UNITED STATES 12 MONTH OIL FUND, LP (NYSEARCA:USL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On May 28, 2020, the United States 12 Month Oil Fund, LP (the “Registrant”), entered into a Commodity Futures Customer Agreement (the “Agreement”) with RCG Division of Marex Spectron (“RCG”) to serve as a futures commission merchant (“FCM”) for the Registrant. The Agreement requires RCG to provide services to the Registrant, in connection with the purchase and sale of oil futures contracts and other oil-related investments that may be purchased or sold by or through RCG for the Registrant’s account. Under the Agreement, the Registrant pays RCG commissions for executing and clearing trades on behalf of the Registrant. As a result, RCG will serve as an FCM for the Registrant along with RBC Capital Markets, LLC (“RBC”), which provides such services to a Futures and Cleared Derivatives Transactions Customer Account Agreement by and between USCF and RBC, dated as of October 8, 2013.
The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement, a form of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
|10.1||Form of Commodity Futures Customer Agreement|
United States 12 Month Oil Fund, LP Exhibit
EX-10.1 2 i20357_ex10-1.htm Exhibit 10.1 RCG Commodity Futures Customer Agreement In consideration of the RCG Division of Marex Spectron (“RCG”) accepting your account and its agreement to act as your authorized broker,…
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About UNITED STATES 12 MONTH OIL FUND, LP (NYSEARCA:USL)
The United States 12 Month Oil Fund, LP (USL) is an exchange-traded security that tracks the price movements of West Texas Intermediate (WTI) light, sweet crude oil. USL issues shares that may be purchased and sold on the NYSE Arca, Inc. (NYSE Arca). The investment objective of USL is for the daily changes in percentage terms of its shares net asset value (NAV) to reflect the daily changes in percentage terms of the price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the average of the prices of USL’s Benchmark Oil Futures Contracts, less USL’s expenses. USL invests primarily in listed crude oil futures contracts and other oil-related futures contracts. USL offers commodity exposure without using a commodity futures account. USL provides equity-like features, including, intra-day pricing, and market, limit and stop orders. It also provides portfolio holdings, market price, NAV and TNA on its Website each day.