Key Highlights

  • The fund reported net income of $2,128,917 for August 2026 on total income of $2,169,885.
  • An unrealized gain on futures of $1,293,169 made up about 60% of income, with a realized gain of $744,539.
  • Ending net asset value was $44,487,522, or $52.34 per share, with 850,000 shares outstanding at August 31, 2026.
  • Redemptions of 50,000 shares for $2,605,950 exceeded income, so net assets slipped from $44,964,555 during the month.

United States 12 Month Oil Fund, LP (NYSE:USL), which trades on NYSE Arca under the symbol USL, filed a Form 8-K attaching its monthly account statement for the month ended August 31, 2026 as Exhibit 99.1. The statement reports net income of $2,128,917 for August and ending net asset value of $44,487,522, or $52.34 per share, with 850,000 shares outstanding.

The general partner is United States Commodity Funds LLC, and Stuart P. Crumbaugh, its Chief Financial Officer, is the signer.

Income and Expenses for the Month

Total income was $2,169,885. The largest component was an unrealized gain on the market value of commodity futures of $1,293,169, followed by a realized trading gain on commodity futures of $744,539. Unrealized gains made up about 60% of total income. Dividend income was $101,189, interest income was $30,638 and ETF transaction fees were $350.

Total expenses were $40,968. The line items were general partner management fees of $22,689, professional fees of $16,106, brokerage commissions of $464, directors' fees and insurance of $1,141, and license fees of $568. Subtracting those expenses from total income leaves the reported net income of $2,128,917.

The split between realized and unrealized gains is a standard feature of futures fund reporting. Realized figures relate to positions that were closed or expired during the month, and unrealized figures reflect the change in value of positions still open on August 31.

A Month of Redemptions

The fund began August with net assets of $44,964,555. The statement shows one kind of share activity: withdrawals of 50,000 shares for $2,605,950. Subtracting the withdrawals from the opening net assets and adding net income of $2,128,917 results in ending net assets of $44,487,522.

That arithmetic explains an outcome that might otherwise look surprising: the fund earned more than $2 million in net income during the month, yet its net assets fell slightly, from $44,964,555 to $44,487,522, a decline of $477,033, because the $2,605,950 paid out on redemptions was larger than the income earned. The per-share net asset value of $52.34 equals ending net assets divided by 850,000 shares. It is a calculated value based on net assets and shares outstanding, and it is separate from the exchange trading price, which the statement does not report.

The Regulatory Framing

The fund is a commodity pool that invests in oil futures contracts, and commodity pool operators are subject to Commodity Futures Trading Commission rules requiring periodic statements to participants. The exhibit includes a certification under Rule 4.22(h) of the Commodity Exchange Act that, to the best of the signer's knowledge and belief, the information in the account statement for the month ended August 31, 2026 is accurate and complete. The general partner is located at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California.

Filing the statement on Form 8-K places the same monthly information in the SEC's public database, where investors can find it alongside the fund's other reports. The exhibit is short and confined to figures.

The September Oil Fund Statement as the Next Data Point

The next statement in the series would cover September 2026 and would show the fund's income, expenses, creations and redemptions, and net asset value per share after August 31. For a fuller view of the fund, including how it selects futures contracts, its risks and its audited financial statements, investors can look to its prospectus, its quarterly reports on Form 10-Q and its annual report on Form 10-K.