Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 22, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | USCF Funds Trust | ||
Entity Central Index Key | 0001671686 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 8,551,000 | ||
Entity Common Stock, Shares Outstanding | 1,150,080 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Small Business | false | ||
United States 3x Oil Fund [Member] | |||
Document Information [Line Items] | |||
Entity Public Float | 7,822,000 | ||
Entity Common Stock, Shares Outstanding | 700,040 | ||
United States 3x Short Oil Fund [Member] | |||
Document Information [Line Items] | |||
Entity Public Float | $ 729,000 | ||
Entity Common Stock, Shares Outstanding | 450,040 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and cash equivalents | $ 3,962,831 | $ 2,047,007 | [1] |
Equity in trading accounts: | |||
Cash and cash equivalents | 17,487,874 | 3,050,774 | [1] |
Unrealized gain (loss) on open commodity futures contracts | (3,192,879) | 509,180 | |
Receivable for shares sold | 791,592 | 0 | |
Dividends receivable | 3,373 | 0 | |
Interest receivable | 5,297 | 3,284 | |
ETF transaction fees receivable | 317 | 0 | |
Other assets | 0 | 1,696 | |
Total assets | 19,058,405 | 5,611,941 | |
Liabilities and Capital | |||
Management fees payable (Note 4) | 10,987 | 4,249 | |
Brokerage commissions payable | 3,165 | 0 | |
Total liabilities | 14,152 | 4,249 | |
Commitments and Contingencies (Notes 4, 5 and 6) | |||
Capital | |||
Sponsor | 2,000 | 4,000 | |
Shareholders | 19,042,253 | 5,603,692 | |
Total Capital | 19,044,253 | 5,607,692 | |
Total liabilities and capital | $ 19,058,405 | $ 5,611,941 | |
Shares outstanding | 1,250,080 | 200,080 | |
United States 3x Oil Fund [Member] | |||
Assets | |||
Cash and cash equivalents | $ 3,514,228 | $ 1,200,864 | [1] |
Equity in trading accounts: | |||
Cash and cash equivalents | 15,422,324 | 2,579,835 | [1] |
Unrealized gain (loss) on open commodity futures contracts | (3,899,053) | 703,240 | |
Receivable for shares sold | 791,592 | 0 | |
Dividends receivable | 2,820 | 0 | |
Interest receivable | 4,127 | 2,708 | |
ETF transaction fees receivable | 317 | 0 | |
Other assets | 0 | 848 | |
Total assets | 15,836,355 | 4,487,495 | |
Liabilities and Capital | |||
Management fees payable (Note 4) | 9,129 | 2,850 | |
Brokerage commissions payable | 2,630 | 0 | |
Total liabilities | 11,759 | 2,850 | |
Commitments and Contingencies (Notes 4, 5 and 6) | |||
Capital | |||
Sponsor | 1,000 | 1,000 | |
Shareholders | 15,823,596 | 4,483,645 | |
Total Capital | 15,824,596 | 4,484,645 | |
Total liabilities and capital | $ 15,836,355 | $ 4,487,495 | |
Shares outstanding | 1,000,040 | 100,040 | |
Net asset value per share | $ 15.82 | $ 44.83 | |
Market value per share | $ 16.30 | $ 42.99 | |
United States 3x Short Oil Fund [Member] | |||
Assets | |||
Cash and cash equivalents | $ 448,603 | $ 844,143 | [1] |
Equity in trading accounts: | |||
Cash and cash equivalents | 2,065,550 | 470,939 | [1] |
Unrealized gain (loss) on open commodity futures contracts | 706,174 | (194,060) | |
Dividends receivable | 553 | 0 | |
Interest receivable | 1,170 | 576 | |
Other assets | 0 | 848 | |
Total assets | 3,222,050 | 1,122,446 | |
Liabilities and Capital | |||
Management fees payable (Note 4) | 1,858 | 1,399 | |
Brokerage commissions payable | 535 | 0 | |
Total liabilities | 2,393 | 1,399 | |
Commitments and Contingencies (Notes 4, 5 and 6) | |||
Capital | |||
Sponsor | 1,000 | 1,000 | |
Shareholders | 3,218,657 | 1,120,047 | |
Total Capital | 3,219,657 | 1,121,047 | |
Total liabilities and capital | $ 3,222,050 | $ 1,122,446 | |
Shares outstanding | 250,040 | 100,040 | |
Net asset value per share | $ 12.88 | $ 11.21 | |
Market value per share | $ 12.52 | $ 11.32 | |
[1] | Commencement of operations, July 20, 2017. |
Schedule of Investments
Schedule of Investments | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
United States 3x Oil Fund [Member] | Open Futures Contracts - Long [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2018 contracts, expiring January 2018 | |||
Notional Amount/ Market Value | [1] | $ 12,770,420 | |
Number of Contracts | [1] | 223 | |
Value/Unrealized Gain (Loss) on Open Commodity Contracts | [1] | $ 703,240 | |
% of Partners' Capital | [1] | 15.68% | |
United States 3x Oil Fund [Member] | Open Futures Contracts - Long [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2019 contracts, expiring January 2019 | |||
Notional Amount/ Market Value | [2] | $ 51,397,913 | |
Number of Contracts | [2] | 1,046 | |
Value/Unrealized Gain (Loss) on Open Commodity Contracts | [2] | $ (3,899,053) | |
% of Partners' Capital | [2] | (24.64%) | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | |||
Notional Amount/ Market Value | $ 3,462,297 | $ 1,647,421 | |
% of Partners' Capital | 21.88% | 36.73% | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | |||
Notional Amount/ Market Value | $ 1,143,297 | $ 647,421 | |
% of Partners' Capital | 7.23% | 14.43% | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.10%, 1/03/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,994 | ||
% of Partners' Capital | 0.32% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.10%, 1/10/2019 [Member] | |||
Principal Amount | $ 100,000 | ||
Notional Amount/ Market Value | $ 99,948 | ||
% of Partners' Capital | 0.63% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.15%, 1/24/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,932 | ||
% of Partners' Capital | 0.32% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.19%, 2/14/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,867 | ||
% of Partners' Capital | 0.32% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.20%, 2/21/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,846 | ||
% of Partners' Capital | 0.32% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.24%, 2/28/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,822 | ||
% of Partners' Capital | 0.32% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.38%, 3/07/2019 [Member] | |||
Principal Amount | $ 100,000 | ||
Notional Amount/ Market Value | $ 99,575 | ||
% of Partners' Capital | 0.63% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.28%, 3/14/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,775 | ||
% of Partners' Capital | 0.31% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.33%, 3/21/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,748 | ||
% of Partners' Capital | 0.31% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.34%, 3/28/2019 [Member] | |||
Principal Amount | $ 100,000 | ||
Notional Amount/ Market Value | $ 99,448 | ||
% of Partners' Capital | 0.63% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.37%, 4/04/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,697 | ||
% of Partners' Capital | 0.31% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.42%, 4/18/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,644 | ||
% of Partners' Capital | 0.31% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.46%, 5/02/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,592 | ||
% of Partners' Capital | 0.31% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.47%, 5/09/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,567 | ||
% of Partners' Capital | 0.31% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.50%, 5/23/2019 [Member] | |||
Principal Amount | $ 100,000 | ||
Notional Amount/ Market Value | $ 99,028 | ||
% of Partners' Capital | 0.63% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.49%, 5/30/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,491 | ||
% of Partners' Capital | 0.31% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.51%, 6/06/2019 [Member] | |||
Principal Amount | $ 100,000 | ||
Notional Amount/ Market Value | $ 98,928 | ||
% of Partners' Capital | 0.63% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.49%, 6/27/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,395 | ||
% of Partners' Capital | 0.31% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.12%, 2/15/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,931 | ||
% of Partners' Capital | 1.11% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.10%, 2/22/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,921 | ||
% of Partners' Capital | 1.11% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.09%, 3/01/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,911 | ||
% of Partners' Capital | 1.11% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.16%, 3/22/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,872 | ||
% of Partners' Capital | 1.11% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.17%, 3/29/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,859 | ||
% of Partners' Capital | 1.11% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.19%, 4/05/2018 [Member] | |||
Principal Amount | $ 100,000 | ||
Notional Amount/ Market Value | $ 99,691 | ||
% of Partners' Capital | 2.22% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.23%, 4/19/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,818 | ||
% of Partners' Capital | 1.11% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.32%, 5/10/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,765 | ||
% of Partners' Capital | 1.11% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.43%, 5/31/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,704 | ||
% of Partners' Capital | 1.11% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.45%, 6/07/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,686 | ||
% of Partners' Capital | 1.11% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.50%, 6/28/2018 [Member] | |||
Principal Amount | $ 100,000 | ||
Notional Amount/ Market Value | $ 99,263 | ||
% of Partners' Capital | 2.22% | ||
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States - Money Market Funds [Member] | |||
Notional Amount/ Market Value | $ 2,319,000 | $ 1,000,000 | |
% of Partners' Capital | 14.65% | 22.30% | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States - Money Market Funds [Member] | Fidelity Investments Money Market Funds - Government Portfolio [Member] | |||
Principal Amount | $ 109,000 | $ 500,000 | |
Notional Amount/ Market Value | $ 109,000 | $ 500,000 | |
% of Partners' Capital | 0.69% | 11.15% | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States - Money Market Funds [Member] | Goldman Sachs Financial Square Funds - Government Fund - Class FS [Member] | |||
Principal Amount | $ 1,950,000 | $ 500,000 | |
Notional Amount/ Market Value | $ 1,950,000 | $ 500,000 | |
% of Partners' Capital | 12.32% | 11.15% | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States - Money Market Funds [Member] | Morgan Stanley Institutional Liquidity Funds - Government Portfolio [Member] | |||
Principal Amount | $ 260,000 | ||
Notional Amount/ Market Value | $ 260,000 | ||
% of Partners' Capital | 1.64% | ||
United States 3x Short Oil Fund [Member] | Open Futures Contracts - Short [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2018 contracts, expiring January 2018 | |||
Notional Amount/ Market Value | [3] | $ (3,129,040) | |
Number of Contracts | [3] | 55 | |
Value/Unrealized Gain (Loss) on Open Commodity Contracts | [3] | $ (194,060) | |
% of Partners' Capital | [3] | (17.31%) | |
United States 3x Short Oil Fund [Member] | Open Futures Contracts - Short [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2019 contracts, expiring January 2019 | |||
Notional Amount/ Market Value | [4] | $ (10,378,504) | |
Number of Contracts | [4] | 213 | |
Value/Unrealized Gain (Loss) on Open Commodity Contracts | [4] | $ 706,174 | |
% of Partners' Capital | [4] | 21.93% | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | |||
Notional Amount/ Market Value | $ 593,087 | $ 1,088,158 | |
% of Partners' Capital | 18.42% | 97.07% | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | |||
Notional Amount/ Market Value | $ 248,087 | $ 548,158 | |
% of Partners' Capital | 7.70% | 48.90% | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.20%, 2/21/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,845 | ||
% of Partners' Capital | 1.55% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.37%, 4/04/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,697 | ||
% of Partners' Capital | 1.54% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.47%, 5/09/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,567 | ||
% of Partners' Capital | 1.54% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.50%, 5/23/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,514 | ||
% of Partners' Capital | 1.54% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.51%, 6/06/2019 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,464 | ||
% of Partners' Capital | 1.53% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.12%, 2/15/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,931 | ||
% of Partners' Capital | 4.46% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.10%, 2/22/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,921 | ||
% of Partners' Capital | 4.45% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.09%, 3/01/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,911 | ||
% of Partners' Capital | 4.45% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.16%, 3/22/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,872 | ||
% of Partners' Capital | 4.45% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.17%, 3/29/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,859 | ||
% of Partners' Capital | 4.45% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.19%, 4/05/2018 [Member] | |||
Principal Amount | $ 100,000 | ||
Notional Amount/ Market Value | $ 99,691 | ||
% of Partners' Capital | 8.89% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.23%, 4/19/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,818 | ||
% of Partners' Capital | 4.45% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.32%, 5/10/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,765 | ||
% of Partners' Capital | 4.44% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.43%, 5/31/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,704 | ||
% of Partners' Capital | 4.43% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.45%, 6/07/2018 [Member] | |||
Principal Amount | $ 50,000 | ||
Notional Amount/ Market Value | $ 49,686 | ||
% of Partners' Capital | 4.43% | ||
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States - Money Market Funds [Member] | |||
Notional Amount/ Market Value | $ 345,000 | $ 540,000 | |
% of Partners' Capital | 10.72% | 48.17% | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States - Money Market Funds [Member] | Fidelity Investments Money Market Funds - Government Portfolio [Member] | |||
Principal Amount | $ 5,000 | $ 250,000 | |
Notional Amount/ Market Value | $ 5,000 | $ 250,000 | |
% of Partners' Capital | 0.16% | 22.30% | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States - Money Market Funds [Member] | Goldman Sachs Financial Square Funds - Government Fund - Class FS [Member] | |||
Principal Amount | $ 300,000 | $ 290,000 | |
Notional Amount/ Market Value | $ 300,000 | $ 290,000 | |
% of Partners' Capital | 9.32% | 25.87% | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States - Money Market Funds [Member] | Morgan Stanley Institutional Liquidity Funds - Government Portfolio [Member] | |||
Principal Amount | $ 40,000 | ||
Notional Amount/ Market Value | $ 40,000 | ||
% of Partners' Capital | 1.24% | ||
[1] | Collateral amounted to $2,579,835 on open futures contracts. | ||
[2] | Collateral amounted to $15,422,324 on open futures contracts. | ||
[3] | Collateral amounted to $470,939 on open futures contracts. | ||
[4] | Collateral amounted to $2,065,550 on open futures contracts. |
Schedule of Investments (Parent
Schedule of Investments (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
United States 3x Oil Fund [Member] | Open Futures Contracts - Long [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2019 contracts, expiring January 2019 | ||
Collateral Amount on Open Futures Contracts | $ 15,422,324 | |
United States 3x Oil Fund [Member] | Open Futures Contracts - Long [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2018 contracts, expiring January 2018 | ||
Collateral Amount on Open Futures Contracts | $ 2,579,835 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.10%, 1/03/2019 [Member] | ||
Interest Rate | 2.10% | |
Exercise Dates | 1/03/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.10%, 1/10/2019 [Member] | ||
Interest Rate | 2.10% | |
Exercise Dates | 1/10/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.15%, 1/24/2019 [Member] | ||
Interest Rate | 2.15% | |
Exercise Dates | 1/24/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.19%, 2/14/2019 [Member] | ||
Interest Rate | 2.19% | |
Exercise Dates | 2/14/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.20%, 2/21/2019 [Member] | ||
Interest Rate | 2.20% | |
Exercise Dates | 2/21/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.24%, 2/28/2019 [Member] | ||
Interest Rate | 2.24% | |
Exercise Dates | 2/28/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.38%, 3/07/2019 [Member] | ||
Interest Rate | 2.38% | |
Exercise Dates | 3/07/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.28%, 3/14/2019 [Member] | ||
Interest Rate | 2.28% | |
Exercise Dates | 3/14/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.33%, 3/21/2019 [Member] | ||
Interest Rate | 2.33% | |
Exercise Dates | 3/21/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.34%, 3/28/2019 [Member] | ||
Interest Rate | 2.34% | |
Exercise Dates | 3/28/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.37%, 4/04/2019 [Member] | ||
Interest Rate | 2.37% | |
Exercise Dates | 4/04/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.42%, 4/18/2019 [Member] | ||
Interest Rate | 2.42% | |
Exercise Dates | 4/18/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.46%, 5/02/2019 [Member] | ||
Interest Rate | 2.46% | |
Exercise Dates | 5/02/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.47%, 5/09/2019 [Member] | ||
Interest Rate | 2.47% | |
Exercise Dates | 5/09/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.50%, 5/23/2019 [Member] | ||
Interest Rate | 2.50% | |
Exercise Dates | 5/23/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.49%, 5/30/2019 [Member] | ||
Interest Rate | 2.49% | |
Exercise Dates | 5/30/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.51%, 6/06/2019 [Member] | ||
Interest Rate | 2.51% | |
Exercise Dates | 6/06/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.49%, 6/27/2019 [Member] | ||
Interest Rate | 2.49% | |
Exercise Dates | 6/27/2019 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.12%, 2/15/2018 [Member] | ||
Interest Rate | 1.12% | |
Exercise Dates | 2/15/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.10%, 2/22/2018 [Member] | ||
Interest Rate | 1.10% | |
Exercise Dates | 2/22/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.09%, 3/01/2018 [Member] | ||
Interest Rate | 1.09% | |
Exercise Dates | 3/01/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.16%, 3/22/2018 [Member] | ||
Interest Rate | 1.16% | |
Exercise Dates | 3/22/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.17%, 3/29/2018 [Member] | ||
Interest Rate | 1.17% | |
Exercise Dates | 3/29/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.19%, 4/05/2018 [Member] | ||
Interest Rate | 1.19% | |
Exercise Dates | 4/05/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.23%, 4/19/2018 [Member] | ||
Interest Rate | 1.23% | |
Exercise Dates | 4/19/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.32%, 5/10/2018 [Member] | ||
Interest Rate | 1.32% | |
Exercise Dates | 5/10/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.43%, 5/31/2018 [Member] | ||
Interest Rate | 1.43% | |
Exercise Dates | 5/31/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.45%, 6/07/2018 [Member] | ||
Interest Rate | 1.45% | |
Exercise Dates | 6/07/2018 | |
United States 3x Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.50%, 6/28/2018 [Member] | ||
Interest Rate | 1.50% | |
Exercise Dates | 6/28/2018 | |
United States 3x Short Oil Fund [Member] | Open Futures Contracts - Short [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2019 contracts, expiring January 2019 | ||
Collateral Amount on Open Futures Contracts | $ 2,065,550 | |
United States 3x Short Oil Fund [Member] | Open Futures Contracts - Short [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL February 2018 contracts, expiring January 2018 | ||
Collateral Amount on Open Futures Contracts | $ 470,939 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.20%, 2/21/2019 [Member] | ||
Interest Rate | 2.20% | |
Exercise Dates | 2/21/2019 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.37%, 4/04/2019 [Member] | ||
Interest Rate | 2.37% | |
Exercise Dates | 4/04/2019 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.47%, 5/09/2019 [Member] | ||
Interest Rate | 2.47% | |
Exercise Dates | 5/09/2019 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.50%, 5/23/2019 [Member] | ||
Interest Rate | 2.50% | |
Exercise Dates | 5/23/2019 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 2.51%, 6/06/2019 [Member] | ||
Interest Rate | 2.51% | |
Exercise Dates | 6/06/2019 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.12%, 2/15/2018 [Member] | ||
Interest Rate | 1.12% | |
Exercise Dates | 2/15/2018 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.10%, 2/22/2018 [Member] | ||
Interest Rate | 1.10% | |
Exercise Dates | 2/22/2018 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.09%, 3/01/2018 [Member] | ||
Interest Rate | 1.09% | |
Exercise Dates | 3/01/2018 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.16%, 3/22/2018 [Member] | ||
Interest Rate | 1.16% | |
Exercise Dates | 3/22/2018 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.17%, 3/29/2018 [Member] | ||
Interest Rate | 1.17% | |
Exercise Dates | 3/29/2018 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.19%, 4/05/2018 [Member] | ||
Interest Rate | 1.19% | |
Exercise Dates | 4/05/2018 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.23%, 4/19/2018 [Member] | ||
Interest Rate | 1.23% | |
Exercise Dates | 4/19/2018 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.32%, 5/10/2018 [Member] | ||
Interest Rate | 1.32% | |
Exercise Dates | 5/10/2018 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.43%, 5/31/2018 [Member] | ||
Interest Rate | 1.43% | |
Exercise Dates | 5/31/2018 | |
United States 3x Short Oil Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills: 1.45%, 6/07/2018 [Member] | ||
Interest Rate | 1.45% | |
Exercise Dates | 6/07/2018 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | ||
Gain (loss) on trading of commodity futures contracts: | ||||
Realized gain (loss) on closed futures contracts | $ (6,117,970) | $ 114,047 | ||
Change in unrealized gain (loss) on open futures contracts | (3,702,059) | 509,180 | ||
Realized gain (loss) on short-term investments | (25) | 0 | ||
Dividend income | 16,254 | 0 | ||
Interest income | [2] | 91,557 | 21,712 | |
ETF transaction fees | 7,559 | 2,000 | ||
Total income (loss) | (9,704,684) | 646,939 | ||
Expenses | ||||
Management fees (Note 4) | 84,263 | 29,558 | ||
Brokerage commissions | 51,661 | 13,689 | ||
Total expenses | 135,924 | 43,247 | ||
Net income (loss) | (9,840,608) | 603,692 | ||
United States 3x Oil Fund [Member] | ||||
Gain (loss) on trading of commodity futures contracts: | ||||
Realized gain (loss) on closed futures contracts | (6,453,505) | 1,290,712 | ||
Change in unrealized gain (loss) on open futures contracts | (4,602,293) | 703,240 | ||
Dividend income | 14,308 | 0 | ||
Interest income | [2] | 77,796 | 13,740 | |
ETF transaction fees | 6,919 | 1,000 | ||
Total income (loss) | (10,956,775) | 2,008,692 | ||
Expenses | ||||
Management fees (Note 4) | 72,057 | 17,178 | ||
Brokerage commissions | 42,681 | 7,869 | ||
Total expenses | 114,738 | 25,047 | ||
Net income (loss) | $ (11,071,513) | $ 1,983,645 | ||
Net income (loss) per share | $ (29.01) | $ 19.83 | ||
Net income (loss) per weighted average share | $ (66.83) | $ 19.83 | ||
Weighted average shares outstanding | 165,656 | 100,040 | ||
United States 3x Short Oil Fund [Member] | ||||
Gain (loss) on trading of commodity futures contracts: | ||||
Realized gain (loss) on closed futures contracts | $ 335,535 | $ (1,176,665) | ||
Change in unrealized gain (loss) on open futures contracts | 900,234 | (194,060) | ||
Realized gain (loss) on short-term investments | (25) | 0 | ||
Dividend income | 1,946 | 0 | ||
Interest income | [2] | 13,761 | 7,972 | |
ETF transaction fees | 640 | 1,000 | ||
Total income (loss) | 1,252,091 | (1,361,753) | ||
Expenses | ||||
Management fees (Note 4) | 12,206 | 12,380 | ||
Brokerage commissions | 8,980 | 5,820 | ||
Total expenses | 21,186 | 18,200 | ||
Net income (loss) | $ 1,230,905 | $ (1,379,953) | ||
Net income (loss) per share | $ 1.67 | $ (13.79) | ||
Net income (loss) per weighted average share | $ 7.22 | $ (13.79) | ||
Weighted average shares outstanding | 170,451 | 100,040 | ||
[1] | Commencement of operations, July 20, 2017. | |||
[2] | Interest income does not exceed paid in kind of 5%. |
Statements of Changes in Capita
Statements of Changes in Capital - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Balances | $ 5,607,692 | $ 5,607,692 | $ 0 | [1] | |||
Additions | 23,651,609 | 5,004,000 | |||||
Redemptions | (374,440) | ||||||
Net income (loss) | (9,840,608) | 603,692 | [1] | ||||
Balances | $ 19,044,253 | $ 5,607,692 | $ 19,044,253 | $ 5,607,692 | |||
Shares Outstanding | 200,080 | 200,080 | 0 | [1] | |||
Additions | 1,100,000 | 200,080 | |||||
Redemptions | (50,000) | 0 | |||||
Shares Outstanding | 1,250,080 | 200,080 | 1,250,080 | 200,080 | |||
Sponsor [Member] | |||||||
Balances | $ 4,000 | $ 4,000 | $ 0 | [1] | |||
Additions | 0 | 4,000 | |||||
Redemptions | (2,000) | ||||||
Net income (loss) | 0 | 0 | |||||
Balances | $ 2,000 | $ 4,000 | $ 2,000 | $ 4,000 | |||
Shares Outstanding | 80 | 80 | 0 | [1] | |||
Additions | 0 | 80 | |||||
Redemptions | 0 | 0 | |||||
Shares Outstanding | 80 | 80 | 80 | 80 | |||
Shareholders [Member] | |||||||
Balances | $ 5,603,692 | $ 5,603,692 | $ 0 | [1] | |||
Additions | 23,651,609 | 5,000,000 | |||||
Redemptions | (372,440) | ||||||
Net income (loss) | (9,840,608) | 603,692 | |||||
Balances | $ 19,042,253 | $ 5,603,692 | $ 19,042,253 | $ 5,603,692 | |||
Shares Outstanding | 200,000 | 200,000 | 0 | [1] | |||
Additions | 1,100,000 | 200,000 | |||||
Redemptions | (50,000) | 0 | |||||
Shares Outstanding | 1,250,000 | 200,000 | 1,250,000 | 200,000 | |||
United States 3x Oil Fund [Member] | |||||||
Balances | $ 4,484,645 | $ 4,484,645 | $ 0 | ||||
Additions | 22,411,464 | 2,501,000 | |||||
Net income (loss) | $ (15,916,660) | $ 999,337 | $ 1,481,563 | [1] | (11,071,513) | 1,983,645 | [1] |
Balances | $ 15,824,596 | $ 4,484,645 | $ 15,824,596 | $ 4,484,645 | |||
Shares Outstanding | 0 | 0 | 100,040 | ||||
Additions | 900,000 | 100,040 | |||||
Redemptions | 0 | 0 | |||||
Shares Outstanding | 1,000,040 | 0 | 1,000,040 | 0 | |||
Net Asset Value Per Share: | |||||||
Net asset value, beginning of period | $ 44.83 | $ 44.83 | |||||
Net asset value, end of period | $ 15.82 | $ 44.83 | $ 15.82 | $ 44.83 | |||
United States 3x Oil Fund [Member] | Sponsor [Member] | |||||||
Balances | $ 1,000 | $ 1,000 | $ 0 | ||||
Additions | 0 | 1,000 | |||||
Net income (loss) | 0 | 0 | |||||
Balances | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Shares Outstanding | 0 | 0 | 40 | ||||
Additions | 0 | 40 | |||||
Redemptions | 0 | 0 | |||||
Shares Outstanding | 40 | 0 | 40 | 0 | |||
United States 3x Oil Fund [Member] | Shareholders [Member] | |||||||
Balances | $ 4,483,645 | $ 4,483,645 | $ 0 | ||||
Additions | 22,411,464 | 2,500,000 | |||||
Net income (loss) | (11,071,513) | 1,983,645 | |||||
Balances | $ 15,823,596 | $ 4,483,645 | $ 15,823,596 | $ 4,483,645 | |||
Shares Outstanding | 0 | 0 | 100,000 | ||||
Additions | 900,000 | 100,000 | |||||
Redemptions | 0 | 0 | |||||
Shares Outstanding | 1,000,000 | 0 | 1,000,000 | 0 | |||
United States 3x Short Oil Fund [Member] | |||||||
Balances | $ 1,121,047 | $ 1,121,047 | $ 0 | [1] | |||
Additions | 1,240,145 | 2,501,000 | |||||
Redemptions | (372,440) | ||||||
Net income (loss) | $ 2,185,290 | $ (352,436) | $ (728,912) | [1] | 1,230,905 | (1,379,953) | [1] |
Balances | $ 3,219,657 | $ 1,121,047 | $ 3,219,657 | $ 1,121,047 | |||
Shares Outstanding | 100,040 | 100,040 | 0 | [1] | |||
Additions | 200,000 | 100,040 | |||||
Redemptions | (50,000) | 0 | |||||
Shares Outstanding | 250,040 | 100,040 | 250,040 | 100,040 | |||
Net Asset Value Per Share: | |||||||
Net asset value, beginning of period | $ 11.21 | $ 11.21 | $ 25 | [1] | |||
Net asset value, end of period | $ 12.88 | $ 11.21 | $ 12.88 | $ 11.21 | |||
United States 3x Short Oil Fund [Member] | Sponsor [Member] | |||||||
Balances | $ 1,000 | $ 1,000 | $ 0 | [1] | |||
Additions | 0 | 1,000 | |||||
Redemptions | 0 | ||||||
Net income (loss) | 0 | 0 | |||||
Balances | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Shares Outstanding | 40 | 40 | 0 | [1] | |||
Additions | 0 | 40 | |||||
Redemptions | 0 | 0 | |||||
Shares Outstanding | 40 | 40 | 40 | 40 | |||
United States 3x Short Oil Fund [Member] | Shareholders [Member] | |||||||
Balances | $ 1,120,047 | $ 1,120,047 | $ 0 | [1] | |||
Additions | 1,240,145 | 2,500,000 | |||||
Redemptions | (372,440) | ||||||
Net income (loss) | 1,230,905 | (1,379,953) | |||||
Balances | $ 3,218,657 | $ 1,120,047 | $ 3,218,657 | $ 1,120,047 | |||
Shares Outstanding | 100,000 | 100,000 | 0 | [1] | |||
Additions | 200,000 | 100,000 | |||||
Redemptions | (50,000) | 0 | |||||
Shares Outstanding | 250,000 | 100,000 | 250,000 | 100,000 | |||
[1] | Commencement of operations, July 20, 2017. |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Cash Flows from Operating Activities: | ||||
Net income (loss) | $ (9,840,608) | $ 603,692 | [1] | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Unrealized (gain) loss on open futures contracts | 3,702,059 | (509,180) | [1] | |
(Increase) decrease in dividends receivable | (3,373) | 0 | [1] | |
(Increase) decrease in interest receivable | (2,013) | (3,284) | [1] | |
(Increase) decrease in ETF transaction fees receivable | (317) | 0 | [1] | |
(Increase) decrease in other assets | 1,696 | (1,696) | [1] | |
Increase (decrease) in management fees payable | 6,738 | 4,249 | [1] | |
Increase (decrease) in brokerage commissions payable | 3,165 | 0 | [1] | |
Net cash provided by (used in) operating activities | (6,132,653) | 93,781 | [1] | |
Cash Flows from Financing Activities: | ||||
Addition of shares | 22,860,017 | 5,004,000 | [1] | |
Redemption of shares | (374,440) | 0 | [1] | |
Net cash provided by (used in) financing activities | 22,485,577 | 5,004,000 | [1] | |
Net Increase (Decrease) in Cash and Cash Equivalents | 16,352,924 | 5,097,781 | [1] | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period | [1] | 5,097,781 | 0 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period | 21,450,705 | 5,097,781 | [1] | |
United States 3x Oil Fund [Member] | ||||
Cash Flows from Operating Activities: | ||||
Net income (loss) | (11,071,513) | 1,983,645 | [1] | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Unrealized (gain) loss on open futures contracts | 4,602,293 | (703,240) | [1] | |
(Increase) decrease in dividends receivable | (2,820) | 0 | [1] | |
(Increase) decrease in interest receivable | (1,419) | (2,708) | [1] | |
(Increase) decrease in ETF transaction fees receivable | (317) | 0 | [1] | |
(Increase) decrease in other assets | 848 | (848) | [1] | |
Increase (decrease) in management fees payable | 6,279 | 2,850 | [1] | |
Increase (decrease) in brokerage commissions payable | 2,630 | 0 | [1] | |
Net cash provided by (used in) operating activities | (6,464,019) | 1,279,699 | [1] | |
Cash Flows from Financing Activities: | ||||
Addition of shares | 21,619,872 | 2,501,000 | [1] | |
Redemption of shares | 0 | 0 | [1] | |
Net cash provided by (used in) financing activities | 21,619,872 | 2,501,000 | [1] | |
Net Increase (Decrease) in Cash and Cash Equivalents | 15,155,853 | 3,780,699 | [1] | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period | [1] | 3,780,699 | 0 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period | 18,936,552 | 3,780,699 | [1] | |
United States 3x Short Oil Fund [Member] | ||||
Cash Flows from Operating Activities: | ||||
Net income (loss) | 1,230,905 | (1,379,953) | [1] | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Unrealized (gain) loss on open futures contracts | (900,234) | 194,060 | [1] | |
(Increase) decrease in dividends receivable | (553) | 0 | [1] | |
(Increase) decrease in interest receivable | (594) | (576) | [1] | |
(Increase) decrease in other assets | 848 | (848) | [1] | |
Increase (decrease) in management fees payable | 459 | 1,399 | [1] | |
Increase (decrease) in brokerage commissions payable | 535 | 0 | [1] | |
Net cash provided by (used in) operating activities | 331,366 | (1,185,918) | [1] | |
Cash Flows from Financing Activities: | ||||
Addition of shares | 1,240,145 | 2,501,000 | [1] | |
Redemption of shares | (372,440) | 0 | [1] | |
Net cash provided by (used in) financing activities | 867,705 | 2,501,000 | [1] | |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,199,071 | 1,315,082 | [1] | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period | [1] | 1,315,082 | 0 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period | $ 2,514,153 | $ 1,315,082 | [1] | |
[1] | Commencement of operations, July 20, 2017. |
Statements of Cash Flows _Paren
Statements of Cash Flows [Parenthetical] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | [1] |
Components of Cash and Cash Equivalents: | |||
Cash and Cash Equivalents | $ 3,962,831 | $ 2,047,007 | |
Equity in Trading Accounts: | |||
Cash and Cash Equivalents | 17,487,874 | 3,050,774 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts | 21,450,705 | 5,097,781 | |
United States 3x Oil Fund [Member] | |||
Components of Cash and Cash Equivalents: | |||
Cash and Cash Equivalents | 3,514,228 | 1,200,864 | |
Equity in Trading Accounts: | |||
Cash and Cash Equivalents | 15,422,324 | 2,579,835 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts | 18,936,552 | 3,780,699 | |
United States 3x Short Oil Fund [Member] | |||
Components of Cash and Cash Equivalents: | |||
Cash and Cash Equivalents | 448,603 | 844,143 | |
Equity in Trading Accounts: | |||
Cash and Cash Equivalents | 2,065,550 | 470,939 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts | $ 2,514,153 | $ 1,315,082 | |
[1] | Commencement of operations, July 20, 2017. |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1 — ORGANIZATION AND BUSINESS The USCF Funds Trust (the “Trust”) is a Delaware statutory trust formed on March 2, 2016. The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act. United States 3x Oil Fund (“USOU”) and United States 3x Short Oil Fund (“USOD”) are both series of the Trust. Two other series: REX S&P MLP Fund (“RMLP”), and REX S&P MLP Inverse Fund (“MLPD”, together with RMLP, the “REX Funds”)) never commenced operations and filed to withdraw from registration on March 30, 2018. USOU and USOD are commodity pools that continuously issue common shares of beneficial interest that may be purchased and sold on NYSE Arca Equities, Inc. stock exchange (“NYSE Arca”). USOU and USOD each referred to as the “Fund” and collectively referred to herein as the “Funds” or the “Trust Series.” The Trust and the Funds operate pursuant to the Trust’s Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”), dated as of June 23, 2017. The sole trustee of the Trust is Wilmington Trust Company, National Association, a national banking association, with its principal place of business in the State of Delaware (the “Trustee”). The Trust and the Funds are managed and operated by the United States Commodity Funds, LLC (“USCF” or the “Sponsor”). USCF is a limited liability company formed in Delaware on May 10, 2005, that is registered as a commodity pool operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). The Sponsor has the power and authority to establish and designate one or more series, or funds, and to issue shares thereof, from time to time as it deems necessary or desirable. The Sponsor also has the exclusive power to fix and determine the relative rights and preferences as between the shares of any series as to right of redemption, special and relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the series shall have separate voting rights or no voting rights. The term for which the Trust will exist commenced on the date of the filing of the Certificate of Trust, and the Trust and any Fund will exist in perpetuity, unless earlier terminated in accordance with the provisions of the Trust Agreement. Each Fund is separate from all other Funds created as series of the Trust in respect of the assets and liabilities allocated to that Fund and each Fund represents a separate investment portfolio of the Trust. Separate and distinct records must be maintained for each Fund and the assets associated with a Fund shall be held in such separate and distinct records (directly or indirectly, including a nominee or otherwise) and accounted for in such separate and distinct records separately from the assets of any other Fund. The Trustee is not affiliated with the Sponsor. The Trustee will accept legal service of process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. The Trustee’s duties and liabilities with respect to the offering of Shares and the management of the Trust are limited to its express obligations under the Trust Agreement and the Trustee does not owe any other duties to the Trust, the Sponsor or the shareholders of any Fund. The Sponsor, is also the general partner of the United States Oil Fund, LP (“USO”), the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”), the United States Gasoline Fund, LP (“UGA”) and the United States Diesel-Heating Oil Fund, LP (“UHN”), which listed their limited partnership shares on the American Stock Exchange (the “AMEX”) under the ticker symbols “USO” on April 10, 2006, “UNG” on April 18, 2007, “USL” on December 6, 2007, “UGA” on February 26, 2008 and “UHN” on April 9, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USO’s, UNG’s, USL’s, UGA’s and UHN’s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States Short Oil Fund, LP (“DNO”), 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 “DNO” on September 24, 2009, “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”), the United States Agriculture Index Fund (“USAG”), and the USCF Canadian Crude Oil Index Fund (“UCCO”), each a series of the United States Commodity Index Funds Trust. USCI, CPER and USAG listed their shares on the NYSE Arca under the ticker symbols “USCI” on August 10, 2010, “CPER” on November 15, 2011 and “USAG” on April 13, 2012, respectively. UCCO was in registration and had not commenced operations. UCCO filed to withdraw from registration on December 19, 2018. On August 7, 2018, the Board of Directors of USCF authorized and approved the closing and liquidation for each of USAG, DNO and UHN together with a plan of liquidation for each of USAG, DNO and UHN. Each of the United States Commodity Index Funds Trust (“USCIFT”), of which USAG is a series, DNO and UHN filed a current report on Form 8-K dated August 8, 2018 with the SEC that included, as an exhibit, the press release, the applicable plan of liquidation, and, in the case of DNO and UHN, a copy of the notice of required withdrawal from the limited partnership sent to shareholders. In addition, each of USAG, DNO and UHN filed a prospectus supplement with the SEC dated August 8, 2018. The liquidation date for each of USAG, DNO and UHN was September 12, 2018 and the proceeds of the liquidation were sent to all remaining shareholders of USAG, DNO and UHN, respectively, on or about September 13, 2018, with a subsequent distribution of additional liquidation proceeds sent to UHN shareholders on or about September 18, 2018. Each of USAG, DNO and UHN also filed a post-effective amendment to the registration statement with the SEC to terminate the offering of registered and unsold shares of USAG, DNO and UHN, respectively, and the NYSE Arca filed Forms 25 to effect the withdrawal of the listings for shares of each of USAG, DNO and UHN. On September 4, 2018, the Trust, and USOD, a series of the Trust, received a notice from the NYSE Arca, notifying the Trust that USOD is not in compliance with the requirement under Rule 8.200E(d)(2)(c) that USOD meet the NYSE Arca’s continued listing standard to maintain a market value of not less than $1,000,000. USOD received an initial six-month period (the “Cure Period”) to regain compliance with Rule 8.200E(d)(2)(c), after the Trust submitted, and NYSE Arca accepted, a written response describing USOD’s plan to cure the deficiency during the Cure Period. To regain compliance during the Cure Period, USOD was required to demonstrate that it had a market value of $1,000,000 or more for thirty or more trading days. On November 21, 2018, USOD received a notice from NYSE Arca that it had regained compliance with NYSE Arca’s continued listing standard by maintaining a market value of not less than $1,000,000 for thirty or more trading days. USOD remained in compliance from such date through December 31, 2018. However, there can be no assurance that USOD will be able to regain compliance with the market value requirement or otherwise maintain compliance with the other NYSE Arca listing requirements. See “Item 1A. Risk Factors - Other Risks” - “NYSE Arca may halt trading in the Fund’s shares, which would adversely impact an investor’s ability to sell shares” and “A Fund could terminate at any time and cause the liquidation and potential loss of an investor’s investment and could upset the overall maturity and timing of an investor’s investment portfolio” in the Registrant’s Annual Report on Form 10-K for the period ended December 31, 2018. All funds listed previously, other than DNO, UHN and USAG, are referred to collectively herein as the “Related Public Funds”. Effective as of July 20, 2017, each of USOU and USOD issued shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 50,000 shares (“Creation Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”). The purchase price for a Creation Basket of USOU or USOD, as applicable, is based upon the net asset value (“NAV”) of a share of USOU or USOD, as applicable, calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received. Authorized Participants pay USOU and USOD, as applicable, a transaction fee equal to 0.04% of total NAV of the Creation Baskets for each order placed to create one or more Creation Baskets or to redeem one or more baskets (“Redemption Baskets”), consisting of 50,000 shares. The transaction fee may be waived, reduced, increased or otherwise changed by USCF. Shares may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket. Shares purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per share NAV of each Fund but rather at market prices quoted on such exchange. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. Each series of the Trust is an investment company and follows the accounting and reporting guidance in FASB Topic 946. The Trust financial statements included its respective series of funds financial statements including USOU, USOD and the REX Funds through December 31, 2017. For reporting commencing with the March 31, 2018 reporting period, and in conjunction with the termination of the REX Funds on March 30, 2018 the REX Funds financial statements have not been included, but are included in the overall Trust financial statements for the applicable reporting periods. Revenue Recognition Commodity futures contracts, 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. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. The Funds earn income on funds held at the custodian or a futures commission merchant (“FCM”) at prevailing market rates earned on such investments. Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. Income Taxes The Funds are not subject to federal income taxes; each investor reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with U.S. GAAP, each Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. Each Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. None of the Trust Series is subject to income tax return examinations by major taxing authorities for years before 2017 (commencement of operations). The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in each Trust Series recording a tax liability that reduces net assets. However, each Trust Series' conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. Each Trust Series recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2018 for any Trust Series. Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. The Funds receive or pay the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in the Funds' statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. For USOU or USOD, Authorized Participants pay a transaction fee equal to 0.04% of total NAV of baskets to the Fund for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets. The transaction fee may be waived, reduced, increased or otherwise changed by USCF. Trust Capital and Allocation of Income and Losses The Trust is treated as a partnership for tax purposes. Profit or loss shall be allocated among the shareholders of each Trust Series in proportion to the number of shares each investor holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the Trust Agreement . Calculation of Per Share NAV USOU and USOD Funds' per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. The Funds use the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. The NAV for a normal trading day is released after 4:00 p.m. Eastern time (“E.T.”). For futures contracts and options traded on exchanges, USOU and USOD’s administrator (the “Administrator”) use the closing or settlement price published by the applicable exchange or, in the case of a market disruption, the last traded price before settlement. In the case of the Benchmark Oil Futures Contract, the NYMEX closing price (determined at the earlier of the close of the NYMEX or 2:30 p.m. E.T.) for the contracts traded on the NYMEX is used. Other investments’ values for purposes of determining the NAV for each of USOU and USOD, including Treasuries, cash equivalents (other than money market funds), cleared and non-cleared swaps, forwards, options and swaps are calculated by the Administrator using market quotations and market data, if available, or other information customarily used to determine the fair value of such investments as of the earlier of the close of the NYSE Arca or 4:00 p.m. E.T. Money market funds are valued at their end of day NAV. Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. As of December 31, 2018, USCF held 40 shares of each of USOU and USOD. Offering Costs Offering costs incurred in connection with the registration of additional shares of any Trust Series after the initial registration of shares of such Trust Series are borne by each respective Trust Series. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. Reclassification Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. |
TRUST SERIES
TRUST SERIES | 12 Months Ended |
Dec. 31, 2018 | |
Trust Series [Abstract] | |
Capital Requirements on Trust Assets [Text Block] | NOTE 3 - TRUST SERIES Pursuant to the Trust Agreement, four series have been designated as series of the Trust. Following the designation of the Funds as a series of the Trust, an initial capital contribution of $1,000 was made to each respective Fund by the Sponsor and deemed an initial contribution of capital to each respective Fund. The Sponsor contributed an aggregate of $4,000 to the Trust, $1,000 on March 31, 2016 for RMLP, $1,000 on April 15, 2016 for MLPD, $1,000 on June 20, 2017 for USOU and $1,000 on June 20, 2017 for USOD. As of December 31, 2018, RMLP and MLPD were no longer in registration. In connection with the commencement of trading for USOU and USOD under each Fund’s ticker, and the initial offering of shares, USCF received 40 Sponsor Shares of each of USOU and USOD in exchange for the previously received capital contribution, representing a beneficial ownership interest in each Fund. As of December 31, 2018, USCF held 40 shares of each of USOU and USOD. On July 19, 2017, the Trust received a notice of effectiveness from the U.S. Securities and Exchange Commission (the “SEC”) for its registration of 30,000,000 shares of USOU and 30,000,000 shares of USOD on Form S-1 with the SEC. The order to permit listing of USOU and USOD shares on the NYSE Arca was received on July 20, 2017. On July 20, 2017, USOU and USOD listed their shares on the NYSE Arca under the ticker symbols “USOU” and “USOD,” respectively. USOU and USOD established their initial per share NAV by setting the price at $25.00. In order to satisfy NYSE Arca listing standards that at least 100,000 shares be outstanding at the beginning of the trading day on the NYSE Arca, on July 20, 2017, each Fund issued 100,000 shares to the initial Authorized Participant, RBC Capital Markets, LLC in exchange for $2,500,000 for USOU and $2,500,000 for USOD. Each of USOU and USOD also commenced investment operations on July 20, 2017 by purchasing Futures Contracts traded on the Futures Exchanges. Investment Objective of the Funds USOU USOU’s shares trade on the NYSE Arca. The investment objective of USOU is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect three times (3x) the daily change in percentage terms of the price of a specified short-term futures contract on light, sweet crude oil (the “Benchmark Oil Futures Contract”) less USOU’s expenses. To achieve this objective, USCF endeavors to have the notional value of USOU’s aggregate exposure to the Benchmark Oil Futures Contract at the close of each trading day approximately equal to 300% of its NAV. USOU seeks a return that is 300% of the return of the Benchmark Oil Futures Contract for a single day and does not seek to achieve its stated investment objective over a period of time greater than one day . The pursuit of daily leveraged investment goals means that the return of USOU for a period longer than a full trading day may have no resemblance to 300% of the return of the Benchmark Oil Futures Contract for a period of longer than a full trading day because the aggregate return of USOU is the product of the series of each trading day’s daily returns. USOU’s shares began trading on July 20, 2017. As of December 31, 2018, USOU held 1,046 Futures Contracts on the New York Mercantile Exchange (“NYMEX”), totaling 1,046 futures contracts. USOD USOD’s shares trade on the NYSE Arca. The investment objective of USOD is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect three times the inverse (-3x) of the daily change in percentage terms of the price of a specified short-term futures contract on light, sweet crude oil (the “Benchmark Oil Futures Contract”) less USOD’s expenses. To achieve this objective, USCF endeavors to have the notional value of USOD’s aggregate short exposure to the Benchmark Oil Futures Contract at the close of each trading day approximately equal to 300% of its NAV. USOD seeks a return that is -300% of the return of the Benchmark Oil Futures Contract for a single day and does not seek to achieve its stated investment objective over a period of time greater than one day . The pursuit of daily inverse leveraged investment goals means that the return of USOD for a period longer than a full trading day may have no resemblance to -300% of the return of the Benchmark Oil Futures Contract for a period of longer than a full trading day because the aggregate return of USOD is the product of the series of each trading day’s daily returns. USOD’s shares began trading on July 20, 2017. As of December 31, 2018, USOD held 213 Futures Contracts on the NYMEX, totaling 213 futures contracts. On September 4, 2018, the Trust, and USOD, a series of the Trust, received a notice from the NYSE Arca, notifying the Trust that USOD is not in compliance with the requirement under Rule 8.200E(d)(2)(c) that USOD meet the NYSE Arca’s continued listing standard to maintain a market value of not less than $1,000,000. USOD received an initial six-month period (the “Cure Period”) to regain compliance with Rule 8.200E(d)(2)(c), after the Trust submitted, and NYSE Arca accepted, a written response describing USOD’s plan to cure the deficiency during the Cure Period. To regain compliance during the Cure Period, USOD was required to demonstrate that it had a market value of $1,000,000 or more for thirty or more trading days. On November 21, 2018, USOD received a notice from NYSE Arca that it had regained compliance with NYSE Arca’s continued listing standard by maintaining a market value of not less than $1,000,000 for thirty or more trading days. USOD remained in compliance from such date through December 31, 2018. However, there can be no assurance that USOD will be able to regain compliance with the market value requirement or otherwise maintain compliance with the other NYSE Arca listing requirements. See “Item 1A. Risk Factors - Other Risks” - “NYSE Arca may halt trading in the Fund’s shares, which would adversely impact an investor’s ability to sell shares” and “A Fund could terminate at any time and cause the liquidation and potential loss of an investor’s investment and could upset the overall maturity and timing of an investor’s investment portfolio” in the Registrant’s Annual Report on Form 10-K for the period ended December 31, 2018. Trading Advisor and Trustee The Trustee accepts service of legal process on the Trust in the State of Delaware and makes certain filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Trust, USCF or the shareholders. |
FEES PAID BY THE FUND AND RELAT
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Fees Paid By Fund And Related Party Transactions [Abstract] | |
Fees Paid and Related Party Transactions Disclosure [Text Block] | NOTE 4 — FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS USCF Management Fee Under the Trust Agreement, USCF is responsible for investing the assets of USOU and USOD (together the "Trust Series") in accordance with the objectives and policies of USOU or USOD, as applicable. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to the Trust Series. For these services, each Fund is obligated to pay USCF a fee, which is paid monthly, equal to: from July 20, 2017 to November 14, 2017, 1.35% and 1.65%, respectively for USOU and USOD per annum of average daily total net assets, and commencing on November 15, 2017, 0.95% for each USOU and USOD per annum of average daily total net assets of each of USOU or USOD, as applicable. Trustee Fee The Trustee is the Delaware trustee of the Trust. In connection with the Trustee’s services to the Trust, USCF is responsible for paying the Trustee’s annual fee in the amount of $3,000. Ongoing Registration Fees and Other Offering Expenses The Trust Series pay (a) the applicable Management Fee payable to USCF, discussed above, (b) brokerage fees, futures commission merchant fees and other fees and commissions incurred in connection with the trading activities of the Fund, (c) any costs and expenses related to registration of additional shares of the Fund, and (d) all other expenses allocated to the Fund by USCF in consultation with REX MLPshares, LLC, as may be disclosed from time to time. During the year ended December 31, 2018 and the period from commencement of operations on July 20, 2017 to December 31, 2017, the Trust Series did not incur registration fees or other offering expenses. Independent Directors’ and Officers’ Expenses The Sponsor is responsible for paying its portion of the directors’ and officers’ liability insurance for the Funds and the fees and expenses of the independent directors who also serve as audit committee members of the Funds. The directors also serve as the directors, and for the independent directors as audit committee members, of the Related Public Funds and the other Funds that are series of the Trust. The Sponsor shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative asset value of the Funds to the total Related Public Fund’s asset value computed on a daily basis. These fees and expenses for the year ended December 31, 2018 amounted to be a total of $521,689 for the Funds and the Related Public Funds. USOU’s portion of such fees and expenses for the year ended December 31, 2018 was $0 and USOD’s portion of such fees and expenses for the year ended December 31, 2018 was $0. For the period ended December 31, 2017, these fees and expenses were $536,375 for the Funds and the Related Public Funds. USOU’s portion of such fees and expenses for the period ended December 31, 2017 was $0 and USOD’s portion of such fees and expenses for the period ended December 31, 2017 was $0. Licensing Fees REX MLPshares, LLC licenses certain intellectual property rights to USCF and certain of the Funds. Investor Tax Reporting Cost The fees and expenses associated with the Funds' audit expenses and tax accounting and reporting requirements are paid by the Sponsor. These costs are estimated to be $0 for the year ended December 31, 2018 for USOU and USOD. Tax reporting costs fluctuate between years due to the number of shareholders during any given year. Other Expenses and Fees In addition to the fees described above, each Active Fund pays all brokerage fees and other expenses in connection with the operation of such Active Fund, excluding costs and expenses paid by USCF as outlined in Note 5 – Contracts and Agreements below. |
CONTRACTS AND AGREEMENTS
CONTRACTS AND AGREEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | NOTE 5 — CONTRACTS AND AGREEMENTS Marketing Agent Agreement The Sponsor and the Trust, each on its own behalf and on behalf of the Funds, are party to a marketing agent agreement, dated as of July 14, 2017, as amended from time to time, with the Marketing Agent, whereby the Marketing Agent provides certain marketing services for the Funds as outlined in the agreement. The fee of the Marketing Agent, which is borne by the Sponsor, is equal to 0.06% on the assets of USOU and USOD up to $3 billion and 0.04% on the assets of USOU and USOD in excess of $3 billion. In no event may the aggregate compensation paid to the Marketing Agent and any affiliate of the Sponsor for distribution-related services exceed 10% of the gross proceeds of each Funds' offering. The above fee does not include website construction and development, which are also borne by the Sponsor. Brown Brothers Harriman & Co. Agreements The Sponsor and the Trust, on its own behalf and on behalf of the Funds, are also party to a custodian agreement, dated July 7, 2017, as amended from time to time, with Brown Brothers Harriman & Co. (“BBH&Co.”), whereby BBH&Co. holds investments on behalf of the Trust Series. The Sponsor pays the fees of the custodian, which are determined by the parties from time to time. In addition, the Sponsor and the Trust, on its own behalf and on behalf of the Funds, are party to an administrative agency agreement, dated July 7, 2017, as amended from time to time, with BBH&Co., whereby BBH&Co. acts as the administrative agent, transfer agent and registrar for the Funds. The Sponsor also pays the fees of BBH&Co. for its services under such agreement and such fees are determined by the parties from time to time. Currently, the Sponsor pays BBH&Co. for its services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting and fund administration services rendered to the Related Public Funds, as well as a $20,000 annual fee for its transfer agency services. In addition, the Sponsor pays BBH&Co. an asset-based charge of (a) 0.06% for the first $500 million of the Related Public Funds’ combined net assets, (b) 0.0465% for the Related Public Funds’ combined net assets greater than $500 million but less than $1 billion, and (c) 0.035% once the Related Public Funds’ combined net assets exceed $1 billion. The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000. The Sponsor also pays BBH&Co. transaction fees ranging from $7 to $15 per transaction. Brokerage and Futures Commission Merchant Agreements On July 6, 2017, the Trust entered into a futures commission merchant agreement with RBC to serve as the FCM for each Fund. The agreement with RBC requires it to provide services to each Fund 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 RBC Capital for each Fund's account. In accordance with the agreement, RBC Capital charges each Fund commissions of approximately $7 to $8 per round-turn trade, including applicable exchange, clearing and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts. Such fees include those incurred when purchasing Oil Futures Contracts and options on Oil Futures Contracts when a Fund issues shares as a result of a Creation Basket, as well as fees incurred when selling Oil Futures Contracts and options on Oil Futures Contracts when a Fund redeems shares as a result of a Redemption Basket. Such fees are also incurred when Oil Futures Contracts and options on Oil Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. Each Fund also incurs commissions to brokers for the purchase and sale of Oil Futures Contracts, Other Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”). USOU For the Year Ended December 31, 2018 For the Period from Commencement of Operations on July 20, 2017 to December 31, 2017* Total commissions accrued to brokers $ 42,681 $ 7,869 Total commissions as annualized percentage of average total net assets 0.56 % 0.55 % Commissions accrued as a result of rebalancing $ 39,609 $ 7,371 Percentage of commissions accrued as a result of rebalancing 92.80 % 93.67 % Commissions accrued as a result of creation and redemption activity $ 3,072 $ 498 Percentage of commissions accrued as a result of creation and redemption activity 7.20 % 6.33 % *Commencement of operations, July 20, 2017. The increase in total commissions accrued to brokers for the year ended December 31, 2018, compared to the period from commencement of operations on July 20, 2017 to December 31, 2017, was due primarily to a higher number of contracts held and traded. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters. USOD For the Year Ended December 31, 2018 For the Period from Commencement of Operations on July 20, 2017 to December 31, 2017* Total commissions accrued to brokers $ 8,980 $ 5,820 Total commissions as annualized percentage of average total net assets 0.70 % 0.71 % Commissions accrued as a result of rebalancing $ 8,452 $ 5,313 Percentage of commissions accrued as a result of rebalancing 94.12 % 91.29 % Commissions accrued as a result of creation and redemption activity $ 528 $ 507 Percentage of commissions accrued as a result of creation and redemption activity 5.88 % 8.71 % * Commencement of operations, July 20, 2017. The increase in total commissions accrued to brokers for the year ended December 31, 2018, compared to the period from commencement of operations on July 20, 2017 to December 31, 2017, was due primarily to a higher number of contracts held and traded. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters. Other Fund Service Providers The Sponsor has entered into an agreement with REX MLPshares, LLC (“REX”), a single member limited liability company that was formed in the state of Delaware on December 3, 2015. REX is a wholly-owned subsidiary of REX Shares, LLC, a Delaware limited liability company (“REX Shares”). Pursuant to the agreement between the Sponsor and REX, REX will assist the Sponsor with the development and launch of each respective Fund and provide certain ongoing services. REX also licenses certain intellectual property rights to the Sponsor and certain of the Funds. REX does not make investment decisions for the Sponsor, the Trust or the Funds and is not involved in the day-to-day operations or maintenance of the Funds. |
FINANCIAL INSTRUMENTS, OFF-BALA
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments Disclosure [Text Block] | NOTE 6 — FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES The Trust Series may engage in the trading of futures contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, “derivatives”). The Trust Series are exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract. The Trust Series may enter into futures contracts, options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties. The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each of the Trust Series has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts. All of the futures contracts held by USOU and USOD through December 31, 2018 were exchange-traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if any of the Funds were to enter into non-exchange traded contracts, it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. The Funds have credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded. In addition, the Funds bear the risk of financial failure by the clearing broker. The Trust Series' cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of an FCM could result in the complete loss of each of the Funds' assets posted with that FCM; however, the majority of the Funds' assets are held in investments in Treasuries, cash and/or cash equivalents with the Funds' custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of the Funds' custodian, however, could result in a substantial loss of the Funds' assets. The Sponsor invests a portion of the Trust Series' cash in money market funds that seek to maintain a stable per share NAV. The Trust Series are exposed to any risk of loss associated with an investment in such money market funds. As of December 31, 2018, USOU and USOD held investments in money market funds in the amounts of $2,319,000 and $345,000, respectively. As of December 31, 2017, USOU and USOD held investments in money market funds in the amounts of $1,000,000 and $540,000, respectively. USOU and USOD also hold cash deposits with its custodian. Pursuant to a written agreement with BBH&Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and domiciled banks located in Toronto, Canada; London, United Kingdom; Grand Cayman, Cayman Islands; and Nassau, Bahamas; which are subject to U.S. regulation and regulatory oversight. As of December 31, 2018 and December 31, 2017, USOU held cash deposits and investments in Treasuries in the amounts of $16,617,552 and $2,780,699, respectively, with the custodian and FCM. As of December 31, 2018 and December 31, 2017, USOD held cash deposits and investments in Treasuries in the amounts of $2,169,153 and $775,082, respectively, with the custodian and FCM. Some or all of these amounts may be subject to loss should USOU's or USOD's custodian and/or FCM cease operations. For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Trust Series are exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short. As both a buyer and a seller of options, the Trust Series pay or receive a premium at the outset and then bear the risk of unfavorable changes in the price of the contract underlying the option. The Trust Series' policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures. In addition, the Trust Series have a policy of requiring review of the credit standing of each broker or counterparty with which it conducts business. The financial instruments held by the Trust Series 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. |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information Disclosure [Text Block] | NOTE 7 – FINANCIAL HIGHLIGHTS The following tables present per share performance data and other supplemental financial data for USOU and USOD for the year ended December 31, 2018 and the period from commencement of operations on July 20, 2017 to December 31, 2017 for the shareholders. This information has been derived from information presented in the financial statements. USOU Year ended December 31, 2018 For the Period from Commencement of Operations on July 20, 2017 to December 31, 2017* Per Share Operating Performance: Net asset value, beginning of period $ 44.83 $ 25.00 Total income (loss) (28.32 ) 20.08 Total expenses (0.69 ) (0.25 ) Net increase (decrease) in net asset value (29.01 ) 19.83 Net asset value, end of period $ 15.82 $ 44.83 Total Return (64.71 )% 79.32 % Ratios to Average Net Assets Total income (loss) (144.45 )% 63.41 % Management fees 0.95 %** 1.21 %*** Expenses excluding management fees 0.56 % 0.55 %*** Net income (loss) (145.97 )% 62.62 % * Commencement of operations, July 20, 2017. ** Effective November 15, 2017, USCF permanently lowered the management fee to 0.95% (95 basis points) per annum of average daily total net assets for USOU. *** Annualized. USOD Year ended December 31, 2018 For the Period from Commencement of Operations on July 20, 2017 to December 31, 2017* Per Share Operating Performance: Net asset value, beginning of period $ 11.21 $ 25.00 Total income (loss) 1.79 (13.61 ) Total expenses (0.12 ) (0.18 ) Net increase (decrease) in net asset value 1.67 (13.79 ) Net asset value, end of period $ 12.88 $ 11.21 Total Return 14.90 % (55.16 )% Ratios to Average Net Assets Total income (loss) 97.45 % (74.49 )% Management fees 0.95 %** 1.51 %*** Expenses excluding management fees 0.70 % 0.71 %*** Net income (loss) 95.80 % (75.48 )% * Commencement of operations, July 20, 2017. ** Effective November 15, 2017, USCF permanently lowered the management fee to 0.95% (95 basis points) per annum of average daily total net assets for USOD. *** Annualized. Total returns are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from each Trust Series. |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 8 – QUARTERLY FINANCIAL DATA (Unaudited) The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March 31, June 30, September 30 and December 31, 2018 and September 30 and December 31, 2017. USOU First Quarter 2018 Second Quarter 2018 Third Quarter 2018 Fourth Quarter 2018 Total Income (Loss) $ 1,017,751 $ 2,322,542 $ 1,573,176 $ (15,870,244 ) Total Expenses 18,414 21,048 28,860 46,416 Net Income (Loss) $ 999,337 $ 2,301,494 $ 1,544,316 $ (15,916,660 ) Net Income (Loss) per Share $ 9.99 $ 23.00 $ 2.77 $ (64.77 ) Third Quarter 2017* Fourth Quarter 2017* Total Income (Loss) $ 512,497 $ 1,496,195 Total Expenses 10,415 14,632 Net Income (Loss) $ 502,082 $ 1,481,563 Net Income (Loss) per Share $ 5.02 $ 14.81 * Commencement of operations, July 20, 2017. USOD First Quarter 2018 Second Quarter 2018 Third Quarter 2018 Fourth Quarter 2018 Total Income (Loss) $ (347,145 ) $ (454,209 ) $ (140,980 ) $ 2,194,425 Total Expenses 5,291 3,556 3,204 9,135 Net Income (Loss) $ (352,436 ) $ (457,765 ) $ (144,184 ) $ 2,185,290 Net Income (Loss) per Share $ (3.01 ) $ (3.29 ) $ (0.73 ) $ 8.70 Third Quarter 2017* Fourth Quarter 2017* Total Income (Loss) $ (640,360 ) $ (721,393 ) Total Expenses 10,681 7,519 Net Income (Loss) $ (651,041 ) $ (728,912 ) Net Income (Loss) per Share $ (6.51 ) $ (7.28 ) * Commencement of operations, July 20, 2017. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments [Text Block] | NOTE 9 — FAIR VALUE OF FINANCIAL INSTRUMENTS The Trust and the Trust Series value their investments in accordance with Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Trust and the Trust Series (observable inputs) and (2) the Trust's and the Trust Series' own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. The following table summarizes the valuation of USOU’s securities at December 31, 2018 using the fair value hierarchy: At December 31, 2018 Total Level I Level II Level III Short-Term Investments $ 3,462,297 $ 3,462,297 $ — $ — Exchange-Traded Futures Contracts United States Contracts (3,899,053 ) (3,899,053 ) — — During the year ended December 31, 2018, there were no transfers between Level I and Level II. The following table summarizes the valuation of USOU’s securities at December 31, 2017 using the fair value hierarchy: At December 31, 2017 Total Level I Level II Level III Short-Term Investments $ 1,647,421 $ 1,647,421 $ — $ — Exchange-Traded Futures Contracts United States Contracts 703,240 703,240 — — During the period from commencement of operations on July 20, 2017 to December 31, 2017, there were no transfers between Level I and Level II. The following table summarizes the valuation of USOD’s securities at December 31, 2018 using the fair value hierarchy: At December 31, 2018 Total Level I Level II Level III Short-Term Investments $ 593,087 $ 593,087 $ — $ — Exchange-Traded Futures Contracts United States Contracts 706,174 706,174 — — During the year ended December 31, 2018, there were no transfers between Level I and Level II. The following table summarizes the valuation of USOD’s securities at December 31, 2017 using the fair value hierarchy: At December 31, 2017 Total Level I Level II Level III Short-Term Investments $ 1,088,158 $ 1,088,158 $ — $ — Exchange-Traded Futures Contracts United States Contracts (194,060 ) (194,060 ) — — During the period from commencement of operations on July 20, 2017 to December 31, 2017, there were no transfers between Level I and Level II. The Trust and the Funds have adopted the provisions of Accounting Standards Codification 815 – Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives. Fair Value of Derivative Instruments Held by USOU Derivatives not Accounted for as Hedging Instruments Statements of Financial Condition Location Fair Value At December 31, 2018 Fair Value At December 31, 2017 Futures - Commodity Contracts Assets $ (3,899,053 ) $ 703,240 Fair Value of Derivative Instruments Held by USOD Derivatives not Accounted for as Hedging Instruments Statements of Financial Condition Location Fair Value At December 31, 2018 Fair Value At December 31, 2017 Futures - Commodity Contracts Assets $ 706,174 $ (194,060 ) The Effect of Derivative Instruments on the Statements of Operations of USOU For the year ended December 31, 2018 For the period from commencement of operations on July 20, 2017 to December 31, 2017* Derivatives not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ (6,453,505 ) $ 1,290,712 Change in unrealized gain (loss) on open positions $ (4,602,293 ) $ 703,240 * Inception date, July 20, 2017. The Effect of Derivative Instruments on the Statements of Operations of USOD For the year ended December 31, 2018 For the period from commencement of operations on July 20, 2017 to December 31, 2017* Derivatives not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ 335,535 $ (1,176,665 ) Change in unrealized gain (loss) on open positions $ 900,234 $ (194,060 ) * Inception date, July 20, 2017. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 10 – RECENT ACCOUNTING PRONOUNCEMENTS In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-14, Revenue from Contracts with Customers, modifying ASU 2014-09. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard became effective for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. There were no material impacts to the Fund’s financial statements upon adoption. New Accounting Pronouncements In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management has evaluated the implications of these changes on the financial statements and adopted with no material impact. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 11 – SUBSEQUENT EVENTS The Trust and each Trust Series have performed and evaluated the need for disclosure and/or adjustments resulting from subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Policy Text Block] | Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. Each series of the Trust is an investment company and follows the accounting and reporting guidance in FASB Topic 946. The Trust financial statements included its respective series of funds financial statements including USOU, USOD and the REX Funds through December 31, 2017. For reporting commencing with the March 31, 2018 reporting period, and in conjunction with the termination of the REX Funds on March 30, 2018 the REX Funds financial statements have not been included, but are included in the overall Trust financial statements for the applicable reporting periods. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Commodity futures contracts, 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. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. The Funds earn income on funds held at the custodian or a futures commission merchant (“FCM”) at prevailing market rates earned on such investments. |
Commissions, Policy [Policy Text Block] | Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Funds are not subject to federal income taxes; each investor reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with U.S. GAAP, each Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. Each Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. None of the Trust Series is subject to income tax return examinations by major taxing authorities for years before 2017 (commencement of operations). The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in each Trust Series recording a tax liability that reduces net assets. However, each Trust Series' conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. Each Trust Series recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2018 for any Trust Series. |
Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block] | Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. The Funds receive or pay the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in the Funds' statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. For USOU or USOD, Authorized Participants pay a transaction fee equal to 0.04% of total NAV of baskets to the Fund for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets. The transaction fee may be waived, reduced, increased or otherwise changed by USCF. |
Trust Capital And Allocation Of Income And Losses [Policy Text Block] | Trust Capital and Allocation of Income and Losses The Trust is treated as a partnership for tax purposes. Profit or loss shall be allocated among the shareholders of each Trust Series in proportion to the number of shares each investor holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the Trust Agreement . |
Net Asset Value [Policy Text Block] | Calculation of Per Share NAV USOU and USOD Funds' per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. The Funds use the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. The NAV for a normal trading day is released after 4:00 p.m. Eastern time (“E.T.”). For futures contracts and options traded on exchanges, USOU and USOD’s administrator (the “Administrator”) use the closing or settlement price published by the applicable exchange or, in the case of a market disruption, the last traded price before settlement. In the case of the Benchmark Oil Futures Contract, the NYMEX closing price (determined at the earlier of the close of the NYMEX or 2:30 p.m. E.T.) for the contracts traded on the NYMEX is used. Other investments’ values for purposes of determining the NAV for each of USOU and USOD, including Treasuries, cash equivalents (other than money market funds), cleared and non-cleared swaps, forwards, options and swaps are calculated by the Administrator using market quotations and market data, if available, or other information customarily used to determine the fair value of such investments as of the earlier of the close of the NYSE Arca or 4:00 p.m. E.T. Money market funds are valued at their end of day NAV. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. As of December 31, 2018, USCF held 40 shares of each of USOU and USOD. |
Other Operating Income Expense [Policy Text Block] | Offering Costs Offering costs incurred in connection with the registration of additional shares of any Trust Series after the initial registration of shares of such Trust Series are borne by each respective Trust Series. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. |
Reclassification, Policy [Policy Text Block] | Reclassification Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. |
CONTRACTS AND AGREEMENTS (Table
CONTRACTS AND AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Contractors [Abstract] | |
Brokerage Commissions [Table Text Block] | USOU For the Year Ended December 31, 2018 For the Period from Commencement of Operations on July 20, 2017 to December 31, 2017* Total commissions accrued to brokers $ 42,681 $ 7,869 Total commissions as annualized percentage of average total net assets 0.56 % 0.55 % Commissions accrued as a result of rebalancing $ 39,609 $ 7,371 Percentage of commissions accrued as a result of rebalancing 92.80 % 93.67 % Commissions accrued as a result of creation and redemption activity $ 3,072 $ 498 Percentage of commissions accrued as a result of creation and redemption activity 7.20 % 6.33 % *Commencement of operations, July 20, 2017. USOD For the Year Ended December 31, 2018 For the Period from Commencement of Operations on July 20, 2017 to December 31, 2017* Total commissions accrued to brokers $ 8,980 $ 5,820 Total commissions as annualized percentage of average total net assets 0.70 % 0.71 % Commissions accrued as a result of rebalancing $ 8,452 $ 5,313 Percentage of commissions accrued as a result of rebalancing 94.12 % 91.29 % Commissions accrued as a result of creation and redemption activity $ 528 $ 507 Percentage of commissions accrued as a result of creation and redemption activity 5.88 % 8.71 % * Commencement of operations, July 20, 2017. |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Per Unit Performance Data And Other Supplemental Financial Data [Table Text Block] | The following tables present per share performance data and other supplemental financial data for USOU and USOD for the year ended December 31, 2018 and the period from commencement of operations on July 20, 2017 to December 31, 2017 for the shareholders. This information has been derived from information presented in the financial statements. USOU Year ended December 31, 2018 For the Period from Commencement of Operations on July 20, 2017 to December 31, 2017* Per Share Operating Performance: Net asset value, beginning of period $ 44.83 $ 25.00 Total income (loss) (28.32 ) 20.08 Total expenses (0.69 ) (0.25 ) Net increase (decrease) in net asset value (29.01 ) 19.83 Net asset value, end of period $ 15.82 $ 44.83 Total Return (64.71 )% 79.32 % Ratios to Average Net Assets Total income (loss) (144.45 )% 63.41 % Management fees 0.95 %** 1.21 %*** Expenses excluding management fees 0.56 % 0.55 %*** Net income (loss) (145.97 )% 62.62 % * Commencement of operations, July 20, 2017. ** Effective November 15, 2017, USCF permanently lowered the management fee to 0.95% (95 basis points) per annum of average daily total net assets for USOU. *** Annualized. USOD Year ended December 31, 2018 For the Period from Commencement of Operations on July 20, 2017 to December 31, 2017* Per Share Operating Performance: Net asset value, beginning of period $ 11.21 $ 25.00 Total income (loss) 1.79 (13.61 ) Total expenses (0.12 ) (0.18 ) Net increase (decrease) in net asset value 1.67 (13.79 ) Net asset value, end of period $ 12.88 $ 11.21 Total Return 14.90 % (55.16 )% Ratios to Average Net Assets Total income (loss) 97.45 % (74.49 )% Management fees 0.95 %** 1.51 %*** Expenses excluding management fees 0.70 % 0.71 %*** Net income (loss) 95.80 % (75.48 )% * Commencement of operations, July 20, 2017. ** Effective November 15, 2017, USCF permanently lowered the management fee to 0.95% (95 basis points) per annum of average daily total net assets for USOD. *** Annualized. |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Table Text Block] | The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March 31, June 30, September 30 and December 31, 2018 and September 30 and December 31, 2017. USOU First Quarter 2018 Second Quarter 2018 Third Quarter 2018 Fourth Quarter 2018 Total Income (Loss) $ 1,017,751 $ 2,322,542 $ 1,573,176 $ (15,870,244 ) Total Expenses 18,414 21,048 28,860 46,416 Net Income (Loss) $ 999,337 $ 2,301,494 $ 1,544,316 $ (15,916,660 ) Net Income (Loss) per Share $ 9.99 $ 23.00 $ 2.77 $ (64.77 ) Third Quarter 2017* Fourth Quarter 2017* Total Income (Loss) $ 512,497 $ 1,496,195 Total Expenses 10,415 14,632 Net Income (Loss) $ 502,082 $ 1,481,563 Net Income (Loss) per Share $ 5.02 $ 14.81 * Commencement of operations, July 20, 2017. USOD First Quarter 2018 Second Quarter 2018 Third Quarter 2018 Fourth Quarter 2018 Total Income (Loss) $ (347,145 ) $ (454,209 ) $ (140,980 ) $ 2,194,425 Total Expenses 5,291 3,556 3,204 9,135 Net Income (Loss) $ (352,436 ) $ (457,765 ) $ (144,184 ) $ 2,185,290 Net Income (Loss) per Share $ (3.01 ) $ (3.29 ) $ (0.73 ) $ 8.70 Third Quarter 2017* Fourth Quarter 2017* Total Income (Loss) $ (640,360 ) $ (721,393 ) Total Expenses 10,681 7,519 Net Income (Loss) $ (651,041 ) $ (728,912 ) Net Income (Loss) per Share $ (6.51 ) $ (7.28 ) * Commencement of operations, July 20, 2017. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Valuation of Usou's and Usod's Securities Using Fair Value Hierarchy [Table Text Block] | The following table summarizes the valuation of USOU’s securities at December 31, 2018 using the fair value hierarchy: At December 31, 2018 Total Level I Level II Level III Short-Term Investments $ 3,462,297 $ 3,462,297 $ — $ — Exchange-Traded Futures Contracts United States Contracts (3,899,053 ) (3,899,053 ) — — The following table summarizes the valuation of USOU’s securities at December 31, 2017 using the fair value hierarchy: At December 31, 2017 Total Level I Level II Level III Short-Term Investments $ 1,647,421 $ 1,647,421 $ — $ — Exchange-Traded Futures Contracts United States Contracts 703,240 703,240 — — The following table summarizes the valuation of USOD’s securities at December 31, 2018 using the fair value hierarchy: At December 31, 2018 Total Level I Level II Level III Short-Term Investments $ 593,087 $ 593,087 $ — $ — Exchange-Traded Futures Contracts United States Contracts 706,174 706,174 — — The following table summarizes the valuation of USOD’s securities at December 31, 2017 using the fair value hierarchy: At December 31, 2017 Total Level I Level II Level III Short-Term Investments $ 1,088,158 $ 1,088,158 $ — $ — Exchange-Traded Futures Contracts United States Contracts (194,060 ) (194,060 ) — — |
Fair Value of Derivative Instruments Held by Usou and Usod [Table Text Block] | Fair Value of Derivative Instruments Held by USOU Derivatives not Accounted for as Hedging Instruments Statements of Financial Condition Location Fair Value At December 31, 2018 Fair Value At December 31, 2017 Futures - Commodity Contracts Assets $ (3,899,053 ) $ 703,240 Fair Value of Derivative Instruments Held by USOD Derivatives not Accounted for as Hedging Instruments Statements of Financial Condition Location Fair Value At December 31, 2018 Fair Value At December 31, 2017 Futures - Commodity Contracts Assets $ 706,174 $ (194,060 ) |
Effect of Derivative Instruments on the Condensed Statements of Operations of Usou and Usod [Table Text Block] | The Effect of Derivative Instruments on the Statements of Operations of USOU For the year ended December 31, 2018 For the period from commencement of operations on July 20, 2017 to December 31, 2017* Derivatives not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ (6,453,505 ) $ 1,290,712 Change in unrealized gain (loss) on open positions $ (4,602,293 ) $ 703,240 * Inception date, July 20, 2017. The Effect of Derivative Instruments on the Statements of Operations of USOD For the year ended December 31, 2018 For the period from commencement of operations on July 20, 2017 to December 31, 2017* Derivatives not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Gain (Loss) on Derivatives Recognized in Income Futures - Commodity Contracts Realized gain (loss) on closed positions $ 335,535 $ (1,176,665 ) Change in unrealized gain (loss) on open positions $ 900,234 $ (194,060 ) * Inception date, July 20, 2017. |
ORGANIZATION AND BUSINESS (Addi
ORGANIZATION AND BUSINESS (Additional Information) (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Jul. 20, 2017 | |
Number Of Units Per Basket | 50,000 | 50,000 |
Transaction Fee Percentage On NAV | 0.04% | |
Fund Trust Listing Requirement Description | On September 4, 2018, the Trust, and USOD, a series of the Trust, received a notice from the NYSE Arca, notifying the Trust that USOD is not in compliance with the requirement under Rule 8.200E(d)(2)(c) that USOD meet the NYSE Arca’s continued listing standard to maintain a market value of not less than $1,000,000. | |
United States 3x Oil Fund [Member] | Inception Period [Member] | Creation Baskets [Member] | ||
Number Of Units Per Basket | 50,000 | |
United States 3x Short Oil Fund [Member] | Inception Period [Member] | Creation Baskets [Member] | ||
Number Of Units Per Basket | 50,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Jul. 20, 2017 | |
Number Of Units Per Basket | 50,000 | 50,000 |
United States 3x Oil Fund [Member] | ||
Weighted Average Number of Shares Outstanding, Basic | 40 | |
USOU or USOD [Member] | ||
Percentage Fee Paid Per Order | 0.04% |
TRUST SERIES (Additional Inform
TRUST SERIES (Additional Information) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Jul. 20, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Jul. 19, 2017shares | Jul. 01, 2017$ / shares | Jun. 20, 2017USD ($) | Dec. 31, 2016$ / shares | [1] | Apr. 15, 2016USD ($) | Mar. 31, 2016USD ($) | |||
Capital Unit [Line Items] | ||||||||||||
Sponsor Capital Account | $ 2,000 | $ 4,000 | ||||||||||
Capital Contributions Initial | $ 1,000 | |||||||||||
Fund Trust Listing Requirement Description | On September 4, 2018, the Trust, and USOD, a series of the Trust, received a notice from the NYSE Arca, notifying the Trust that USOD is not in compliance with the requirement under Rule 8.200E(d)(2)(c) that USOD meet the NYSE Arca’s continued listing standard to maintain a market value of not less than $1,000,000. | |||||||||||
REX S And P MLP Fund [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Sponsor Capital Account | $ 1,000 | |||||||||||
Rex S And P MLP Inverse Fund [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Sponsor Capital Account | $ 1,000 | |||||||||||
United States 3x Oil Fund [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Sponsor Capital Account | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||
Common Units Issued For Acquisition | shares | 40 | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | shares | 40 | |||||||||||
Number of Units Registered in Period | shares | 30,000,000 | |||||||||||
Net Asset Value Per Unit | $ / shares | $ 25 | [1] | $ 15.82 | $ 44.83 | $ 25 | [1] | ||||||
Units Issued During Period Units New Issues | shares | 100,000 | |||||||||||
Units Issued During Period Value New Issues | $ 2,500,000 | |||||||||||
United States 3x Oil Fund [Member] | Futures Contracts [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Number Of Contracts | 1,046 | |||||||||||
United States 3x Oil Fund [Member] | Futures Contracts [Member] | New York Mercantile Exchanges [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Number Of Contracts | 1,046 | |||||||||||
United States 3x Short Oil Fund [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Sponsor Capital Account | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||
Number of Units Registered in Period | shares | 30,000,000 | |||||||||||
Net Asset Value Per Unit | $ / shares | $ 12.88 | $ 11.21 | $ 25 | $ 25 | ||||||||
Units Issued During Period Units New Issues | shares | 100,000 | |||||||||||
Units Issued During Period Value New Issues | $ 2,500,000 | |||||||||||
United States 3x Short Oil Fund [Member] | Futures Contracts [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Number Of Contracts | 213 | |||||||||||
United States 3x Short Oil Fund [Member] | Futures Contracts [Member] | New York Mercantile Exchanges [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Number Of Contracts | 213 | |||||||||||
Trust [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Sponsor Capital Account | $ 4,000 | |||||||||||
[1] | Commencement of operations, July 20, 2017. |
FEES PAID BY THE FUND AND REL_2
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Nov. 15, 2017 | |
Fees Paid And Related Party Transactions [Line Items] | |||
Trustee Fees | $ 3,000 | ||
Directors and Officers Liability Insurance [Member] | |||
Fees Paid And Related Party Transactions [Line Items] | |||
Noninterest Expense Directors Fees | $ 521,689 | $ 536,375 | |
United States 3x Short Oil Fund [Member] | |||
Fees Paid And Related Party Transactions [Line Items] | |||
Percentage Of Average Monthly Net Assets | 1.65% | 0.95% | |
Noninterest Expense Directors Fees | $ 0 | 0 | |
United States 3x Oil Fund [Member] | |||
Fees Paid And Related Party Transactions [Line Items] | |||
Percentage Of Average Monthly Net Assets | 1.35% | 0.95% | |
Noninterest Expense Directors Fees | $ 0 | $ 0 | |
Other General Expense | $ 0 |
CONTRACTS AND AGREEMENTS (Broke
CONTRACTS AND AGREEMENTS (Brokerage Commission) (Details) - USD ($) | 5 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | [1] | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||||
Floor Brokerage, Exchange and Clearance Fees | $ 51,661 | $ 13,689 | |||
United States 3x Oil Fund [Member] | |||||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||||
Floor Brokerage, Exchange and Clearance Fees | $ 7,869 | $ 42,681 | $ 7,869 | ||
Percentage Of Average Daily Net Assets | 0.55% | 0.56% | 0.55% | ||
United States 3x Oil Fund [Member] | Rebalancing Investments Transaction [Member] | |||||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||||
Floor Brokerage, Exchange and Clearance Fees | $ 7,371 | $ 39,609 | |||
Percentage Of Average Daily Net Assets | 93.67% | 92.80% | 93.67% | ||
United States 3x Oil Fund [Member] | Creation And Redemption Activity [Member] | |||||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||||
Floor Brokerage, Exchange and Clearance Fees | $ 498 | $ 3,072 | |||
Percentage Of Average Daily Net Assets | 6.33% | 7.20% | 6.33% | ||
United States 3x Short Oil Fund [Member] | |||||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||||
Floor Brokerage, Exchange and Clearance Fees | $ 5,820 | $ 8,980 | $ 5,820 | ||
Percentage Of Average Daily Net Assets | 0.71% | 0.70% | 0.71% | ||
United States 3x Short Oil Fund [Member] | Rebalancing Investments Transaction [Member] | |||||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||||
Floor Brokerage, Exchange and Clearance Fees | $ 5,313 | $ 8,452 | |||
Percentage Of Average Daily Net Assets | 91.29% | 94.12% | 91.29% | ||
United States 3x Short Oil Fund [Member] | Creation And Redemption Activity [Member] | |||||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||||
Floor Brokerage, Exchange and Clearance Fees | $ 507 | $ 528 | |||
Percentage Of Average Daily Net Assets | 8.71% | 5.88% | 8.71% | ||
[1] | Commencement of operations, July 20, 2017. |
CONTRACTS AND AGREEMENTS (Addit
CONTRACTS AND AGREEMENTS (Additional Information) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / Unit | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Noninterest Expense Transfer Agent and Custodian Fees | $ 20,000 |
Explanation Of Restriction Applied On Payment Of Annual Fee For Services | The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000. |
Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Transaction Fees Paid | $ / Unit | 15 |
Commissions Paid | $ / Unit | 8 |
Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Transaction Fees Paid | $ / Unit | 7 |
Commissions Paid | $ / Unit | 7 |
Basis Amount For Fee Percentage | $ 75,000 |
Combined net assets exceed 1 billion [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base Fee Percentage | 0.035% |
Combined net assets exceed 1 billion [Member] | Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Basis Amount For Fee Percentage | $ 1,000,000,000 |
Combined net assets greater than 500 million but less than 1 billion [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base Fee Percentage | 0.0465% |
Combined net assets greater than 500 million but less than 1 billion [Member] | Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Basis Amount For Fee Percentage | $ 1,000,000,000 |
Combined net assets greater than 500 million but less than 1 billion [Member] | Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Basis Amount For Fee Percentage | $ 500,000,000 |
For the first 500 million [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base Fee Percentage | 0.06% |
For the first 500 million [Member] | Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Basis Amount For Fee Percentage | $ 500,000,000 |
Marketing Agreement [Member] | Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base Fee Percentage | 10.00% |
Marketing Agreement [Member] | Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base Fee Percentage | 0.04% |
Marketing Agreement [Member] | On each Trust Series' assets in excess of 3 billion [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base Fee Percentage | 0.06% |
Marketing Agreement [Member] | On each Trust Series' assets in excess of 3 billion [Member] | Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Basis Amount For Fee Percentage | $ 3,000,000,000 |
Marketing Agreement [Member] | On each Trust Series' assets in excess of 3 billion [Member] | Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Basis Amount For Fee Percentage | $ 3,000,000,000 |
FINANCIAL INSTRUMENTS, OFF-BA_2
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Additional Information) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
United States 3x Oil Fund [Member] | ||
Money Market Funds, at Carrying Value | $ 2,319,000 | $ 1,000,000 |
Deposits | 16,617,552 | 2,780,699 |
United States 3x Short Oil Fund [Member] | ||
Money Market Funds, at Carrying Value | 345,000 | 540,000 |
Deposits | $ 2,169,153 | $ 775,082 |
FINANCIAL HIGHLIGHTS (Per Unit
FINANCIAL HIGHLIGHTS (Per Unit Performance Data and Other Supplemental Financial Data) (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | |||
United States 3x Oil Fund [Member] | ||||
Per Share Operating Performance: | ||||
Net asset value, beginning of period | $ 25 | [1] | $ 44.83 | |
Total income (loss) | 20.08 | [1] | (28.32) | |
Total expenses | (0.25) | [1] | (0.69) | |
Net increase (decrease) in net asset value | 19.83 | [1] | (29.01) | |
Net asset value, end of period | $ 44.83 | $ 15.82 | ||
Total Return | 79.32% | [1] | (64.71%) | |
Ratios to Average Net Assets | ||||
Total income (loss) | 63.41% | [1] | (144.45%) | |
Management fees | 1.21% | [1],[2] | 0.95% | [3] |
Expenses excluding management fees | 0.55% | [1],[2] | 0.56% | |
Net income (loss) | 62.62% | [1] | (145.97%) | |
United States 3x Short Oil Fund [Member] | ||||
Per Share Operating Performance: | ||||
Net asset value, beginning of period | $ 25 | $ 11.21 | ||
Total income (loss) | (13.61) | 1.79 | ||
Total expenses | (0.18) | (0.12) | ||
Net increase (decrease) in net asset value | (13.79) | 1.67 | ||
Net asset value, end of period | $ 11.21 | $ 12.88 | ||
Total Return | (55.16%) | 14.90% | ||
Ratios to Average Net Assets | ||||
Total income (loss) | (74.49%) | 97.45% | ||
Management fees | 1.51% | [2] | 0.95% | |
Expenses excluding management fees | 0.71% | 0.70% | ||
Net income (loss) | (75.48%) | 95.80% | ||
[1] | Commencement of operations, July 20, 2017. | |||
[2] | Annualized. | |||
[3] | Effective November 15, 2017, USCF permanently lowered the management fee to 0.95% (95 basis points) per annum of average daily total net assets for USOU. |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Total Income (Loss) | $ (9,704,684) | $ 646,939 | |||||||||
Total Expenses | 135,924 | 43,247 | |||||||||
Net Income (Loss) | (9,840,608) | 603,692 | |||||||||
United States 3x Oil Fund [Member] | |||||||||||
Total Income (Loss) | $ (15,870,244) | $ 1,573,176 | $ 2,322,542 | $ 1,017,751 | $ 1,496,195 | $ 512,497 | (10,956,775) | 2,008,692 | |||
Total Expenses | 46,416 | 28,860 | 21,048 | 18,414 | 14,632 | 10,415 | 114,738 | 25,047 | |||
Net Income (Loss) | $ (15,916,660) | $ 1,544,316 | $ 2,301,494 | $ 999,337 | $ 1,481,563 | $ 502,082 | $ (11,071,513) | $ 1,983,645 | |||
Net Income (Loss) per Share | $ (64.77) | $ 2.77 | $ 23 | $ 9.99 | $ 14.81 | $ 5.02 | $ (29.01) | $ 19.83 | |||
United States 3x Short Oil Fund [Member] | |||||||||||
Total Income (Loss) | $ 2,194,425 | $ (140,980) | $ (454,209) | $ (347,145) | $ (721,393) | $ (640,360) | $ 1,252,091 | $ (1,361,753) | |||
Total Expenses | 9,135 | 3,204 | 3,556 | 5,291 | 7,519 | 10,681 | 21,186 | 18,200 | |||
Net Income (Loss) | $ 2,185,290 | $ (144,184) | $ (457,765) | $ (352,436) | $ (728,912) | $ (651,041) | $ 1,230,905 | $ (1,379,953) | |||
Net Income (Loss) per Share | $ 8.70 | $ (0.73) | $ (3.29) | $ (3.01) | $ (7.28) | $ (6.51) | $ 1.67 | $ (13.79) | |||
[1] | Commencement of operations, July 20, 2017. |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Valuation of Securities Using Fair Value Hierarchy) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
United States 3x Oil Fund [Member] | UNITED STATES | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | $ (3,899,053) | $ 703,240 |
United States 3x Oil Fund [Member] | Short-term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 3,462,297 | 1,647,421 |
United States 3x Oil Fund [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | (3,899,053) | 703,240 |
United States 3x Oil Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 3,462,297 | 1,647,421 |
United States 3x Oil Fund [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
United States 3x Oil Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
United States 3x Oil Fund [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
United States 3x Oil Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
United States 3x Short Oil Fund [Member] | UNITED STATES | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 706,174 | (194,060) |
United States 3x Short Oil Fund [Member] | Short-term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 593,087 | 1,088,158 |
United States 3x Short Oil Fund [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 706,174 | (194,060) |
United States 3x Short Oil Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 593,087 | 1,088,158 |
United States 3x Short Oil Fund [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
United States 3x Short Oil Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
United States 3x Short Oil Fund [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
United States 3x Short Oil Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investments, Fair Value Disclosure | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value of Derivative Instruments Held by Usou and Usod) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivative Instruments | $ (3,192,879) | $ 509,180 |
United States 3x Oil Fund [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivative Instruments | (3,899,053) | 703,240 |
United States 3x Oil Fund [Member] | Commodity Contract [Member] | Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivative Instruments | (3,899,053) | 703,240 |
United States 3x Short Oil Fund [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivative Instruments | 706,174 | (194,060) |
United States 3x Short Oil Fund [Member] | Commodity Contract [Member] | Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivative Instruments | $ 706,174 | $ (194,060) |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS (Effect of Derivative Instruments on the Condensed Statements of Operations of Usou and Usod) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Gain (Loss) on Sale of Investments | $ (6,117,970) | $ 114,047 | ||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | (3,702,059) | 509,180 | ||
United States 3x Oil Fund [Member] | ||||
Gain (Loss) on Sale of Investments | (6,453,505) | 1,290,712 | ||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | (4,602,293) | 703,240 | ||
United States 3x Oil Fund [Member] | Commodity Contract [Member] | Futures [Member] | Realized gain (loss) on closed positions [Member] | ||||
Gain (Loss) on Sale of Investments | $ 1,290,712 | (6,453,505) | ||
United States 3x Oil Fund [Member] | Commodity Contract [Member] | Futures [Member] | Change in unrealized gain (loss) on open positions [Member] | ||||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | 703,240 | (4,602,293) | ||
United States 3x Short Oil Fund [Member] | ||||
Gain (Loss) on Sale of Investments | 335,535 | (1,176,665) | ||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | 900,234 | $ (194,060) | ||
United States 3x Short Oil Fund [Member] | Commodity Contract [Member] | Futures [Member] | Realized gain (loss) on closed positions [Member] | ||||
Gain (Loss) on Sale of Investments | (1,176,665) | 335,535 | ||
United States 3x Short Oil Fund [Member] | Commodity Contract [Member] | Futures [Member] | Change in unrealized gain (loss) on open positions [Member] | ||||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | $ (194,060) | $ 900,234 | ||
[1] | Commencement of operations, July 20, 2017. |