22 unchanged sentences
Furthermore, USCF on behalf of USO only enters into OTC swaps with counterparties who are, or are affiliates of, (a) banks regulated by a United States federal bank regulator, (b) broker-dealers regulated by the SEC, (c) insurance companies domiciled in the United States, or (d) producers, users or traders of energy, whether or not regulated by the CFTC.
−Removed: Any entity acting as a counterparty shall be regulated in either the United States or the United Kingdom unless otherwise approved by the Board after consultation with its legal counsel.
+Added: Any entity acting as a counterparty shall be regulated in either the United States or the United Kingdom
+Added: unless otherwise approved by the Board after consultation with its legal counsel.
Existing counterparties are also reviewed periodically by USCF.
4 unchanged sentences
As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.
−Removed: During the three-month reporting period ended March 31, 2026, USO’s OTC transactions comprised OTC swaps intended to reflect the return on USO’s investments in Oil Futures Contracts and EFRP transactions.
+Added: During the six-month reporting period ended June 30, 2026, USO’s OTC transactions comprised OTC swaps intended to reflect the return on USO’s investments in Oil Futures Contracts and EFRP transactions.
USO anticipates that the use of Other Oil-Related Investments together with its investments in Oil Futures Contracts will produce price and total return results that closely track the investment goals of USO.
2 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.