text-align: right">5.94</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%</TD><TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 6%; text-align: right">15.43</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%</TD><TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 6%; text-align: right">(11.72</TD><TD NOWRAP STYLE="width: 1%; text-align: left">)%</TD><TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 6%; text-align: right">5.57</TD><TD NOWRAP STYLE="width: 4%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>February&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(3.71</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">0.20</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(4.48</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">6.90</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(11.25</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">16.27</TD><TD NOWRAP STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>March&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">6.86</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(6.13</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">6.34</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">2.41</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(32.37</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>April&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">12.54</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(3.02</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">6.14</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">5.33</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(12.50</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>May&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">5.27</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(3.01</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(0.46</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(14.92</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">29.04</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>June&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(0.15</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(3.62</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">6.02</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">8.03</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">7.06</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>July&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(12.51</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">6.31</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(2.76</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">0.87</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">4.49</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>August&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">4.61</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(2.63</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">3.36</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(7.19</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">4.82</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>September&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">5.93</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">5.35</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">6.43</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(1.22</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(6.15</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>October&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(3.09</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">4.10</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(8.36</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">1.74</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(10.19</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>November&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">4.84</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">4.62</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(21.63</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">2.15</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">19.90</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>December&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">7.03</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">5.57</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(8.57</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">9.55</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">5.90</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Annual Rate of Return&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">19.94</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">3.24</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(15.34</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">28.79</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">(24.92</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">22.75</TD><TD NOWRAP STYLE="text-align: left">%**</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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<TD STYLE="width: 17.3pt; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The monthly rate of return
is calculated by dividing the ending NAV of a given month by the ending NAV of the previous month, subtracting 1 and multiplying
this number by 100 to arrive at a percentage increase or decrease.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 17.3pt; text-align: left"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Through February 28, 2021.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Draw-down:
Losses experienced over a specified period. Draw-down is measured on the basis of monthly returns only and does not reflect intra-month
figures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Worst
Monthly Percentage Draw-down: The largest single month loss sustained during the most recent five calendar years and year-to-date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Worst
Peak-to-Valley Draw-down: The largest percentage decline in the NAV per share over the history of USL. This need not be a continuous
decline, but can be a series of positive and negative returns where the negative returns are larger than the positive returns.
Worst Peak-to-Valley Draw-down represents the greatest cumulative percentage decline in month-end per share NAV is not equaled
or exceeded by a subsequent month-end per share NAV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a016"></A><B>USL&rsquo;S
Operations </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a017"></A><B>USCF
and its Management and Traders</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
is a single member limited liability company that was formed in the state of Delaware on May&nbsp;10, 2005. USCF maintains its
main business office at 1850 Mt. Diablo Boulevard, Suite&nbsp;640, Walnut Creek, California 94596. USCF is a wholly-owned subsidiary
of Wainwright Holdings,&nbsp;Inc., a Delaware corporation (&ldquo;Wainwright&rdquo;), which is an intermediate holding company
that owns USCF and another advisor of exchange traded funds. Wainwright is a wholly owned subsidiary of Concierge Technologies,&nbsp;Inc.
(publicly traded under the ticker CNCG) (&ldquo;Concierge&rdquo;), a publicly traded holding company that owns various financial
and non-financial businesses. Mr. Nicholas Gerber (discussed below), along with certain family members and certain other shareholders,
owns the majority of the shares in Concierge. Wainwright is a holding company that currently holds both USCF, as well as USCF
Advisers LLC, an investment adviser registered under the Investment Advisers Act of 1940, as amended (&ldquo;USCF Advisers&rdquo;).
USCF Advisers serves as the investment adviser for the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (&ldquo;SDCI&rdquo;),
a series of the USCF ETF Trust. USCF Advisers was also the investment adviser for the USCF Commodity Strategy Fund (the &ldquo;Mutual
Fund&rdquo;), a series of the USCF Mutual Funds Trust, until March 2019, when the Mutual Fund liquidated all of its assets and
distributed cash pro rata to all remaining shareholders. It was also the investment adviser for two series of the USCF ETF Trust
that liquidated all of their assets and distributed cash pro rata to all remaining shareholders: the USCF SummerHaven SHPEI Index
Fund (&ldquo;BUY&rdquo;), until October 2020, and the USCF SummerHaven SHPEN Index Fund (&ldquo;BUYN&rdquo;), until May 2020. USCF
ETF Trust and USCF Mutual Funds Trust are registered under the 1940 Act. The Board of Trustees for the USCF ETF Trust and USCF
Mutual Funds Trust consist of different independent trustees than those independent directors who serve on the Board of Directors
of USCF. USCF is a member of the NFA and registered as a CPO with the CFTC on December&nbsp;1, 2005 and as a swaps firm on August&nbsp;8,
2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
serves as the general partner of USL. USCF also serves as the general partner of the United States Oil Fund, LP (&ldquo;USO&rdquo;),
the United States Natural Gas Fund, LP (&ldquo;UNG&rdquo;), and the United States Gasoline Fund, LP (&ldquo;UGA&rdquo;) which
listed their limited partnership shares on the American Stock Exchange (the &ldquo;AMEX&rdquo;) under the ticker symbols &ldquo;USO&rdquo;
on April 10, 2006, under the ticker symbols &ldquo;USO&rdquo; on April 10, 2006, &ldquo;UNG&rdquo; on April 18, 2007, and &ldquo;UGA&rdquo;
on February 26, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USO&rsquo;s, UNG&rsquo;s
and UGA&rsquo;s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United
States 12 Month Natural Gas Fund, LP (&ldquo;UNL&rdquo;) and the United States Brent Oil Fund, LP (&ldquo;BNO&rdquo;), which listed
their limited partnership shares on the NYSE Arca under the ticker symbols &ldquo;UNL&rdquo; on November 18, 2009 and &ldquo;BNO&rdquo;
on June 2, 2010, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
is also the sponsor of the United States Commodity Index Fund (&ldquo;USCI&rdquo;), the United States Copper Index Fund (&ldquo;CPER&rdquo;),
and the USCF Crescent Crypto Index Fund (&ldquo;XBET&rdquo;), each a series of the United States Commodity Index Funds Trust (&ldquo;USCIFT&rdquo;).
USCI and CPER listed their shares on the NYSE Arca under the ticker symbols &ldquo;USCI&rdquo; on August 10, 2010 and &ldquo;CPER&rdquo;
on November 15, 2011, respectively. A registration statement that had been previously filed for XBET was withdrawn on June 25,
2020.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USO,
UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the &ldquo;Related Public Funds.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Related Public Funds are subject to reporting requirements under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;). For more information about each of the Related Public Funds, investors in USL may call 1-800-920-0259 or visit www.uscfinvestments.com
or the website of the SEC at www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
is required to evaluate the credit risk of USL to the FCMs, oversee the purchase and sale of USL&rsquo;s shares by Authorized
Participants, review daily positions and margin requirements of USL and manage USL&rsquo;s investments. USCF also pays the fees
of ALPS Distributors,&nbsp;Inc. (&ldquo;ALPS Distributors&rdquo;), which serves as the marketing agent for USL (the &ldquo;Marketing
Agent&rdquo;), and The Bank of New York Mellon (&ldquo;BNY Mellon&rdquo;), which serves as the administrator (the &ldquo;Administrator&rdquo;)
and the custodian (the &ldquo;Custodian&rdquo;), and provides accounting and transfer agent services for, USL since April 1, 2020.
Brown Brothers Harriman &amp; Co. (&ldquo;BBH&amp;Co.&rdquo;) served as the administrator and custodian for USL prior to BNY Mellon.
Certain fund accounting and fund administration services rendered by BBH&amp;Co. to USL and the Related Public Funds terminated
on May 31, 2020 to allow for the transition to BNY Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
limited partners take no part in the management or control of, and have a minimal voice in USL&rsquo;s operations or business. Limited
partners have no right to elect USCF as the general partner on an annual or any other continuing basis. If USCF voluntarily withdraws
as general partner, however, the holders of a majority of USL&rsquo;s outstanding shares (excluding for purposes of such determination
shares owned, if any, by the withdrawing USCF and its affiliates) may elect its successor. USCF may not be removed as general
partner except upon approval by the affirmative vote of the holders of at least 66 and 2/3&nbsp;percent of USL&rsquo;s outstanding
shares (excluding shares owned, if any, by USCF and its affiliates), subject to the satisfaction of certain conditions set forth
in the LP Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The business
and affairs of USCF are managed by the Board, which is comprised of the Management Directors, each of whom are also executive
officers or employees of USCF, and three independent directors who meet the independent director requirements established by the
NYSE Arca Equities Rules&nbsp;and the Sarbanes-Oxley Act of 2002. The Management Directors have the authority to manage USCF pursuant
to the terms of the LLC Agreement. Through its Management Directors, USCF manages the day-to-day operations of USL. The Board
has an audit committee which is made up of the three independent directors (Gordon L. Ellis, Malcolm R. Fobes III and Peter M.
Robinson). The audit committee is governed by an audit committee charter that is posted on USL&rsquo;s website at <I>www.uscfinvestments.com</I>.
The Board has determined that each member of the audit committee meets the financial literacy requirements of the NYSE Arca and
the audit committee charter. The Board has further determined that each of Messrs. Ellis and Fobes have accounting or related
financial management expertise, as required by the NYSE Arca, such that each of them is considered an &ldquo;Audit Committee Finance
Expert&rdquo; as such term is defined in Item&nbsp;407(d)(5) of Regulation S-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
has no executive officers or employees. Pursuant to the terms of the LP Agreement, USL&rsquo;s affairs are managed by USCF.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following are individual Principals, as that term is defined in CFTC Rule 3.1, for USCF: John P. Love, Stuart P. Crumbaugh, Nicholas
D. Gerber, Melinda D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Scott Schoenberger, Gordon L. Ellis, Malcolm
R. Fobes III, Ray W. Allen, Kevin A. Baum, Carolyn M. Yu and Wainwright Holdings, Inc. The individuals who are Principals due
to their positions are John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson,
Gordon L. Ellis, Malcolm R. Fobes III, Ray W. Allen, Kevin A. Baum and Carolyn M. Yu. In addition, Wainwright is a Principal because
it is the sole member of USCF. None of the Principals owns or has any other beneficial interest in USL. Ray W. Allen and Kevin
Sheehan make trading and investment decisions for USL. Ray W. Allen, Andrew F Ngim and Kevin Sheehan execute trades on behalf
of USL. In addition, Nicholas D. Gerber, John P. Love, Robert L. Nguyen, Ray W. Allen, Kevin A. Baum, Kevin Sheehan, Kathryn Rooney,
Maya Lowry, and Ryan Katz are registered with the CFTC as Associated Persons of USCF and are NFA Associate Members. John P. Love,
Kevin A. Baum, Kevin Sheehan and Ray W. Allen are also registered with the CFTC as Swaps Associated Persons.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Ray
W. Allen</I></B>, 64, Portfolio Manager of USCF since January&nbsp;2008. Mr.&nbsp;Allen was the portfolio manager of: (1)&nbsp;UGA
from February&nbsp;2008 until March&nbsp;2010, and then portfolio manager since May&nbsp;2015, (2)&nbsp;UHN from April&nbsp;2008
until March&nbsp;2010, and then portfolio manager since May&nbsp;2015, (3)&nbsp;UNL from November&nbsp;2009 until March&nbsp;2010,
and then portfolio manager since May&nbsp;2015. In addition, he has been the portfolio manager of: (1)&nbsp;DNO since September&nbsp;2009,
(2)&nbsp;USO and USL since March&nbsp;2010, (3)&nbsp;BNO since June&nbsp;2010, (4)&nbsp;UNG since May&nbsp;2015, (4)&nbsp;USOU
and USOD&nbsp;from July&nbsp;2017 to December&nbsp;2019, and (5)&nbsp;the USCF Commodity Strategy Fund, a series of USCF Mutual
Funds Trust, from October&nbsp;2017 to March 2019. Mr. Allen also has served as the portfolio manager of the USCF SummerHaven
Dynamic Commodity Strategy No K-1 Fund, a series of the USCF ETF Trust, since May&nbsp;2018. Mr.&nbsp;Allen has been a principal
of USCF listed with the CFTC and NFA since March&nbsp;2009 and has been registered as an associated person of USCF since July&nbsp;2015
and from March&nbsp;2008 to November&nbsp;2012. Additionally, Mr.&nbsp;Allen has been approved as an NFA swaps associated person
of USCF since July&nbsp;2015. As of February&nbsp;2017, he also is an associated person and swap associated person of USCF Advisers,
LLC (&ldquo;USCF Advisers&rdquo;). USCF Advisers, an affiliate of USCF, is an investment adviser registered under the Investment
Advisers Act of 1940, and, as of February&nbsp;2017, is registered as a commodity pool operator, NFA member and swap firm. Mr.&nbsp;Allen
earned a B.A. in Economics from the University of California at Berkeley and holds an NFA Series&nbsp;3 registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Kevin
A. Baum</I></B>, 50, has served as the Chief Investment Officer of USCF since September&nbsp;1, 2016 and as a Portfolio Manager
of USCF from March 2016 to April 2017. Prior to joining USCF, Mr.&nbsp;Baum temporarily retired from December&nbsp;2015 to March&nbsp;2016.
Mr.&nbsp;Baum served as the Vice President and Senior Portfolio Manager for Invesco, an investment manager that manages a family
of exchange-traded funds, from October&nbsp;2014 through December&nbsp;2015. Mr.&nbsp;Baum was temporarily retired from May&nbsp;2012
through September&nbsp;2014. From May&nbsp;1993 to April&nbsp;2012, Mr.&nbsp;Baum worked as the Senior Portfolio Manager, Head
of Commodities for OppenheimerFunds,&nbsp;Inc., a global asset manager. Mr.&nbsp;Baum has been approved as an NFA principal&nbsp;and
associated person of USCF since April&nbsp;2016 and, as of January&nbsp;2017, a branch manager of USCF. As of February&nbsp;2017,
he also is an associated person and branch manager of USCF Advisers. USCF Advisers, an affiliate of USCF, is an investment adviser
registered under the Investment Advisers Act of 1940, and, as of February&nbsp;2017, is registered as a commodity pool operator,
NFA member and swap firm. Mr.&nbsp;Baum is a CFA Charterholder, CAIA Charterholder, earned a B.B.A. in Finance from Texas Tech
University and holds an NFA Series&nbsp;3 registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B><I>Stuart
P. Crumbaugh</I></B>, 57, Chief Financial Officer, Secretary and Treasurer of USCF since May&nbsp;2015 and also the Chief Financial
Officer of Concierge Technologies,&nbsp;Inc. (&ldquo;Concierge&rdquo;), the parent of Wainwright Holdings,&nbsp;Inc. (&ldquo;Wainwright&rdquo;)
since December&nbsp;2017. He is also the Treasurer and a member of the Board of Directors of Marygold &amp; Co., a subsidiary
of Concierge, since November 2019. In addition, Mr.&nbsp;Crumbaugh has served as a director of Wainwright, the parent and sole
member of USCF, since December&nbsp;2016. Mr.&nbsp;Crumbaugh has been a principal of USCF listed with the CFTC and NFA since July&nbsp;1,
2015 and, as of January&nbsp;2017, he is a principal of USCF Advisers. USCF Advisers, an affiliate of USCF, is an investment adviser
registered under the Investment Advisers Act of 1940, and, as of February&nbsp;2017, is registered as a commodity pool operator,
NFA member and swap firm. Since June&nbsp;2015, Mr.&nbsp;Crumbaugh has been the Treasurer and Secretary of USCF Advisers. He&nbsp;has
served as a Management Trustee, Chief Financial Officer and Treasurer of&nbsp;(1)&nbsp;USCF ETF Trust&nbsp;since May&nbsp;2015&nbsp;and
(2)&nbsp;USCF Mutual Funds Trust&nbsp;since October&nbsp;2016. Mr.&nbsp;Crumbaugh joined USCF as the Assistant Chief Financial
Officer on April&nbsp;6, 2015. Prior to joining USCF, Mr.&nbsp;Crumbaugh was the Vice President Finance and Chief Financial Officer
of Sikka Software Corporation, a software service healthcare company providing optimization software and data solutions from April&nbsp;2014
to April&nbsp;6, 2015. Mr.&nbsp;Crumbaugh served as a consultant providing technical accounting, IPO readiness and M&amp;A consulting
services to various early stage companies with the Connor Group, a technical accounting consulting firm, for the periods of January&nbsp;2014
through March&nbsp;2014; October&nbsp;2012 through November&nbsp;2012; and January&nbsp;2011 through February&nbsp;2011. From
December&nbsp;2012 through December&nbsp;2013, Mr.&nbsp;Crumbaugh was Vice President, Corporate Controller and Treasurer of Auction.com,
LLC, a residential and commercial real estate online auction company. From March&nbsp;2011 through September&nbsp;2012, Mr.&nbsp;Crumbaugh
was Chief Financial Officer of IP Infusion&nbsp;Inc., a technology company providing network routing and switching software enabling
software-defined networking solutions for major mobile carriers and network infrastructure providers. Mr.&nbsp;Crumbaugh earned
a B.A. in Accounting and Business Administration from Michigan State University in 1987 and is a Certified Public Accountant&nbsp;&ndash;
Michigan (inactive).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Nicholas
D. Gerber</I></B>, 58, Vice President since May&nbsp;15, 2015 and Management Director since June&nbsp;2005.&nbsp;Mr.&nbsp;Gerber&nbsp;served
as President and Chief Executive Officer of USCF from June&nbsp;2005 through May&nbsp;15, 2015 and Chairman of the Board of Directors
of USCF from June&nbsp;2005 through October&nbsp;2019. Mr.&nbsp;Gerber co-founded USCF in 2005 and prior to that, he co-founded
Ameristock Corporation in March&nbsp;1995, a California-based investment adviser registered under the Investment Advisers Act
of 1940 from March&nbsp;1995 until January&nbsp;2013. Since January&nbsp;26, 2015, Mr.&nbsp;Gerber also has served as the Chief
Executive Officer, President, and Chairman of the Board of Directors of Concierge Technologies,&nbsp;Inc. (&ldquo;Concierge&rdquo;),
which is a company publicly traded under the ticker symbol &ldquo;CNCG.&rdquo; Concierge is the sole shareholder of Wainwright.
He is also the CEO and a member of the Board of Directors of Marygold &amp; Co., a subsidiary of Concierge, since November 2019.
Mr.&nbsp;Gerber also is the President and a director of Wainwright, a position he has held since March&nbsp;of 2004. From August&nbsp;1995
to January&nbsp;2013, Mr.&nbsp;Gerber served as Portfolio Manager of Ameristock Mutual Fund,&nbsp;Inc. On January&nbsp;11, 2013,
the Ameristock Mutual Fund,&nbsp;Inc. merged with and into the Drexel Hamilton Centre American Equity Fund, a series of Drexel
Hamilton Mutual Funds. Drexel Hamilton Mutual Funds is not affiliated with Ameristock Corporation, the Ameristock Mutual Fund,&nbsp;Inc.
or USCF. Mr.&nbsp;Gerber also has served USCF Advisers on the Board of Managers from June&nbsp;2013 to present, as the President
from June&nbsp;2013 through June&nbsp;18, 2015, and as Vice President from June&nbsp;18, 2015 to present. USCF Advisers, an affiliate
of USCF, is an investment adviser registered under the Investment Advisers Act of 1940, and, since February&nbsp;2017, is registered
as a commodity pool operator, NFA member and swap firm. He also has served as Chairman of the Boards of Trustees of USCF ETF Trust
since 2014 and USCF Mutual Funds Trust since October&nbsp;2016, respectively, (USCF ETF Trust and together with USCF Mutual Funds
Trust are referred to as the &ldquo;Trusts&rdquo;) and each of the Trusts are investment companies registered under the Investment
Company Act of 1940, as amended. In addition, Mr.&nbsp;Gerber served as the President and Chief Executive Officer of USCF ETF
Trust from June&nbsp;2014 until December&nbsp;2015. Mr.&nbsp;Gerber has been a principal of USCF listed with the CFTC and NFA
since November&nbsp;2005, an NFA associate member and associated person of USCF since December&nbsp;2005 and a Branch Manager
of USCF since May&nbsp;2009. Additionally, effective as of January&nbsp;2017, he is a principal of USCF Advisers and, effective
as of February&nbsp;2017, he is an associated person, swap associated person, and branch manager of USCF Advisers. Mr.&nbsp;Gerber
earned an MBA degree in finance from the University of San Francisco, a B.A. from Skidmore College and holds an NFA Series&nbsp;3
registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>John
P. Love, </I></B><I>49,</I> President and Chief Executive Officer of USCF since May&nbsp;15, 2015, Management Director of USCF
since October&nbsp;2016 and Chairman of the Board of Directors of USCF since October&nbsp;2019. Mr. Love also is a director of
Wainwright, a position he has held since December 2016. Mr.&nbsp;Love previously served as a Senior Portfolio Manager for the
Related Public Funds from March&nbsp;2010 through May&nbsp;15, 2015. Prior to that, while still at USCF, he was a Portfolio Manager
beginning with the launch of USO in April&nbsp;2006. Mr.&nbsp;Love was the portfolio manager of USO from April&nbsp;2006 until
March&nbsp;2010 and the portfolio manager for USL from December&nbsp;2007 until March&nbsp;2010. Mr.&nbsp;Love has been the portfolio
manager of UNG since April&nbsp;2007, and the portfolio manager of UGA, UHN, and UNL since March&nbsp;2010. Mr.&nbsp;Love has
served as on the Board of Managers of USCF Advisers since November&nbsp;2016 and as its President since June&nbsp;18, 2015. USCF
Advisers, an affiliate of USCF, is an investment adviser registered under the Investment Advisers Act of 1940, and, as of February
2017, is registered as a commodity pool operator, NFA member and swap firm. He also acted as co-portfolio manager of the Stock
Split Index Fund, a series of the USCF ETF Trust for the period from September&nbsp;2014 to December&nbsp;2015, when he was promoted
to the position of President and Chief Executive Officer of the USCF ETF Trust. Since October&nbsp;2016 to present, he also has
served as the President and Chief Executive of the USCF Mutual Funds Trust. Mr.&nbsp;Love has been a principal of USCF listed
with the CFTC and NFA since January&nbsp;17, 2006. Mr.&nbsp;Love has been registered as an associated person of USCF since February&nbsp;2015
and from December&nbsp;1, 2005 to April&nbsp;16, 2009. Mr.&nbsp;Love has also been registered as a branch manager of USCF since
March&nbsp;2016. Additionally, Mr.&nbsp;Love has been approved as an NFA swaps associated person since February&nbsp;2015. Mr.&nbsp;Love
is a principal of USCF Advisers LLC as of January&nbsp;2017. Additionally, effective as of February&nbsp;2017, he is an associated
person, swap associated person, and branch manager of USCF Advisers. Mr.&nbsp;Love earned a B.A. from the University of Southern
California, holds an NFA Series&nbsp;3 and FINRA Series&nbsp;7 registrations and is a CFA Charterholder.&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Andrew
F Ngim</I></B>, 60, co-founded USCF in 2005 and has served as a Management Director since May 2005 and, since August 15, 2016,
has served as the Chief Operating Officer of USCF. Mr. Ngim has served as the portfolio manager for USCI and CPER since January
2013 and for the United States Agricultural Index Fund from January 2013 to September 2018. Mr. Ngim also served as USCF&rsquo;s
Treasurer from June 2005 to February 2012. In addition, he has been on the Board of Managers and has served as the Assistant Secretary
and Assistant Treasurer of USCF Advisers since its inception in June 2013. Prior to and concurrent with his services to USCF and
USCF Advisers, from January 1999 to January 2013, Mr. Ngim served as a Managing Director for Ameristock Corporation, a California-based
investment adviser, which he co-founded in March 1995, and was Co-Portfolio Manager of Ameristock Mutual Fund, Inc. from January
2000 to January 2013. Mr. Ngim also served as portfolio manager of (a) the following series of the USCF ETF Trust: (1) the Stock
Split Index Fund from September 2014 to October 2017, (2) the USCF Restaurant Leaders Fund from November 2016 to October 2017,
(3) USCF SummerHaven SHPEI Index Fund from December 2017 to October 2020, (4) USCF SummerHaven SHPEN Index Fund from December
2017 to April 2020, and (b) a series of USCF Mutual Funds Trust, the USCF Commodity Strategy Fund, from March 2017 to March 2019.
Mr. Ngim also serves as the portfolio manager for the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund, a series of the
USCF ETF Trust, from May 2018 to present. Mr. Ngim serves as a Management Trustee of: (1) the USCF ETF Trust from August 2014
to the present and (2) the USCF Mutual Funds Trust from October 2016 to present. Mr. Ngim has been a principal of USCF listed
with the CFTC and NFA since November 2005 and a principal of USCF Advisers LLC since January 2017. USCF Advisers, an affiliate
of USCF, is an investment adviser registered under the Investment Advisers Act of 1940, and, as of February 2017, is registered
as a commodity pool operator, NFA member and swap firm. Mr. Ngim earned his B.A. from the University of California at Berkeley.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Robert
L. Nguyen</I></B>, 61, Management Director and principal since July 2015. Mr. Nguyen served on the Board of Wainwright from December
2014 to December 2016. Mr. Nguyen co-founded USCF in 2005 and served as a Management Director until March 2012. Mr. Nguyen was
an Investment Manager with Ribera Investment Management, an investment adviser registered under the Investment Advisers Act of
1940, from January 2013 to March 2015. Prior to and concurrent with his services to USCF, from January 2000 to January 2013, Mr.
Nguyen served as a Managing Principal for Ameristock Corporation, a California-based investment adviser registered under the Investment
Advisers Act of 1940, which he co-founded in March 1995. Mr. Nguyen was a principal of USCF listed with the CFTC and NFA from
November 2005 through March 2012 and an associated person of USCF listed with the CFTC and NFA from November 2007 through March
2012. Mr. Nguyen has been a principal of USCF listed with the CFTC and NFA since July 2015 and an associated person of USCF listed
with the CFTC and NFA since December 2015. As of February 2017, he also is an associated person of USCF Advisers. USCF Advisers,
an affiliate of USCF, is an investment adviser registered under the Investment Advisers Act of 1940, and, as of February 2017,
is registered as a commodity pool operator, NFA member and swap firm. Mr. Nguyen earned his B.S. from California State University
at Sacramento, and holds NFA Series 3 and FINRA Series 7 registrations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Carolyn
M. Yu</I></B>, 62, Chief Compliance Officer of USCF since February 2013. In addition, she served USCF as the General Counsel from
May 2015 through April 2018 and the Assistant General Counsel from August 2011 through April 2015. Ms. Yu also served as the General
Counsel of Concierge, the parent of Wainwright from November 2017 through December 2018. Ms. Yu has served as (1) Chief Compliance
Officer of USCF Advisers and USCF ETF Trust since May 2015 and of USCF Mutual Funds Trust since October 2016, (2) Chief AML Officer
of USCF ETF Trust since May 2015 and of USCF Mutual Funds Trust since October 2016, and (3) Chief Legal Officer of USCF Advisers
and USCF ETF Trust from May 2015 through April 2018 and of USCF Mutual Funds Trust from October 2016 through April 2018. Prior
to May 2015, Ms. Yu was the Assistant Chief Compliance Officer and AML Officer of the USCF ETF Trust. Since August 2013, in the
case of USCF, and January 2017, in the case of USCF Advisers LLC, Ms. Yu has been a principal listed with the CFTC and NFA. USCF
Advisers LLC, an affiliate of USCF, is an investment adviser registered under the Investment Advisers Act of 1940, and, as of
February 2017, is registered as a commodity pool operator, NFA member and swap firm. Ms. Yu earned her JD from Golden Gate University
School of Law and a B.S. in business administration from San Francisco State University.<B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0; margin-bottom: 0"><FONT STYLE="font: 10pt TimesNewRoman\,BoldItalic"><B><I>Gordon
L. Ellis</I></B>, 74,Independent Director
of USCF since September 2005. Previously, Mr. Ellis was a founder of International Absorbents, Inc., Director and Chairman since
July 1985 and July 1988, respectively, and Chief Executive Officer and President since November 1996. He also served as Chairman
of Absorption Corp., a wholly owned subsidiary of International Absorbents, Inc., which is a leading developer and producer of
environmentally friendly pet care and industrial products, from May July 1985 until July 2010 when it was sold to Kinderhook Industries,
a private investment banking firm and remained as a director until March 2013 when Absorption Corp was sold again to J. Rettenmaier
&amp; S&ouml;hne Group, a German manufacturing firm. Concurrent with that, he founded and has served as Chairman from November
2010 to present of Lupaka Gold Corp., a firm that acquires, explores and develops gold mining properties and is currently driving
an arbitration suit against the Republic of Peru. He has also served as a director of Goldhaven Resources, a firm that acquires, explores and develops
copper mining properties in Chile, from August 2020 to present. Mr. Ellis has his Chartered Directors designation from The Director&rsquo;s
College (a joint venture of McMaster University and The Conference Board of Canada). He has been a principal of USCF listed with
the CFTC and NFA since November 2005. Mr. Ellis is a professional engineer and earned an MBA in international finance.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"><B><I>Malcolm
R. Fobes III</I></B>, 56, Independent Director of USCF and Chairman of USCF&rsquo;s audit committee since September 2005. He founded
and is the Chairman and Chief Executive Officer of Berkshire Capital Holdings, Inc., a California-based investment adviser registered
under the Investment Advisers Act of 1940 that has been sponsoring and providing portfolio management services to mutual funds
since June 1997. Mr. Fobes serves as Chairman and President of The Berkshire Funds, a mutual fund investment company registered
under the Investment Company Act of 1940. Since 1997, Mr. Fobes has also served as portfolio manager of the Berkshire Focus Fund,
a mutual fund registered under the Investment Company Act of 1940, which concentrates its investments in the electronic technology
industry. He was also contributing editor of Start a Successful Mutual Fund: The Step-by-Step Reference Guide to Make It Happen
(JV Books, 1995). Mr. Fobes has been a principal of USCF listed with the CFTC and NFA since November 2005. He earned a B.S. in
finance with a minor in economics from San Jose State University in California.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Peter
M. Robinson</I></B>, 63, Independent Director of USCF since September 2005. Mr. Robinson has been a Research Fellow since 1993
with the Hoover Institution, a public policy think tank located on the campus of Stanford University. He authored three books
and has been published in the New York Times, Red Herring, and Forbes ASAP and is the editor of Can Congress Be Fixed?: Five Essays
on Congressional Reform (Hoover Institution Press, 1995). Mr. Robinson has been a principal of USCF listed with the CFTC and NFA
since December 2005. He earned an MBA from the Stanford University Graduate School of Business, graduated from Oxford University
in 1982 after studying politics, philosophy, and economics and graduated summa cum laude from Dartmouth College in 1979.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a018"></A><B>USL&rsquo;s
Service Providers </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><B>Custodian, Registrar, Transfer
Agent and Administrator </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
its capacity as the Custodian for USL, The Bank of New York Mellon (&ldquo;BNY Mellon&rdquo; or the &ldquo;Custodian&rdquo;) holds
USL&rsquo;s Treasuries, cash and/or cash equivalents pursuant to a custodial agreement. BNY Mellon is also the registrar and transfer
agent for the shares. In addition, in its capacity as Administrator for USL, BNY Mellon performs certain administrative and accounting
services for USL and prepares certain SEC, NFA and CFTC reports on behalf of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
compensation for the services that BNY Mellon provides to USL in the foregoing capacities, and the services BNY Mellon provides
to the Related Public Funds, BNY Mellon receives certain out of pocket costs, transaction fees, and asset based fees, which are
accrued daily and paid monthly USCF.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">BNY
Mellon is authorized to conduct a commercial banking business in accordance with the provisions of New York State Banking Law,
and is subject to regulation, supervision, and examination by the New York State Department of Financial Services and the Board
of Governors of the Federal Reserve System.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Marketing
Agent </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
also employs ALPS Distributors, Inc. (&ldquo;ALPS Distributors&rdquo;) as the Marketing Agent, which is further discussed under
&ldquo;What is the Plan of Distribution?&rdquo; USCF pays the Marketing Agent an annual fee. In no event may the aggregate compensation
paid to the Marketing Agent and any affiliate of USCF for distribution-related services in connection with the offering of shares
exceed ten percent (10%) of the gross proceeds of the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">ALPS
Distributors&rsquo; principal business address is 1290 Broadway, Suite 1000, Denver, CO 80203. ALPS Distributors is a broker-dealer
registered with the SEC and is a member of FINRA and a member of the Securities Investor Protection Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><B>Payments to Certain Third
Parties</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
or the Marketing Agent, or an affiliate of USCF or the Marketing Agent, may directly or indirectly make cash payments to certain
broker-dealers for participating in activities that are designed to make registered representatives and other professionals more
knowledgeable about exchange-traded funds and exchange-traded products, including USL and the Related Public Funds, or for other
activities, such as participation in marketing activities and presentations, educational training programs, conferences, the development
of technology platforms and reporting systems.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Additionally,
pursuant to written agreements, USCF may make payments, out of its own resources, to financial intermediaries in exchange for
providing services in connection with the sale or servicing of USL&rsquo;s shares, including waiving commissions on the purchase
or sale of shares of participating exchange-traded products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Payments
to a broker-dealer or intermediary may create potential conflicts of interest between the broker-dealer or intermediary and its
clients. The amounts described above, which may be significant, are paid by USCF and/or the Marketing Agent from their own resources
and not from the assets of USL or the Related Public Funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Futures Commission Merchants
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><I>RBC Capital Markets, LLC</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
October 8, 2013, USCF entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital
Markets, LLC (&ldquo;RBC Capital&rdquo; or &ldquo;RBC&rdquo;) to serve as USL&rsquo;s FCM, effective October 10, 2013. This agreement
requires RBC Capital to provide services to USL, as of October 10, 2013, in connection with the purchase and sale of Oil Futures
Contracts and Other Oil-Related Investments that may be purchased or sold by or through RBC Capital for USL&rsquo;s account. For
the period October 10, 2013 and after, USL pays RBC Capital commissions for executing and clearing trades on behalf of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RBC
Capital&rsquo;s primary address is 3 World Financial Center, 200 Vesey St., New York, NY 10281. Effective October 10, 2013, RBC
Capital became the futures clearing broker for USL. RBC Capital is registered in the United States with FINRA as a broker-dealer
and with the CFTC as an FCM. RBC Capital is a member of various U.S. futures and securities exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RBC
Capital is a large broker dealer subject to many different complex legal and regulatory requirements. As a result, certain of
RBC Capital&rsquo;s regulators may from time to time conduct investigations, initiate enforcement proceedings and/or enter into
settlements with RBC Capital with respect to issues raised in various investigations. RBC Capital complies fully with its regulators
in all investigations being conducted and in all settlements it reaches. In addition, RBC Capital is and has been subject to a
variety of civil legal claims in various jurisdictions, a variety of settlement agreements and a variety of orders, awards and
judgments made against it by courts and tribunals, both in regard to such claims and investigations. RBC Capital complies fully
with all settlements it reaches and all orders, awards and judgments made against it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RBC
Capital has been named as a defendant in various legal actions, including arbitrations, class actions and other litigation including
those described below, arising in connection with its activities. Certain of the actual or threatened legal actions include claims
for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. RBC Capital is also involved,
in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding
RBC Capital&rsquo;s business, including among other matters, accounting and operational matters, certain of which may result in
adverse judgments, settlements, fines, penalties, injunctions or other relief.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RBC
Capital contests liability and/or the amount of damages as appropriate in each pending matter. In view of the inherent difficulty
of predicting the outcome of such matters, particularly in cases where claimants seek substantial or indeterminate damages or
where investigations and proceedings are in the early stages, RBC Capital cannot predict the loss or range of loss, if any, related
to such matters; how or if such matters will be resolved; when they will ultimately be resolved; or what the eventual settlement,
fine, penalty or other relief, if any, might be. Subject to the foregoing, RBC Capital believes, based on current knowledge and
after consultation with counsel, that the outcome of such pending matters will not have a material adverse effect on the consolidated
financial condition of RBC Capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
April 27, 2017, pursuant to an offer of settlement, a Panel of the Chicago Board of Trade Business Conduct Committee (&ldquo;Panel&rdquo;)
found that RBC Capital engaged in EFRP transactions which failed to satisfy the Rules of the Chicago Board of Trade (the &ldquo;Chicago
Board of Trade&rdquo;) in one or more ways. Specifically, the Panel found that RBC Capital traders entered into EFRP trades in
which RBC Capital accounts were on both sides of the transactions. While the purpose of the transactions was to transfer positions
between the RBC Capital accounts, the Panel found that the manner in which the trades occurred violated the Chicago Board of Trade&rsquo;s
prohibition on wash trades. The Panel found that RBC Capital thereby violated CBOT Rules 534 and (legacy) 538.B. and C. In accordance
with the settlement offer, the Panel ordered RBC Capital to pay a $175,000 fine. On October 1, 2019, the CFTC issued an order
filing and settling charges against RBCCM for the above activity, as well as related charges. The order required that RBCCM cease
and desist from violating the applicable regulations, pay a $5 million civil monetary penalty, and comply with various conditions,
including conditions regarding public statements and future cooperation with the Commission.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
June 18, 2015, in connection with the Municipalities Continuing Disclosure Cooperation initiative of the SEC, the SEC commenced and settled an administrative proceeding against RBC Capital for willful violations
of Sections 17(a)(2) of the 1933 Act after the firm self-reported instances in which it conducted inadequate due diligence in
certain municipal securities offerings and as a result, failed to form a reasonable basis for believing the truthfulness of certain
material representations in official statements issued in connection with those offerings. RBC Capital paid a fine of $500,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RBC
Capital and certain affiliates were named as defendants in a lawsuit relating to their role in transactions involving investments
made by a number of Wisconsin school districts in certain collateralized debt obligations. These transactions were also the subject
of a regulatory investigation, which was resolved in 2011. RBC Capital reached a final settlement with all parties in the civil
litigation, and the civil action against RBC Capital was dismissed with prejudice on December 6, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Beginning
in 2015, putative class actions were brought against RBC Capital and/or Royal Bank of Canada in the U.S., Canada and Israel. These
actions were each brought against multiple foreign exchange dealers and allege, among other things, collusive behavior in foreign
exchange trading. Various regulators are also conducting inquiries regarding potential violations of law by a number of banks
and other entities, including RBC Capital, regarding foreign exchange trading. In August 2018, the U.S. District Court entered
a final order approving RBC Capital&rsquo;s pending settlement with class plaintiffs. Certain institutional plaintiffs opted out
of participating in the settlement and have brought their own claims. In May 2020, the U.S. District Court dismissed RBC Capital
form the opt-out action, but granted the plaintiffs' motion to amend the complaint. The Canadian class actions, one other
U.S. action that is purportedly brought on behalf of different classes of plaintiffs, and an action filed in Israel, remain pending,
and RBC Capital has reached a settlement for an immaterial amount with respect to an action brought by a class of indirect purchasers,
RBC Capital is waiting the court's final approval of the settlement. Based on the facts currently known, it is not possible
at this time for us to predict the ultimate outcome of these investigations or proceedings or the timing of their resolution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
July 31, 2015, RBC Capital was added as a new defendant in a pending putative class action initially filed in November 2013 in
the United States District Court for the Southern District of New York. The action is brought against multiple foreign exchange
dealers and alleges collusive behavior, among other allegations, in foreign exchange trading. Based on the facts currently known,
the ultimate resolution of these collective matters is not expected to have a material adverse effect on RBC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
April 13, 2015, RBC Capital&rsquo;s affiliate, Royal Bank of Canada Trust Company (Bahamas) Limited (RBC Bahamas), was charged
in France with complicity in tax fraud. RBC Bahamas believes that its actions did not violate French law and contested the charge
in the French court. The trial of this matter has concluded and a verdict was delivered on January 12, 2017, acquitting the company
and the other defendants and on June 29, 2018, the French appellate court affirmed the acquittals. The acquittals are being appealed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Various
regulators and competition and enforcement authorities around the world, including in Canada, the United Kingdom, and the U.S.,
are conducting investigations related to certain past submissions made by panel banks in connection with the setting of the U.S.
dollar London interbank offered rate (&ldquo;LIBOR&rdquo;). These investigations focus on allegations of collusion between the
banks that were on the panel to make submissions for certain LIBOR rates. Royal Bank of Canada, RBC Capital&rsquo;s indirect parent,
is a member of certain LIBOR panels, including the U.S. dollar LIBOR panel, and has in the past been the subject of regulatory
requests for information. In addition, Royal Bank of Canada and other U.S. dollar panel banks have been named as defendants in
private lawsuits filed in the U.S. with respect to the setting of LIBOR including a number of class action lawsuits which have
been consolidated before the U.S. District Court for the Southern District of New York. The complaints in those private lawsuits
assert claims against us and other panel banks under various U.S. laws, including U.S. antitrust laws, the CEA, and state law.
On February 28, 2018, the motion by the plaintiffs in the class action lawsuits to have the class certified was denied in relation
to Royal Bank of Canada. As such, unless that ruling is reversed on appeal, Royal Bank of Canada is no longer a defendant in any
pending class action. Royal Bank of Canada is still a party to the various individual LIBOR actions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition to the LIBOR actions, in January 2019, a number of financial institutions, including RBC Capital, were named in a purported
class action in New York alleging violations of the U.S. anti-trust laws and common law principles of unjust enrichment in the
setting of LIBOR after the Intercontinental Exchange took over administration of the benchmark interest rate from the British
Bankers&rsquo; Association in 2014 (the &ldquo;ICE LIBOR action&rdquo;). On March 26, 2020, the defendants&rsquo; motion to dismiss
the ICE LIBOR action was granted. On April 24, 2020, the plaintiffs filed a notice of appeal. In August 2020, RBC Capital settled
an individual LIBOR action brought by the City of Philadelphia. Based on the facts currently known, it is not possible at this
time for us to predict the ultimate outcome of these investigations or proceedings or the timing of their resolution.</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Thornburg
Mortgage Inc. (&ldquo;TMST&rdquo;) and RBC Capital were parties to a master repurchase agreement executed in September 2003 whereby
TMST financed its purchase of residential mortgage-backed securities. Upon TMST&rsquo;s default during the financial crisis, RBC
Capital valued TMST&rsquo;s collateral at allegedly deflated prices. After TMST&rsquo;s bankruptcy filing, TMST&rsquo;s trustee
brought suit against RBC Capital in 2011 for breach of contract. In 2015, TMST was awarded more than $45 million in damages. RBC
Capital has appealed. The appeals court set a briefing schedule and simultaneously ordered the parties to participate in a mediation.
The parties subsequently reached an agreement to settle the matter; a motion to approve the settlement was filed with the bankruptcy
court on January 10, 2016 and granted on February 27, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
October 14, 2014, the Delaware Court of Chancery (the &ldquo;Court of Chancery&rdquo;) in a class action brought by former shareholders
of Rural/Metro Corporation, held RBC Capital liable for aiding and abetting a breach of fiduciary duty by three Rural/Metro directors,
but did not make an additional award for attorney&rsquo;s fees. A final judgment was entered on February 19, 2015 in the amount
of US$93 million plus post judgment interest. RBC Capital appealed the Court of Chancery&rsquo;s determination of liability and
quantum of damages, and the plaintiffs cross-appealed the ruling on additional attorneys&rsquo; fees. On November 30, 2015, the
Delaware Supreme Court affirmed the Court of Chancery with respect to both the appeal and cross-appeal. RBC Capital is cooperating
with an investigation by the SEC relating to this matter. In particular, the SEC contended that RBC Capital caused materially
false and misleading information to be included in the proxy statement that Rural filed to solicit shareholder approval for the
sale in violation of section 14(A) of the Exchange Act and Rule 14A-9 thereunder. On August 31, 2016, RBC Capital was ordered
by the SEC to cease and desist and paid $500,000 in disgorgement, plus interest of $77,759 and a civil penalty of $2 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Please
see RBC Capital&rsquo;s Form BD, which is available on the FINRA BrokerCheck program, for more details.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RBC
Capital will act only as clearing broker for USL and as such will be paid commissions for executing and clearing trades on behalf
of USL. RBC Capital has not passed upon the adequacy or accuracy of this disclosure document. RBC Capital will not act in any
supervisory capacity with respect to USCF or participate in the management of USCF or USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RBC
Capital is not affiliated with USL or USCF. Therefore, neither USCF nor USL believes that there are any conflicts of interest
with RBC Capital or its trading principals arising from its acting as USL&rsquo;s FCM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><I>RCG Division of Marex Spectron</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
May 28, 2020, USL entered into a Commodity Futures Customer Agreement with RCG Division of Marex Spectron (&ldquo;RCG&rdquo;)
to serve as a FCM for USL. This agreement requires RCG to provide services to USL in connection with the purchase and sale of
Oil Futures Contracts and other Oil-Related Investments that may be purchased or sold by or through RCG for USL&rsquo;s account.
Under this agreement, USL pays RCG commissions for executing and clearing trades on behalf of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RCG&rsquo;s
primary address is 360 Madison Avenue, 3rd Floor, New York, NY 10017. RCG is registered in the United States with FINRA
as a broker-dealer and with the CFTC as an FCM. RCG is a member of various U.S. futures and securities exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RCG
is a large broker dealer subject to many different complex legal and regulatory requirements. As a result, certain of RCG&rsquo;s
regulators may from time to time conduct investigations, initiate enforcement proceedings and/or enter into settlements with RCG
with respect to issues raised in various investigations. RCG complies fully with its regulators in all investigations which may
be conducted and in all settlements it may reach. Other than as set forth below, as of the date hereof, RCG has no material
litigation to disclose as that term is defined under the CEA and the regulations promulgated thereunder. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On September 23, 2020,
without admitting or denying the CFTC&rsquo;s findings or conclusions, RCG settled a CFTC administrative action arising out of
RCG&rsquo;s failure to include regulatory capital deductions in its capital computation in connection with an agreement to guarantee
a revolving line of credit for an affiliated company. The CFTC alleged that, from June 2015 until June 2019, RCG failed to include
a regulatory capital deduction in its capital computation equal to the amounts drawn under the credit facility by its United Kingdom
affiliate. In connection with the settlement, RCG paid a civil monetary penalty of $250,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RCG
will act only as clearing broker for USL and as such will be paid commissions for executing and clearing trades on behalf of USL.
RCG has not passed upon the adequacy or accuracy of this disclosure document. RCG will not act in any supervisory capacity with
respect to USCF or participate in the management of USCF or USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">RCG
is not affiliated with USL or USCF. Therefore, neither USCF nor USL believes that there are any conflicts of interest with RCG
or its trading principals arising from its acting as USL&rsquo;s FCM.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"><I>E
D &amp; F Man Capital Markets Inc.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">On
June 11, 2020, USL entered into a Customer Agreement E D &amp; F Man Capital Markets Inc. (&ldquo;MCM&rdquo;) to serve as an FCM
for USL. This agreement requires MCM to provide services to USL in connection with the purchase and sale of Oil Futures Contracts
and other Oil-Related Investments that may be purchased or sold by or through MCM for USL&rsquo;s account. Under this agreement,
USL pays MCM commissions for executing and clearing trades on behalf of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">MCM&rsquo;s
primary address is 140 East 45th Street, 10th Floor, New York, NY 10017. MCM is registered in the United States with FINRA as
a broker-dealer and with the CFTC as an FCM. MCM is a member of various U.S. futures and securities exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">MCM
is a large broker dealer subject to many different complex legal and regulatory requirements. As a result, certain of MCM&rsquo;s
regulators may from time to time conduct investigations, initiate enforcement proceedings and/or enter into settlements with MCM
with respect to issues raised in various investigations. MCM complies fully with its regulators in all investigations which may
be conducted and in all settlements it may reach. Other than as indicated below, there have been no material civil, administrative,
or criminal proceedings pending, on appeal, or concluded against MCM or its principals in the past five (5) years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">United
States District Court for the Southern District of New York, Civil Action No. 19-CV-8217. In a private litigation, plaintiffs
allege, among other things, that MCM made certain fraudulent misrepresentations to them that they relied upon in connection with
a futures account carried by MCM in its capacity as an FCM. The plaintiffs allege claims of common law fraud, negligence, breach
of fiduciary duty, breach of contract, breach of the duty of good faith and fair dealing and misrepresentation/omission.</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0">JAMS
Arbitration. In a JAMS arbitration, claimants seek monetary damages relating to trading losses in claimants&rsquo; futures trading
accounts carried by MCM. JAMS is a private alternative dispute resolution provider that handles mediations and arbitrations in
the United States and other jurisdictions. The MCM accounts at issue were traded pursuant to a power of attorney granted by the
claimants to a registered commodity trading advisor. The claimants seek compensatory damages, punitive damages, disgorgement of
commissions and margin interest, and forgiveness of margin debt plus interest, costs and attorneys&rsquo; fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0">FINRA
Arbitration. In a FINRA arbitration, claimants seek monetary damages relating to trading losses in claimants&rsquo; equity trading
account carried by MCM. The account was a portfolio margin account and the claimants allege losses relating to the risk parameters
and margin applied to the account. The claimants seek compensatory damages plus interest, costs and attorneys&rsquo; fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">MCM
will act only as clearing broker for USL and as such will be paid commissions for executing and clearing trades on behalf of USL.
MCM has not passed upon the adequacy or accuracy of this disclosure document. MCM will not act in any supervisory capacity with
respect to USCF or participate in the management of USCF or USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">MCM
is not affiliated with USL or USCF. Therefore, neither USCF nor USL believes that there are any conflicts of interest with MCM
or its trading principals arising from its acting as USL&rsquo;s FCM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"><I>Macquarie
Futures USA LLC</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">Effective
December 3, 2020, USL has engaged Macquarie Futures USA LLC (&ldquo;MFUSA&rdquo;) to serve as an additional FCM. The Customer
Agreement between USL and MFUSA requires MFUSA to provide services to USL in connection with the purchase and sale of Oil Futures
Contracts and Other Oil-Related Investments that may be purchased or sold by or through MFUSA for USL&rsquo;s account. Under this
agreement, USL pays MFUSA commissions for executing and clearing trades on behalf of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">MFUSA&rsquo;s
primary address is 125 West 55<SUP>th</SUP>&nbsp;Street, New York, NY 10019. MFUSA is registered in the United States with the
CFTC as an FCM providing futures execution and clearing services covering futures exchanges globally. MFUSA is a member of various
U.S. futures and securities exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">MFUSA
is a large broker dealer subject to many different complex legal and regulatory requirements. As a result, certain of MFUSA&rsquo;s
regulators may from time to time conduct investigations, initiate enforcement proceedings and/or enter into settlements with MFUSA
with respect to issues raised in various investigations. MFUSA complies fully with its regulators in all investigations which
may be conducted and in all settlements it may reach. As of the date hereof, MFUSA has no material litigation to disclose as that
term is defined under the CEA and the regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">MFUSA
will act only as clearing broker for USL and as such will be paid commissions for executing and clearing trades on behalf of USL.
MFUSA has not passed upon the adequacy or accuracy of this disclosure document. MFUSA will not act in any supervisory capacity
with respect to USCF or participate in the management of USCF or USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">MFUSA
is not affiliated with USL or USCF. Therefore, neither USCF nor USL believes that there are any conflicts of interest with MFUSA
or its trading principals arising from its acting as USL&rsquo;s FCM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><B>Commodity Trading Advisor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Currently,
USCF does not employ commodity trading advisors for the trading of USL contracts. USCF currently does, however, employ SummerHaven
Investment Management, LLC as a trading Advisor for USCI and CPER. If, in the future, USCF does employ commodity trading advisors
for USL, it will choose each advisor based on arm&rsquo;s-length negotiations and will consider the advisor&rsquo;s experience,
fees and reputation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a019"></A><B>USL&rsquo;s
Fees and Expenses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>This
table describes the fees and expenses that you may pay if you buy and hold shares of USL. You should note that you may pay brokerage
commissions on purchases and sales of USL&rsquo;s shares, which are not reflected in the table. Authorized Participants will pay
applicable creation and redemption fees. See &ldquo;Creation and Redemption of Shares&mdash;<I>Creation and Redemption Transaction
Fee,</I>&rdquo; page 71. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Annual
Fund Operating Expenses (expenses that you pay each year as a </B><BR>
<B>percentage of the value of your investment)<SUP>(1)</SUP></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 87%; text-align: left">Management Fees&#9;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">0.60</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%(2)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Distribution Fees&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">NONE</FONT></TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Other Fund Expenses&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">0.28</TD><TD NOWRAP STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; padding-left: 8.65pt">Total Annual Fund Operating Expenses&#9;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">0.88</TD><TD NOWRAP STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding-top: 3pt; padding-bottom: 9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></td>
    <TD STYLE="padding-top: 3pt; padding-bottom: 9pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Based
    on amounts for the year ended December 31, 2020. The individual expense amounts in dollar terms are shown in the table below.
    As used in this table, (i) Professional Expenses include expenses for legal, audit, tax accounting and printing; and (ii)
    Independent Director and Officer Expenses include amounts paid to independent directors and for officers&rsquo; liability
    insurance.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 83%; text-align: left">Management Fees&#9;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1,080,769</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Professional Expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">231,301</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Registration Fees&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">124,835</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brokerage Commissions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Licensing Fees&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27,019</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Independent Director and Officer Expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.25in"><FONT STYLE="font-size: 10pt">These amounts are based
on USL&rsquo;s average total net assets, which are the sum of daily total net assets of USL divided by the number of calendar
days in the year. For the year ended December 31, 2020, USL&rsquo;s average total net assets were $180,126,327.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">USL is contractually obligated to pay USCF
    a management fee, which is paid monthly, equal to 0.60% per annum of average daily net assets.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a020"></A><B>Breakeven
Analysis </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
breakeven analysis below indicates the approximate dollar returns and percentage required for the redemption value of a hypothetical
initial investment in a single share to equal the amount invested twelve months after the investment was made. For purposes of
this breakeven analysis, an initial selling price of $21.15 per share which equals the NAV per share at the close of trading on
February 28, 2021, is assumed. In order for a hypothetical investment in shares to break even over the next 12 months, assuming
a selling price of $21.15, the investment would have to generate 1.097% return or $0.232, rounded to $0.23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This
breakeven analysis refers to the redemption of baskets by Authorized Participants and is not related to any gains an individual
investor would have to achieve in order to break even. The breakeven analysis is an approximation only. As used in this table,
(i) Professional Expenses include expenses for legal, audit, tax accounting and printing; and (ii) Independent Director and Officer
Expenses include amounts paid to independent directors and for officers&rsquo; liability insurance.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Assumed initial selling price per share<SUP>(1)</SUP>&#9;</FONT></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">21.15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Management Fees (0.600%)<SUP>(2)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.127</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Creation Basket Fee (0.010%)<SUP>(3)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.002</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Estimated Brokerage Fee 0.057%<SUP>(4)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Interest Income (0.228%)<SUP>(5)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.048</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Registration Fee 0.069%<SUP>(6)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.015</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">NYMEX Licensing Fee 0.015%<SUP>(7)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.003</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Independent Director and Officer Expenses (0.010%)<SUP>(8)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.002</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Professional Expenses 0.128%<SUP>(9)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.027</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Amount of trading income (loss) required for the redemption value at the end <br> of one year to equal the initial selling price of the share<SUP>(9)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.232</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Percentage of initial selling price per share<SUP>(9)</SUP>&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.097</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding-top: 3pt; padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></td>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">In
    order to show how a hypothetical investment in shares would break even over the next 12 months, this breakeven analysis uses
    an assumed initial selling price of $21.15 per share, which is based on the NAV per share for USL at the close of trading
    on February 28, 2021. Investors should note that, because USL&rsquo;s NAV changes on a daily basis, the breakeven amount on
    any given day could be higher or lower than the amount reflected here.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-top: 3pt; padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">USL
    is contractually obligated to pay USCF a management fee of 0.600% per annum on its average total net assets. &ldquo;Average
    total net assets&rdquo; are the sum of the daily total net assets of USL (the NAV of USL calculated as set forth in &ldquo;Calculating
    Per Share NAV&rdquo; beginning on page 66) divided by the number of calendar days in the year. On days when markets are closed,
    the daily total net assets are the daily total net assets from the last day when the market was open. See page 3 for a discussion
    of net assets of USL.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></td>
    <TD STYLE="padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized
    Participants are required to pay a Creation Basket fee of $350 for each order they place to create one or more baskets. This
    breakeven analysis assumes a hypothetical investment in a single share, which would equal the $350 Creation Basket fee divided
    by the total number of outstanding shares plus the 50,000 shares created by the Creation Basket. This calculation will always
    result in a value that is below 0.010%, but for purposes of this breakeven analysis we assume a creation basket fee of 0.010%.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <TD STYLE="padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">This
    amount is based on the actual brokerage fees for USL calculated on an annualized basis and includes an estimated half-turn
    commission of $3.50. A half-turn commission is the commissions liability related to FCM transaction fees for futures contracts
    on a half-turn basis.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></td>
    <TD STYLE="padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Interest
    earned on USL&rsquo;s assets, including its Treasuries holdings. Given market volatility in 2020 arising from the COVID-19
    pandemic and other geopolitical issues, USL believes it is reasonable to assume that it will not earn any significant interest
    income in 2021.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(6)</FONT></td>
    <TD STYLE="padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">USL
    pays fees to the SEC and FINRA to register its shares for sale. This amount is based on actual registration fees for USL calculated
    on an annualized basis. This fee may vary in the future.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(7)</FONT></td>
    <TD STYLE="padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
    NYMEX Licensing Fee is 0.015% on aggregate net assets of the Related Public Funds, except BNO, USCI, and CPER. For more information
    see &ldquo;USL&rsquo;s Fees and Expenses.&rdquo;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(8)</FONT></td>
    <TD STYLE="padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Independent
    Director and Officer Expenses include amounts paid to independent directors and for officers&rsquo; liability insurance. The
    foregoing assumes that the average total net assets of USL as of December 31, 2020, which were $180,126,327, were aggregated
    with the average total net assets of the Related Public Funds as of December 31, 2020, that the aggregate fees paid to the
    independent directors for the year ended December 31, 2020 was $585,896, and that the allocable portion of the fees
    borne by USL based on the proportion of its average total net assets when aggregated with the average total net assets of
    the Related Public Funds equals $17,435.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(9)</FONT></td>
    <TD STYLE="padding-bottom: 3pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Professional
    Expenses include expenses for legal, audit, tax accounting and printing. USL&rsquo;s costs attributable to Professional Expenses
    for the year ended December 31, 2020 is $231,301. The number in the break-even table assumes USL had $180,126,327 in average
    total net assets during the calendar year ended December 31, 2020.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><A NAME="i21115a021"></A><B>Conflicts
of Interest </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">There
are present and potential future conflicts of interest in USL&rsquo;s structure and operation you should consider before you purchase
shares. USCF will use this notice of conflicts as a defense against any claim or other proceeding made. If USCF is not able to
resolve these conflicts of interest adequately, it may impact USL&rsquo;s and the Related Public Funds&rsquo; ability to achieve
their investment objectives.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
and USCF may have inherent conflicts to the extent USCF attempts to maintain USL&rsquo;s asset size in order to preserve its fee
income and this may not always be consistent with USL&rsquo;s objective of having the value of its share&rsquo;s NAV track changes
in the average price of the Benchmark Oil Futures Contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF&rsquo;s
officers, directors and employees, do not devote their time exclusively to USL. These persons are directors, officers or employees
of other entities which may compete with USL for their services. They could have a conflict between their responsibilities to
USL and to those other entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
has adopted policies that prohibit their principals, officers, directors and employees from trading futures and related contracts
in which either USL or any of the Related Public Funds invests. These policies are intended to prevent conflicts of interest occurring
where USCF, or their principals, officers, directors or employees could give preferential treatment to their own accounts or trade
their own accounts ahead of or against USL or any of the Related Public Funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
has sole current authority to manage the investments and operations of USL, and this may allow it to act in a way that furthers
its own interests which may create a conflict with your best interests. Limited partners have limited voting control, which will
limit their ability to influence matters such as amendment of the LP Agreement, change in USL&rsquo;s basic investment policy,
dissolution of USL, or the sale or distribution of USL&rsquo;s assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
serves as general partner or sponsor to each of USL and the Related Public Funds. USCF may have a conflict to the extent that
its trading decisions for USL may be influenced by the effect they would have on the other funds it manages. By way of example,
if, as a result of reaching position limits imposed by the NYMEX, USL purchased oil futures contracts, this decision could impact
USL&rsquo;s ability to purchase additional oil futures contracts if the number of contracts held by funds managed by USCF reached
the maximum allowed by the NYMEX. Similar situations could adversely affect the ability of any fund to track its benchmark futures
contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition, USCF is required to indemnify the officers and directors of the other funds, if the need for indemnification arises.
This potential indemnification will cause USCF&rsquo;s assets to decrease. If USCF&rsquo;s other sources of income are not sufficient
to compensate for the indemnification, then USCF may terminate and you could lose your investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Whenever
a conflict of interest exists or arises between USCF on the one hand, and the partnership or any limited partner, on the other
hand, any resolution or course of action by USCF in respect of such conflict of interest shall be permitted and deemed approved
by all partners and shall not constitute a breach of the LP Agreement or of any agreement contemplated hereby or of a duty stated
or implied by law or equity, if the resolution or course of action is, or by operation of the LP Agreement is deemed to be, fair
and reasonable to the partnership. If a dispute arises, under the LP Agreement it will be resolved either through negotiations
with USCF or by courts located in the State of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under
the LP Agreement, any resolution is deemed to be fair and reasonable to the partnership if the resolution is:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">approved
    by the audit committee, although no party is obligated to seek approval and USCF may adopt a resolution or course of action
    that has not received approval;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">on
    terms no less favorable to the limited partners than those generally being provided to or available from unrelated third parties;
    or</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">fair
    to the limited partners, taking into account the totality of the relationships of the parties involved including other transactions
    that may be particularly favorable or advantageous to the limited partners.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
previous risk factors and conflicts of interest are complete as of the date of this prospectus; however, additional risks and
conflicts may occur which are not presently foreseen by USCF. You may not construe this prospectus as legal or tax advice. Before
making an investment in this fund, you should read this entire prospectus, including the LP Agreement, which can be found on USL&rsquo;s
website at <I>www.uscfinvestments.com</I>. You should also consult with your personal legal, tax, and other professional advisors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Interests
of Named Experts and Counsel </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
has employed Eversheds Sutherland (US) LLP to prepare this prospectus. Neither the law firm nor any other expert hired by USL
to give advice on the preparation of this offering document has been hired on a contingent fee basis. None of them have any present
or future expectation of interest in USCF, Marketing Agent, Authorized Participants, Custodian, Administrator or other service
providers to USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a022"></A><B>Ownership
or Beneficial Interest in USL </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
of February 28, 2021, neither USCF nor any of the directors or executive officers of USCF own any shares of USL. In addition,
as of such date, USL is not aware of any 5% holder of its shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a023"></A><B>USCF&rsquo;s
Responsibilities and Remedies </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Pursuant
to the DRULPA (&ldquo;Delaware Revised Uniform Limited Partnership Act&rdquo;), parties may contractually modify or even eliminate
fiduciary duties in a limited partnership agreement to the limited partnership itself, or to another partner or person otherwise
bound by the limited partnership agreement. Parties may not, however, eliminate the implied covenant of good faith and fair dealing.
Where parties unambiguously provide for fiduciary duties in a limited partnership agreement, those expressed duties become the
standard that courts will use to determine whether such duties were breached. For this reason, USL&rsquo;s limited partnership
agreement does not explicitly provide for any fiduciary duties so that common law fiduciary duty principles will apply to measure
USCF&rsquo;s conduct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
prospective investor should be aware that USCF has a responsibility to limited partners of USL to exercise good faith and fairness
in all dealings. The fiduciary responsibility of USCF to limited partners is a developing and changing area of the law and limited
partners who have questions concerning the duties of USCF should consult with their counsel. In the event that a limited partner
of USL believes that USCF has violated its fiduciary duty to the limited partners, he may seek legal relief individually or on
behalf of USL under applicable laws, including under DRULPA and under commodities laws, to recover damages from or require an
accounting by USCF. Limited partners may also have the right, subject to applicable procedural and jurisdictional requirements,
to bring class actions in federal court to enforce their rights under the federal securities laws and the rules and regulations
promulgated thereunder by the SEC. Limited partners who have suffered losses in connection with the purchase or sale of the shares
may be able to recover such losses from USCF where the losses result from a violation by USCF of the federal securities laws.
State securities laws may also provide certain remedies to limited partners. Limited partners should be aware that performance
by USCF of its fiduciary duty is measured by the terms of the LP Agreement as well as applicable law. Limited partners are afforded
certain rights to institute reparations proceedings under the CEA for violations of the CEA or of any rule, regulation or order
of the CFTC by USCF.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a024"></A><B>Liability
and Indemnification </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under
the LP Agreement, neither a general partner nor any employee or other agent of USL nor any officer, director, stockholder, partner,
employee or agent of a general partner (a &ldquo;Protected Person&rdquo;) shall be liable to any partner or USL for any mistake
of judgment or for any action or inaction taken, nor for any losses due to any mistake of judgment or to any action or inaction
or to the negligence, dishonesty or bad faith of any officer, director, stockholder, partner, employee, agent of USL or any officer,
director, stockholder, partner, employee or agent of such general partner, provided that such officer, director, stockholder,
partner, employee, or agent of the partner or officer, director, stockholder, partner, employee or agent of such general partner
was selected, engaged or retained by such general partner with reasonable care, except with respect to any matter as to which
such general partner shall have been finally adjudicated in any action, suit or other proceeding not to have acted in good faith
in the reasonable belief that such Protected Person&rsquo;s action was in the best interests of USL and except that no Protected
Person shall be relieved of any liability to which such Protected Person would otherwise be subject by reason of willful misfeasance,
gross negligence or reckless disregard of the duties involved in the conduct of the Protected Person&rsquo;s office.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
shall, to the fullest extent permitted by law, but only out of USL assets, indemnify and hold harmless a general partner and each
officer, director, stockholder, partner, employee or agent thereof (including persons who serve at USL&rsquo;s request as directors,
officers or trustees of another organization in which USL has an interest as a shareholder, creditor or otherwise) and their respective
Legal Representatives and successors (hereinafter referred to as a &ldquo;Covered Person&rdquo;) against all liabilities and expenses,
including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees
reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceedings,
whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may
have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter,
by reason of an alleged act or omission as a general partner or director or officer thereof, or by reason of its being or having
been such a general partner, director or officer, except with respect to any matter as to which such Covered Person shall have
been finally adjudicated in any such action, suit or other proceeding not to have acted in good faith in the reasonable belief
that such Covered Person&rsquo;s action was in the best interest of USL, and except that no Covered Person shall be indemnified
against any liability to USL or limited partners to which such Covered Person would otherwise be subject by reason of willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person&rsquo;s
office. Expenses, including counsel fees so incurred by any such Covered Person, may be paid from time to time by USL in advance
of the final disposition of any such action, suit or proceeding on the condition that the amounts so paid shall be repaid to USL
if it is ultimately determined that the indemnification of such expenses is not authorized hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A NAME="i21115a025"></A><B>Meetings
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Meetings
of limited partners may be called by USCF and may be called by it upon the written request of limited partners holding at least
20% of the outstanding shares of USL. USCF shall deposit written notice to all limited partners of the meeting and the purpose
of the meeting, which shall be held on a date not less than 30 nor more than 60 days after the date of mailing of such notice,
at a reasonable time and place. USCF may also call a meeting upon not less than 20 and not more than 60 days prior notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Each
limited partner appoints USCF and each of its authorized officers as its attorney-in-fact with full power and authority in its
name, place and stead to execute, swear to, acknowledge, deliver, file and record all ballots, consents, approval waivers, certificates
and other instruments necessary or appropriate, in the sole discretion of USCF, to make, evidence, give, confirm or ratify any
vote, consent, approval, agreement or other action that is made or given by the partner of USL. However, when the LP Agreement
establishes a percentage of the limited partners required to take any action, USCF may exercise such power of attorney made only
after the necessary vote, consent or approval of the limited partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a026"></A><B>Termination
Events </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
will dissolve at any time upon the happening of any of the following events:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    bankruptcy, dissolution, withdrawal, or removal of USCF, unless a majority in interest of the limited partners within 90 days
    after such event elects to continue USL and appoints a successor general partner; or</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    affirmative vote of a majority in interest of the limited partners, provided that prior to or concurrently with such vote,
    there shall have been established procedures for the assumption of USL&rsquo;s obligations arising under any agreement to
    which USL is a party and which is still in force immediately prior to such vote regarding termination, and there shall have
    been an irrevocable appointment of an agent who shall be empowered to give and receive notices, reports and payments under
    such agreements, and hold and exercise such other powers as are necessary to permit all other parties to such agreements to
    deal with such agent as if the agent were the sole owner of USL&rsquo;s interest, which procedures are agreed to in writing
    by each of the other parties to such agreements.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A NAME="i21115a027"></A><B>Provisions
of Law </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">According
to applicable law, indemnification of USCF is payable only if USCF determined, in good faith, that the act, omission or conduct
that gave rise to the claim for indemnification was in the best interest of USL and the act, omission or activity that was the
basis for such loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss
was not the result of negligence or misconduct by USCF, and such indemnification or agreement to hold harmless is recoverable
only out of the assets of USL and not from the members, individually.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Provisions
of Federal and State Securities Laws </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This
offering is made pursuant to federal and applicable state securities laws. The SEC and state securities agencies take the position
that indemnification of USCF that arises out of an alleged violation of such laws is prohibited unless certain conditions are
met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Those
conditions require that no indemnification of USCF or any underwriter for USL may be made in respect of any losses, liabilities
or expenses arising from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful
adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification and
the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the
claims against the party seeking indemnification and finds that indemnification of the settlement and related costs should be
made, provided that, before seeking such approval, USCF or other indemnitee must apprise the court of the position held by regulatory
agencies against such indemnification. These agencies are the SEC and the securities administrator of the State or States in which
the plaintiffs claim they were offered or sold membership interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><B><I>Provisions of the 1933
Act and NASAA Guidelines </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Insofar
as indemnification for liabilities arising under the 1933 Act may be permitted to USCF or its directors, officers, or persons
controlling USL, USL has been informed that SEC and the various State administrators believe that such indemnification is against
public policy as expressed in the 1933 Act and the North American Securities Administrators Association, Inc. (&ldquo;NASAA&rdquo;)
commodity pool guidelines and is therefore unenforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A NAME="i21115a028"></A><B>Books
and Records </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
keeps its books of record and account at its office located at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California
94596 or at the offices of the Administrator at its office located at 50 Post Office Square, Boston, Massachusetts, 02110, or
such office, including of an administrative agent, as it may subsequently designate upon notice. These books and records are open
to inspection by any person who establishes to USL&rsquo;s satisfaction that such person is a limited partner upon reasonable
advance notice at all reasonable times during the usual business hours of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
keeps a copy of USL&rsquo;s LP Agreement on file in its office which is available for inspection on reasonable advance notice
at all reasonable times during its usual business hours by any limited partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A NAME="i21115a029"></A><B>Statements,
Filings, and Reports </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">At
the end of each fiscal year, USL will furnish to banks, broker dealers and trust companies (&ldquo;DTC Participants&rdquo;) for
distribution to each person who is a shareholder at the end of the fiscal year an annual report containing USL&rsquo;s audited
financial statements and other information about USL. USCF is responsible for the registration and qualification of the shares
under the federal securities laws and federal commodities laws and any other securities and blue-sky laws of the United States
or any other jurisdiction as USCF may select. USCF is responsible for preparing all reports required by the SEC, NYSE Arca and
the CFTC, but has entered into an agreement with the Administrator to prepare these reports as required by the SEC, CFTC and the
NYSE Arca on USL&rsquo;s behalf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
financial statements of USL will be audited, as required by law and as may be directed by USCF, by an independent registered public
accounting firm designated from time to time by USCF. The accountants report will be furnished by USL to shareholders upon request.
USL will make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is advised by its
counsel or accountants are from time to time required by any applicable statute, rule or regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Reports
to Limited Partners </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition to periodic reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K, all of which can be accessed on the SEC&rsquo;s website at <I>www.sec.gov</I> or on USL&rsquo;s website at
<I>www.uscfinvestments.com</I>, USL, pursuant to the LP Agreement, will provide the following reports to limited partners in the
manner prescribed below:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Annual
Reports.</I> Within 90 days after the end of each fiscal year, USCF shall cause to be delivered to each limited partner who was
a limited partner at any time during the fiscal year, an annual report containing the following:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding-bottom: 9pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></td>
    <TD STYLE="padding-bottom: 9pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">financial
    statements of the partnership, including, without limitation, a balance sheet as of the end of the partnership&rsquo;s fiscal
    year and statements of income, partners&rsquo; equity and changes in financial position, for such fiscal year, which shall
    be prepared in accordance with accounting principles generally accepted in the United States of America consistently applied
    and shall be audited by a firm of independent certified public accountants registered with the Public Company Accounting Oversight
    Board,</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 9pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></td>
    <TD STYLE="padding-bottom: 9pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
    general description of the activities of the partnership during the period covered by the report, and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iii)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a report of any material
    transactions between the partnership and USCF or any of its affiliates, including fees or compensation paid by the partnership
    and the services performed by USCF or any such affiliate for such fees or compensation.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Quarterly
Reports.</I> Within 45 days after the end of each quarter of each fiscal year, USCF shall cause to be delivered to each limited
partner who was a limited partner at any time during the quarter then ended, a quarterly report containing a balance sheet and
statement of income for the period covered by the report, each of which may be unaudited but shall be certified by USCF as fairly
presenting the financial position and results of operations of the partnership during the period covered by the report. The report
shall also contain a description of any material event regarding the business of the partnership during the period covered by
the report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Monthly
Reports.</I> Within 30 days after the end of each month, USCF shall cause to be posted on its website and, upon request, to be
delivered to each limited partner who was a limited partner at any time during the month then ended, a monthly report containing
an account statement, which will include a statement of income (loss) and a statement of changes in NAV, for the prescribed period.
In addition, the account statement will disclose any material business dealings between the partnership, USCF, commodity trading
advisor (if any), FCMs, or the principals thereof that previously have not been disclosed in this prospectus or any amendment
thereto, other account statements or annual reports.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
will provide information to its shareholders to the extent required by applicable SEC, CFTC, and NYSE Arca requirements. An issuer,
such as USL, of exchange-traded securities may not always readily know the identities of the investors who own those securities.
USL will post the same information that would otherwise be provided in USL&rsquo;s reports to limited partners described above
including its monthly account statements, which will include, without limitation, USL&rsquo;s NAV, on USL&rsquo;s website <I>www.uscfinvestments.com</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a030"></A><B>Fiscal
Year </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The fiscal
year of USL is the calendar year. USCF may select an alternate fiscal year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a031"></A><B>Governing
Law; Consent to Delaware Jurisdiction </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
rights of USCF, USL, DTC (as registered owner of USL&rsquo;s global certificate for shares) and the shareholders, are governed
by the laws of the State of Delaware. USCF, USL and DTC and, by accepting shares, each DTC Participant and each shareholder, consent
to the jurisdiction of the courts of the State of Delaware and any federal courts located in Delaware. Such consent is not required
for any person to assert a claim of Delaware jurisdiction over USCF or USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a032"></A><B>Legal
Matters </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Litigation and Claims
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">From
time to time, USL may be involved in legal proceedings arising primarily out of the ordinary course of business. USL is not currently
party to any material legal proceedings. In addition, USCF, as the general partner of USL and the Related Public Funds may, from
time to time, be involved in litigation arising out of its operations in the ordinary course of business. Except as described
below, USCF is not currently party to any material legal proceedings.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>SEC
and CFTC Wells Notices</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
August 17, 2020, USCF, USO, and John Love received a &ldquo;Wells Notice&rdquo; from the staff of the SEC (the &ldquo;SEC Wells
Notice&rdquo;). The SEC Wells Notice relates to USO&rsquo;s disclosures in late April and early May regarding constraints imposed
on USO&rsquo;s ability to invest in Oil Futures Contracts. The SEC Wells Notice states that the SEC staff has made a preliminary
determination to recommend that the SEC file an enforcement action against USCF, USO, and Mr. Love alleging violations of Sections
17(a)(1) and 17(a)(3) of the Exchange Act and Section 10(b) of the 1934 Act and Rule 10b-5 thereunder, in each case with
respect to its disclosures and USO&rsquo;s actions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
August 19, 2020, USCF, USO, and Mr. Love received a Wells Notice from the staff of the CFTC (the &ldquo;CFTC Wells Notice&rdquo;).
The CFTC Wells Notice states that the CFTC staff has made a preliminary determination to recommend that the CFTC file an enforcement
action against USCF, USO, and Mr. Love alleging violations of Sections 4o(1)(A) and (B) and 6(c)(1) of the CEA, 7 U.S.C. &sect;&sect;
6o(1)(A), (B), 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a), 17 C.F.R. &sect;&sect; 4.26, 4.41, 180.1(a) (2019),
in each case with respect to its disclosures and USO&rsquo;s actions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law. USCF,
USO, and Mr. Love maintain that USO&rsquo;s disclosures and their actions were appropriate. They intend to vigorously contest
the allegations made by the SEC staff in the SEC Wells Notice and the CFTC staff in the CFTC Wells Notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>In
re: United States Oil Fund, LP Securities Litigation</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
June 19, 2020, USCF, USO, John P. Love, and Stuart P. Crumbaugh were named as defendants in a putative class action filed by purported
shareholder Robert Lucas (the &ldquo;Lucas Class Action&rdquo;). The Court thereafter consolidated the Lucas Class Action with
two related putative class actions filed on July 31, 2020 and August 13, 2020, and appointed a lead plaintiff. The consolidated
class action is pending in the U.S. District Court for the Southern District of New York under the caption <I>In re: United States
Oil Fund, LP Securities Litigation,</I> Civil Action No. 1:20-cv-04740.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
November 30, 2020, the lead plaintiff filed an amended complaint (the &ldquo;Amended Lucas Class Complaint&rdquo;). The Amended
Lucas Class Complaint asserts claims under the Exchange Act, the 1934 Act, and Rule 10b-5. The Amended Lucas Class Complaint
challenges statements in registration statements that became effective on February 25, 2020 and March 23, 2020 as well as subsequent
public statements through April 2020 concerning certain extraordinary market conditions and the attendant risks that caused the
demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The Amended
Lucas Class Complaint purports to have been brought by an investor in USO on behalf of a class of similarly-situated shareholders
who purchased USO securities between February 25, 2020 and April 28, 2020 and pursuant to the challenged registration statements.
The Amended Lucas Class Complaint seeks to certify a class and to award the class compensatory damages at an amount to be determined
at trial as well as costs and attorney&rsquo;s fees. The Amended Lucas Class Complaint named as defendants USCF, USO, John P.
Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm
R. Fobes III, as well as the marketing agent, ALPS Distributors, Inc., and the Authorized Participants: ABN Amro, BNP Paribas
Securities Corporation, Citadel Securities LLC, Citigroup Global Markets, Inc., Credit Suisse Securities USA LLC, Deutsche Bank
Securities Inc., Goldman Sachs &amp; Company, J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corporation, Morgan
Stanley &amp; Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities
LLC, and Virtu Financial BD LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
lead plaintiff has filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities
LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley &amp; Company,
Inc., Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF,
USO, and the individual defendants in <I>In re: United States Oil Fund, LP Securities Litigation</I> intend to vigorously contest
such claims and move for their dismissal.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Wang
Class Action</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
July 10, 2020, purported shareholder Momo Wang filed a putative class action complaint, individually and on behalf of others similarly
situated, against defendants USO, USCF, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F. Ngim, Robert L. Nguyen,
Peter M. Robinson, Gordon L. Ellis, Malcolm R. Fobes, III, ABN Amro, BNP Paribas Securities Corp., Citadel Securities LLC, Citigroup
Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs &amp; Company, JP Morgan Securities
Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley &amp; Company Inc., Nomura Securities International Inc., RBC
Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC, in the U.S. District Court for
the Northern District of California as Civil Action No. 3:20-cv-4596 (the &ldquo;Wang Class Action&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Wang Class Action asserted federal securities claims under the 1933 Act, challenging disclosures in a March 19, 2020 registration
statement. It alleged that the defendants failed to disclose to investors in USO certain extraordinary market conditions and the
attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia
oil price war. The Wang Class Action was voluntarily dismissed on August 4, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Mehan
Action</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
August 10, 2020, purported shareholder Darshan Mehan filed a derivative action on behalf of nominal defendant USO, against defendants
USCF, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis,
and Malcolm R. Fobes, III (the &ldquo;Mehan Action&rdquo;). The action is pending in the Superior Court of the State of California
for the County of Alameda as Case No. RG20070732.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Mehan Action alleges that the defendants breached their fiduciary duties to USO and failed to act in good faith in connection
with a March 19, 2020 registration statement and offering and disclosures regarding certain extraordinary market conditions that
caused demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war.
The complaint seeks, on behalf of USO, compensatory damages, restitution, equitable relief, attorney&rsquo;s fees, and costs.
All proceedings in the Mehan Action are stayed pending disposition of the motion(s) to dismiss in <I>In re: United States Oil
Fund, LP Securities Litigation</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF,
USO, and the other defendants intend to vigorously contest such claims.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>In
re United States Oil Fund, LP Derivative Litigation</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
August 27, 2020, purported shareholders Michael Cantrell and AML Pharm. Inc. DBA Golden International filed two separate derivative
actions on behalf of nominal defendant USO, against defendants USCF, John P. Love, Stuart P. Crumbaugh, Andrew F Ngim, Gordon
L. Ellis, Malcolm R. Fobes, III, Nicholas D. Gerber, Robert L. Nguyen, and Peter M. Robinson in the U.S. District Court for the
Southern District of New York at Civil Action No. 1:20-cv-06974 (the &ldquo;Cantrell Action&rdquo;) and Civil Action No. 1:20-cv-06981
(the &ldquo;AML Action&rdquo;), respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
complaints in the Cantrell and AML Actions are nearly identical. They each allege violations of Sections 10(b), 20(a) and 21D
of the Exchange Act, Rule 10b-5 thereunder, and common law claims of breach of fiduciary duties, unjust enrichment, abuse
of control, gross mismanagement, and waste of corporate assets. These allegations stem from USO&rsquo;s disclosures and defendants&rsquo;
alleged actions in light of the extraordinary market conditions in 2020 that caused demand for oil to fall precipitously, including
the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaints seek, on behalf of USO, compensatory damages,
restitution, equitable relief, attorney&rsquo;s fees, and costs. The plaintiffs in the Cantrell and AML Actions have marked their
actions as related to the Lucas Class Action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
September 9, 2020, the Court entered an order consolidating the Cantrell and AML Actions under the caption <I>In re United States
Oil Fund, LP Derivative Litigation,</I> Civil Action No. 1:20-cv-06974 and appointing co-lead counsel. All proceedings in <I>In
re United States Oil Fund, LP Derivative Litigation</I> are stayed pending disposition of the motion(s) to dismiss in <I>In re:
United States Oil Fund, LP Securities Litigation. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF,
USO, and the other defendants intend to vigorously contest the claims in <I>In re United States Oil Fund, LP Derivative Litigation</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Legal
Opinion </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Eversheds
Sutherland (US) LLP is counsel to and advises USL and USCF with respect to the preparation of shares being offered hereby and
has passed upon the validity of the shares being issued hereunder. Eversheds Sutherland (US) LLP has also provided USL with its
opinion with respect to federal income tax matters addressed herein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Experts
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Spicer
Jeffries LLP, an independent registered public accounting firm, has audited the statements of financial condition of USL as of
December 31, 2020 and December 31, 2019, including the schedule of investments as of December 31, 2020 and 2019, and the related
statements of operations, changes in partners&rsquo; capital and cash flows for the years ended December 31, 2020, 2019 and 2018,
that appear in the annual report on Form 10-K that is incorporated by reference. The financial statements of USL in the Form 10-K
were included herein in reliance upon the report of Spicer Jeffries LLP dated February 26, 2021, given on its authority of such
firm as experts in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a033"></A><B>U.S.
Federal Income Tax Considerations </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following discussion summarizes the material U.S. federal income tax consequences of the purchase, ownership and disposition of
shares in USL, and the U.S. federal income tax treatment of USL, as of the date hereof. This discussion is applicable to a beneficial
owner of shares who purchases shares in the offering to which this prospectus relates, including a beneficial owner who purchases
shares from an Authorized Participant. Except where noted otherwise, it deals only with shares held as capital assets and does
not deal with special situations, such as those of dealers in securities or currencies, financial institutions, tax-exempt entities,
insurance companies, persons holding shares as a part of a position in a &ldquo;straddle&rdquo; or as part of a &ldquo;hedging,&rdquo;
&ldquo;conversion&rdquo; or other integrated transaction for federal income tax purposes, traders in securities or commodities
that elect to use a mark-to-market method of accounting, or holders of shares whose &ldquo;functional currency&rdquo; is not the
U.S. dollar. Furthermore, the discussion below is based upon the provisions of the Code, as amended, and regulations (&ldquo;Treasury
Regulations&rdquo;), rulings and judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked
or modified so as to result in U.S. federal income tax consequences different from those discussed below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Persons
considering the purchase, ownership or disposition of shares should consult their own tax advisors concerning the United States
federal income tax consequences in light of their particular situations as well as any consequences arising under the laws of
any other taxing jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
used herein, a &ldquo;U.S. shareholder&rdquo; of a share means a beneficial owner of a share that is a U.S. person. A &ldquo;U.S.
person,&rdquo; for United States federal income tax purposes, is (i) a citizen or resident of the United States, (ii) a corporation
or partnership created or organized in or under the laws of the United States or any political subdivision thereof, (iii) an estate
the income of which is subject to United States federal income taxation regardless of its source or (iv) a trust (X) that is subject
to the supervision of a court within the United States and the control of one or more United States persons as described in section
7701(a)(30) of the Code or (Y) that has a valid election in effect under applicable Treasury Regulations to be treated as a United
States person. A &ldquo;non-U.S. shareholder&rdquo; is a holder that is not a U.S. shareholder and a &ldquo;non-U.S. person&rdquo;
is an individual or entity that is not a U.S. person. If a partnership holds our shares, the tax treatment of a partner will generally
depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our
shares, you should consult your own tax advisor regarding the tax consequences.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
has received the opinion of Eversheds Sutherland (US) LLP, counsel to USL, that the material U.S. federal income tax consequences
to USL and to U.S. shareholders and non-U.S. shareholders will be as described below. In rendering its opinion, Eversheds Sutherland
(US) LLP has relied on the facts described in this prospectus as well as certain factual representations made by USL and USCF.
The opinion of Eversheds Sutherland (US) LLP is not binding on the IRS, and as a result, the IRS may not agree with the tax positions
taken by USL. If challenged by the IRS, USL&rsquo;s tax positions might not be sustained by the courts. No ruling has been requested
from the IRS with respect to any matter affecting USL or prospective investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">EACH
PROSPECTIVE INVESTOR IS ADVISED TO CONSULT ITS OWN TAX ADVISOR AS TO HOW U.S. FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT
IN USL APPLY TO YOU AND AS TO HOW THE APPLICABLE STATE, LOCAL OR FOREIGN TAXES APPLY TO YOU.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><B><I>Tax Status of USL </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
is organized and operated as a limited partnership in accordance with the provisions of the LP Agreement and applicable state
law. Under the Code, an entity classified as a partnership that is deemed to be a &ldquo;publicly traded partnership&rdquo; is
generally taxable as a corporation for federal income tax purposes. The Code provides an exception to this general rule for a
publicly traded partnership whose gross income for each taxable year of its existence consists of at least 90% &ldquo;qualifying
income&rdquo; (&ldquo;qualifying income exception&rdquo;). For this purpose, section 7704 defines &ldquo;qualifying income&rdquo;
as including, in pertinent part, interest (other than from a financial business), dividends and gains from the sale or disposition
of capital assets held for the production of interest or dividends. In addition, in the case of a partnership a principal activity
of which is the buying and selling of commodities (other than as inventory) or of futures, forwards and options with respect to
commodities, &ldquo;qualifying income&rdquo; includes income and gains from such commodities and futures, forwards and options
with respect to commodities. USL and USCF have represented the following to Eversheds Sutherland (US) LLP:</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">At
    least 90% of USL&rsquo;s gross income for each taxable year will be derived from (i) income and gains from commodities (not
    held as inventory) or futures, forwards, options, swaps and other notional principal contracts with respect to commodities,
    and (ii) interest income;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">USL
    is organized and operated in accordance with its governing agreements and applicable law;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">USL
    has not elected, and will not elect, to be classified as a corporation for U.S. federal income tax purposes.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Based
in part on these representations, Eversheds Sutherland (US) LLP is of the opinion that USL will be classified as a partnership
for federal income tax purposes and that it is not taxable as a corporation for such purposes. USL&rsquo;s taxation as a partnership
rather than a corporation will require USCF to conduct USL&rsquo;s business activities in such a manner that it satisfies the
qualifying income exception on a continuing basis. No assurance can be given that USL&rsquo;s operations for any given year will
produce income that satisfies the requirements of the qualifying income exception. Eversheds Sutherland (US) LLP will not review
USL&rsquo;s ongoing compliance with these requirements and will have no obligation to advise USL or USL&rsquo;s shareholders in
the event of any subsequent change in the facts, representations or applicable law relied upon in reaching its opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
USL failed to satisfy the qualifying income exception in any year, other than a failure that is determined by the IRS to be inadvertent
and that is cured within a reasonable time after discovery, USL would be taxable as a corporation for federal income tax purposes
and would pay federal income tax on its income at regular corporate rates. In that event, shareholders would not report their
share of USL&rsquo;s income or loss on their returns. In addition, distributions to shareholders would be treated as dividends
to the extent of USL&rsquo;s current and accumulated earnings and profits. Subject to holding period and other requirements, any
such dividend would be a qualifying dividend subject to U.S. federal income tax at the lower maximum tax rates applicable to long-term
capital gains. To the extent a distribution exceeded USL&rsquo;s earnings and profits, the distribution would be treated as a
return of capital to the extent of a shareholder&rsquo;s basis in its shares, and thereafter as gain from the sale of shares.
Accordingly, if USL were to be taxable as a corporation, it would likely have a material adverse effect on the economic return
from an investment in USL and on the value of the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
remainder of this summary assumes that USL is classified as a partnership for federal income tax purposes and that it is not taxable
as a corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>U.S.
Shareholders </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Tax
Consequences of Ownership of Shares </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Taxation
of USL&rsquo;s Income.</I> No U.S. federal income tax is paid by USL on its income. Instead, USL files annual information returns,
and each U.S. shareholder is required to report on its U.S. federal income tax return its allocable share of the income, gain,
loss, deduction, and credit of USL. For example, shareholders must take into account their share of ordinary income realized by
USL from accruals of interest on Treasuries and other investments, and their share of gain from Oil Interests. These items must
be reported without regard to the amount (if any) of cash or property the shareholder receives as a distribution from USL during
the taxable year. Consequently, a shareholder may be allocated income or gain by USL but receive no cash distribution with which
to pay its tax liability resulting from the allocation, or may receive a distribution that is insufficient to pay such liability.
Because USCF currently does not intend to make distributions, it is likely that in any year USL realizes net income and/or gain
that a U.S. shareholder will be required to pay taxes on its allocable share of such income or gain from sources other than USL
distributions. In addition, individuals with income in excess of $200,000 ($250,000 in the case of married individuals filing
jointly) and certain estates and trusts are subject to an additional 3.8% tax on their &ldquo;net investment income,&rdquo; which
generally includes net income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain
amounts earned from trades or businesses). The income subject to the additional 3.8% tax includes any income from businesses involved
in the trading of financial instruments or commodities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Allocations
of USL&rsquo;s Profit and Loss.</I>&nbsp;Under Code section 704, the determination of a partner&rsquo;s distributive share of
any item of income, gain, loss, deduction or credit is governed by the applicable organizational document unless the allocation
provided by such document lacks &ldquo;substantial economic effect.&rdquo; An allocation that lacks substantial economic effect
nonetheless will be respected if it is in accordance with the partners&rsquo; interests in the partnership, determined by taking
into account all facts and circumstances relating to the economic arrangements among the partners. Subject to the discussion below,
concerning certain conventions to be used by USL, allocations of USL income pursuant to the Partnership Agreement should be considered
as having substantial economic effect or as being in accordance with a shareholder&rsquo;s interest in USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
general, USL applies a monthly closing-of-the-books convention in determining allocations of economic profit or loss to shareholders.
Income, gain, loss and deduction are determined on a monthly &ldquo;mark-to-market&rdquo; basis, taking into account our accrued
income and deductions and realized and unrealized gains and losses for the month. Items of taxable income, deduction, gain, loss
and credit recognized by USL for federal income tax purposes for any taxable year are allocated among holders in a manner that
equitably reflects the allocation of economic profit or loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under
the modified monthly allocation convention used by USL, the investor who holds a share as of the close of business on the last
trading day of the previous month will be treated for purposes of making allocations as if it owned the share throughout the current
month even if such investor disposes of such share during the current month. For example, an investor who buys a share on April
10 of a year and sells it on May 20 of the same year will be allocated all of the tax items attributable to May (because he is
deemed to hold it through the last day of May) but will not be allocated any of the tax items attributable to April. The tax items
attributable to that share for April will be allocated to the person who is the actual or deemed holder of the share as of the
close of business on the last trading day of March.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under
the monthly convention, an investor who purchases and sells a share during the same month, and therefore does not hold (and is
not deemed to hold) the share at the close of business on the last trading day of either that month or the previous month, will
receive no allocations with respect to that share for any period. Accordingly, investors may receive no allocations with respect
to shares that they actually held, or may receive allocations with respect to shares attributable to periods that they did not
actually hold the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">By
investing in shares, a U.S. Shareholder agrees that, in the absence of new legislation, regulatory or administrative guidance,
or judicial rulings to the contrary, it will file its U.S. income tax returns in a manner that is consistent with the monthly
allocation convention as described above and with the IRS Schedule K-1 or any successor form provided to shareholders by USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition, for any month in which a Creation Basket is issued or a Redemption Basket is redeemed, USL generally will credit or
debit the &ldquo;book&rdquo; capital accounts of its existing shareholders with any unrealized gain or loss on USL&rsquo;s assets.
The capital accounts as adjusted in this manner will be used in making tax allocations intended to account for the differences
between the tax basis and fair market value of the assets of USL at the time new shares are issued or outstanding shares are redeemed
(so-called &ldquo;reverse Code section 704(c) allocations&rdquo;). The intended effect of these adjustments is to equitably allocate
among shareholders any unrealized appreciation or depreciation in USL&rsquo;s assets existing at the time of a contribution or
redemption for book and tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
applies certain conventions in determining and allocating items for tax purposes in order to reduce the complexity and costs of
administration. USCF believes that application of these conventions is consistent with the intent of the partnership provisions
of the Code and the applicable Treasury Regulations, and that the resulting allocations will have substantial economic effect
or otherwise should be respected as being in accordance with shareholders&rsquo; interests in USL for federal income tax purposes.
The Code and existing Treasury Regulations do not expressly permit adoption of these conventions although the monthly allocation
convention described above is consistent with methods permitted under the applicable Treasury Regulations, as well as the legislative
history for the provisions that require allocations to appropriately reflect changes in ownership interests. It is possible that
the IRS could successfully challenge USL&rsquo;s allocations methods on the ground that they do not satisfy the technical requirements
off the Code or Treasury Regulations, requiring a shareholder to report a greater or lesser share of items of income, gain, loss,
deduction, or credit than if our method were respected. USCF is authorized to revise our allocation method to conform to any method
permitted under future Treasury Regulations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
assumptions and conventions used in making tax allocations may cause a shareholder to be allocated more or less income or loss
for federal income tax purposes than its proportionate share of the economic income or loss realized by USL during the period
it held its shares. This &ldquo;mismatch&rdquo; between taxable and economic income or loss in some cases may be temporary, reversing
itself in a later period when the shares are sold, but could be permanent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Section
754 Election</I>. USL has made the election permitted by section 754 of the Code, which election is irrevocable without the consent
of the Service. The effect of this election is that, in connection with secondary market sales, we adjust the purchaser&rsquo;s
proportionate share of the tax basis of our assets to fair market value, as reflected in the price paid for the shares, as if
the purchaser had directly acquired an interest in our assets. The section 754 election is intended to eliminate disparities between
a partner&rsquo;s basis in its partnership interest and its share of the tax bases of the partnership&rsquo;s assets, so that
the partner&rsquo;s allocable share of taxable gain or loss on a disposition of an asset will correspond to its share of the appreciation
or depreciation in the value of the asset since it acquired its interest. Depending on the price paid for shares and the tax bases
of USL&rsquo;s assets at the time of the purchase, the effect of the section 754 election on a purchaser of shares may be favorable
or unfavorable. In order to make the appropriate basis adjustments in a cost-effective manner, USL will use certain simplifying
conventions and assumptions. In particular, all transfers of shares in USL will be deemed to take place at a price (the &ldquo;single
monthly price&rdquo;) equal to the value of such share at the end of the Business Day during the month in which the transfer takes
place on which the value of a share is lowest at close of the market. Adjustments to be made under Sections 734(b) and 743(b)
of the Code will be made using the same monthly convention, including by reference to the single monthly price. It is possible
the IRS will successfully assert that the conventions and assumptions applied are improper and require different basis adjustments
to be made, which could adversely affect some shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Mark
to Market of Certain Exchange-Traded Contracts.</I> For federal income tax purposes, USL generally is required to use a &ldquo;mark-to-market&rdquo;
method of accounting under which unrealized gains and losses on instruments constituting &ldquo;section 1256 contracts&rdquo;
are recognized currently. A section 1256 contract is defined as: (1) a futures contract that is traded on or subject to the rules
of a national securities exchange which is registered with the SEC, a domestic board of trade designated as a contract market
by the CFTC, or any other board of trade or exchange designated by the Secretary of the Treasury, and with respect to which the
amount required to be deposited and the amount that may be withdrawn depends on a system of &ldquo;marking to market&rdquo;; (2)
a forward contract on exchange-traded foreign currencies, where the contracts are traded in the interbank market; (3) a non-equity
option traded on or subject to the rules of a qualified board or exchange; (4) a dealer equity option; or (5) a dealer securities
futures contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under
these rules, section 1256 contracts held by USL at the end of each taxable year, including for example Futures Contracts and options
on Futures Contracts traded on a U.S. exchange or board of trade or certain foreign exchanges, are treated as if they were sold
by USL for their fair market value on the last business day of the taxable year. A shareholder&rsquo;s distributive share of USL&rsquo;s
net gain or loss with respect to each section 1256 contract generally is treated as long-term capital gain or loss to the extent
of 60 percent thereof, and as short-term capital gain or loss to the extent of 40 percent thereof, without regard to the actual
holding period (&ldquo;60 &mdash; 40 treatment&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Many
of USL&rsquo;s Futures Contracts and some of their other commodity interests will qualify as &ldquo;section 1256 contracts&rdquo;
under the Code. Gain or loss recognized through disposition, termination or marking-to-market of USL&rsquo;s section 1256 contracts
will be subject to 60 &mdash; 40 treatment and allocated to shareholders in accordance with the monthly allocation convention.
Cleared swaps and other commodity swaps will most likely not qualify as section 1256 contracts. If a commodity swap is not treated
as a section 1256 contract, any gain or loss on the swap recognized at the time of disposition or termination will be long-term
or short-term capital gain or loss depending on the holding period of the swap.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Limitations
on Deductibility of Losses and Certain Expenses.</I> A number of different provisions of the Code may defer or disallow the deduction
of losses or expenses allocated to you by USL, including but not limited to those described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
shareholder&rsquo;s deduction of its allocable share of any loss of USL is limited to the lesser of (1) the tax basis in its shares
or (2) in the case of a shareholder that is an individual or a closely held corporation, the amount which the shareholder is considered
to have &ldquo;at risk&rdquo; with respect to our activities. In general, the amount at risk will be your invested capital plus
your share of any recourse debt of USL for which you are liable. Losses in excess of the lesser of tax basis or the amount at
risk must be deferred until years in which USL generates additional taxable income against which to offset such carryover losses
or until additional capital is placed at risk.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Noncorporate
taxpayers are permitted to deduct capital losses only to the extent of their capital gains for the taxable year plus $3,000 of
other income. Unused capital losses can be carried forward and used to offset capital gains in future years. In addition, a noncorporate
taxpayer may elect to carry back net losses on section 1256 contracts to each of the three preceding years and use them to offset
section 1256 contract gains in those years, subject to certain limitations. Corporate taxpayers generally may deduct capital losses
only to the extent of capital gains, subject to special carryback and carryforward rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">For
taxable years beginning before January 1, 2026, otherwise deductible expenses incurred by noncorporate taxpayers constituting
&ldquo;miscellaneous itemized deductions,&rdquo; generally including investment-related expenses (other than interest and certain
other specified expenses), are not deductible. For taxable years beginning on or after January 1, 2026, such miscellaneous itemized
deductions are deductible only to the extent they exceed 2 percent of the taxpayer&rsquo;s adjusted gross income for the year.
Although the matter is not free from doubt, we believe management fees we pay to USCF and other expenses we incur will constitute
investment-related expenses subject to the miscellaneous itemized deduction limitation, rather than expenses incurred in connection
with a trade or business, and will report these expenses consistent with that interpretation. In addition, for taxable years beginning
on or after January 1, 2026, the Code imposes additional limitations on the amount of certain itemized deductions allowable to
individuals with adjusted gross income in excess of certain amounts by reducing the otherwise allowable portion of such deductions
by an amount equal to the lesser of:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">3%
    of the individual&rsquo;s adjusted gross income in excess of certain threshold amounts; or</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">80%
    of the amount of certain itemized deductions otherwise allowable for the taxable year.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">For
taxable years beginning before January 1, 2026, noncorporate shareholders are entitled to a deduction (subject to certain limitations)
equal to their &ldquo;combined qualified business income.&rdquo; &ldquo;Combined qualified business income&rdquo; for this purpose
includes 20% of a noncorporate taxpayer&rsquo;s &ldquo;qualified publicly traded partnership income.&rdquo; In general, &ldquo;qualified
publicly traded partnership income&rdquo; includes a noncorporate taxpayer&rsquo;s allocable share of &ldquo;qualified items&rdquo;
of income, gain, deduction, and loss. A &ldquo;qualified item&rdquo; for this purpose is an item of income, gain deduction, or
loss that is effectively connected with a US trade or business and includible income for the year. As discussed below, although
the matter is not free from doubt, USL believes that the activities directly conducted by USL will not result in USL being engaged
in a trade or business within in the United States. <I>See </I>&ldquo;Non-U.S. Shareholders&mdash;Withholding on Allocations and
Distributions&rdquo; below. As a result, we do not anticipate that any of our items of income, gain, deduction, or loss will be
reported as &ldquo;qualified publicly traded partnership income&rdquo; eligible for the deduction for &ldquo;combined qualified
business income.&rdquo; &ldquo;Qualified publicly traded partnership income&rdquo; also includes any gain or loss from the sale
of an interest in a partnership to extent attributable to &ldquo;unrealized receivables&rdquo; or &ldquo;inventory&rdquo; under
section 751. (For a discussion of section 751, <I>see</I> &ldquo;Tax Consequences of Disposition of Shares&rdquo; below.) A noncorporate
taxpayer that recognizes any gain or loss from the sale of an interest in USL that is attributable to &ldquo;unrealized receivables&rdquo;
or &ldquo;inventory&rdquo; under section 751 should consult with such taxpayer&rsquo;s tax advisor to determine whether any portion
of such gain or loss constitutes &ldquo;qualified publicly traded partnership income&rdquo; eligible for the deduction for &ldquo;combined
qualified business income.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
taxpayer is generally prohibited from deducting business interest to the extent that it exceeds the sum of (i) business interest
income of such taxpayer, (ii) 30% of the adjusted taxable income of such taxpayer, plus (iii) the floor plan financing interest
of such taxpayer. In the case of partnerships, this determination is made at the partnership level. To the extent that the business
income of the partnership exceeds the amount necessary to absorb all of the partnership&rsquo;s business interest, such excess
amount is allocated to the partners as excess business income, which amount may be used against any business interest of the partner
(but not any other partnerships). To the extent that the partnership has any disallowed business interest expense, such amount
is allocated among the partners, reduces the partners&rsquo; outside basis in their partnership interests by their allocable shares,
and is carried forward to future years. Such carry forward may only be used as a deduction to the extent that the partnership
has excess business income in the future. In the event that a partner transfers a partnership interest with any excess business
interest carry forward amounts, such amounts increase the partner&rsquo;s basis in its partnership interest immediately before
the transfer. Although it is not free from doubt, USL does not anticipate that it will be treated as engaged in a trade or business.
As a result, USL does not anticipate that any portion of its interest expense (if any) will constitute business interest or that
shareholders will be allocated any excess business income as a result of holding USL shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Noncorporate
shareholders generally may deduct &ldquo;investment interest expense&rdquo; only to the extent of their &ldquo;net investment
income.&rdquo; Investment interest expense of a shareholder will generally include any interest accrued by USL and any interest
paid or accrued on direct borrowings by a shareholder to purchase or carry its shares, such as interest with respect to a margin
account. Net investment income generally includes gross income from property held for investment (including &ldquo;portfolio income&rdquo;
under the passive loss rules but not, absent an election, long-term capital gains or certain qualifying dividend income) less
deductible expenses other than interest directly connected with the production of investment income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">To
the extent that we allocate losses or expenses to you that must be deferred or are disallowed as a result of these or other limitations
in the Code, you may be taxed on income in excess of your economic income or distributions (if any) on your shares. As one example,
you could be allocated and required to pay tax on your share of interest income accrued by USL for a particular taxable year,
and in the same year be allocated a share of a capital loss that you cannot deduct currently because you have insufficient capital
gains against which to offset the loss. As another example, you could be allocated and required to pay tax on your share of interest
income and capital gain for a year, but be unable to deduct some or all of your share of management fees and/or margin account
interest incurred by you with respect to your shares. Shareholders are urged to consult their own professional tax advisors regarding
the effect of limitations under the Code on your ability to deduct your allocable share of USL&rsquo;s losses and expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Tax Basis of Shares
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
shareholder&rsquo;s tax basis in its shares is important in determining (1) the amount of taxable gain or loss it will realize
on the sale or other disposition of its shares, (2) the amount of non-taxable distributions that it may receive from USL and (3)
its ability to utilize its distributive share of any losses of USL on its tax return. A shareholder&rsquo;s initial tax basis
of its shares will equal its cost for the shares plus its share of USL&rsquo;s liabilities (if any) at the time of purchase. In
general, a shareholder&rsquo;s &ldquo;share&rdquo; of those liabilities will equal the sum of (i) the entire amount of any otherwise
nonrecourse liability of USL as to which the shareholder or an affiliate is the creditor (a &ldquo;partner nonrecourse liability&rdquo;)
and (ii) a <I>pro rata</I> share of any nonrecourse liabilities of USL that are not partner nonrecourse liabilities as to any
shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
shareholder&rsquo;s tax basis in its shares generally will be (1) increased by (a) its allocable share of USL&rsquo;s taxable
income and gain and (b) any additional contributions by the shareholder to USL and (2) decreased (but not below zero) by (a) its
allocable share of USL&rsquo;s tax deductions and losses and (b) any distributions by USL to the shareholder. For this purpose,
an increase in a shareholder&rsquo;s share of USL&rsquo;s liabilities will be treated as a contribution of cash by the shareholder
to USL and a decrease in that share will be treated as a distribution of cash by USL to the shareholder. Pursuant to certain IRS
rulings, a shareholder will be required to maintain a single, &ldquo;unified&rdquo; basis in all shares that it owns. As a result,
when a shareholder that acquired its shares at different prices sells less than all of its shares, such shareholder will not be
entitled to specify particular shares (<I>e.g.</I>, those with a higher basis) as having been sold. Rather, it must determine
its gain or loss on the sale by using an &ldquo;equitable apportionment&rdquo; method to allocate a portion of its unified basis
in its shares to the shares sold.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Treatment
of USL Distributions.</I> If USL makes non-liquidating distributions to shareholders, such distributions generally will not be
taxable to the shareholders for federal income tax purposes except to the extent that the sum of (i) the amount of cash and (ii)
the fair market value of marketable securities distributed exceeds the shareholder&rsquo;s adjusted basis of its interest in USL
immediately before the distribution. Any cash distributions in excess of a shareholder&rsquo;s tax basis generally will be treated
as gain from the sale or exchange of shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Tax
Consequences of Disposition of Shares</I></B></FONT><FONT STYLE="font-size: 10pt"><B><I> </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
a shareholder sells its shares, it will recognize gain or loss equal to the difference between the amount realized and its adjusted
tax basis for the shares sold. A shareholder&rsquo;s amount realized will be the sum of the cash or the fair market value of other
property received plus its share of any USL debt outstanding.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Gain
or loss recognized by a shareholder on the sale or exchange of shares held for more than one year will generally be taxable as
long-term capital gain or loss; otherwise, such gain or loss will generally be taxable as short-term capital gain or loss. A special
election is available under the Treasury Regulations that will allow shareholders to identify and use the actual holding periods
for the shares sold for purposes of determining whether the gain or loss recognized on a sale of shares will give rise to long-term
or short-term capital gain or loss. It is expected that most shareholders will be eligible to elect, and generally will elect,
to identify and use the actual holding period for shares sold. If a shareholder fails to make the election or is not able to identify
the holding periods of the shares sold, the shareholder may have a split holding period in the shares sold. Under such circumstances,
a shareholder will be required to determine its holding period in the shares sold by first determining the portion of its entire
interest in USL that would give rise to long-term capital gain or loss if its entire interest were sold and the portion that would
give rise to short-term capital gain or loss if the entire interest were sold. The shareholder would then treat each share sold
as giving rise to long-term capital gain or loss and short-term capital gain or loss in the same proportions as if it had sold
its entire interest in USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under
Section 751 of the Code, a portion of a shareholder&rsquo;s gain or loss from the sale of shares (regardless of the holding period
for such shares), will be separately computed and taxed as ordinary income or loss to the extent attributable to &ldquo;unrealized
receivables&rdquo; or &ldquo;inventory&rdquo; owned by USL. The term &ldquo;unrealized receivables&rdquo; includes, among other
things, market discount bonds and short-term debt instruments to the extent such items would give rise to ordinary income if sold
by USL. However, the short-term capital gain on section 1256 contracts resulting from 60 &mdash; 40 treatment, described above,
should not be subject to this rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
some or all of your shares are lent by your broker or other agent to a third party &mdash; for example, for use by the third party
in covering a short sale &mdash; you may be considered as having made a taxable disposition of the loaned shares, in which case
&mdash;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">you
    may recognize taxable gain or loss to the same extent as if you had sold the shares for cash;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any
    of USL&rsquo;s income, gain, loss or deduction allocable to those shares during the period of the loan will not be reportable
    by you for tax purposes; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any
    distributions you receive with respect to the shares will be fully taxable, most likely as ordinary income.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Shareholders
desiring to avoid these and other possible consequences of a deemed disposition of their shares should consider modifying any
applicable brokerage account agreements to prohibit the lending of their shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Other Tax Matters
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Information
Reporting</I>. We report tax information to the beneficial owners of shares. The IRS has ruled that assignees of partnership interests
who have not been admitted to a partnership as partners but who have the capacity to exercise substantial dominion and control
over the assigned partnership interests will be considered beneficial owners for federal income tax purposes. On the basis of
such ruling, except as otherwise provided herein, we treat the following persons as partners for federal income tax purposes:
(1) assignees of shares who are pending admission as limited partners, and (2) shareholders whose shares are held in street name
or by another nominee and who have the right to direct the nominee in the exercise of all substantive rights attendant to the
ownership of their shares. USL will furnish shareholders each year with tax information on IRS Schedule K-1 (Form 1065), which
will be used by the shareholders in completing their tax returns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Persons
who hold an interest in USL as a nominee for another person are required to furnish to us the following information: (1) the name,
address and taxpayer identification number of the beneficial owner and the nominee; (2) whether the beneficial owner is (a) a
person that is not a U.S. person, (b) a foreign government, an international organization or any wholly-owned agency or instrumentality
of either of the foregoing, or (c) a tax-exempt entity; (3) the number and a description of shares acquired or transferred for
the beneficial owner; and (4) certain information including the dates of acquisitions and transfers, means of acquisitions and
transfers, and acquisition cost for purchases, as well as the amount of net proceeds from sales. Brokers and financial institutions
are required to furnish additional information, including whether they are U.S. persons and certain information on shares they
acquire, hold or transfer for their own account. The nominee is required to supply the beneficial owner of the shares with the
information furnished to us. Penalties may apply for failure to report required information.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Additional
3.8% Tax on Net Investment Income</I>. Individuals with income in excess of $200,000 ($250,000 in the case of married individuals
filing jointly) and certain estates and trusts are subject to an additional 3.8% tax on their &ldquo;net investment income,&rdquo;
which generally includes net income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than
certain amounts earned from trades or businesses). The income subject to the additional 3.8% tax includes any income from businesses
involved in the trading of financial instruments or commodities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Partnership
Audit Procedures</I>. The IRS may audit the federal income tax returns filed by USL. Partnerships are generally treated as separate
entities for purposes of federal tax audits, judicial review of administrative adjustments by the IRS, and tax settlement proceedings.
The tax treatment of partnership items of income, gain, loss and deduction are determined at the partnership level in a unified
partnership proceeding rather than in separate proceedings with the shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may be liable for U.S. federal income tax on any &ldquo;imputed understatement&rdquo; of tax resulting from an adjustment as a
result of an IRS audit. The amount of the imputed understatement generally includes increases in allocations of items of income
or gains to any investor and decreases in allocations of items of deduction, loss, or credit to any investor without any offset
for any corresponding reductions in allocations of items of income or gain to any investor or increases in allocations of items
of deduction, loss, or credit to any investor. If USL is required to pay any U.S. federal income taxes on any imputed understatement,
the resulting tax liability would reduce the net assets of USL and would likely have an adverse impact on the value of the shares.
Under certain circumstances, USL may be eligible to make an election to cause the investors to take into account the amount of
any imputed understatement, including any interest and penalties. The ability of a publicly traded partnership such as USL to
make this election is uncertain. If the election is made, USL would be required to provide investors who owned beneficial interests
in the shares in the year to which the adjusted allocations relate with a statement setting forth their proportionate shares of
the adjustment ( &ldquo;Adjusted K-1s&rdquo;). The investors would be required to take the adjustment into account in the taxable
year in which the Adjusted K-1s are issued. The Code generally requires USL to designate one person as the &ldquo;partnership
representative&rdquo; who has sole authority to conduct an audit with the IRS, challenge any adjustment in a court of law, and
settle any audit or other proceeding. The LP Agreement appoints USCF as the partnership representative of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Tax
Shelter Disclosure Rules</I>. In certain circumstances the Code and Treasury Regulations require that the IRS be notified of taxable
transactions through a disclosure statement attached to a taxpayer&rsquo;s United States federal income tax return. These disclosure
rules may apply to transactions irrespective of whether they are structured to achieve particular tax benefits. They could require
disclosure by USL or shareholders if a shareholder incurs a loss in excess a specified threshold from a sale or redemption of
its shares or possibly in other circumstances. While these rules generally do not require disclosure of a loss recognized on the
disposition of an asset in which the taxpayer has a &ldquo;qualifying basis&rdquo; (generally a basis equal to the amount of cash
paid by the taxpayer for such asset), they apply to a loss recognized with respect to interests in a pass-through entity, such
as the shares, even if the taxpayer&rsquo;s basis in such interests is equal to the amount of cash it paid. In addition, under
recently enacted legislation, significant penalties may be imposed in connection with a failure to comply with these reporting
requirements. <I>Investors should consult their own tax advisors concerning the application of these reporting requirements to
their specific situation.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Tax-Exempt
Organizations</I>. Subject to numerous exceptions, qualified retirement plans and individual retirement accounts, charitable organizations
and certain other organizations that otherwise are exempt from federal income tax (collectively &ldquo;exempt organizations&rdquo;)
nonetheless are subject to the tax on unrelated business taxable income (&ldquo;UBTI&rdquo;). Generally, UBTI means the gross
income derived by an exempt organization from a trade or business that it regularly carries on, the conduct of which is not substantially
related to the exercise or performance of its exempt purpose or function, less allowable deductions directly connected with that
trade or business. If USL were to regularly carry on (directly or indirectly) a trade or business that is unrelated with respect
to an exempt organization shareholder, then in computing its UBTI, the shareholder must include its share of (1) USL&rsquo;s gross
income from the unrelated trade or business, whether or not distributed, and (2) USL&rsquo;s allowable deductions directly connected
with that gross income.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">UBTI
generally does not include dividends, interest, or payments with respect to securities loans and gains from the sale of property
(other than property held for sale to customers in the ordinary course of a trade or business). Nonetheless, income on, and gain
from the disposition of, &ldquo;debt-financed property&rdquo; is UBTI. Debt-financed property generally is income-producing property
(including securities), the use of which is not substantially related to the exempt organization&rsquo;s tax-exempt purposes,
and with respect to which there is &ldquo;acquisition indebtedness&rdquo; at any time during the taxable year (or, if the property
was disposed of during the taxable year, the 12-month period ending with the disposition). Acquisition indebtedness includes debt
incurred to acquire property, debt incurred before the acquisition of property if the debt would not have been incurred but for
the acquisition, and debt incurred subsequent to the acquisition of property if the debt would not have been incurred but for
the acquisition and at the time of acquisition the incurrence of debt was foreseeable. The portion of the income from debt-financed
property attributable to acquisition indebtedness is equal to the ratio of the average outstanding principal amount of acquisition
indebtedness over the average adjusted basis of the property for the year. USL currently does not anticipate that it will borrow
money to acquire investments; however, USL cannot be certain that it will not borrow for such purpose in the future. In addition,
an exempt organization shareholder that incurs acquisition indebtedness to purchase its shares in USL may have UBTI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
federal tax rate applicable to an exempt organization shareholder on its UBTI generally will be either the corporate or trust
tax rate, depending upon the shareholder&rsquo;s form of organization. USL may report to each such shareholder information as
to the portion, if any, of the shareholder&rsquo;s income and gains from USL for any year that will be treated as UBTI; the calculation
of that amount is complex, and there can be no assurance that USL&rsquo;s calculation of UBTI will be accepted by the Service.
An exempt organization shareholder will be required to make payments of estimated federal income tax with respect to its UBTI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Regulated
Investment Companies.</I> Interests in and income from &ldquo;qualified publicly traded partnerships&rdquo; satisfying certain
gross income tests are treated as qualifying assets and income, respectively, for purposes of determining eligibility for regulated
investment company (&ldquo;RIC&rdquo;) status. A RIC may invest up to 25% of its assets in interests in a qualified publicly traded
partnership. The determination of whether a publicly traded partnership such as USL is a qualified publicly traded partnership
is made on an annual basis. USL expects to be a qualified publicly traded partnership in each of its taxable years. However, such
qualification is not assured.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Non-U.S.
Shareholders </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Generally,
non-U.S. persons who derive U.S. source income or gain from investing or engaging in a U.S. business are taxable on two categories
of income. The first category consists of amounts that are fixed, determinable, annual and periodic income, such as interest,
dividends and rent that are not connected with the operation of a U.S. trade or business (&ldquo;FDAP&rdquo;). The second category
is income that is effectively connected with the conduct of a U.S. trade or business (&ldquo;ECI&rdquo;). FDAP income (other than
interest that is considered &ldquo;portfolio interest&rdquo;) is generally subject to a 30 percent withholding tax, which may
be reduced for certain categories of income by a treaty between the U.S. and the recipient&rsquo;s country of residence. In contrast,
ECI is generally subject to U.S. tax on a net basis at graduated rates upon the filing of a U.S. tax return. Where a non-U.S.
person has ECI as a result of an investment in a partnership, the ECI is subject to a withholding tax at a rate of 37% (39.6%
for taxable years beginning after December 31, 2025) individual shareholders and a rate of 21% for corporate shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Withholding
on Allocations and Distributions.</I> The Code provides that a non-U.S. person who is a partner in a partnership that is
engaged in a U.S. trade or business during a taxable year will also be considered to be engaged in a U.S. trade or business during
that year. Classifying an activity by a partnership as an investment or an operating business is a factual determination. Under
certain safe harbors in the Code, an investment fund whose activities consist of trading in stocks, securities, or commodities
for its own account generally will not be considered to be engaged in a U.S. trade or business unless it is a dealer is such stocks,
securities, or commodities. This safe harbor applies to investments in commodities only if the commodities are of a kind customarily
dealt in on an organized commodity exchange and if the transaction is of a kind customarily consummated at such place. Although
the matter is not free from doubt, USL believes that the activities directly conducted by USL will not result in USL being engaged
in a trade or business within in the United States. However, there can be no assurance that the IRS would not successfully assert
that USL&rsquo;s activities constitute a U.S. trade or business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
the event that USL&rsquo;s activities were considered to constitute a U.S. trade or business, USL would be required to withhold
at the highest rate specified in Code section 1 (currently 37% (39.6% for taxable years beginning after December 31, 2026)) on
allocations of our income to individual non-U.S. Shareholders and the highest rate specified in Code section 11(b) (currently
21%) on allocations of our income to corporate non-U.S. Shareholders, when such income is allocated or distributed. A non-U.S.
shareholder with ECI will generally be required to file a U.S. federal income tax return, and the return will provide the non-U.S.
shareholder with the mechanism to seek a refund of any withholding in excess of such shareholder&rsquo;s actual U.S. federal income
tax liability. Any amount withheld by USL on behalf of a non-U.S. shareholder will be treated as a distribution to the non-U.S.
shareholder to the extent possible. In some cases, USL may not be able to match the economic cost of satisfying its withholding
obligations to a particular non-U.S. shareholder, which may result in such cost being borne by USL, generally, and accordingly,
by all shareholders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
USL is not treated as engaged in a U.S. trade or business, a non-U.S. shareholder may nevertheless be treated as having FDAP income,
which would be subject to a 30 percent withholding tax (possibly subject to reduction by treaty), with respect to some or all
of its distributions from USL or its allocable share of USL income. Amounts withheld on behalf of a non-U.S. shareholder will
be treated as being distributed to such shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">To
the extent any interest income allocated to a non-U.S. shareholder that otherwise constitutes FDAP is considered &ldquo;portfolio
interest,&rdquo; neither the allocation of such interest income to the non-U.S. shareholder nor a subsequent distribution of such
interest income to the non-U.S. shareholder will be subject to withholding, provided that the non-U.S. shareholder is not otherwise
engaged in a trade or business in the U.S. and provides USL with a timely and properly completed and executed IRS Form W-8BEN,
W-8BEN-E, or other applicable form. In general, &ldquo;portfolio interest&rdquo; is interest paid on debt obligations issued in
registered form, unless the &ldquo;recipient&rdquo; owns 10 percent or more of the voting power of the issuer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Most
of USL&rsquo;s interest income qualifies as &ldquo;portfolio interest.&rdquo; In order for USL to avoid withholding on any interest
income allocable to non-U.S. shareholders that would qualify as &ldquo;portfolio interest,&rdquo; it will be necessary for all
non-U.S. shareholders to provide USL with a timely and properly completed and executed Form W-8BEN (or other applicable form).
If a non-U.S. shareholder fails to provide a properly completed Form W-8BEN, W-8BEN-E, or other applicable form USCF may request
that the non-U.S. shareholder provide, within 15 days after the request by USCF, a properly completed Form W-8BEN, W-8BEN-E, or
other applicable form. If a non-U.S. shareholder fails to comply with this request, the shares owned by such non-U.S. shareholder
will be subject to redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Gain
from Sale of Shares</I>. Gain from the sale or exchange of the shares may be taxable to a non-U.S. shareholder if the non-U.S.
shareholder is a nonresident alien individual who is present in the U.S. for 183 days or more during the taxable year. In such
case, the nonresident alien individual will be subject to a 30 percent withholding tax on the amount of such individual&rsquo;s
gain. In addition, if USL is treated as being engaged in a U.S. trade or business, a portion of the gain on the sale or exchange
will be treated as effectively connected income subject to U.S. federal income tax to the extent that a sale of USL&rsquo;s assets
would give rise to effectively connected income. Although the transferee of a partnership interest is generally required to withhold
10% of the proceeds from the sale of a partnership interest acquired from a non-U.S. partner if any portion of the gain would
be treated as effectively connected income, the IRS has issued a notice in which it has indicated that such withholding requirement
will not apply to transferees of publicly traded partnership interests until the IRS and Treasury issue regulations implementing
such provision. However, this does not relieve a non-U.S. shareholder from U.S. income tax on any gain treated as effectively
connected income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Branch
Profits Tax on Corporate Non-U.S. Shareholders.</I> In addition to the taxes noted above, any non-U.S. shareholders that are corporations
may also be subject to an additional tax, the branch profits tax, at a rate of 30 percent. The branch profits tax is imposed on
a non-U.S. corporation&rsquo;s dividend equivalent amount, which generally consists of the corporation&rsquo;s after-tax earnings
and profits that are effectively connected with the corporation&rsquo;s U.S. trade or business but are not reinvested in a U.S.
business. This tax may be reduced or eliminated by an income tax treaty between the United States and the country in which the
non-U.S. shareholder is a &ldquo;qualified resident.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Prospective
non-U.S. shareholders should consult their tax advisor with regard to these and other issues unique to non-U.S. shareholders.
</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a034"></A><B>Backup
Withholding </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
may be required to withhold U.S. federal income tax (&ldquo;backup withholding&rdquo;) from all payments to: (1) any shareholder
who fails to furnish USL with his, her or its correct taxpayer identification number or a certificate that the shareholder is
exempt from backup withholding, and (2) any shareholder with respect to whom the IRS notifies USL that the shareholder has failed
to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. Backup withholding
is not an additional tax and may be returned or credited against a taxpayer&rsquo;s regular federal income tax liability if appropriate
information is provided to the IRS.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tax
Agent</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
beneficial owners who are of a type, as identified by the nominee through whom their Shares are held, that do not ordinarily have
U.S. federal tax return filing requirements, collectively, Certain K-1 shareholders, have designated the General Partner as their
tax agent, or the Tax Agent, in dealing with the Partnership. In light of such designation and pursuant to Treasury Regulation
section 1.6031(b)-1T(c), as amended from time to time, the Partnership will provide to the Tax Agent Certain K-1 shareholders&rsquo;
statements as such term is defined under Treasury Regulation section 1.6031(b)-1T(a)(3), as amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a035"></A><B>Foreign
Account Tax Compliance Act Provisions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Legislation
commonly referred to as the &ldquo;Foreign Account Tax Compliance Act,&rdquo; or &ldquo;FATCA,&rdquo; generally imposes a 30%
withholding tax on payments of certain types of income to foreign financial institutions (&ldquo;FFIs&rdquo;) unless such FFIs
(i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by U.S.
persons (or held by foreign entities that have U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered
into an intergovernmental agreement (&ldquo;IGA&rdquo;) with the United States to collect and share such information and comply
with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S.-source
interest and dividends. While existing U.S. Treasury regulations would also require withholding on payments of the gross proceeds
from the sale of any property that could produce U.S. source interest or dividends, the U.S. Treasury Department has indicated
its intent to eliminate this requirement in subsequent proposed regulations, which state that taxpayers may rely on the proposed
regulations until final regulations are issued. The information required to be reported includes the identity and taxpayer identification
number of each account holder that is a U.S. person and transaction activity within the holder&rsquo;s account. In addition, subject
to certain exceptions, this legislation also imposes a 30% withholding on payments to foreign entities that are not financial
institutions unless the foreign entity certifies that it does not have a greater than 10% U.S. owner or provides the withholding
agent with identifying information on each greater than 10% U.S. owner. Depending on the status of a non-U.S. shareholder and
the status of the intermediaries through which they hold their shares, non-U.S. shareholders could be subject to this 30% withholding
tax with respect to distributions on their shares and proceeds from the sale of their shares. Under certain circumstances, a non-U.S.
shareholder might be eligible for refunds or credits of such taxes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a036"></A><B>Other
Tax Considerations </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition to federal income taxes, shareholders may be subject to other taxes, such as state and local income taxes, unincorporated
business taxes, business franchise taxes, and estate, inheritance or intangible taxes that may be imposed by the various jurisdictions
in which USL does business or owns property or where the shareholders reside. Although an analysis of those various taxes is not
presented here, each prospective shareholder should consider their potential impact on its investment in USL. It is each shareholder&rsquo;s
responsibility to file the appropriate U.S. federal, state, local, and foreign tax returns. Eversheds Sutherland (US) LLP has
not provided an opinion concerning any aspects of state, local or foreign tax or U.S. federal tax other than those U.S. federal
income tax issues discussed herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a037"></A><B>Certain
ERISA and Related Considerations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>General </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Many
employee benefit plans and individual retirement accounts (&ldquo;IRAs&rdquo;) are subject to the Employee Retirement Income Security
Act of 1974, as amended (&ldquo;ERISA&rdquo;) or the Code, or both. This section discusses certain considerations that arise under
ERISA and the Code that a fiduciary of: (i) an employee benefit plan as defined in ERISA; (ii) a plan as defined in Section 4975
of the Code; or (iii) any collective investment vehicle, business trust, investment partnership, pooled separate account or other
entity the assets of which are treated as comprised (at least in part) of &ldquo;plan assets&rdquo; under the ERISA plan asset
rules (&ldquo;plan asset entity&rdquo;); who has investment discretion should take into account before deciding to invest in the
entity&rsquo;s assets in USL. Employee benefit plans, plans defined under Section 4975 of the Code and plan asset entities are
collectively referred to below as &ldquo;plans&rdquo;, and fiduciaries with investment discretion are referred to below as &ldquo;plan
fiduciaries.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This
summary is based on the provisions of ERISA, the Code and applicable guidance as of the date hereof. This summary is not intended
to be complete, but only to address certain questions under ERISA and the Code. The summary does not include state or local law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Potential
plan investors are urged to consult with their own professional advisors concerning the appropriateness of an investment in USL
and the manner in which limited partnership interests should be purchased. USCF does not represent that the limited partnership
interests hereby offered are appropriate for plans or any particular plan.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Special
Investment Considerations </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Investments
by plans governed by ERISA are subject to ERISA&rsquo;s fiduciary requirements, including the requirements of investment prudent
and diversification. As a result, each plan fiduciary must consider the facts and circumstances that are relevant to their plan&rsquo;s
specific circumstances when evaluating an investment in USL, including the role that an investment in USL would play in the plan&rsquo;s
overall investment portfolio, taking into account the plan&rsquo;s purpose, the risk and loss of potential return with respect
to the investment, the liquidity, the current return of the total portfolio relative to the anticipated cash flow needs of the
plan, and the projected return of the portfolio and relative to the plan&rsquo;s investment objectives. Each plan fiduciary, before
deciding to invest in USL, must be satisfied that its investment in the limited partnership interests in USL is prudent for the
plan, that the investments of the plan are properly diversified and that an investment in USL complies with the terms of the plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>USL
and Plan Assets </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Regulations
issued under ERISA contains rules for determining when an investment by a plan in an equity interest of a limited partnership
will result in the underlying assets of the partnership being deemed &ldquo;plan assets&rdquo; for purposes of ERISA and Section
4975 of the Code. Those rules provide that assets of a limited partnership will not be deemed to be plan assets of a plan that
purchases an equity interest in the partnership if the equity interest purchased qualifies as a publicly-offered security. If
the underlying assets of a limited partnership are considered to be assets of any plan for purposes of ERISA or Section 4975 of
the Code, the operations of that partnership would be subject to and, in some cases, limited by, the provisions of ERISA and Section
4975 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
equity interest will qualify as a publicly offered security if it is:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">freely
    transferable (determined based on the relevant facts and circumstances);</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">part
    of a class of securities that is widely held (meaning that the class of securities is owned by 100 or more investors independent
    of the issuer and of each other); and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">either
    (a) part of a class of securities registered under Section 12(b) or 12(g) of the Exchange Act or (b) sold to the plan as part
    of a public offering pursuant to an effective registration statement under the 1933 Act and the class of which such security
    is a part is registered under the Exchange Act within 120 days (or such later time as may be allowed by the SEC) after the
    end of the fiscal year of the issuer in which the offering of such security occurred.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Regulations
under ERISA state that the determination of whether a security is &ldquo;freely transferable&rdquo; is to be made based on all
of the relevant facts and circumstances. In the case of a security that is part of an offering in which the minimum investment
is $10,000 or less, the following requirements, alone or in combination, ordinarily will not affect a finding that the security
is freely transferable: (1) a requirement that no transfer or assignment of the security or rights relating to the security be
made that would violate any federal or state law, (2) a requirement that no transfer or assignment be made without advance written
notice given to the entity that issued the security, and (3) any restriction on the substitution of an assignee as a limited partner
of a partnership, including a general partner consent requirement, provided that the economic benefits of ownership of the assignor
may be transferred or assigned without regard to such restriction or consent (other than compliance with any of the foregoing
restrictions).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
believes that the conditions described above are satisfied with respect to the limited partnership interests. USCF believes that
the limited partnership interests therefore constitute publicly-offered securities, and the underlying assets of USL will not
be deemed to be &ldquo;plan assets&rdquo; under applicable ERISA regulations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Prohibited Transactions
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">ERISA
and the Code generally prohibit certain transactions involving plans and persons who have certain specified relationships to plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
general, USL limited partnership interests may not be purchased with the assets of a plan if USCF, the clearing brokers, the trading
advisors (if any), or any of their affiliates, agents or employees:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">exercise
    any discretionary authority or discretionary control with respect to management of the plan;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">exercise
    any authority or control with respect to management or disposition of the assets of the plan;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">render
    investment advice for a fee or other compensation, direct or indirect, with respect to any monies or other property of the
    plan;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">have
    any authority or responsibility to render investment advice with respect to any monies or other property of the plan; or</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">have
    any discretionary authority or discretionary responsibility in the administration of the plan.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Also,
a prohibited transaction may occur under ERISA or the Code when circumstances indicate that (1) the investment in an equity interest
is made or retained for the purpose of avoiding application of the fiduciary standards of ERISA, (2) the investment in an equity
interest constitutes an arrangement under which USL is expected to engage in transactions that would otherwise be prohibited if
entered into directly by the plan purchasing the share, (3) the investing plan, by itself, has the authority or influence to cause
USL to engage in such transactions, or (4) a person who is prohibited from transacting with the investing plan may, but only with
the aid of certain of its affiliates and the investing plan, cause USL to engage in such transactions with such person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Special IRA Rules </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Individual
retirement accounts (&ldquo;IRAs&rdquo;) are not subject to ERISA&rsquo;s fiduciary standards, but are subject to their own rules,
including the prohibited transaction rules of Section 4975 of the Code, which generally mirror ERISA&rsquo;s prohibited transaction
rules. For example, IRAs are subject to special custody rules and must maintain a qualifying IRA custodial arrangement separate
and distinct from USL and its custodial arrangement. Otherwise, if a separate qualifying custodial arrangement is not maintained,
an investment in the limited partnership interests will be treated as a distribution from the IRA. Additionally, IRAs are prohibited
from investing in certain commingled investments, and USCF makes no representation regarding whether an investment in limited
partnership interests is an inappropriate commingled investment for an IRA. Finally, in applying the prohibited transaction provisions
of Section 4975 of the Code, in addition to the rules summarized above, the individual for whose benefit the IRA is maintained
is also treated as the creator of the IRA. For example, if the owner or beneficiary of an IRA enters into any transaction, arrangement,
or agreement involving the assets of his or her IRA to benefit the IRA owner or beneficiary (or his or her relatives or business
affiliates) personally, or with the understanding that such benefit will occur, directly or indirectly, such transaction could
give rise to a prohibited transaction that is not exempted by any available exemption. Moreover, in the case of an IRA, the consequences
of a non-exempt prohibited transaction are that the IRA&rsquo;s assets will be treated as if they were distributed, causing immediate
taxation of the assets (including any early distribution penalty tax applicable under Section 72 of the Code), in addition to
any other fines or penalties that may apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Exempt Plans </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Governmental
plans and church plans are generally not subject to ERISA, and the above-described prohibited transaction provisions described
above apply to them. These plans are, however, subject to prohibitions against certain related-party transactions under Section
503 of the Code, which operate similar to the prohibited transaction rules described above. In addition, the fiduciary of any
governmental or church plan should consider any applicable state or local laws and any restrictions and duties of common law imposed
upon the plan.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">No
view is expressed as to whether an investment in USL (and any continued investment in USL), or the operation and administration
of USL, is appropriate or permissible for any governmental plan or church plan under Code Section 503, or under any state, county,
local or other law relating to that type of plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Allowing
an investment in USL is not to be construed as a representation by USL, USCF, any trading advisor, any clearing broker, the Marketing
Agent or legal counsel or other advisors to such parties or any other party that this investment meets some or all of the relevant
legal requirements with respect to investments by any particular plan or that this investment is appropriate for any such particular
plan. The person with investment discretion should consult with the plan&rsquo;s attorney and financial advisors as to the propriety
of an investment in USL in light of the circumstances of the particular plan, current tax law and ERISA. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>THE
FOREGOING SUMMARY OF ERISA CONSIDERATIONS IS BASED UPON ERISA, JUDICIAL DECISIONS, DEPARTMENT OF LABOR REGULATIONS AND RULINGS
IN EXISTENCE ON THE DATE HEREOF, ALL OF WHICH ARE SUBJECT TO CHANGE. THE SUMMARY IS GENERAL IN NATURE AND DOES NOT ADDRESS EVERY
ERISA ISSUE THAT MAY BE APPLICABLE TO AN INVESTMENT IN USL OR TO A PARTICULAR INVESTOR.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a038"></A><B>Form
of Shares </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Registered
Form.</I></B> Shares are issued in registered form in accordance with the LP Agreement. The Administrator has been appointed registrar
and transfer agent for the purpose of transferring shares in certificated form. The Administrator keeps a record of all limited
partners and holders of the shares in certificated form in the registry (the &ldquo;Register&rdquo;). USCF recognizes transfers
of shares in certificated form only if done in accordance with the LP Agreement. The beneficial interests in such shares are held
in book-entry form through participants and/or accountholders in DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Book
Entry</I></B><I>.</I> Individual certificates are not issued for the shares. Instead, shares are represented by one or more global
certificates, which are deposited by the Administrator with DTC and registered in the name of Cede &amp; Co., as nominee for DTC.
The global certificates evidence all of the shares outstanding at any time. Shareholders are limited to (1) participants in DTC
such as banks, brokers, dealers and trust companies (&ldquo;DTC Participants&rdquo;), (2) those who maintain, either directly
or indirectly, a custodial relationship with a DTC Participant (&ldquo;Indirect Participants&rdquo;), and (3) those banks, brokers,
dealers, trust companies and others who hold interests in the shares through DTC Participants or Indirect Participants, in each
case who satisfy the requirements for transfers of shares. DTC Participants acting on behalf of investors holding shares through
such participants&rsquo; accounts in DTC will follow the delivery practice applicable to securities eligible for DTC&rsquo;s Same-Day
Funds Settlement System. Shares are credited to DTC Participants&rsquo; securities accounts following confirmation of receipt
of payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>DTC.
</I></B>DTC has advised us as follows. It is a limited purpose trust company organized under the laws of the State of New York
and is a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform
Commercial Code and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section 17A of the Exchange Act.
DTC holds securities for DTC Participants and facilitates the clearance and settlement of transactions between DTC Participants
through electronic book-entry changes in accounts of DTC Participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A NAME="i21115a039"></A><B>Transfer
of Shares </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Transfers
of Shares Only Through DTC.</I></B> The shares are only transferable through the book-entry system of DTC. Limited partners who
are not DTC Participants may transfer their shares through DTC by instructing the DTC Participant holding their shares (or by
instructing the Indirect Participant or other entity through which their shares are held) to transfer the shares. Transfers are
made in accordance with standard securities industry practice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Transfers
of interests in shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of
the transfer. DTC has established procedures to facilitate transfers among the participants and/or accountholders of DTC. Because
DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect Participants, the ability of a person or
entity having an interest in a global certificate to pledge such interest to persons or entities that do not participate in DTC,
or otherwise take actions in respect of such interest, may be affected by the lack of a certificate or other definitive document
representing such interest.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">DTC
has advised us that it will take any action permitted to be taken by a shareholder (including, without limitation, the presentation
of a global certificate for exchange) only at the direction of one or more DTC Participants in whose account with DTC interests
in global certificates are credited and only in respect of such portion of the aggregate principal amount of the global certificate
as to which such DTC Participant or Participants has or have given such direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Transfer/Application
Requirements</I></B><I>.</I> All purchasers of USL&rsquo;s shares, and potentially any purchasers of shares in the future, who
wish to become limited partners or other record holders and receive cash distributions, if any, or have certain other rights,
must deliver an executed transfer application in which the purchaser or transferee must certify that, among other things, he,
she or it agrees to be bound by USL&rsquo;s LP Agreement and is eligible to purchase USL&rsquo;s securities. Each purchaser of
shares execute a transfer application and certification. The obligation to provide the form of transfer application will be imposed
on the seller of shares or, if a purchase of shares is made through an exchange, the form may be obtained directly through USL.
Further, USCF may request each record holder to furnish certain information, including that record holder&rsquo;s nationality,
citizenship or other related status. A record holder is a shareholder that is, or has applied to be, a limited partner. An investor
who is not a U.S. resident may not be eligible to become a record holder or one of USL&rsquo;s limited partners if that investor&rsquo;s
ownership would subject USL to the risk of cancellation or forfeiture of any of USL&rsquo;s assets under any federal, state or
local law or regulation. If the record holder fails to furnish the information or if USCF determines, on the basis of the information
furnished by the holder in response to the request, that such holder is not qualified to become one of USL&rsquo;s limited partners,
USCF may be substituted as a holder for the record holder, who will then be treated as a non-citizen assignee, and USL will have
the right to redeem those securities held by the record holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
transferee&rsquo;s broker, agent or nominee may complete, execute and deliver a transfer application and certification. USL may,
at its discretion, treat the nominee holder of a share as the absolute owner. In that case, the beneficial holder&rsquo;s rights
are limited solely to those that it has against the nominee holder as a result of any agreement between the beneficial owner and
the nominee holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
person purchasing USL&rsquo;s existing shares, who does not execute a transfer application and certify that the purchaser is eligible
to purchase those securities acquires no rights in those securities other than the right to resell those securities. Whether or
not a transfer application is received or the consent of USCF obtained, our shares are securities and are transferable according
to the laws governing transfers of securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Any
transfer of shares will not be recorded by the transfer agent or recognized by USCF unless a completed transfer application is
delivered to USCF or the Administrator. When acquiring shares, the transferee of such shares that completes a transfer application
will:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">be an assignee until admitted
as a substituted limited partner upon the consent and sole discretion of USCF and the recording of the assignment on the books
and records of the partnership;</FONT></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">automatically request admission
as a substituted limited partner;</FONT></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">agree to be bound by the
terms and conditions of, and execute, our LP Agreement;</FONT></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">represent that such transferee
has the capacity and authority to enter into our LP Agreement;</FONT></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">grant powers of attorney
to USCF and any liquidator of us; and</FONT></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">make the consents and waivers
contained in our LP Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;
</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
assignee will become a limited partner in respect of the transferred shares upon the consent of USCF and the recordation of the
name of the assignee on our books and records. Such consent may be withheld in the sole discretion of USCF.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
consent of USCF is withheld such transferee shall be an assignee. An assignee shall have an interest in the partnership equivalent
to that of a limited partner with respect to allocations and distributions, including, without limitation, liquidating distributions,
of the partnership. With respect to voting rights attributable to shares that are held by assignees, USCF shall be deemed to be
the limited partner with respect thereto and shall, in exercising the voting rights in respect of such shares on any matter, vote
such shares at the written direction of the assignee who is the record holder of such shares. If no such written direction is
received, such shares will not be voted. An assignee shall have no other rights of a limited partner.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Until
a share has been transferred on our books, we and the transfer agent may treat the record holder of the share as the absolute
owner for all purposes, except as otherwise required by law or stock exchange regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A NAME="i21115a040"></A><B>What
is the Plan of Distribution? </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Buying
and Selling Shares </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Most
investors buy and sell shares of USL in secondary market transactions through brokers. Shares trade on the NYSE Arca under the
ticker symbol &ldquo;USL.&rdquo; Shares are bought and sold throughout the trading day like other publicly traded securities.
When buying or selling shares through a broker, most investors incur customary brokerage commissions and charges. Investors are
encouraged to review the terms of their brokerage account for details on applicable charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Marketing
Agent and Authorized Participants </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
offering of USL&rsquo;s shares is a best efforts offering. USL continuously offers Creation Baskets consisting of 50,000 shares
through the Marketing Agent, to Authorized Participants. Authorized Participants pay a $350 fee for each order they place to create
or redeem one or more Creation Baskets. The Marketing Agent receives, for its services as marketing agent to USL, a marketing
fee of 0.06% on USL&rsquo;s assets up to the first $3 billion; and 0.04% on USL&rsquo;s assets in excess of $3 billion; provided,
however, that in no event may the aggregate compensation paid to the Marketing Agent and any affiliate of the General Partner
for distribution-related services in connection with this offering exceed ten percent (10%) of the gross proceeds of this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
offering of baskets is being made in compliance with Conduct Rule 2310 of FINRA. Accordingly, Authorized Participants will not
make any sales to any account over which they have discretionary authority without the prior written approval of a purchaser of
shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
per share price of shares offered in Creation Baskets on any subsequent day will be the total NAV of USL calculated shortly after
the close of the core trading session on the NYSE Arca on that day divided by the number of issued and outstanding shares. An
Authorized Participant is not required to sell any specific number or dollar amount of shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">When
an Authorized Participant executes an agreement with USCF on behalf of USL (each such agreement, an &ldquo;Authorized Participant
Agreement&rdquo;), such Authorized Participant becomes part of the group of parties eligible to purchase baskets from, and put
baskets for redemption to, USL. An Authorized Participant is under no obligation to create or redeem baskets, and an Authorized
Participant is under no obligation to offer to the public shares of any baskets it does create.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
of February 28, 2021, USL had the following Authorized Participants: Citadel Securities LLC, Citigroup Global Markets Inc., Goldman
Sachs&nbsp;&amp; Company, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley &amp; Company,
Inc., RBC Capital Markets LLC, SG Americas Securities LLC, and Virtu Financial BD LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Because
new shares can be created and issued on an ongoing basis, at any point during the life of USL, a &ldquo;distribution&rdquo;, as
such term is used in the 1933 Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned
that some of their activities may result in their being deemed participants in a distribution in a manner that would render them
statutory underwriters and subject them to the prospectus-delivery and liability provisions of the 1933 Act. For example, the
Initial Authorized Participant was a statutory underwriter with respect to its initial purchase of Creation Baskets. In addition,
any purchaser who purchases shares with a view towards distribution of such shares may be deemed to be a statutory underwriter.
Authorized Participants will comply with the prospectus- delivery requirements in connection with the sale of shares to customers.
For example, an Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases
a Creation Basket from USL, breaks the Creation Basket down into the constituent shares and sells the shares to its customers;
or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary
market demand for the shares. Authorized Participants may also engage in secondary market transactions in shares that would not
be deemed &ldquo;underwriting&rdquo;. For example, an Authorized Participant may act in the capacity of a broker or dealer with
respect to shares that were previously distributed by other Authorized Participants. A determination of whether a particular market
participant is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer
or its client in the particular case, and the examples mentioned above should not be considered a complete description of all
the activities that would lead to designation as an underwriter and subject them to the prospectus-delivery and liability provisions
of the 1933 Act.</FONT></P>

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    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Dealers
who are neither Authorized Participants nor &ldquo;underwriters&rdquo; but are nonetheless participating in a distribution (as
contrasted to ordinary secondary trading transactions), and thus dealing with shares that are part of an &ldquo;unsold allotment&rdquo;
within the meaning of Section 4(a)(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption
provided by Section 4(a)(3) of the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
may qualify the shares in states selected by USCF and intends that sales be made through broker-dealers who are members of FINRA.
Investors intending to create or redeem baskets through Authorized Participants in transactions not involving a broker-dealer
registered in such investor&rsquo;s state of domicile or residence should consult their legal advisor regarding applicable broker-dealer
or securities regulatory requirements under the state securities laws prior to such creation or redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">While
the Authorized Participants may be indemnified by USCF, they will not be entitled to receive a discount or commission from USL
for their purchases of Creation Baskets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a041"></A><B>Calculating
Per Share NAV </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><FONT STYLE="font-size: 10pt">USL&rsquo;s per share
NAV is calculated by:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Taking the current
    market value of its total assets;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Subtracting any liabilities;
    and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Dividing that total
    by the total number of outstanding shares.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Administrator calculates the per share NAV of USL once each NYSE Arca trading day. The per share NAV for a normal trading day
is released after 4:00 p.m. New York time. Trading during the core trading session on the NYSE Arca typically closes at 4:00 p.m.
New York time. The Administrator uses the NYMEX closing price (determined at the earlier of the close of the NYMEX or 2:30 p.m.
New York time) for the Oil Futures Contracts traded on the NYMEX, but calculates or determines the value of all other USL investments
(including Oil Futures Contracts not traded on the NYMEX, Other Oil-Related Investments and Treasuries), using market quotations,
if available, or other information customarily used to determine the fair value of such investments as of the earlier of the close
of the NYSE Arca or 4:00 p.m. New York time, in accordance with the current Administrative Agency Agreement among the Administrator,
USL and USCF. &ldquo;Other information&rdquo; customarily used in determining fair value includes information consisting of market
data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields,
yield curves, volatilities, spreads, correlations or other market data in the relevant market; or information of the types described
above from internal sources if that information is of the same type used by USL in the regular course of its business for the
valuation of similar transactions. The information may include costs of funding, to the extent costs of funding are not and would
not be a component of the other information being utilized. Third parties supplying quotations or market data may include, without
limitation, dealers in the relevant markets, end-users of the relevant product, information vendors, brokers and other sources
of market information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
addition, in order to provide updated information relating to USL for use by investors and market professionals, the NYSE Arca
calculates and disseminates throughout the core trading session on each trading day an updated indicative fund value. The indicative
fund value is calculated by using the prior day&rsquo;s closing per share NAV of USL as a base and updating that value throughout
the trading day to reflect changes in the most recently reported trade price for the active light, sweet Oil Futures Contracts
on the NYMEX. The prices reported for those Oil Futures Contract months are adjusted based on the prior day&rsquo;s spread differential
between settlement values for the relevant contract and the spot month contract. In the event that the spot month contract is
also the Benchmark Oil Futures Contracts, the last sale price for the Benchmark Oil Futures Contracts is not adjusted. The indicative
fund value share basis disseminated during NYSE Arca core trading session hours should not be viewed as an actual real time update
of the per share NAV, because the per share NAV is calculated only once at the end of each trading day based upon the relevant
end of day values of USL&rsquo;s investments.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
indicative fund value is disseminated on a per share basis every 15 seconds during regular NYSE Arca core trading session hours
of 9:30 a.m. New York time to 4:00 p.m. New York time. The normal trading hours of the NYMEX are 9:00 a.m. New York time to 2:30
p.m. New York time. This means that there is a gap in time at the beginning and the end of each day during which USL&rsquo;s shares
are traded on the NYSE Arca, but real-time NYMEX trading prices for Oil Futures Contracts traded on the NYMEX are not available.
During such gaps in time, the indicative fund value will be calculated based on the end of day price of such Oil Futures Contracts
from the NYMEX&rsquo;s immediately preceding trading session. In addition, other Oil Futures Contracts, Other Oil-Related Investments
and Treasuries held by USL will be valued by the Administrator. These investments will not be included in the indicative fund
value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
NYSE Arca disseminates the indicative fund value through the facilities of CTA/CQ High Speed Lines. In addition, the indicative
fund value is published on the NYSE Arca&rsquo;s website and is available through on-line information services such as Bloomberg
and Reuters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Dissemination
of the indicative fund value provides additional information that is not otherwise available to the public and is useful to investors
and market professionals in connection with the trading of USL shares on the NYSE Arca. Investors and market professionals are
able throughout the trading day to compare the market price of USL and the indicative fund value. If the market price of USL shares
diverges significantly from the indicative fund value, market professionals will have an incentive to execute arbitrage trades.
For example, if USL appears to be trading at a discount compared to the indicative fund value, a market professional could buy
USL shares on the NYSE Arca and sell short Oil Futures Contracts. Such arbitrage trades can tighten the tracking between the market
price of USL and the indicative fund value and thus can be beneficial to all market participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
reserves the right to adjust the Share price of USL in the future to maintain convenient trading ranges for investors. Any adjustments
would be accomplished through stock splits or reverse stock splits. Such splits would decrease (in the case of a split) or increase
(in the case of a reverse split) the proportionate net asset value per Share, but would have no effect on the net assets of USL
or the proportionate voting rights of shareholders or limited partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a042"></A><B>Creation
and Redemption of Shares </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
creates and redeems shares from time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and
redemption of baskets are only made in exchange for delivery to USL or the distribution by USL of the amount of Treasuries and
any cash represented by the baskets being created or redeemed, the amount of which is based on the combined NAV of the number
of shares included in the baskets being created or redeemed determined as of 4:00 p.m. New York time on the day the order to create
or redeem baskets is properly received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Authorized
Participants are the only persons that may place orders to create and redeem baskets. Authorized Participants must be (1) registered
broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required
to register as broker-dealers to engage in securities transactions as described below, and (2) DTC Participants. To become an
Authorized Participant, a person must enter into an Authorized Participant Agreement with USCF on behalf of USL (each such agreement,
an &ldquo;Authorized Participant Agreement&rdquo;). The Authorized Participant Agreement provides the procedures for the creation
and redemption of baskets and for the delivery of the Treasuries and any cash required for such creations and redemptions. The
Authorized Participant Agreement and the related procedures attached thereto may be amended by USCF, without the consent of any
shareholder or Authorized Participant. Authorized Participants pay a transaction fee of $350 to USL for each order they place
to create one or more Creation Baskets or to redeem one or more Redemption Baskets. The transaction fee may be reduced, increased
or otherwise changed by USCF. Authorized Participants who make deposits with USL in exchange for baskets receive no fees, commissions
or other form of compensation or inducement of any kind from either USL or USCF, and no such person will have any obligation or
responsibility to USCF or USL to effect any sale or resale of shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Certain
Authorized Participants are expected to be capable of participating directly in the physical crude oil market and the crude oil
futures market. In some cases, Authorized Participants or their affiliates may from time to time buy or sell crude oil or Oil
Interests and may profit in these instances. USCF believes that the size and operation of the crude oil market make it unlikely
that an Authorized Participant&rsquo;s direct activities in the crude oil or securities markets will significantly affect the
price of crude oil, Oil Interests or the price of the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Each
Authorized Participant is required to be registered as a broker-dealer under the Exchange Act and is a member in good standing
with FINRA, or exempt from being or otherwise not required to be registered as a broker-dealer or a member of FINRA, and qualified
to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized
Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own
set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory
regime.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Under
the Authorized Participant Agreement, USCF, and USL under limited circumstances, have agreed to indemnify the Authorized Participants
against certain liabilities, including liabilities under the 1933 Act, and to contribute to the payments the Authorized Participants
may be required to make in respect of those liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following description of the procedures for the creation and redemption of baskets is only a summary and an investor should refer
to the relevant provisions of the LP Agreement and the form of Authorized Participant Agreement for more detail, each of which
is incorporated by reference into this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Creation
Procedures </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
any business day, an Authorized Participant may place an order with the Marketing Agent to create one or more baskets. For purposes
of processing purchase and redemption orders, a &ldquo;business day&rdquo; means any day other than a day when any of the NYSE
Arca, the NYMEX or the New York Stock Exchange is closed for regular trading. Purchase orders must be placed by 12:00 p.m. New
York time or the close of regular trading on the NYSE Arca, whichever is earlier. The day on which the Marketing Agent receives
a valid purchase order is referred to as the purchase order date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">By
placing a purchase order, an Authorized Participant agrees to deposit Treasuries, cash or a combination of Treasuries and cash,
as described below. Prior to the delivery of baskets for a purchase order, the Authorized Participant must also have wired to
the Custodian the non-refundable transaction fee due for the purchase order. Authorized Participants may not withdraw a creation
request, except as otherwise set forth in the procedures in the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. By placing a purchase order,
an Authorized Participant agrees to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian,
and (2) if required by USCF in its sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange
for swap, or any other OTC energy transaction (through itself or a designated acceptable broker) with USL for the purchase of
a number and type of futures contracts at the closing settlement price for such contracts on the purchase order date. If an Authorized
Participant fails to consummate (1) and (2), the order shall be cancelled. The number and types of contracts specified shall be
determined by USCF, in its sole discretion, to meet USL&rsquo;s investment objective and shall be purchased as a result of the
Authorized Participant&rsquo;s purchase of shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><B><I>Determination of Required
Deposits </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
total deposit required for a Creation Basket (&ldquo;Creation Basket Deposit&rdquo;) is the amount of Treasuries and/or cash that
is in the same proportion to the total assets of USL (net of estimated accrued but unpaid fees, expenses and other liabilities)
on the purchase order date as the number of shares to be created under the purchase order is in proportion to the total number
of shares outstanding on the purchase order date. USCF determines, directly in its sole discretion or in consultation with the
Administrator, the requirements for Treasuries and the amount of cash, including the maximum permitted remaining maturity of a
Treasury and proportions of Treasury and cash that may be included in deposits to create baskets. The Marketing Agent will publish
such requirements at the beginning of each business day. The amount of cash deposit required is the difference between the aggregate
market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 p.m. New York time on the date
the order to purchase is properly received and the total required deposit.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><B><I>Delivery of Required
Deposits </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
Authorized Participant who places a purchase order is responsible for transferring to USL&rsquo;s account with the Custodian the
required amount of Treasuries and cash by the end of the second business day following the purchase order date. Upon receipt of
the deposit amount, the Administrator directs DTC to credit the number of baskets ordered to the Authorized Participant&rsquo;s
DTC account on the second business day following the purchase order date. The expense and risk of delivery and ownership of Treasuries
until such Treasuries have been received by the Custodian on behalf of USL shall be borne solely by the Authorized Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Because
orders to purchase baskets must be placed by 12:00 p.m., New York time, but the total payment required to create a basket during
the continuous offering period will not be determined until after 4:00 p.m., New York time, on the date the purchase order is
received, Authorized Participants will not know the total amount of the payment required to create a basket at the time they submit
an irrevocable purchase order for the basket. USL&rsquo;s NAV and the total amount of the payment required to create a basket
could rise or fall substantially between the time an irrevocable purchase order is submitted and the time the amount of the purchase
price in respect thereof is determined.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><B><I>Rejection of Purchase
Orders </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
acting by itself or through the Marketing Agent shall have the absolute right but no obligation to reject a purchase order or
a Creation Basket Deposit if:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">it
    determines that the investment alternative available to USL at that time will not enable it to meet its investment objective;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">it
    determines that the purchase order or the Creation Basket Deposit is not in proper form;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">it
    believes that the purchase order or the Creation Basket Deposit would have adverse tax consequences to USL, the limited partners
    or its shareholders;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to USCF, be unlawful; or</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">circumstances
    outside the control of USCF, Marketing Agent or Custodian make it, for all practical purposes, not feasible to process creations
    of baskets.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">None
of USCF, the Marketing Agent or the Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Redemption Procedures
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
procedures by which an Authorized Participant can redeem one or more baskets mirror the procedures for the creation of baskets.
On any business day, an Authorized Participant may place an order with the Marketing Agent to redeem one or more baskets. Redemption
orders must be placed by 12:00 p.m. New York time or the close of regular trading on the NYSE Arca, whichever is earlier. A redemption
order so received will be effective on the date it is received in satisfactory form by the Marketing Agent (&ldquo;Redemption
Order Date&rdquo;). The redemption procedures allow Authorized Participants to redeem baskets and do not entitle an individual
shareholder to redeem any shares in an amount less than a Redemption Basket, or to redeem baskets other than through an Authorized
Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">By
placing a redemption order, an Authorized Participant agrees to deliver the baskets to be redeemed through DTC&rsquo;s book-entry
system to USL, as described below. Prior to the delivery of the redemption distribution for a redemption order, the Authorized
Participant must also have wired to USL&rsquo;s account at the Custodian the non-refundable transaction fee due for the redemption
order. An Authorized Participant may not withdraw a redemption order, except as otherwise set forth in the procedures in the Authorized
Participant Agreement.</FONT></P>

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    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
manner by which redemptions are made is dictated by the terms of the Authorized Participant Agreement. By placing a redemption
order, an Authorized Participant agrees to (1) deliver the Redemption Basket to be redeemed through DTC&rsquo;s book-entry system
to USL&rsquo;s account with the Custodian not later than 3:00 p.m. New York time on the second business day following the effective
date of the redemption order (&ldquo;Redemption Distribution Date&rdquo;), and (2) if required by USCF in its sole discretion,
enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other OTC energy transaction (through
itself or a designated acceptable broker) with USL for the sale of a number and type of futures contracts at the closing settlement
price for such contracts on the Redemption Order Date. If an Authorized Participant fails to consummate (1) and (2) above, the
order shall be cancelled. The number and type of contracts specified shall be determined by USCF, in its sole discretion, to meet
USL&rsquo;s investment objective and shall be sold as a result of the Authorized Participant&rsquo;s sale of shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Determination of Redemption
Distribution </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
redemption distribution from USL consists of a transfer to the redeeming Authorized Participant of an amount of Treasuries and/or
cash that is in the same proportion to the total assets of USL (net of estimated accrued but unpaid fees, expenses and other liabilities)
on the date the order to redeem is properly received as the number of shares to be redeemed under the redemption order is in proportion
to the total number of shares outstanding on the date the order is received. USCF, directly or in consultation with the Administrator,
determines the requirements for Treasuries and the amounts of cash, including the maximum permitted remaining maturity of a Treasury,
and the proportions of Treasuries and cash that may be included in distributions to redeem baskets. The Marketing Agent will publish
an estimate of the redemption distribution per basket as of the beginning of each business day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Delivery of Redemption
Distribution </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
redemption distribution due from USL will be delivered to the Authorized Participant by 3:00 p.m. New York time on the second
business day following the redemption order date if, by 3:00 p.m. New York time on such second business day, USL&rsquo;s DTC account
has been credited with the baskets to be redeemed. If USL&rsquo;s DTC account has not been credited with all of the baskets to
be redeemed by such time, the redemption distribution will be delivered to the extent of whole baskets received. Any remainder
of the redemption distribution will be delivered on the next business day to the extent of remaining whole baskets received if
USL receives the fee applicable to the extension of the redemption distribution date which USCF may, from time to time, determine
and the remaining baskets to be redeemed are credited to USL&rsquo;s DTC account by 3:00 p.m. New York time on such next business
day. Any further outstanding amount of the redemption order shall be cancelled. Pursuant to information from USCF, the Custodian
will also be authorized to deliver the redemption distribution notwithstanding that the baskets to be redeemed are not credited
to USL&rsquo;s DTC account by 3:00 p.m. New York time on the second business day following the redemption order date if the Authorized
Participant has collateralized its obligation to deliver the baskets through DTC&rsquo;s book entry-system on such terms as USCF
may from time to time determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Suspension or Rejection
of Redemption Orders </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
may, in its discretion, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during
which the NYSE Arca or the NYMEX is closed other than customary weekend or holiday closings, or trading on the NYSE Arca or the
NYMEX is suspended or restricted, (2) for any period during which an emergency exists as a result of which delivery, disposal
or evaluation of Treasuries is not reasonably practicable, or (3) for such other period as USCF determines to be necessary for
the protection of the limited partners or shareholders. For example, USCF may determine that it is necessary to suspend redemptions
to allow for the orderly liquidation of USL&rsquo;s assets at an appropriate value to fund a redemption. If USCF has difficulty
liquidating its positions, <I>e.g.</I>, because of a market disruption event in the futures markets, a suspension of trading by
the exchange where the futures contracts are listed or an unanticipated delay in the liquidation of a position in an OTC contract,
it may be appropriate to suspend redemptions until such time as such circumstances are rectified. None of USCF, the Marketing
Agent, the Administrator, or the Custodian will be liable to any person or in any way for any loss or damages that may result
from any such suspension or postponement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Redemption
orders must be made in whole baskets. USCF will reject a redemption order if the order is not in proper form as described in the
Authorized Participant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. USCF may
also reject a redemption order if the number of shares being redeemed would reduce the remaining outstanding shares to 100,000
shares (<I>i.e.</I>, two baskets) or less.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Creation and Redemption
Transaction Fee </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">To
compensate USL for its expenses in connection with the creation and redemption of baskets, an Authorized Participant is required
to pay per order to create or redeem baskets, regardless of the number of baskets in such order. Authorized Participants pay a
$350 fee for each order they place to create or redeem one or more Creation Baskets. The transaction fee may be reduced, increased
or otherwise changed by USCF. USCF shall notify DTC of any change in the transaction fee and will not implement any increase in
the fee for the redemption of baskets until thirty (30) days after the date of the notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Tax Responsibility </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Authorized
Participants are responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax
or governmental charge applicable to the creation or redemption of baskets, regardless of whether or not such tax or charge is
imposed directly on the Authorized Participant, and agree to indemnify USCF and USL if they are required by law to pay any such
tax, together with any applicable penalties, additions to tax and interest thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Secondary Market Transactions
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
noted, USL creates and redeems shares from time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation
and redemption of baskets are only made in exchange for delivery to USL or the distribution by USL of the amount of Treasuries
and cash represented by the baskets being created or redeemed, the amount of which will be based on the aggregate NAV of the number
of shares included in the baskets being created or redeemed determined on the day the order to create or redeem baskets is properly
received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
discussed above, Authorized Participants are the only persons that may place orders to create and redeem baskets. Authorized Participants
must be registered broker-dealers or other securities market participants, such as banks and other financial institutions that
are not required to register as broker-dealers to engage in securities transactions. An Authorized Participant is under no obligation
to create or redeem baskets, and an Authorized Participant is under no obligation to offer to the public shares of any baskets
it does create. Authorized Participants that do offer to the public shares from the baskets they create will do so at per-share
offering prices that are expected to reflect, among other factors, the trading price of the shares on the NYSE Arca, the per share
NAV of USL at the time the Authorized Participant purchased the Creation Baskets and the per share NAV at the time of the offer
of the shares to the public, the supply of and demand for shares at the time of sale, and the liquidity of the Oil Futures Contract
market and the market for Other Oil-Related Investments. The prices of shares offered by Authorized Participants are expected
to fall between USL&rsquo;s per share NAV and the trading price of the shares on the NYSE Arca at the time of sale. Shares initially
comprising the same basket but offered by Authorized Participants to the public at different times may have different offering
prices. An order for one or more baskets may be placed by an Authorized Participant on behalf of multiple clients. Authorized
Participants who make deposits with USL in exchange for baskets receive no fees, commissions or other forms of compensation or
inducement of any kind from either USL or USCF, and no such person has any obligation or responsibility to USCF or USL to effect
any sale or resale of shares. Shares trade in the secondary market on the NYSE Arca. Shares may trade in the secondary market
at prices that are lower or higher relative to their NAV per share. The amount of the discount or premium in the trading price
relative to the NAV per share may be influenced by various factors, including the number of investors who seek to purchase or
sell shares in the secondary market, the availability of Creation Baskets, the liquidity of the Oil Futures Contracts market and
the market for Other Oil-Related Investments. In addition, while the shares trade during the core trading session on the NYSE
Arca until 4:00 p.m. New York time, liquidity in the market for Oil Interests may be reduced after the determination of the settlement
price by NYMEX at 2:30 p.m. New York time, USL&rsquo;s NAV is calculated based on the settlement price of the Benchmark Oil Futures
Contracts at 2:30 p.m. Eastern Time and the closing of the share price of USL on the NYSE Arca takes into account changes in the
price of Benchmark Oil Futures Contracts that occur after the settlement price is determined. As a result, during this time, trading
spreads, and the resulting premium or discount, on the shares may widen.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a043"></A><B>Use
of Proceeds </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
causes USL to transfer the proceeds from the sale of Creation Baskets to the Custodian or other custodian for trading activities.
USCF will invest USL&rsquo;s assets in Oil Interests and investments in Treasuries, cash and/or cash equivalents. When USL purchases
an Oil Futures Contract and certain exchange-traded Other Oil-Related Investments, USL is required to deposit typically 5% to
30% with the selling FCM on behalf of the exchange a portion of the value of the contract or other interest as security to ensure
payment for the obligation under Oil Interests at maturity. This deposit is known as initial margin. Counterparties in transactions
in OTC contracts will generally impose similar collateral requirements on USL. USCF will invest the assets that remain after margin
and collateral are posted in Treasuries, cash and/or cash equivalents subject to these margin and collateral requirements. USCF
has sole authority to determine the percentage of assets that are:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">held on deposit with
    the FCM or other custodian,</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">used for other investments,
    and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">held in bank accounts
    to pay current obligations and as reserves.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Approximately
5% to 30% of USL&rsquo;s assets have normally been committed as margin for commodity futures contracts. However, from time to
time, the percentage of assets committed as margin may be substantially more, or less, than such range. An FCM, a government agency
or a commodity exchange could increase margin or collateral requirements applicable to USL to hold trading positions at any time.
Ongoing margin and collateral payments will generally be required for both exchange-traded and OTC contracts based on changes
in the value of the Oil Interests. Furthermore, ongoing collateral requirements with respect to OTC contracts are negotiated by
the parties, and may be affected by overall market volatility, volatility of the underlying commodity or index, the ability of
the counterparty to hedge its exposure under the Oil Interests, and each party&rsquo;s creditworthiness. Margin is merely a security
deposit and has no bearing on the profit or loss potential for any positions held. In light of the differing requirements for
initial payments under exchange-traded and OTC contracts and the fluctuating nature of ongoing margin and collateral payments,
it is not possible to estimate what portion of USL&rsquo;s assets will be posted as margin or collateral at any given time. The
Treasuries, cash and cash equivalents held by USL will constitute reserves that will be available to meet ongoing margin and collateral
requirements. All interest income will be used for USL&rsquo;s benefit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B>The
assets of USL posted as margin for Oil Futures Contracts are held in segregated accounts pursuant to the CEA and CFTC regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
USL enters into a swap agreement, USL must post both collateral and independent amounts to its swap counterparty(ies). The amount
of collateral USL posts changes according to the amounts owed by USL to its counterparty on a given swap transaction, while independent
amounts are fixed amounts posted by USL at the start of a swap transaction. Collateral and independent amounts posted to swap
counterparties will be held by a third-party custodian.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><A NAME="i21115a044"></A><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>INFORMATION
YOU SHOULD KNOW</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This
prospectus contains information you should consider when making an investment decision about the shares. You may rely on the information
contained in this prospectus. Neither USL nor USCF has authorized any person to provide you with different information and, if
anyone provides you with different or inconsistent information, you should not rely on it. This prospectus is not an offer to
sell the shares in any jurisdiction where the offer or sale of the shares is not permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
information contained in this prospectus was obtained from us and other sources believed by us to be reliable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">You
should rely only on the information contained in this prospectus or any applicable prospectus supplement or any information incorporated
by reference to this prospectus. We have not authorized anyone to provide you with any information that is different. If you receive
any unauthorized information, you must not rely on it. You should disregard anything we said in an earlier document that is inconsistent
with what is included in this prospectus or any applicable prospectus supplement or any information incorporated by reference
to this prospectus. Where the context requires, when we refer to this &ldquo;prospectus,&rdquo; we are referring to this prospectus
and (if applicable) the relevant prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">You
should not assume that the information in this prospectus or any applicable prospectus supplement is current as of any date other
than the date on the front page of this prospectus or the date on the front page of any applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We
include cross references in this prospectus to captions in these materials where you can find further related discussions. The
table of contents tells you where to find these captions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a045"></A><B>SUMMARY
OF PROMOTIONAL AND SALES MATERIAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><FONT STYLE="font-size: 10pt">USL uses the following
promotional or sales material:</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">USL&rsquo;s website,
    <I>www.uscfinvestments.com</I>;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Press release dated
    the effective date of USL&rsquo;s initial registration statement; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">USL fact sheet found
    on USL&rsquo;s website.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The materials
described above are not a part of this prospectus or the registration statement of which this prospectus is a part and have been
submitted to the staff of the SEC for their review pursuant to Industry Guide 5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This
section is provided here as a convenience to you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a046"></A><B>INTELLECTUAL
PROPERTY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">USCF
owns trademark registrations for UNITED STATES 12&nbsp;MONTH OIL FUND (U.S. Reg. No.&nbsp;3600671) for &ldquo;Investment services
in the field of oil futures contracts and other oil-related investments,&rdquo; in use since December&nbsp;6, 2007, and 12 USL
UNITED STATES 12&nbsp;MONTH OIL FUND, LP (and 12 and Flame Design) (U.S. Reg. 4440927) for &ldquo;Financial investment services
in the field of oil futures contracts, cash-settled options on oil futures contracts, forward contracts for oil over-the-counter
transactions based on the price of oil, and indices based on the foregoing&rdquo; in use since September&nbsp;30, 2012. USCF relies
upon these trademarks through which it markets its services and strives to build and maintain brand recognition in the market
and among current and potential investors. So long as USCF continues to use these trademarks to identify its services, without
challenge from any third party, and properly maintains and renews the trademark registrations under applicable laws, rules&nbsp;and
regulations, it will continue to have indefinite protection for these trademarks under current laws, rules&nbsp;and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in; margin-right: 0; margin-left: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">USCF
owns trademark registrations for USCF (and Design) (U.S. Reg. No.&nbsp;5127374) for &ldquo;Fund investment services,&rdquo; in
use since April&nbsp;10, 2016, USCF (U.S. Reg No.&nbsp;5040755) for &ldquo;Fund investment services,&rdquo; in use since June&nbsp;24,
2008, and INVEST IN WHAT&rsquo;S REAL (U.S. Reg. No.&nbsp;5450808) for &ldquo;Fund investment services,&rdquo; in use since April&nbsp;2016.
USCF relies upon these trademarks and service mark through which it markets its services and strives to build and maintain brand
recognition in the market and among current and potential investors. So long as USCF continues to use these trademarks to identify
its services, without challenge from any third party, and properly maintains and renews the trademark registrations under applicable
laws, rules&nbsp;and regulations; it will continue to have indefinite protection for these trademarks under current laws, rules&nbsp;and
regulations. USCF has been granted two patents Nos. 7,739,186 and 8,019,675, for systems and methods for an exchange traded fund
(ETF) that tracks the price of one or more commodities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a047"></A><B>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USCF
has filed on behalf of USL a registration statement on Form S-3 with the SEC under the 1933 Act. This prospectus does not contain
all of the information set forth in the registration statement (including the exhibits to the registration statement), parts of
which have been omitted in accordance with the rules and regulations of the SEC. For further information about USL or the shares,
please refer to the registration statement, which you may access online at <I>www.sec.gov</I>. Information about USL and the shares
can also be obtained from USL&rsquo;s website, http://<I>www.uscfinvestments.com</I>. USL&rsquo;s website address is only provided
here as a convenience to you and the information contained on or connected to the website is not part of this prospectus or the
registration statement of which this prospectus is part. USL is subject to the informational requirements of the Exchange Act
and USCF and USL will each, on behalf of USL, file certain reports and other information with the SEC under the Exchange Act.
USCF will file an updated prospectus annually for USL pursuant to the 1933 Act. The reports and other information can be accessed
online at <I>www.sec.gov</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a048"></A><B>STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This
prospectus includes &ldquo;forward-looking statements&rdquo; which generally relate to future events or future performance. In
some cases, you can identify forward-looking statements by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
&ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo;
&ldquo;potential&rdquo; or the negative of these terms or other comparable terminology. All statements (other than statements
of historical fact) included in this prospectus that address activities, events or developments that will or may occur in the
future, including such matters as changes in inflation in the United States, movements in the stock market, movements in U.S.
and foreign currencies, and movements in the commodities markets and indexes that track such movements, USL&rsquo;s operations,
USCF&rsquo;s plans and references to USL&rsquo;s future success and other similar matters, are forward-looking statements. These
statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions
and analyses USCF has made based on its perception of historical trends, current conditions and expected future developments,
as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to USCF&rsquo;s
expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations
discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those
concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.
See &ldquo;Risk Factors Involved with an Investment in USL&rdquo; Consequently, all the forward-looking statements made in this
prospectus are qualified by these cautionary statements, and there can be no assurance that the actual results or developments
USCF anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or
have the expected effects on, USL&rsquo;s operations or the value of the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a049"></A><B>INCORPORATION
BY REFERENCE OF CERTAIN INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We
are a reporting company and file annual, quarterly and current reports and other information with the SEC. The rules of the SEC
allow us to &ldquo;incorporate by reference&rdquo; information that we file with them, which means that we can disclose important
information to you by referring you to those documents. The information incorporated by reference is an important part of this
prospectus. Any reports filed with the SEC subsequent to the date of this prospectus and before the date that any offering of
any securities by means of this prospectus and any accompanying prospectus supplement is terminated will automatically update
and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus.
We incorporate by reference the documents listed below and any future filings we will make with the SEC under Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus until all of the securities offered by this prospectus
and any accompanying prospectus supplement have been sold or we otherwise terminate the offering of these securities; provided,
however, that information &ldquo;furnished&rdquo; under Item 2.02 or Item 7.01 of Form 8-K or other information &ldquo;furnished&rdquo;
to the SEC which is not deemed filed is not incorporated by reference in this prospectus and any accompanying prospectus supplement.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1405528/000110465921029182/usl-20201231x10k.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the fiscal
    year ended December 31, 2020, filed with the SEC on February 26, 2021.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Any
statement contained in a document incorporated by reference in this prospectus shall be deemed to be modified or superseded for
purposes of this prospectus to the extent that a statement contained in this prospectus or in any other filed documents that also
is or is deemed to be incorporated by reference in this prospectus modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We
will provide to each person to whom a prospectus is delivered, including any beneficial owner, a copy of these filings at no cost,
upon written or oral request at the following address or telephone number:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">United
States 12 Month Oil Fund, LP<BR>
Attention: Katie Rooney<BR>
1850 Mt. Diablo Boulevard, Suite 640<BR>
Walnut Creek, California 94596<BR>
(510) 522-9600</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We
make our electronic filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports
on Form 8-K and amendments to these reports available on our website free of charge as soon as practicable after we file or furnish
them with the SEC. The information contained on our website does not constitute a part of this prospectus, and our website address
supplied above is intended to be an inactive textual reference only and not an active hyperlink to our website.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="i21115a050"></A><B>Privacy
Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
and USCF may collect or have access to certain nonpublic personal information about current and former investors. Nonpublic personal
information may include information received from investors, such as an investor&rsquo;s name, social security number and address,
as well as information received from brokerage firms about investor holdings and transactions in shares of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
and USCF do not disclose nonpublic personal information except as required by law or as described in their Privacy Policy. In
general, USL and USCF restrict access to the nonpublic personal information they collect about investors to those of their and
their affiliates&rsquo; employees and service providers who need access to such information to provide products and services to
investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
and USCF maintain safeguards that comply with federal and applicable state law to protect investors&rsquo; nonpublic personal
information. These safeguards are reasonably designed to (1) ensure the security and confidentiality of investors&rsquo; records
and information, (2) protect against any anticipated threats or hazards to the security or integrity of investors&rsquo; records
and information, and (3) protect against unauthorized access to or use of investors&rsquo; records or information that could result
in substantial harm or inconvenience to any investor. Third-party service providers with whom USL and USCF share nonpublic personal
information about investors must agree to follow appropriate standards of security and confidentiality, which includes safeguarding
such nonpublic personal information physically, electronically and procedurally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
copy of USCF&rsquo;s current Privacy Policy is available at http://www.uscfinvestments.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a051"></A><B>APPENDIX
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="i21115a052"></A><B>Glossary
of Defined Terms</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
this prospectus, each of the following terms has the meaning set forth after such term:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>1933
Act</B>: The Securities Act of 1933.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>1940
Act</B>: Investment Company Act of 1940.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Adjusted
K-1</B>: A statement to investors who owned beneficial interests in the shares in the year to which the adjusted allocations relate
setting forth their proportionate shares of the adjustment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Administrator</B>:
BNY Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Authorized
Participant</B>: A person that directly purchases or redeems Creation Baskets or Redemption Baskets, respectively, from or to
USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Authorized
Participant Agreement:</B> An agreement with USCF on behalf of USL whereby a person becomes an Authorized Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Backup
Withholding</B>: U.S. federal income tax that is required to be withheld.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Basket</B>:
A block of 50,000 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Benchmark
Oil Futures Contracts</B>: The near month contract to expire and the contracts for the following eleven months for a total of
12 consecutive months&rsquo; contracts on light, sweet crude oil traded on the NYMEX except during the last two weeks of the current
month when the near month contract is sold and replaced by the futures contract for the thirteenth month following the current
month.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>BNO</B>:
United States Brent Oil Fund, LP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>BNY
Mellon</B>: The Bank of New York Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Board</B>:
USCF&rsquo;s board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Business
Day</B>: Any day other than a day when any of the NYSE Arca, the NYMEX or the New York Stock Exchange is closed for regular trading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>CEA:
</B>Commodity Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>CFTC</B>:
Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and options in the
United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Cleared
Swap Contract</B>: A financial contract, whose value is designed to track the return on stocks, bonds, currencies, commodities,
or some other benchmark, that is submitted to a central clearinghouse after it is either traded OTC or on an exchange or other
trading platform.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Code:
</B>Internal Revenue Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Commodity
Pool</B>: An enterprise in which several individuals contribute funds in order to trade futures contracts or options on futures
contracts collectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Commodity
Pool Operator or CPO</B>: Any person engaged in a business which is of the nature of an investment trust, syndicate, or similar
enterprise, and who, in connection therewith, solicits, accepts, or receives from others, funds, securities, or property, either
directly or through capital contributions, the sale of stock or other forms of securities, or otherwise, for the purpose of trading
in any commodity for future delivery or commodity option on or subject to the rules of any contract market.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Concierge</B>:
Concierge Technologies Inc., a company publicly traded under the ticker symbol &ldquo;CNCG.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>CPER</B>:
United States Copper Index Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Creation
Basket</B>: A block of 50,000 shares used by USL to issue shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Creation
Basket Deposit</B>: The total deposit required to create each basket.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Custodian</B>:
The Bank of New York Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>DNO:
</B>United States Short Oil Fund, LP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>DCM</B>:
Designated contract market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>DTC:
</B>The Depository Trust Company. DTC will act as the securities depository for the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>DTC
Participant</B>: An entity that has an account with DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>DTEF</B>:
A derivatives transaction execution facility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>ECI</B>:
Income that is effectively connected with the conduct of a U.S. trade or business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>ERISA</B>:
Employee Retirement Income Security Act of 1974.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Exchange
Act: </B>The Securities Exchange Act of 1934.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Exchange
for Related Position (EFRP):</B> An off market transaction which involves the swapping (or exchanging) of an over-the-counter
(OTC) position for a futures position. The OTC transaction must be for the same or similar quantity or amount of a specified commodity,
or a substantially similar commodity or instrument. The OTC side of the EFRP can include swaps, swap options, or other instruments
traded in the OTC market. In order that an EFRP transaction can take place, the OTC side and futures components must be &ldquo;substantially
similar&rdquo; in terms of either value and or quantity. The net result is that the OTC position (and the inherent counterparty
credit exposure) is transferred from the OTC market to the futures market. EFRPs can also work in reverse, where a futures position
can be reversed and transferred to the OTC market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>FDAP</B>:
Amounts that are fixed, determinable, annual and periodic income, such as interest, dividends and rent that are not connected
with the operation of a U.S. trade or business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>FCM</B>:
Futures Commission Merchant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>FFI</B>:
Foreign financial institution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>FINRA:
</B>Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Futures
Contracts:</B> Futures contracts for light, sweet crude oil, and other types of crude oil, diesel-heating oil, gasoline, natural
gas and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>ICE
Futures</B>: ICE Futures Europe and ICE Futures U.S., together the leading electronic regulated futures and options exchange for
global energy markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>IGA</B>:
Intergovernmental agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Indirect
Participants</B>: Banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC
Participant, either directly or indirectly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>IRA</B>:
Individual retirement account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>IRS</B>:
U.S. Internal Revenue Service.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>ISDA</B>:
International Swaps and Derivatives Association, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Limited
Liability Company (LLC):</B> A type of business ownership combining several features of corporation and partnership structures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>LLC
Agreement</B>: The Sixth Amended and Restated Limited Liability Company Agreement of USCF, dated as of May 15, 2015 (as amended
from time to time).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>LP
Agreement</B>: The Third Amended and Restated Agreement of Limited Partnership effective as of December 15, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Margin:
</B>The amount of equity required for an investment in futures contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Management
Directors</B>: The four management directors that are on USCF&rsquo;s board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Marketing
Agent</B>: ALPS Distributors, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>NAV</B>:
Net asset value of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>NFA:
</B>National Futures Association.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>NYMEX:
</B>The New York Mercantile Exchange, the primary exchange on which futures contracts are traded in the U.S. USL expects to invest
primarily in futures contracts, and particularly in futures contracts traded on the NYMEX. USL expressly disclaims any association
with the NYMEX or endorsement of USL by the NYMEX and acknowledges that &ldquo;NYMEX&rdquo; and &ldquo;New York Mercantile Exchange&rdquo;
are registered trademarks of the MYMEX.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>NYSE
Arca</B>: NYSE Arca, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Oil
Futures Contracts</B>: Futures contracts for crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels
that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Oil
Interests</B>: Oil Futures Contracts and Other Oil-Related Investments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Option:
</B>The right, but not the obligation, to buy or sell a futures contract or forward contract at a specified price on or before
a specified date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>OPEC</B>:
Organization of Petroleum Exporting Countries</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Other
Oil-Related Investments</B>: Other crude oil related investments such as cash-settled options on Oil Futures Contracts, forward
contracts for crude oil, and OTC transactions that are based on the price of crude oil, other petroleum-based fuels, Oil Futures
Contracts and indices based on the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>OTC
Derivative</B>: A financial contract, whose value is designed to track the return on stocks, bonds, currencies, commodities, or
some other benchmark, that is traded OTC or off organized exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Position
Limit Rules</B>: Regulatory limits imposed by the CFTC on speculative positions in certain physical commodity futures and option
contracts and swaps that are economically equivalent to such contracts in the agriculture, energy and metals markets and rules
addressing the circumstances under which market participants would be required to aggregate their positions with other persons
under common ownership or control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Prudential
Regulators</B>: The CFTC, the SEC and the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Farm Credit Administration and the Federal Housing Finance Agency, collectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Redemption
Basket</B>: A block of 50,000 shares used by USL to redeem shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Redemption
Order Date</B>: The date a redemption order is received in satisfactory form and approved by the Marketing Agent.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Register</B>:
The record of all Shareholders and holders of the shares in certificated form kept by the Administrator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Related
Public Funds</B>: United States 12 Month Oil Fund, LP (&ldquo;USL&rdquo;); United States 12 Month Natural Gas Fund, LP (&ldquo;UNL&rdquo;);
United States Brent Oil Fund, LP (&ldquo;BNO&rdquo;); United States Oil Fund, LP (&ldquo;USO&rdquo;); United States Gasoline Fund,
LP (&ldquo;UGA&rdquo;); United States Natural Gas Fund, LP (&ldquo;UNG&rdquo;); United States Copper Index Fund (&ldquo;CPER&rdquo;);
United States Commodity Index Fund (&ldquo;USCI&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>SEC</B>:
Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>SEF</B>:
A swap execution facility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Secondary
Market</B>: The stock exchanges and the OTC market. Securities are first issued as a primary offering to the public. When the
securities are traded from that first holder to another, the issues trade in these secondary markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Shareholders</B>:
Holders of shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Shares:
</B>Common shares representing fractional undivided beneficial interests in USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Spot
Contract</B>: A cash market transaction in which the buyer and seller agree to the immediate purchase and sale of a commodity,
usually with a two-day settlement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Swap
Contract</B>: Swap transactions generally involve contracts between two parties to exchange a stream of payments computed by reference
to a notional amount and the price of the asset that is the subject of the swap. Some swap transactions are cleared through central
counterparties. These transactions, known as cleared swaps, involve two counterparties first agreeing to the terms of a swap transaction,
then submitting the transaction to a clearing house that acts as the central counterparty. Swap transactions that are not cleared
through central counterparties are called &ldquo;uncleared&rdquo; or &ldquo;over-the-counter&rdquo; (&ldquo;OTC&rdquo;) swaps.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Tracking
Error</B>: Possibility that the daily NAV of USL will not track the price of light, sweet crude oil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Treasuries</B>:
Obligations of the U.S. government with remaining maturities of 2 years or less.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>UBTI</B>:
Unrelated business taxable income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>UGA</B>:
United States Gasoline Fund, LP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>UHN</B>:
United States Diesel-Heating Oil Fund, LP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>UNG</B>:
United States Natural Gas Fund, LP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>UNL</B>:
United States 12 Month Natural Gas Fund, LP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>USAG:
</B>United States Agriculture Index Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>USCI</B>:
United States Commodity Index Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>USL</B>:
United States 12 Month Oil Fund, LP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>USCF</B>:
United States Commodity Funds LLC (the general partner), a Delaware limited liability company, which is registered as a Commodity
Pool Operator, who controls the investments and other decisions of USL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>USO</B>:
United States Oil Fund, LP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>USOD:
</B>United States 3x Oil Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>USOU:
</B>United States 3x Short Oil Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Valuation
Day</B>: Any day as of which USL calculates its NAV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Wainwright</B>:
Wainwright Holdings, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>You</B>:
The owner or holder of shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>PART
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>INFORMATION
NOT REQUIRED IN THE PROSPECT</B>US</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;14.&nbsp;&nbsp;&nbsp;Other
Expenses of Issuance and Distribution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Set
forth below is an estimate (except as indicated) of the amount of fees and expenses (other than underwriting commissions and discounts)
payable by the registrant in connection with the issuance and distribution of the shares pursuant to the prospectus contained
in this registration statement.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">Amount SEC registration fee (actual)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">268,157.18</TD><TD STYLE="width: 1%; text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">NYSE Arca Listing Fee (actual)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,375</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">FINRA filing fees (actual)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Blue Sky expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Auditor&rsquo;s fees and expenses (estimate)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses (estimate)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Printing expenses (estimate)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 8.65pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">340,532.18</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">*$194,676.07 of Registration
Statement fees were previously paid and are being applied to the shares registered under this registration statement, which are
unsold shares from a prior registration statement that are being carried forward to this registration statement pursuant to Rule
415(a)(6) under the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-size: 10pt"><B>Item
15. Indemnification of Directors and Officers </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">USL
shall, to the fullest extent permitted by law, but only out of USL assets, indemnify and hold harmless a general partner and each
officer, director, stockholder, partner, employee or agent thereof (including persons who serve at USL&rsquo;s request as directors,
officers or trustees of another organization in which USL has an interest as a Shareholder, creditor or otherwise) and their respective
Legal Representatives and successors (hereinafter referred to as a &ldquo;<I>Covered Person</I>&rdquo;) against all liabilities
and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties,
and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or
other proceedings, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person
may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in
office or thereafter, by reason of an alleged act or omission as a general partner or director or officer thereof, or by reason
of its being or having been such a general partner, director or officer, except with respect to any matter as to which such Covered
Person shall have been finally adjudicated in any such action, suit or other proceeding not to have acted in good faith in the
reasonable believe that such Covered Person&rsquo;s action was in the best interest of USL, and except that no Covered Person
shall be indemnified against any liability to USL or limited partners to which such Covered Person would otherwise be subject
by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such
Covered Person&rsquo;s office. Expenses, including counsel fees so incurred by any such Covered Person, may be paid from time
to time by USL in advance of the final disposition of any such action, suit or proceeding on the condition that the amounts so
paid shall be repaid to USL if it is ultimately determined that the indemnification of such expenses is not authorized hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
to any matter disposed of by a compromise payment by any such Covered Person, pursuant to a consent decree or otherwise, no such
indemnification either for said payment or for any other expenses shall be provided unless such compromise shall be approved as
in the best interests of USL, after notice that it involved such indemnification by any disinterested person or persons to whom
the questions may be referred by United States Commodity Funds LLC (&ldquo;USCF&rdquo;), the general partner, provided that there
has been obtained an opinion in writing of independent legal counsel to the effect that such Covered Person appears to have acted
in good faith in the reasonable belief that his or her action was in the best interests of USL and that such indemnification would
not protect such persons against any liability to USL or its limited partners to which such person would otherwise by subject
by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of office.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Approval
by any disinterested person or persons shall not prevent the recovery from persons as indemnification if such Covered Person is
subsequently adjudicated by a court of competent jurisdiction not to have acted in good faith in the reasonable belief that such
Covered Person&rsquo;s action was in the best interests of USL or to have been liable to USL or its limited partners by reason
of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered
Person&rsquo;s office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
right of indemnification hereby provided shall not be exclusive of or affect any other rights to which any such Covered Person
may be entitled. An &ldquo;<I>interested Covered Person</I>&rdquo; is one against whom the action, suit or other proceeding on
the same or similar grounds is then or has been pending and a &ldquo;<I>disinterested person</I>&rdquo; is a person against whom
none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is
then or has been pending. Nothing contained in this provision shall affect any rights to indemnification to which personnel of
a general partner, other than directors and officers, and other persons may be entitled by contract or otherwise under law, nor
the power of USL to purchase and maintain liability insurance on behalf of any such person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Nothing
in this provision shall be construed to subject any Covered Person to any liability to which he is not already liable under this
Agreement or applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Each
limited partner agrees that it will not hold any Affiliate or any officer, director, stockholder, partner, employee or agent of
any Affiliate of USCF liable for any actions of USCF or any obligations arising under or in connection with this Agreement or
the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-size: 10pt"><B>Item
16. Exhibits and Financial Statement Schedules </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt">(a)
Exhibits</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 10%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Exhibit
    No.</B></FONT></td>
    <TD STYLE="vertical-align: top; width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 89%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3.1<SUP>(1)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000114420407035242/v080124_ex3-1.htm">Certificate of Limited Partnership of the Registrant.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3.2<SUP>(11)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000117120017000509/i17552_ex3-2.htm">Third
    Amended and Restated Agreement of Limited Partnership.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3.3<SUP>(8)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000114420416087484/v431706_ex3-3.htm">Sixth
    Amended and Restated Limited Liability Company Agreement of USCF.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5.1<SUP>(15)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1405528/000117120020000389/i20369_ex5-1.htm">Opinion of Eversheds Sutherland (US) LLP relating to the legality of the shares.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">8.1<SUP>(13)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1405528/000117120020000352/i20233_ex8-1.htm">Opinion of Eversheds Sutherland (US) LLP &nbsp;with respect to federal income tax consequences.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.1<SUP>(10)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000117120016000159/i00185_ex10-1.htm">Form
    of Authorized Purchaser Agreement.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.2<SUP>(3)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000114420409059985/v163672_ex10-8.htm">Amendment
    Agreement to Marketing Agent Agreement.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.3<SUP>(3)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000114420409059985/v163672_ex10-2.htm">Marketing
    Agent Agreement.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.4<SUP>(9)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000119312512347472/d362366dex103.htm">Amendment
    No. 2 to Marketing Agent Agreement.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.5<SUP>(2)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000119312513104932/d440753dex105.htm">Third
    Amendment to the Marketing Agent Agreement.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.6<SUP>(4)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1376227/000100371507000207/exhibit10.htm">License
    Agreement.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.7<SUP>(5)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000100371508000062/ex10-5.htm">Amendment
    to the License Agreement.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.8<SUP>(7)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000119312511278353/d246674dex101.htm">Third
    Amendment to the License Agreement.</a></FONT></td></tr>
</TABLE>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.9<SUP>(6)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000117120020000195/i20180_ex10-2.htm">Form of Custody Agreement with The Bank of New York Mellon.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.10<SUP>(6)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1405528/000117120020000195/i20180_ex10-1.htm">Form of Transfer Agency and Service Agreement with The Bank of New York Mellon.</A></FONT></td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 8.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10%; padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.10<SUP>(6)</SUP></FONT></td>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 89%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000117120020000195/i20180_ex10-3.htm">Form of Fund Administration and Accounting Agreement with Administrative Agency Agreement with The Bank of New York Mellon.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.11<SUP>(12)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000114420413054745/v357016_ex99-1.htm">Form
    of Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets LLC.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.12<SUP>(14)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000117120020000371/i20357_ex10-1.htm">Form
    of Commodity Futures Customer Agreement with RCG Division of Marex Spectron.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.13<SUP>(16)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000117120020000441/i20397_ex10-1.htm">Form
    of Customer Agreement with E D &amp; F Man Capital Markets Inc.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.14<SUP>(17)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1405528/000117120020000682/i20618_ex10-1.htm">Form
    of Customer Agreement with Macquarie Futures USA LLC.</a></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">23.1<SUP>(15)</SUP></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consent
    of Eversheds Sutherland (US) LLP &nbsp;(incorporated by reference to exhibit
    numbers <A HREF="http://www.sec.gov/Archives/edgar/data/1405528/000117120020000389/i20369_ex5-1.htm">5.1</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1405528/000117120020000352/i20233_ex8-1.htm">8.1</A> hereto).</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 8.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">23.2*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="i21115_ex23-2.htm">Consent of independent registered public accounting firm.</A></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Filed herewith.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Registration Statement on Form S-1 (File No. 333-144348), filed on July 5, 2007.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Annual Report on Form 10-K for the Year ended December 31, 2012, filed on March 13, 2013.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, filed on November 16, 2009.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to United States Natural Gas Fund, LP&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, filed on
    June 1, 2007.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2007, filed on March 26, 2008.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(6)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Current Report on Form 8-K, filed on March 30, 2020.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(7)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to the Registrant&rsquo;s Current Report on Form 8-K, filed on October 24, 2011.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(8)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 11, 2016.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(9)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Quarterly Report on Form 10-Q for the Quarter ended June 30, 2012, filed on August 9, 2012.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(10)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Post-Effective Amendment No. 2 to the Registrant&rsquo;s Registration Statement filed on Form S-1 (File No. 333-195437),
    filed on March 31, 2016.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(11)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Current Report on Form 8-K, filed on December 15, 2017.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(12)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Current Report on Form 8-K, filed on October 10, 2013.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(13)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Registration Statement on Form S-1 (File No. 333-238283), filed on May 15, 2020.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(14)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Current Report on Form 8-K, filed on May 29, 2020.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(15) </FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Pre-Effective Amendment No. 1 to the Registrant&rsquo;s Registration Statement on Form S-1 (File No. 333-238283), filed
    on June 3, 2020.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(16) </FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Current Report on Form 80K, filed on June 15, 2020.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(17)</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporated by reference
    to Registrant&rsquo;s Current Report on Form 8-K, filed on December 7, 2020.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Item
17. Undertakings </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(a) The undersigned registrant hereby
undertakes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(i)
To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change
in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective
registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Provided,
however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on
Form S&ndash;3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports
filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(4)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(i)
If the registrant is subject to Rule 430C (&sect;230.430C of this chapter), each prospectus filed pursuant to Rule 424(b) as part
of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A (&sect;230.430A of this chapter), shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of
contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to such date of first use.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(5)
That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.2pt"><FONT STYLE="font-size: 10pt">The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18.2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424 (&sect;230.424 of this chapter);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(iv)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933,
each filing of the registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of
1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(c)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(d)
The undersigned registrant hereby undertakes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(1)
To send to the trustee at least on an annual basis a detailed statement of any transactions with USCF or its affiliates, and of
fees, commissions, compensation and other benefits paid, or accrued to USCF or its affiliates for the fiscal year completed, showing
the amount paid or accrued to each recipient and the services performed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(2)
To provide to the trustee the financial statements required by Form 10-K for the first full fiscal year of operations of the partnership.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused this Post-Effective Amendment No. 1 to this registration
statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Walnut Creek, State of California,
on March 11, 2021.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>UNITED STATES 12 MONTH OIL
    FUND, LP</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></td>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">United States Commodity Funds
    LLC as General Partner</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></td>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ John
    P. Love&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">John P. Love</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer of</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">United States Commodity Funds LLC</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 1 to this registration statement has been
signed by the following persons in the capacities and on the dates indicated. The document may be executed by signatories hereto
on any number of counterparts, all of which shall constitute one and the same instrument.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 25%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Signature</FONT></td>
    <TD STYLE="vertical-align: top; width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 58%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title</FONT></td>
    <TD STYLE="vertical-align: top; width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    John P. Love&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President,
    Chief Executive Officer, and Management Director</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">March
    11</FONT><FONT STYLE="font-size: 10pt">, 2021</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">John P. Love</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(Principal Executive
    Officer)</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Stuart P. Crumbaugh&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial
    Officer</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">March 11</FONT><FONT STYLE="font-size: 10pt">,
    2021</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Stuart P. Crumbaugh</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(Principal Financial
    and Accounting Officer)</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Management Director</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">March 11</FONT><FONT STYLE="font-size: 10pt">,
    2021</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Nicholas D. Gerber</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Management Director</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">March 11</FONT><FONT STYLE="font-size: 10pt">,
    2021</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Andrew F Ngim</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Management Director</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">March 11</FONT><FONT STYLE="font-size: 10pt">,
    2021</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Robert L. Nguyen</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Independent Director</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">March 11</FONT><FONT STYLE="font-size: 10pt">,
    2021</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Peter M. Robinson</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Independent Director</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">March 11</FONT><FONT STYLE="font-size: 10pt">,
    2021</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gordon L. Ellis</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Independent Director</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">March 11</FONT><FONT STYLE="font-size: 10pt">,
    2021</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Malcolm R. Fobes
    III</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt">*
Signed by John P. Love pursuant a power of attorney signed by each individual on May 15, 2020.</FONT></P>


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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>2
<FILENAME>i21115_ex23-2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0; text-align: right; color: #000066"><IMG SRC="image_002.jpg" ALT="sj" STYLE="height: 31px; width: 57px"><FONT STYLE="font-size: 16pt">S</FONT><FONT STYLE="font-size: 14pt">PICER</FONT>
<FONT STYLE="font-size: 16pt">J</FONT><FONT STYLE="font-size: 14pt">EFFRIES LLP</FONT></P>

<P STYLE="font: 8pt Georgia, Times, Serif; margin: 0; text-align: right; color: #000066">Certified Public Accountants</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #000066">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #000066">4601 DTC BOULEVARD &bull; SUITE
700</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #000066">DENVER, COLORADO 80237</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #000066">TELEPHONE: (303) 753-1959</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #000066">FAX: (303) 753-0338</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #000066">www.spicerjeffries.com</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 23.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby consent to incorporation by reference in this Post-Effective
Amendment on Form S-3 for United States 12 Month Oil Fund, LP of our report dated February 26, 2021 relating to the statements
of financial condition as of December&nbsp;31, 2020 and 2019, including the schedule of investments as of December&nbsp;31, 2020
and 2019, and the related statements of operations, changes in partners&rsquo; capital and cash flows for the years ended December&nbsp;31,
2020, 2019 and 2018 of United States 12 Month Oil Fund, LP included in the Form 10-K of United States 12 Month Oil Fund, LP for
the year ended December 31, 2020, and to the reference to our Firm as &ldquo;Experts&rdquo; in the Prospectus, which is part of
this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 1in; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 107%"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 69px; width: 264px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Denver, Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 11, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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end
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<DOCUMENT>
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begin 644 image_002.jpg
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end
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<DOCUMENT>
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<TEXT>
begin 644 image_001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
