Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
(a) None.
(b) Not applicable.
(c) USL does not purchase shares directly from its shareholders. In connection with its redemption of baskets held by Authorized Participants, USL redeemed 2 baskets (comprising 100,000 shares) during the second quarter of the year ending December 31, 2025. The following table summarizes the redemptions by Authorized Participants during the three months ended June 30, 2025:
Issuer Purchases of Equity Securities
Total Number of
Average Price Per
Period
Shares Redeemed
Share
4/1/25 to 4/30/25
50,000
$
36.04
5/1/25 to 5/31/25
50,000
$
33.93
6/1/25 to 6/30/25
—
$
—
Total
100,000
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not applicable.
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