USL's investment objective is to track daily percentage changes in the spot price of light, sweet crude oil, as measured by the average of 12 short-term NYMEX crude oil futures contracts (Benchmark Oil Futures Contracts), plus interest earned on collateral holdings, less expenses. For the year ended December 31, 2025, USL's per share Net Asset Value (NAV) decreased by 12.37%, from $38.01 to $33.31. The average price of the Benchmark Oil Futures Contracts decreased by approximately 18.16% over the year, starting at $69.70 and ending at $57.04 per barrel. USL's actual total return of (12.37)% for 2025 outperformed its benchmark's estimated total return of (14.17)% by 1.81%. The crude oil futures market experienced contango during 2025, a condition where near-month contracts trade at a lower price than next-month contracts, which generally negatively impacts returns for funds rolling positions. USL held 1,100,000 shares outstanding as of December 31, 2025, a decrease from 1,300,000 shares at December 31, 2024. Total expenses paid or accrued by USL from inception through December 31, 2025, were $16,374,086, representing an annualized 0.84% of average daily net assets. During 2025, USL issued 2 Creation Baskets (100,000 shares) and redeemed 6 Redemption Baskets (300,000 shares).