Company: MGLD
Filing Date: 2025-09-19
Form Type: 10-K
Source: 0001493152-25-014286
Chunk: 61

Company: Marygold Companies, Inc.
Filing Date: 2025-09-19
Form: 10-K
Item: Item 1
Chunk 61
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    launched in 2023
  
    USCF
    Sustainable Commodity Strategy Fund (“ZSC”)
     
    Fund
    launched in 2023

    Fund Sub-Advised by USCF Advisers
  
    USCF Daily Target 2X Copper Index ETF (“CPXR”)
     
    Fund
launched in 2025

USCF
Investments’ revenue and expenses are primarily based upon and determined by the amount of AUM of the funds its subsidiaries
manage. USCF Investments’ subsidiaries each earn monthly management and advisory fees based on their agreements with each
fund. The management fees for a fund are determined on the basis of the percentage management fee structure for such fund as forth
in its advisory agreement with the fund multiplied by the average AUM of such fund over a given period. Many of the company’s
expenses are dependent upon the amount of average AUM. These variable expenses include fund administration, custody, accounting,
transfer agency, marketing and distribution, and sub-adviser fees and are primarily determined by multiplying contractual fee rates
by average AUM.

For
the year ended June 30, 2025, 70% of USCF Investments’ revenue were attributed to its subsidiaries’ management of its three
largest funds as follows: United States Oil Fund, LP; United States Natural Gas Fund, LP and USCF Midstream Energy Income Fund. For the
year ended June 30, 2024, 75% of USCF Investments’ revenue was attributable to its subsidiaries’ management of United States
Oil Fund, LP; United States Natural Gas Fund, LP and United States Commodity Index Fund.

Competition

USCF
Investments competes with other commodity fund managers which include larger, better-financed companies and other boutique companies
that offer ETFs similar to those offered by USCF Investments. Also, the larger and better financed competitors may be able to
sponsor, develop and offer new ETFs more readily than USCF Investments. Many of these competitors have substantially greater
technical and human resources than USCF Investments does, as well as greater experience in the discovery, research and development
of ETFs and the commercialization of those ETFs. Our competitors’
ETFs may have better performance, lower expenses or advisory fees, or are more effectively marketed and sold, than any products we may
commercialize. USCF Investments believes that it has carved out a unique set of ETFs that were first to market and it continues to create
and