What changed in this filing

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Item 9A. Controls and Procedures

2021-02-26 compared with 2020-02-21 · 38 added, 34 removed, 375 unchanged (16% of the section changed)

21 unchanged sentences

Management Director, Vice President

Andrew F Ngim

Chief Operating Officer, Management Director and Portfolio Manager

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Portfolio Manager

Chief Investment Officer, Portfolio Manager

Chief Investment Officer

Independent Director

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In addition, he has been the portfolio manager of:

(1) DNO since September 2009, (2) USO and USL since March 2010, (3) BNO since June 2010, (4) UNG since May 2015, and (4) USOU and USOD from July 2017 to December 2019.

Allen also has served as the portfolio manager of (1) the USCF Commodity Strategy Fund, a series of USCF Mutual Funds Trust, since October 2017, and (2) the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund, a series of the USCF ETF Trust, since May 2018.

(1) DNO since September 2009, (2) USO and USL since March 2010, (3) BNO since June 2010, (4) UNG since May 2015, (4) USOU and USOD from July 2017 to December 2019 , and (5) the USCF Commodity Strategy Fund, a series of USCF Mutual Funds Trust, from October 2017 to March 2019.

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 2018.

Allen has been a principal of USCF listed with the CFTC and NFA since March 2009 and has been registered as an associated person of USCF since July 2015 and from March 2008 to November 2012.

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in Economics from the University of California at Berkeley and holds an NFA Series 3 registration.

Baum , 49, has served as a Portfolio Manager of USCF since March 2016 and as the Chief Investment Officer of USCF since September 1, 2016.

Baum , 50, has served as the Chief Investment Officer of USCF since September 1, 2016 and as a Portfolio Manager of USCF from March 2016 to April 2017.

Prior to joining USCF, Mr.

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in Finance from Texas Tech University and holds an NFA Series 3 registration.

Crumbaugh , 56, Chief Financial Officer, Secretary and Treasurer of USCF since May 2015 and also the Chief Financial Officer of Concierge Technologies, Inc., the parent of Wainwright Holdings, Inc.

Crumbaugh , 57, Chief Financial Officer, Secretary and Treasurer of USCF since May 2015 and also the Chief Financial Officer of Concierge Technologies, Inc .

("Concierge"), the parent of Wainwright Holdings, Inc.

(“Wainwright”) since December 2017.

In addition, Mr.

He is also the Treasurer and a member of the Board of Directors of Marygold & Co., a subsidiary of Concierge, since November 2019.In addition, Mr.

Crumbaugh has served as a director of Wainwright, the parent and sole member of USCF, since December 2016.

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in Accounting and Business Administration from Michigan State University in 1987 and is a Certified Public Accountant – Michigan (inactive).

Gerber , 57, Vice President since May 15, 2015.

Gerber , 58, Vice President since May 15, 2015 and Management Director since June 2005.

Gerber served as President and Chief Executive Officer of USCF from June 2005 through May 15, 2015 and Chairman of the Board of Directors of USCF from June 2005 through October 2019.

3 unchanged sentences

(“Concierge”), which is a company publicly traded under the ticker symbol “CNCG.” Concierge is the sole shareholder of Wainwright.

He is also the CEO and a member of the Board of Directors of Marygold & Co., a subsidiary of Concierge, since November 2019.

Gerber also is the President and a director of Wainwright, a position he has held since March of 2004.

8 unchanged sentences

In addition, Mr.

Gerber served as the President and Chief Executive Officer of USCF ETF Trust from June 2014 until December 2015.

In the above roles, Mr.

Gerber has gained extensive experience in evaluating and retaining third-party service providers, including custodians, accountants, transfer agents, and distributors.

Gerber served as the President and Chief Executive Officer of USCF ETF Trust from June 2014 until December 2015.Mr.

Gerber has been a principal of USCF listed with the CFTC and NFA since November 2005, an NFA associate member and associated person of USCF since December 2005 and a Branch Manager of USCF since May 2009.

3 unchanged sentences

Love, 49, President and Chief Executive Officer of USCF since May 15, 2015, Management Director of USCF since October 2016 and Chairman of the Board of Directors of USCF since October 2019.

Love also is a director of Wainwright, a position he has held since December 2016.

Love previously served as a Senior Portfolio Manager for the Related Public Funds from March 2010 through May 15, 2015.

2 unchanged sentences

Love has been the portfolio manager of UNG since April 2007, and the portfolio manager of UGA, UHN, and UNL since March 2010.

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.

Love has served as on the Board of Managers of USCF Advisers since November 2016 and as its President since June 18, 2015.

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 2014 to December 2015, when he was promoted to the position of President and Chief Executive Officer of the USCF ETF Trust.

Since October 2016 to present, he also has served as the President and Chief Executive of the USCF Mutual Funds Trust.

Love also is a director of Wainwright, a position he has held since December 2016.

Love has been a principal of USCF listed with the CFTC and NFA since January 17, 2006.

14 unchanged sentences

from January 2000 to January 2013.

Ngim also served as portfolio manager of (1) the Stock Split Index Fund from September 2014 to October 2017, and (2) the USCF Restaurant Leaders Fund from November 2016 to October 2017, both series of the USCF ETF Trust.

Ngim also serves as the portfolio manager for three funds that are series of the USCF ETF Trust:

(1) USCF SummerHaven SHPEI Index Fund from December 2017 to present, (2) USCF SummerHaven SHPEN Index Fund also from December 2017 to present, and (3) USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund from May 2018 to present.

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.

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.

Ngim serves as a Management Trustee of:

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None of the Principals owns or has any other beneficial interest in USO.

Allen and Andrew F Ngim make trading and investment decisions for USO.

Allen and Andrew F Ngim execute trades on behalf of USO.

Allen and Andrew F.

Ngim make trading and investment decisions for USO.

Allen, Andrew F.

Ngim and Kevin Sheehan execute trades on behalf of USO.

In addition, Nicholas D.

3 unchanged sentences

Allen, Kevin A.

Baum, Kathryn Rooney, Maya Lowry, and Ryan Katz are registered with the CFTC as Associated Persons of USCF and are NFA Associate Members.

Love and Ray W.

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.

Love, Kevin A.

Baum, Kevin Sheehan and Ray W.

Allen are also registered with the CFTC as Swaps Associated Persons.

50 unchanged sentences

For example, the Board has adopted an Investment Policy and a Policy for Use of Derivatives.

The policies are intended to ensure that USCF takes prudent and careful action while entering into and managing investments taken by USO, including Oil Futures Contracts or Other Oil-Related Investments such as OTC swap contracts.

The policies are intended to ensure that USCF takes prudent and careful action while entering into and managing investments taken by USO, including Oil Futures Contracts and Other Oil-Related Investments such as OTC swap contracts.

Additionally, the policies are intended to provide assurance that there is sufficient flexibility in controlling risks and returns associated with the use of investments by USO.

3 unchanged sentences

There are certain risks that may arise as a result of a growth in assets under management.

For example, if position limits are imposed on USO and the assets under management continue to increase, then USO may not be able to invest solely in the Benchmark Oil Futures Contract and may have to invest in OTC swap contracts or Other Oil-Related Investments as it seeks to track its benchmark.

For example, if position limits are imposed on USO and the assets under management continue to increase, then USO may not be able to invest solely in the Benchmark Oil Futures Contracts and may have to invest in OTC swap contracts or Other Oil-Related Investments as it seeks to track its benchmark.

Other Oil Futures Contracts in which USO may invest may not track changes in the price of the Benchmark Oil Futures Contract.

3 unchanged sentences

In addition to the certifications of the Chief Executive Officer and Chief Financial Officer of USCF filed or furnished with this annual report on Form 10-K regarding the quality of USO’s public disclosure, USO will submit, within 30 days after filing this annual report on Form 10-K, to the NYSE Arca a certification of the Chief Executive Officer of USCF certifying that he is not aware of any violation by USO of NYSE Arca corporate governance listing standards.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires directors and executive officers of USCF and persons who are beneficial owners of at least 10% of USO’s shares to file with the SEC an Initial Statement of Beneficial Ownership of Securities on Form 3 within 10 calendar days of first becoming a director, executive officer or beneficial owner of at least 10% of USO’s shares and a Statement of Changes of Beneficial Ownership of Securities on Form 4 within 2 business days of a subsequent acquisition or disposition of shares of USO.

To USO’s knowledge, based upon a review of copies of reports furnished to it with respect to the fiscal year ended December 31, 2019 and upon the written representations of the directors and executive officers of USCF, all of such persons have filed all required reports.

Executive Compensation.

1 unchanged sentence

USO does not directly compensate any of the executive officers noted above.

The executive officers noted above are compensated by USCF for the work they perform on behalf of USO and other entities controlled by USCF.

The executive officers noted above are compensated by USCF for the work they perform on behalf of and other entities controlled by USCF.

USO does not reimburse USCF for, nor does it set the amount or form of any portion of, the compensation paid to the executive officers by USCF.

55 unchanged sentences

Third Amendment to License Agreement between United States Commodity Funds LLC and New York Mercantile Exchange, Inc.

Custodian Agreement.

Amendment Agreement to the Custodian Agreement.

Amendment No.

2 to the Custodian Agreement.

Administrative Agency Agreement.

Amendment Agreement to the Administrative Agency Agreement.

Amendment No.

2 to the Administrative Agency Agreement.

Form of Custody Agreement with The Bank of New York Mellon.

Form of Transfer Agency and Service Agreement with The Bank of New York Mellon.

Form of Fund Administration and Accounting Agreement with Administrative Agency Agreement with The Bank of New York Mellon.

Form of Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets LLC.

Form of Commodity Futures Customer Agreement with RCG Division of Marex Spectron.

Form of Customer Agreement with E D & F Man Capital Markets Inc.

Form of Customer Agreement with Macquarie Futures USA LLC.

Consent of Independent Registered Public Accounting Firm.

20 unchanged sentences

333-209362), filed on February 3, 2016.

(10) Incorporated by reference to Registrant's Current Report on Form 8-K, filed on October 10, 2013.

(11) Incorporated by reference to Registrant's Current Report on Form 8-K, filed on May 29, 2020.

(12) Incorporated by reference to Registrant's Current Report on Form 8-K, filed on June 9, 2020.

(13) Incorporated by reference to Registrant's Current Report on Form 8-K, filed on December 7, 2020.

(14) Incorporated by reference to Registrant's Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 21, 2020.

(15) Incorporated by reference to Registrant's Current Report on Form 8-K, filed on March 30, 2020.

(16) Filed herewith.

32 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.

What changed 10-K

Item 9A. Controls and Procedures