Company: MGLD
Filing Date: 2025-09-19
Form Type: 10-K
Source: 0001493152-25-014286
Chunk: 62

Company: Marygold Companies, Inc.
Filing Date: 2025-09-19
Form: 10-K
Item: Item 1
Chunk 62
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 launch funds that remain focused on its core business platform in the commodity sector of non-renewable energy while expanding its
commodity index funds between broad commodities, equity and a mix of commodities and equities index funds. The ability to create and launch
bespoke funds and series funds that provide exposure to certain commodity and equity groups allows USCF Investments to compete in this
industry space as a boutique investment management company. USCF Investments will continue to develop and consider new fund opportunities
identified through its research efforts and review of market needs. However, the cost of launching and seeding new funds is dependent
upon the availability of existing and new capital resources. The ability to successfully launch new funds while competing with much larger
financial institutions with greater financial and human capital is expected to be challenging.

Regulation

USCF
Investments’ operating subsidiaries, USCF LLC and USCF Advisers, are subject to certain federal, state and local laws and
regulations generally applicable to the investment advisory services industry. USCF is a commodity pool operator (“CPO”)
subject to regulation by the Commodity Futures Trading Commission (“CFTC”) and the National Futures Association
(“NFA”) under the Commodities Exchange Act of 1936, as amended (“CEA”). USCF Advisers is an investment
adviser registered under the Investment Advisers Act and as a CPO under the CEA. Ongoing public offerings of the shares or other
interests by ETFs sponsored by USCF LLC are required to be registered with the SEC under the Securities Act and each ETF has SEC
reporting obligations under the Securities Exchange Act as well as regulatory obligations by the NYSE Arca under its continued
listing standards. Each series of the ETF Trust managed by USCF Advisers is registered as an investment company under the Investment Company
Act and subject to the rules and regulations thereunder.

Employees

USCF
Investments’ operating subsidiaries have 13 full-time employees, a majority of whom are located in its Walnut Creek,
California office. The operating subsidiaries are responsible for the retention of sub-advisers to manage the investments of each
managed fund’s assets in conformity with their respective investment policies if the operating subsidiary does not provide
those services directly. USCF Investments’ operating subsidiaries may also retain third-parties to provide custody,
distribution, fund administration, transfer agency, and all other non-distribution related services necessary for each fund to
operate. USCF Investments, through its operating subsidiaries, bears all of its own expenses