What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-02-27 compared with 2025-02-28 · 21 added, 38 removed, 366 unchanged (14% of the section changed)

27 unchanged sentences

Chief Operating Officer and Portfolio Manager

Management Director

Management Director, Chief Marketing Officer

39 unchanged sentences

Crumbaugh joined USCF as the Assistant Chief Financial Officer on April 6, 2015.

Crumbaugh served as the Chief Financial Officer of The Marygold Companies, Inc., formerly Concierge

Technologies, Inc.

Crumbaugh served as the Chief Financial Officer of The Marygold Companies, Inc., formerly Concierge Technologies, Inc.

(“Marygold”), the parent of USCF Investments, Inc.

(formerly Wainwright Holdings, Inc.) (“USCF Investments”) from December 2017 to January 2024 and as a management director on the board of directors of Marygold from April 2023 to January 2024.

(formerly Wainwright Holdings, Inc.) (“USCF Investments”)

from December 2017 to January 2024 and as a management director on the board of directors of Marygold from April 2023 to January 2024.

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

40 unchanged sentences

Ngim also serves as the portfolio manager for the following series of the USCF ETF Trust:

(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.

Ngim served as a Management Trustee of the USCF ETF Trust from August 2014 to August 2023.

(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.

Ngim served as a Management Trustee of the USCF ETF Trust from August 2014 to August 2023, and (5) the USCF Oil Plus Bitcoin Strategy Fund from December 9, 2025 to present.

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.

2 unchanged sentences

from the University of California at Berkeley.

Nguyen , 65, Management Director and principal since July 2015.

Nguyen served on the Board of USCF Investments from December 2014 to December 2016.

Nguyen co-founded USCF in 2005 and served as a Management Director until March 2012.

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.

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.

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.

Nguyen earned his B.S.

from California State University at Sacramento, and holds NFA Series 3 and FINRA Series 7 registrations.

Rooney , 52, Management Director of USCF since April 2023 and Chief Marketing Officer of USCF since January 2016.

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.

4 unchanged sentences

Rooney was the Director of Business Development at the Ameristock Corporation, a California-based registered investment adviser, from September 2003 to January 2007.

Prior to joining the Ameristock Corporation, she was Regional Sales Director at Accessor Capital Management, a registered investment adviser that was based in Seattle, Washington, from October 2002 to August 2003, National Sales Director at ALPS Mutual Fund Services, Inc., a boutique investment services company offering outsourced back office operations and distribution services to mutual fund managers, from June 1999 to October 2002, and Trust Officer at Fifth Third Bancorp, an American bank holding company headquartered in Ohio, from June 1994 to May 1999.

from June 1999 to October 2002, and Trust Officer at Fifth Third Bancorp, an American bank holding company headquartered in Ohio, from June 1994 to May 1999.

Additionally, Ms.

36 unchanged sentences

Gerber, Melinda D.

Gerber, Andrew F Ngim, Robert L.

Nguyen, Peter M.

Gerber, Andrew F Ngim, Peter M.

Robinson, Kathryn D.

Rooney, Scott Schoenberger, Gordon L.

Rooney, Gordon L.

Ellis, Malcolm R.

5 unchanged sentences

Crumbaugh, Daphne G.

Frydman, Andrew F Ngim, Robert L.

Nguyen, Peter M.

Frydman, Andrew F Ngim, Peter M.

Robinson, Kathryn D.

4 unchanged sentences

In addition, USCF Investments is a Principal because it is the sole member of USCF.

the Principals owns or has any other beneficial interest in USO.

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

Allen makes trading and investment decisions for USO.

1 unchanged sentence

In addition, John P.

Love, Robert L.

Nguyen, Ray W.

Allen, Kevin A.

10 unchanged sentences

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 “Audit Committee Financial Expert” as such term is defined in Item 407(d)(5) of Regulation S-K.

Ellis and Fobes

have accounting or related financial management expertise, as required by the NYSE Arca, such that each of them is considered an “Audit Committee Financial Expert” as such term is defined in Item 407(d)(5) of Regulation S-K.

Other Committees

19 unchanged sentences

Interested parties who wish to make their concerns known to the non-management directors may communicate directly with Mr.

Fobes by writing to 475 Milan Drive, No.

Ellis by writing to 475 Milan Drive, No.

103, San Jose, CA 95134-2453 or by e-mail at uscf.director@gmail.com.

3 unchanged sentences

The Board’s responsibilities include:

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 USO’s customers, employees, suppliers and the communities impacted by USO.

(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 USO’s independent auditors and the oversight of USO’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 USO’s customers, employees, suppliers and the communities impacted by USO.

The non-management directors have designated Gordon L.

4 unchanged sentences

Because of his background, he is most capable of effectively leading discussions and execution of new strategic objectives while facilitating information flow between USCF and the full Board, including the independent directors, which is essential to effective governance.

The independent directors of USCF are actively involved in the oversight of USCF and, because of their varied backgrounds, provide different perspectives in connection with the oversight of USCF, USO and the Related Public Funds.

The independent directors of USCF are actively involved in the

oversight of USCF and, because of their varied backgrounds, provide different perspectives in connection with the oversight of USCF, USO and the Related Public Funds.

USCF’s independent directors bring expertise from outside USCF and the commodities industry, while Mr.

25 unchanged sentences

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.

Nguyen served as a director of USCF until May 31, 2025.

This table reflects his compensation earned through that date.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

60 unchanged sentences

Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.

Dodd-Frank Compensation Recoupment Policy.

XBRL Instance Document.

21 unchanged sentences

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

(16) Incorporated by reference to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 28, 2025.

(17) Incorporated by reference to Registrant’s Current Report on Form 8-K, filed on December 1, 2021.

(18) Incorporated by reference to Registrant’s Current Report on Form 8-K, filed on June 15, 2022.

(18) Incorporated by reference to Registrant's Annual Report on Form 10-K, for the year ended December 31, 2023, filed on February 29, 2024.

(19) Filed herewith.

20 unchanged sentences

February 27, 2026

/s/ Robert L.

Management Director

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.

What changed 10-K

Item 9A. Controls and Procedures