8-K: United States 12 Month Oil Fund Reports $914,761 Net Income for February 2024

The United States 12 Month Oil Fund, LP reported a net income of $914,761 for the month of February 2024, driven by unrealized gains on commodity futures and other income.

Summary

• The United States 12 Month Oil Fund, LP released its monthly account statement for February 2024.
• The fund reported a net income of $914,761 for the month.
• This income was primarily driven by a $720,197 unrealized gain on commodity futures.
• The fund also generated $81,221 in dividend income and $170,405 in interest income.
• Total expenses for the month were $47,311, including management and professional fees.
• The fund's net asset value decreased from $66,329,925 to $65,358,521 during the month, primarily due to withdrawals.
• The net asset value per share was $37.35 based on 1,750,000 shares.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to the net income and unrealized gains, but tempered by the decrease in net asset value and the inherent risks of commodity trading.

Positives

• The fund generated a significant net income of $914,761 for the month.
• Unrealized gains on commodity futures were a major contributor to the positive results.
• The fund also earned substantial income from dividends and interest.

Negatives

• The fund experienced a decrease in net asset value due to withdrawals.
• The fund had a realized trading loss on commodity futures of $10,102.

Risks

• The fund's performance is heavily reliant on the volatile commodity futures market.
• Withdrawals can negatively impact the fund's net asset value.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer, certified the accuracy and completeness of the account statement.

Industry Context

This report provides insight into the performance of a commodity-based exchange-traded fund (ETF), which is subject to market fluctuations and investor sentiment. The fund's performance is directly tied to the price of oil and related futures contracts.

Comparison to Industry Standards

• The fund's performance is comparable to other oil-based ETFs, which also experience volatility based on market conditions.
• The reported net income and unrealized gains are typical for funds that invest in commodity futures.
• The fund's expense ratio is within the expected range for similar investment vehicles.

Stakeholder Impact

• Shareholders will be interested in the fund's net income and net asset value changes.
• The fund's performance will impact investor confidence and future investment decisions.

Key Dates

Keywords

Oil Fund, Commodity Futures, Net Income, Net Asset Value, USL, Financial Report, Investment Fund