27 unchanged sentences
Chief Operating Officer and Portfolio Manager
−Removed: Management Director
Management Director, Chief Marketing Officer
77 unchanged sentences
He also served as a Management Director of USCF from May 2005 to April 2023.
−Removed: Ngim served as the portfolio manager for USCI and CPER since January 2013 \.
+Added: Ngim serves as the portfolio manager for USCI and CPER since January 2013.
Ngim also served as USCF’s Treasurer from June 2005 to February 2012.
−Removed: 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 and Chief Operating Officer of USCF Advisers since March 2021.
+Added: In addition, he has been on the Board of Managers and serves as the Assistant Secretary and Assistant Treasurer of USCF Advisers since its inception in June 2013 and Chief Operating Officer of USCF Advisers since March 2021.
Prior to and concurrent with his services to USCF and USCF Advisers, from January 1999 to January 2013, Mr.
2 unchanged sentences
Ngim also serves as the portfolio manager for the following series of the USCF ETF Trust:
−Removed: (1) USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund, from May 2018 to present, (2) the USCF Sustainable Battery Metals Strategy Fund from January 2023 to present, (3) the USCF Energy Commodity Strategy Absolute Return Fund from May 2023 to present, and (4) the USCF Sustainable Commodity Strategy Fund from August 9, 2023 to present.
+Added: (1) USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund, from May 2018 to present, (2) the USCF Sustainable Battery Metals Strategy Fund from January 2023 to present, (3) the USCF Energy Commodity Strategy Absolute Return Fund from May 2023 to present, (4) the USCF Sustainable Commodity Strategy Fund from August 9, 2023 to present, and (5) the USCF Oil Plus Bitcoin Strategy Fund from December 9, 2025 to present.
Ngim served as a Management Trustee of the USCF ETF Trust from August 2014 to August 2023.
3 unchanged sentences
from the University of California at Berkeley.
−Removed: Nguyen , 65, Management Director and principal since July 2015.
−Removed: Nguyen served on the Board of USCF Investments from December 2014 to December 2016.
−Removed: Nguyen co-founded USCF in 2005 and served as a Management Director until March 2012.
−Removed: 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.
−Removed: Prior to and concurrent with his services to USCF, from January 2000 to January 2013, Mr.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: As of February 2017, he also is an associated person of USCF Advisers.
−Removed: 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.
−Removed: Nguyen earned his B.S.
−Removed: from California State University at Sacramento, and holds NFA Series 3 and FINRA Series 7 registrations.
Rooney , 53, Management Director of USCF since April 2023 and Chief Marketing Officer of USCF since January 2016.
+Added: Rooney also serves as a director of USCF Advisers since March 10, 2024 and was listed as a principal of USCF Advisers effective March 28, 2025.
She also served as a member of the Board of Directors of The Marygold Companies, which is the parent of USCF Investments, Inc., from January 2017 to April 2023.
43 unchanged sentences
Gerber, Melinda D.
−Removed: Gerber, Andrew F Ngim, Robert L.
−Removed: Nguyen, Peter M.
+Added: Gerber, Andrew F Ngim, Peter M.
Robinson, Kathryn D.
−Removed: Rooney, Scott Schoenberger, Gordon L.
+Added: Rooney, Gordon L.
Ellis, Malcolm R.
5 unchanged sentences
Crumbaugh, Daphne G.
−Removed: Frydman, Andrew F Ngim, Robert L.
−Removed: Nguyen, Peter M.
+Added: Frydman, Andrew F Ngim, Peter M.
Robinson, Kathryn D.
8 unchanged sentences
In addition, John P.
−Removed: Love, Robert L.
−Removed: Nguyen, Ray W.
Allen, Kevin A.
−Removed: Baum, Kathryn Rooney, and Maya Lowry are registered with the CFTC as Associated Persons of USCF and are NFA Associate Members.
+Added: Baum, Kathryn Rooney, and Maya Lowry are
+Added: registered with the CFTC as Associated Persons of USCF and are NFA Associate Members.
Love, Kevin A.
18 unchanged sentences
however, the Board believes that it is essential that the Board members represent diverse viewpoints.
−Removed: Insider Trading Policy
−Removed: USCF has adopted an insider trading policy applicable to USCF’s directors, officers and employees, which is included as an exhibit to this annual report on Form 10-K.
Code of Ethics
3 unchanged sentences
USL intends to disclose any amendments or waivers to the Code of Ethics applicable to USCF’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, on its website.
+Added: Insider Trading Policy
+Added: USCF has adopted an insider trading policy applicable to USCF’s directors, officers and employees, which is included as an exhibit to this annual report on Form 10-K.
Executive Sessions of the Non-Management Directors
9 unchanged sentences
The Board’s responsibilities include:
−Removed: (i) the selection, evaluation, retention and succession of the Chief Executive Officer and the oversight of the selection and performance of other executive officers, (ii) understanding, reviewing and monitoring the implementation of strategic plans, annual operating plans and budgets, (iii) the selection and oversight of USL’s independent auditors and the oversight of USL’s financial statements, (iv) advising management on significant issues, (v) the review and approval of significant company actions and certain other matters, (vi) nominating directors and committee members and overseeing effective corporate governance and (vii) the consideration of other constituencies, such as USCF’s and USL’s customers, employees, suppliers and the communities impacted by USL.
+Added: (i) the selection, evaluation, retention and succession of the Chief Executive Officer and the oversight of the selection and performance of other executive officers, (ii) understanding, reviewing and monitoring the implementation of strategic plans, annual operating plans and budgets, (iii) the selection and oversight of USL’s independent auditors and the oversight of USL’s financial statements, (iv) advising management on significant issues, (v) the review and approval of significant company actions and certain other matters, (vi) nominating directors and committee members and overseeing effective corporate governance and (vii) the
+Added: consideration of other constituencies, such as USCF’s and USL’s customers, employees, suppliers and the communities impacted by USL.
The non-management directors have designated Gordon L.
30 unchanged sentences
Management Directors
+Added: Andrew F Ngim
Independent Directors
1 unchanged sentence
Fobes serves as chairman of the audit committee of USCF and receives additional compensation from USCF, in recognition of the additional responsibilities he has undertaken in this role.
+Added: Nguyen served as a director of USCF until May 31, 2025.
+Added: This table reflects his compensation earned through that date.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
71 unchanged sentences
Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed on October 24, 2011.
−Removed: Incorporated by reference to Registrant’s Current Report on Form 8-K, filed on May 18, 2015.
+Added: Incorporated by reference to Registrant’s Current Report on Form 8-K, filed on December 15, 2017.
Incorporated by reference to Registrant’s Post-Effective Amendment No.
6 unchanged sentences
Incorporated by reference to Registrant’s Current Report on Form 8-K, filed on December 7, 2020.
−Removed: Incorporated by reference to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019, filed on March 13, 2020.
Incorporated by reference to Registrant’s Annual Report on Form 10-K, for the year ended December 31, 2023, filed on February 29, 2024.
+Added: Incorporated by reference to Registrant’s Annual Report on Form 10-K, for the year ended December 31, 2024, filed on February 28, 2025.
Filed herewith.
20 unchanged sentences
February 27, 2026
−Removed: /s/ Robert L.
−Removed: Management Director
−Removed: February 28, 2025
Independent Director
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.