What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2022-02-25 compared with 2021-02-26 · 86 added, 105 removed, 630 unchanged (23% of the section changed)

4 unchanged sentences

Report of Independent Registered Public Accounting Firm.

(PCAOB ID 349 )

Statements of Financial Condition at December 31, 2021 and 2020.

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* Certain prior year amounts have been reclassified for consistency with the current presentation.

† On April 28, 2020, there was a 1-for- 8 reverse share split.

The Statements of Financial Condition have been adjusted for the periods shown to reflect the 1-for- 8 reverse share split on a retroactive basis .

See accompanying notes to financial statements.

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(Loss) on Open

% of Partners’

Open Commodity Futures Contracts - Long

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NYMEX WTI Crude Oil Futures December 2022 contracts, expiring November 2022

( 2,781,083 )

Total Open Futures Contracts *

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United States Money Market Funds

Fidelity Investments Money Market Funds - Government Portfolio, 0.01 % #

Government Money Market Fund - Institutional Share Class, 0.02 % #

Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.03 % #

Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.03 % #

1,079,000,000

Government Money Market Fund - Institutional Shares, 0.03 % #

Total United States Money Market Funds

1,544,534,000

# Reflects the 7-day yield at December 31, 2021 .

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(Loss) on Open

Open Futures Contracts - Long

Open Commodity Futures Contracts - Long

United States Contracts

NYMEX WTI Crude Oil Futures CL February 2020 contracts, expiring January 2020*

NYMEX WTI Crude Oil Futures February 2021 contracts, expiring January 2021

NYMEX WTI Crude Oil Futures March 2021 contracts, expiring February 2021

NYMEX WTI Crude Oil Futures April 2021 contracts, expiring March 2021

NYMEX WTI Crude Oil Futures May 2021 contracts, expiring April 2021

NYMEX WTI Crude Oil Futures June 2021 contracts, expiring May 2021

NYMEX WTI Crude Oil Futures July 2021 contracts, expiring June 2021

NYMEX WTI Crude Oil Futures December 2021 contracts, expiring November 2021

Total Open Futures Contracts *

3,223,668,812

Shares/Principal

% of Partners’

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

2.05 % , 1/02/2020

2.03 % , 1/09/2020

2.01 % , 1/16/2020

2.04 % , 1/23/2020

2.02 % , 1/30/2020

1.89 % , 2/06/2020

1.87 % , 2/13/2020

1.85 % , 2/20/2020

1.85 % , 2/27/2020

1.83 % , 3/05/2020

1.84 % , 3/19/2020

1.88 % , 3/26/2020

1.70 % , 4/02/2020

1.64 % , 4/09/2020

1.60 % , 4/16/2020

1.60 % , 4/23/2020

1.59 % , 4/30/2020

1.54 % , 5/07/2020

1.55 % , 5/14/2020

1.55 % , 5/21/2020

1.58 % , 5/28/2020

1.53 % , 6/04/2020

1.53 % , 6/11/2020

1.54 % , 6/18/2020

1.57 % , 6/25/2020

Total Treasury Obligations

1,155,542,347

United States Money Market Funds

Fidelity Investments Money Market Funds - Government Portfolio, 0.01 % #

Total Cash Equivalents

1,175,542,347

Collateral amounted to $ 149,272,014 on open futures contracts.

Government Money Market Fund - Institutional Share Class, 0.02 % #

Total United States Money Market Funds

# Reflects the 7-day yield at December 31, 2020 .

* Collateral amounted to $ 723,771,439 on open commodity futures contracts.

See accompanying notes to financial statements.

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1,911,763,583

( 2,251,576,260 )

Change in unrealized gain (loss) on open commodity futures contracts

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United States Oil Fund, LP

Statement of Changes in Partners’ Capital

Statements of Changes in Partners’ Capital

For the years ended December 31, 2021, 2020 and 2019

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†On April 28, 2020, there was a 1-for- 8 reverse share split.

The Statement of Changes in Partners' Capital has been adjusted for the periods shown to reflect the 1-for-8 reverse share split on a retroactive basis.

The Statements of Changes in Partners’ Capital have been adjusted for the periods shown to reflect the 1-for-8 reverse share split on a retroactive basis.

See accompanying notes to financial statements.

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For the years ended December 31, 2021, 2020 and 2019

Year ended December

December 31, 2021

December 31, 2020

December 31, 2019

Cash Flows from Operating Activities:

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( 1,185,800 )

(Increase) decrease in ETF transaction fees receivable

Increase (decrease) in payable due to Broker

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Specifically, USO seeks to achieve its investment objective by investing so that the average daily percentage change in USO’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10)% of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period.

As described in “ Item 7 .

Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this annual report on Form 10-K, USO is currently unable to pursue its investment objective as favorably as it has in the past due to its inability to invest in the Benchmark Oil Futures Contract and certain other Oil Futures Contracts, as defined below, to the extent it was able to before the market conditions, regulatory limitations imposed on USO, and risk mitigation measures taken by USO’s FCMs described herein arose.

As a result of, the foregoing there is still uncertainty as to whether USO will be able to achieve the same level of success as before in meeting its investment objective.

USO is currently unable to pursue its investment objective with the same high degree of success that it has in the past due to its limited ability to invest in the Benchmark Oil Futures Contract and certain other Oil Futures Contracts, as defined below, to the same extent it was able to before the market conditions and regulatory limitations imposed on USO occurred in Spring of 2020, and risk mitigation measures taken by USO’s FCMs as a result, as described herein, arose.

As a result of such market conditions, the regulatory conditions that were and could again be imposed and the risk mitigation measures imposed by its FCMs, there is still uncertainty as to whether USO will be able to achieve its investment objective within as narrow a percentage change difference in its NAV for any period of 30 successive valuation days and the average daily percentage change in the price of the Benchmark Oil Futures Contract as it typically had prior to the Spring of 2020 due to the foregoing factors.

Investors should be aware that USO’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price of light, sweet crude oil or any particular futures contract based on light, sweet crude oil, nor is USO’s investment objective for the percentage change in its NAV to reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day.

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and foreign exchanges (collectively, “Oil Futures Contracts”) and other oil-related investments such as cash-settled options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and over-the-counter (“OTC”) transactions that are based on the price of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels, Oil Futures Contracts and indices based on the foregoing (collectively, “Other Oil-Related Investments”).

As of December 31, 2020, USO held 74,708 Oil Futures Contracts for light, sweet crude oil traded on the NYMEX and did not hold any and did not hold any Oil Futures Contracts for light, sweet crude oil traded on the ICE Futures Europe.

As of December 31, 2021, USO held 32,136 Oil Futures Contracts for light, sweet crude oil traded on the NYMEX and did not hold any Oil Futures Contracts for light, sweet crude oil traded on the ICE Futures Europe.

USO commenced investment operations on April 10, 2006 and has a fiscal year ending on December 31.

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As a result of the acquisition of the AMEX by NYSE Euronext, each of UNG’s, USL’s and UGA’s shares commenced trading on the NYSE Arca on November 25, 2008.

USCF is also the general partner of the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil

Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively.

USCF is also the sponsor of the United States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”), and the USCF Crescent Crypto Index Fund (“XBET”), each a series of the United States Commodity Index Funds Trust (“USCIFT”).

USCF is also the general partner of the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively.

USCF is also the sponsor of the United States Commodity Index Funds Trust (“USCIFT”), a Delaware statutory trust and each of its series:

the United States Commodity Index Fund (“USCI”) and the United States Copper Index Fund (“CPER”).

USCI and CPER listed their shares on the NYSE Arca under the ticker symbols “USCI” on August 10, 2010 and “CPER” on November 15, 2011, respectively.

A registration statement that had been previously filed for XBET was withdrawn on June 25, 2020.

USO, UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.”

UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.”

USO issues shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 100,000 shares (“Creation Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”).

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In connection with the reverse share split, the CUSIP number for USO’s shares changed to 91232N207.

USO's ticker symbol, "USO,"

remains the same.

USO’s ticker symbol, “USO,” remains the same.

The accompanying financial statements have been adjusted to reflect the effect of the reverse share split on a retroactive basis.

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GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification.

USO is an investment company and follows the accounting and reporting guidance in FASB Topic 946.

USO is an investment company for accounting purposes and follows the accounting and reporting guidance in FASB Topic 946.

Revenue Recognition

Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date.

Commodity futures contracts, swap and forward contracts, physical commodities and related options are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily.

Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements.

Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for swap and forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements.

Changes in the unrealized gains or losses between periods are reflected in the statements of operations.

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These costs are estimated to be $ 6,800,000 for the year ending December 31, 2021.

For the years ending December 31, 2020, and 2019 USO’s investor reporting costs totaled $ 2,178,975 and $ 1,400,997 respectively.

Tax reporting costs fluctuate between years due to the number of shareholders during any given year.

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Brown Brothers Harriman and Co.

("BBH&Co.") previously served as the Administrator, Custodian, Transfer Agent and Fund Accounting Agent for USO and the Related Public Funds prior to BNY Mellon commencing such services on April 1, 2020.

(“BBH&Co.”) previously served as the Administrator, Custodian, Transfer Agent and Fund Accounting Agent for USO and the Related Public Funds prior to BNY Mellon commencing such services on April 1, 2020.

Certain fund accounting and fund administration services rendered by BBH&Co.

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USO entered into a brokerage agreement with RBC Capital Markets LLC (“RBC”) to serve as USO’s FCM effective October 10, 2013.

USO has engaged each of RCG Division of Marex Spectron ("RCG"), E D & F Man Capital Markets Inc.

("MCM") and Macquarie Futures USA LLC ("MFUSA") to serve as an additional FCM to USO effective on May 28, 2020, June 5, 2020, and December 3, 2020, respectively.

USO has engaged each of RCG Division of Marex Spectron (“RCG”), E D & F Man Capital Markets Inc.

(“MCM”) and Macquarie Futures USA LLC (“MFUSA”) to serve as an additional FCM to USO effective on May 28, 2020, June 5, 2020, and December 3, 2020, respectively.

The agreements with USO’s FCMs require the FCMs to provide services to USO in connection with the purchase and sale of Oil Futures Contracts and Other Oil-Related Investments that may be purchased and sold by or through the applicable FCM for USO’s account.

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Percentage of commissions accrued as a result of creation and redemption activity

The increase in total commissions accrued to brokers for the year ended December 31, 2020, compared to the year ended December 31, 2019, was due primarily to a higher number of crude oil futures contracts being held and traded.

The decrease in total commissions accrued to brokers for the year ended December 31, 2021, compared to the year ended December 31, 2020, was due primarily to a lower number of crude oil futures contracts being held and traded.

NYMEX Licensing Agreement

USO and the NYMEX entered into a licensing agreement on April 10, 2006, as amended on October 20, 2011, whereby USO was granted a non-exclusive license to use certain of the NYMEX’s settlement prices and service marks.

Under the licensing agreement, USO and the Related Public Funds, other than BNO, USCI and CPER, USOU and USOD, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3.

USO expressly disclaims any association with the NYMEX or endorsement of USO by the NYMEX and acknowledges that "NYMEX"

and "New York Mercantile Exchange"

are registered trademarks of the NYMEX.

Under the licensing agreement, USO and the Related Public Funds, other than BNO, USCI and CPER, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3.

USO expressly disclaims any association with the NYMEX or endorsement of USO by the NYMEX and acknowledges that “NYMEX” and “New York Mercantile Exchange” are registered trademarks of the NYMEX.

NOTE 5 — FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES

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Additional deposits may be necessary for any loss on contract value.

The Commodity Exchange Act requires FCMs to segregate all customer transactions and assets from the FCM’s proprietary activities.

To reduce the credit risk that arises in connection with OTC

swaps, USO will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association, Inc., which provides for the netting of its overall exposure to its counterparty.

The Commodity Exchange Act requires FCMs to segregate all customer transactions and assets from the FCM’s proprietary transactions and assets.

To reduce the credit risk that arises in connection with OTC swaps, USO will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association, Inc., which provides for the netting of its overall exposure to its counterparty.

The Master Agreement is negotiated as between the parties and would address, among other things, the exchange of margin between the parties.

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Management will continue to monitor the impact COVID-19 has on USO and reflect the consequences as appropriate in USO’s accounting and financial reporting.

The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S.

The pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S.

and world economies and markets and may have significant adverse effects on USO and its investments.

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The financial instruments held by USO are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.

SEC and CFTC Wells Notices

Settlement of SEC and CFTC Investigations

On November 8, 2021, USCF and USO announced a resolution with each of the SEC and the CFTC relating to matters set forth in certain Wells Notices issued by the staffs of each of the SEC and CFTC as more fully described below.

On August 17, 2020, USCF, USO, and John Love received a “Wells Notice” from the staff of the SEC (the “SEC Wells Notice”).

The SEC Wells Notice relates to USO's disclosures in late April and early May regarding constraints imposed on USO's ability to invest in Oil Futures Contracts.

The SEC Wells Notice states that the SEC staff has made a preliminary determination to recommend that the SEC file an enforcement action against USCF, USO, and Mr.

Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the 1933 Act and Section 10(b) of the 1934 Act and Rule 10b-5 thereunder, in each case with respect to its disclosures and USO’s actions.

On August 19, 2020, USCF, USO, and Mr.

The SEC Wells Notice stated that the SEC staff made a preliminary determination to recommend that the SEC file an enforcement action against USCF, USO, and Mr.

Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, as amended (the “1933 Act”), and Section 10(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and Rule 10b-5 thereunder.

Subsequently, on August 19, 2020, USCF, USO, and Mr.

Love received a Wells Notice from the staff of the CFTC (the “CFTC Wells Notice”).

The CFTC Wells Notice states that the CFTC staff has made a preliminary determination to recommend that the CFTC file an enforcement action against USCF, USO, and Mr.

Love alleging violations of Sections 4o(1)(A) and (B) and 6(c)(1) of the CEA, 7 U.S.C.

§§ 6o(1)(A), (B), 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a), 17 C.F.R.

§§ 4.26, 4.41, 180.1(a) (2019), in each case with respect to its disclosures and USO’s actions.

A Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law.

USCF, USO, and Mr.

Love maintain that USO’s disclosures and their actions were appropriate.

They intend to vigorously contest the allegations made by the SEC staff in the SEC Wells Notice and the CFTC staff in the CFTC Wells Notice.

The CFTC Wells Notice stated that the CFTC staff made a preliminary determination to recommend that the CFTC file an enforcement action against USCF, USO, and Mr.

Love alleging violations of Sections 4o(1)(A) and (B) and 6(c)(1) of the Commodity Exchange Act of 1936, as amended (the “CEA”), 7 U.S.C.

§§ 6o(1)(A) and (B) and 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a), 17 C.F.R.

§§ 4.26, 4.41, 180.1(a) (2019).

On November 8, 2021, acting pursuant to an offer of settlement submitted by USCF and USO, the SEC issued an order instituting cease-and-desist proceedings, making findings, and imposing a cease-and-desist order pursuant to Section 8A of the 1933 Act, directing USCF and USO to cease and desist from committing or causing any violations of Section 17(a)(3) of the 1933 Act, 15 U.S.C.

§ 77q(a)(3) (the “SEC Order”).

In the SEC Order, the SEC made findings that, from April 24, 2020 to May 21, 2020, USCF and USO violated Section 17(a)(3) of 1933 Act, which provides that it is “unlawful for any person in the offer or sale of any securities to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser.” USCF and USO consented to entry of the SEC Order without admitting or denying the findings contained therein, except as to jurisdiction.

Separately, on November 8, 2021, acting pursuant to an offer of settlement submitted by USCF, the CFTC issued an order instituting cease-and-desist proceedings, making findings, and imposing a cease-and-desist order pursuant to Section 6(c) and (d) of the CEA, directing USCF to cease and desist from committing or causing any violations of Section 4o(1)(B) of the CEA, 7 U.S.C.

§ 6o(1) (B), and CFTC Regulation 4.41(a)(2), 17 C.F.R.

§ 4.41(a)(2) (the “CFTC Order”).

In the CFTC Order, the CFTC made findings that, from on or about April 22, 2020 to June 12, 2020, USCF violated Section 4o(1)(B) of the CEA and CFTC Regulation 4.41(a)(2), which make it unlawful for any commodity pool operator (“CPO”) to engage in “any transaction, practice, or course of business which operates as a fraud or deceit upon any client or participant or prospective client or participant” and prohibit a CPO from advertising in a manner which “operates as a fraud or deceit upon any client or participant or prospective client or participant,” respectively.

USCF consented to entry of the CFTC Order without admitting or denying the findings contained therein, except as to jurisdiction.

Pursuant to the SEC Order and the CFTC Order, in addition to the command to cease and desist from committing or causing any violations of Section 17(a)(3) of the 1933 Act, Section 4o(1)(B) of the CEA, and CFTC Regulation 4.14(a)(2), civil monetary penalties totaling two million five hundred thousand dollars ($ 2,500,000 ) in the aggregate were required to be paid to the SEC and CFTC, of which one million two hundred fifty thousand dollars ($ 1,250,000 ) was paid by USCF to each of the SEC and the CFTC, respectively, pursuant to the offsets permitted under the orders.

United States Oil Fund, LP Securities Litigation

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On November 30, 2020, the lead plaintiff filed an amended complaint (the “Amended Lucas Class Complaint”).

The Amended Lucas Class Complaint asserts claims under the 1933 Act, the 1934 Act, and Rule 10b-5.

The Amended Lucas Class Complaint asserts claims under the 1933 Act, the Exchange Act, and Rule 10b-5.

The Amended Lucas Class Complaint challenges statements in registration statements that became effective on February 25, 2020 and March 23, 2020 as well as subsequent public statements through April 2020 concerning certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war.

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Crumbaugh, Nicholas D.

Gerber, Andrew F.

Ngim, Robert L.

Gerber, Andrew F Ngim, Robert L.

Nguyen, Peter M.

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USCF, USO, and the individual defendants in In re:

United States Oil Fund, LP Securities Litigation intend to vigorously contest such claims and move for their dismissal.

United States Oil Fund, LP Securities Litigation intend to vigorously contest such claims and have moved for their dismissal.

Wang Class Action

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Crumbaugh, Nicholas D.

Gerber, Andrew F.

Ngim, Robert L.

Gerber, Andrew F Ngim, Robert L.

Nguyen, Peter M.

1 unchanged sentence

Ellis, Malcolm R.

Fobes, III, ABN Amro, BNP Paribas Securities Corp., Citadel Securities

LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC, in the U.S.

Fobes, III, ABN Amro, BNP Paribas Securities Corp., Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC, in the U.S.

District Court for the Northern District of California as Civil Action No.

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Love, Stuart P.

Crumbaugh, Andrew F.

Ngim, Gordon L.

Crumbaugh, Andrew F Ngim, Gordon L.

Ellis, Malcolm R.

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The complaints in the Cantrell and AML Actions are nearly identical.

They each allege violations of Sections 10(b), 20(a) and 21D of the 1934 Act, Rule 10b-5 thereunder, and common law claims of breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets.

They each allege violations of Sections 10(b), 20(a), and 21D of the Exchange Act, Rule 10b-5 thereunder, and common law claims of breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets.

These allegations stem from USO’s disclosures and defendants’ alleged actions in light of the extraordinary market conditions in 2020 that caused demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war.

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The plaintiffs in the Cantrell and AML Actions have marked their actions as related to the Lucas Class Action.

On September 9, 2020, the Court entered an order consolidating the Cantrell and AML Actions under the caption In re United States Oil Fund, LP Derivative Litigation, Civil Action No.

1:20-cv-06974 and appointing co-lead counsel.

The Court consolidated the Cantrell and AML Actions under the caption In re United States Oil Fund, LP Derivative Litigation, Civil Action No.

1:20-cv-06974 and appointed co-lead counsel.

All proceedings in In re United States Oil Fund, LP Derivative Litigation are stayed pending disposition of the motion(s) to dismiss in In re:

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This information has been derived from information presented in the financial statements.

Year ended December

December 31, 2021

December 31, 2020

December 31, 2019*

Per Share Operating Performance:

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Management fees

Expenses excluding management fees

Total expenses excluding management fees

Net income (loss)

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Total Income (Loss)

( 1,614,034,624 )

( 916,724,948 )

Total Expenses

Net Income (Loss)

( 1,617,373,490 )

( 927,063,161 )

Net Income (Loss) per Share

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Short-Term Investments

1,544,534,000

Exchange-Traded Futures Contracts

3 unchanged sentences

Short-Term Investments

1,175,542,347

Exchange-Traded Futures Contracts

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1,911,763,583

( 2,251,576,260 )

Change in unrealized gain (loss) on open positions

12 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 8. Financial Statements and Supplementary Data