Exhibit 14.1

























UNITED STATES COMMODITY FUNDS LLC



CODE OF BUSINESS

CONDUCT AND ETHICS





















































TABLE OF CONTENTS





|                                                       | Page
|------------------------------------------------------ | ----
|                                                       |     
|Introduction                                           | 1   
|Purpose of the Code                                    | 1   
|Conflicts of Interest                                  | 1   
|Corporate Opportunities                                | 2   
|Public Disclosure                                      | 2   
|Confidentiality                                        | 3   
|Fair Dealing                                           | 3   
|Protection and Proper Use of Company Assets            | 3   
|Compliance with Applicable Laws, Rules and Regulations | 3   
|Equal Opportunity, Harassment                          | 4   
|Accuracy of Company Records                            | 4   
|Retaining Business Communications                      | 4   
|Political Contributions                                | 5   
|Media Relations                                        | 5   
|Promotional Material                                   | 5   
|Intellectual Property Information                      | 6   
|Internet and E-Mail Policy                             | 6   
|Reporting Violations and Complaint Handling            | 6   
|Shareholder Complaint
    Handling                     | 8   
|Sanctions for Code Violations                          | 9   
|Application/Waivers                                    | 9   







Appendices





|Ethics Training Policy | A-1
|---------------------- | ---
|Code Acknowledgment    | B-1







ii







CODE OF BUSINESS CONDUCT AND ETHICS



Introduction



Ethics are important
to United States Commodity Funds LLC (the “Company” or “USCF”) and to each member of our management, our
investment professionals, and our employees. The Company is committed to the highest ethical standards and to conducting business
with the highest level of integrity. The following sets forth the Ninth Amended Code of Conduct and Ethics policy of the Company,
adopted on March 1, 2006, last amended on March 20, 2014.



All officers, directors
and employees of the Company are responsible for maintaining this level of integrity and for complying with the policies contained
in this Code. If you have a question or concern about what is proper conduct for you or anyone else, please raise these concerns
with any member of management, or follow the procedures outlined this Code.



Purpose of the Code



This Code is intended to:



| | · | help
                                         you recognize ethical issues and take the appropriate steps to resolve these issues;
| | - | ----------------------------------------------------------------------------------------------------------------------------------



| | · | deter
                                         ethical violations;
| | - | ------------------------------------------------------------------



| | · | assist
                                         you in reporting any unethical or illegal conduct; and
| | - | ------------------------------------------------------------------------------------------------------



| | · | reaffirm
                                         and promote our commitment to a corporate culture that values honesty and accountability.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------



All employees, as
a condition of employment or continued employment, will acknowledge in writing that they have received a copy of this Code, read
it, and understand that the Code contains our expectations regarding their conduct.



Finally, you should
know that this Code is designed to satisfy the standards contained in the Federal Sentencing Guidelines for Organizations published
by the U.S. Department of Justice. U.S. federal courts are bound to apply the Federal Sentencing Guidelines for Organizations
when sentencing companies convicted of federal offenses arising from the illegal acts of one or more employees. The Federal Sentencing
Guidelines for Organizations provide for substantial leniency in sentencing of a company from otherwise severe mandatory penalties,
where the company had in effect an adequate compliance program at the time of the illegal activity.





1







Conflicts of Interest



You must avoid any
conflict, or the appearance of a conflict, between your personal interests and our interests. A conflict exists when your personal
interest in any way interferes with our interests, or when you take any action or have any interest that may make it difficult
for you to perform your job objectively and effectively. For example, a conflict of interest probably exists if:



| | · | you
                                         cause us to enter into business relationships with you or a member of your family, or
                                         invest in companies affiliated with you or a member of your family;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | you
                                         use for your personal gain, or the gain of a member of your family, any nonpublic information
                                         (i) about us, (ii) our affiliates, (iii) our service providers, (iv) our other business
                                         partners, (v) the statutory trust for which the Company acts as sponsor, United States
                                         Commodity Index Funds Trust (the “Index Funds Trust”), and each series therein
                                         and (vi) each of the funds for which the Company serves as general partner or for which
                                         the Company serves as sponsor, (each a “Fund” and together the “Funds”);
                                         or
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | you
                                         use or communicate confidential information obtained in the course of your work for your
                                         or another’s personal benefit.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Corporate Opportunities



Each of us has a duty
to advance the legitimate interests of the Company when the opportunity to do so presents itself. Therefore, you may not:



| | · | take
                                         for yourself personally opportunities, including investment opportunities, discovered
                                         through the use of your position with us, or through the use of our property or information;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | use
                                         our property, information, or position for your personal gain or the gain of a family
                                         member; or
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | compete, or
                                         prepare to compete, with us.
| | - | ---------------------------------------------------------------------------------



Public Disclosure



We are committed to
a policy of full, fair, accurate, timely, and understandable disclosure to shareholders of all material information regarding
our business. This policy extends to our filings with the Securities and Exchange Commission (“SEC”) and to all other
public communications. All individuals involved in our SEC reporting process and in preparing and making public communications
regarding our business must take all reasonable steps to comply with this policy.





2







Confidentiality



You must not disclose
confidential information regarding the Company, our service providers, the Index Funds Trust, the Funds or our affiliates, unless
disclosure is authorized or required by law. Confidential information includes all non-public information that might be harmful
to, or useful to the competitors of, the Company, the Index Funds Trust, any Fund, our affiliates, our service providers, or our
other business partners.



Fair Dealing



You must endeavor
to deal fairly with companies or individuals with whom we do business or come into contact, including fellow employees of the
Company and our competitors. You must not take unfair advantage of these or other parties by means of:



| | · | manipulation;
| | - | -------------



| | · | concealment;
| | - | ------------



| | · | abuse of privileged
                                         information;
| | - | -------------------------------------------------------------------------



| | · | misrepresentation
                                         of material facts; or
| | - | --------------------------------------------------------------------------------



| | · | any other unfair-dealing
                                         practice.
| | - | ---------------------------------------------------------------------------



Protection and Proper Use of Company
Assets



Our assets are to
be used only for legitimate business purposes. You should protect our assets and ensure that they are used efficiently.



Incidental personal
use of telephones, fax machines, copy machines, personal computers and similar equipment is generally allowed if there is no significant
added cost to us, it does not interfere with your work duties, and is not related to an illegal activity or to any outside business.



Compliance with Applicable Laws,
Rules and Regulations



Each of us has a duty
to comply with all laws, rules and regulations that apply to our business. Highlighted below are some of the key compliance guidelines
that must be followed.



| | · | Insider
                                         trading. It is against the law to buy or sell securities using material information
                                         that is not available to the public. Individuals who give this “inside” information
                                         to others may be liable to the same extent as the individuals who trade while in possession
                                         of such information. You must not trade the shares of any Fund, or the securities of
                                         our affiliates, our service providers, or any of our other business partners while in
                                         the possession of “inside” information.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





3







| | · | “Whistleblower”
                                         protections.It is against the law to discharge, demote, suspend, threaten, harass,
                                         or discriminate in any manner against an employee who provides information or otherwise
                                         assists in investigations or proceedings relating to violations of federal securities
                                         laws or other federal laws prohibiting fraud against shareholders. You must not discriminate
                                         in any way against an employee who engages in these “whistleblower” activities.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Document
                                         Retention. You must adhere to appropriate procedures governing the retention and
                                         destruction of records consistent with applicable laws, regulations and our policies.
                                         You may not destroy, alter or falsify any document that may be relevant to a threatened
                                         or pending lawsuit or governmental investigation.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Please talk to any
member of management if you have any questions about how to comply with the above regulations and other laws, rules and regulations.



Equal Opportunity, Harassment



We are committed to
providing equal opportunity in all of our employment practices including selection, hiring, promotion, transfer, and compensation
of all qualified applicants and employees without regard to race, color, sex, religion, age, national origin, disability, political
affiliation or belief, citizenship, sexual orientation or transgender status, or any other status protected by law. With this
in mind, there are certain behaviors that will not be tolerated. These include harassment, violence, intimidation, and discrimination
of any kind.



Accuracy of Company Records



We require honest
and accurate recording and reporting of information in order to make responsible business decisions. This includes such data as
quality, safety, and personnel records, as well as financial records.



All financial books,
records and accounts must accurately reflect transactions and events, and conform both to required accounting principles and to
our system of internal controls. No false or artificial entries may be made.



Retaining Business Communications



The law requires us
to maintain certain types of corporate records, usually for specified periods of time. Failure to retain those records for those
minimum periods could subject us to penalties and fines, cause the loss of rights, obstruct justice, place us in contempt of court,
or seriously disadvantage us in litigation.



From time to time
we establish retention or destruction policies in order to ensure legal compliance. We expect you to fully comply with any published
records retention or destruction policies, provided that you should note the following exception: If you believe, or we inform
you, that our records are relevant to any litigation or governmental action, or any potential litigation or action, then you must
preserve those records until we determine the records are no longer needed. This exception supersedes any previously or subsequently
established destruction policies for those records. If you believe that this exception may apply, or have any questions regarding
the possible applicability of that exception, please contact our Chief Compliance Officer (the “Chief Compliance Officer”).





4







Political Contributions



No
funds of the Company or of any Funds may be given directly to political candidates. You may, however, engage in political activity
with your own resources on your own time.



Media
Relations



We
must speak with a unified voice in all dealings with the press and other media. As a result, the President and CEO is the sole
contact for media seeking information about the Company, the Index Funds Trust or any Fund. Any requests from the media must be
referred to him. Unless another individual(s) is so authorized by the President and CEO. In the event the President and CEO and
other authorized individual(s) are not available, clearance must be obtained through the Chief Compliance Officer.



Promotional
Material



USCF,
the Funds and the Index Funds Trust produce limited promotional material, which includes websites and a fact-sheet for each of
the Funds. All promotional material developed by USCF, the Funds, including material posted on a website or printed on a fact-sheet,
is reviewed for accuracy and approved prior to its public release by USCF’s counselto ensure its compliance with
the relevant requirements of the SEC, the Financial Industry Regulatory Authority (“FINRA”), the National Futures
Association ( “NFA”) and the Commodity Futures Trading Commission (“CFTC”), and any other applicable regulatory
authority.



In
addition to procedures intended to safeguard against a Fund fact-sheet being misleading or deceptive, it is a USCF policy that
Fund fact-sheets may only be distributed to the public when accompanied by the current applicable Fund prospectus.



As
noted above, all content to be included on a Fund website is reviewed and approved by USCF’s counsel prior to publication
of such content on such website. A review of website information is performed each time new information placed on the website
would lead to a substantively new version of the web page. The review and approval of website material is documented by the supervisor
in charge of such review.



USCF
does not allow the use of personal websites by its employees or agents for the solicitation of business to any of the Funds.



USCF,
or its service providers, maintains the supporting documentation for all statements, claims and performance results referenced
in promotional material prepared by or on behalf of the Funds.





5







Intellectual
Property Information



Information
generated in our business is a valuable asset. Protecting this information plays an important role in our growth and ability to
compete. Such information includes business and research plans; objectives and strategies; trade secrets; unpublished financial
information; salary and benefits data; and business partner lists. Employees who have access to our intellectual property information
are obligated to safeguard it from unauthorized access and must:



| | · | Not disclose
                                         this information to persons outside of the Company;
| | - | ---------------------------------------------------------------------------------------------------------



| | · | Not use this
                                         information for personal benefit or the benefit of persons outside of the Company; and
| | - | --------------------------------------------------------------------------------------------------------------------------------------------



| | · | Not share this
                                         information with other employees except on a legitimate “need to know” basis.
| | - | -------------------------------------------------------------------------------------------------------------------------------------



Internet and E-mail Policy



We may provide an
e-mail system and Internet access to certain of our employees to help them do their work. You may use the e-mail system and the
Internet only for legitimate business purposes in the course of your duties. Incidental and occasional personal use is permitted,
but never for personal gain or any improper use. Further, you are prohibited from discussing or posting
information regarding the Company, the Index Funds Trust or any of the Funds in any external electronic forum, including Internet
chat rooms or electronic bulletin boards.



All
employees engaged in the transmission of futures-related e-mails will be monitored periodically to ensure the accuracy of the
information contained in such emails. Review of such emails is performed by ALPS, as principal to registered representatives on
an annual basis. Review may also be undertaken by the Chief Compliance Officer and Counsel. This type of review is performed in
conformity with NFA and FINRA guidance on e-mail review, in consideration of the fact that USCF generally communicates with institutional
or relatively sophisticated clients, while USCF’s marketing agent handles most communication with the general public.



Reporting Violations and Internal
Complaint Handling



You are responsible
for compliance with the rules, standards and principles described in this Code. In addition, you should be alert to possible violationsof the Code by the Company’s employees, officers and directors, and you are expected to report a violation promptly.
Normally, reports should be made to one’s immediate supervisor. Under some circumstances, it may be impractical or you may
feel uncomfortable raising a matter with your supervisor. In those instances, you are encouraged to contact our Chief Compliance
Officer or General Counsel who will investigate and report the matter to the Board of Directors, as the circumstance dictates.
You will also be expected to cooperate in an investigation of a violation.





6







Anyone who has a concern
about our conduct, the conduct of an officer of the Company or our accounting, internal accounting controls or auditing matters,
may communicate that concern to the Chief Compliance Officer or to the Audit Committee of the Board of Directors by direct communication
with our Chairman of the Audit Committee or by e-mail or in writing. In addition, anyone who has a concern specifically about
the Funds, may communicate that concern to the Chief Compliance Officer or to the Audit Committee. All reported concerns shall
be forwarded to the Chief Compliance Officer or the Audit Committee, as applicable, in the same way that other concerns are addressed
by us. The status of all outstanding concerns forwarded to the Audit Committee or the Chief Compliance Officer will be reported
on a quarterly basis by ourChairman of the Audit Committee or Chief Compliance Officer, as applicable. The Audit Committee
or Chief Compliance Officer, as applicable, may direct that certain matters be presented to the full Board of Directors and may
also direct special treatment, including the retention of outside advisors or counsel, for any concern reported to it.



All reports will be
investigated and whenever possible, requests for confidentiality shall be honored. And, while anonymous reports will be accepted,
please understand that anonymity may hinder or impede the investigation of a report. All cases of questionable activity or improper
actions will be reviewed for appropriate action, discipline or corrective actions. Whenever possible, we will keep confidential
the identity of employees, officers or directors who are accused of violations,
unless or until it has been determined that a violation has occurred.



There will be no
reprisal, retaliation or adverse action taken against any employee who, in good faith, reports or assists in the investigation
of, a violation or suspected violation, or who makes an inquiry about the appropriateness of an anticipated or actual course of
action.



For reportingconcerns about the conduct of the Company, or any Fund, the conduct of an officer of the Company, or about accounting,
internal accounting controls or auditing matters of the Company, or any Fund, you may use the following means of communication:



If to the Chief Compliance Officer:



| | E-MAIL: | carolynyu@unitedstatesoilfund.com
| | ------- | ---------------------------------

| | ADDRESS: | Chief
                                         Compliance Officer
| | -------- | -----------------------------------------------------------------

| |  | 1999 Harrison Street,
                                         Suite 1530
| |  | -------------------------------------------------------------------------

| |  | Oakland CA 94612
| |  | ----------------



If to the Chairman of the Audit Committee:



| | E-MAIL: | uscf.director@gmail.com
| | ------- | -----------------------

| | ADDRESS: | Audit
                                         Committee of the Board of Directors
| | -------- | ----------------------------------------------------------------------------------

| |  | Malcolm R. Fobes
                                         III, Chairman of the Audit Committee
| |  | ----------------------------------------------------------------------------------------------

| |  | 475 Milan Drive
                                         #103
                                         San Jose CA 95134-2453
| |  | -----------------------------------------------------------------------------------------------------------------------------





7







Shareholder
Complaint Handling



Complaints
from shareholders of a Fund may raise compliance issues that need to be addressed in an expeditious manner. All complaints received
by any associated person of USCF or any Fund are to be forwarded to the Chief Compliance Officer. Associated persons have been
instructed to forward to the Chief Compliance Officer any oral questions that cannot be readily addressed so that such questions
can be treated as complaints if the Chief Compliance Officer deems necessary. It is the general policy of USCF, and the Funds
to answer all complaints. A discussion of any complaints received will be an agenda item at each quarterly meeting of the Board
of Directors of USCF.



The
Chief Compliance Officer’s duties with respect to shareholder complaints include: (1) maintaining a log that documents all
complaints, (2) investigating complaints as needed, (3) making a recommendation for resolution of all complaints received, and
(4) instituting any necessary changes to policies and procedures in connection with or in response to complaints. USCF maintains
records of all written complaints that are received by any party in connection with the Funds, as well as records relating to
the resolution of such complaints.



In
light of the responsibilities placed on USCF’s marketing agent, it is likely that the marketing agent will also receive
complaints from shareholders from time to time. The marketing agent will address these complaints pursuant to its own procedures,
but notice of such complaints will be forwarded to the Chief Compliance Officer to be documented in the complaint log.



The
marketing agent will be responsible for addressing any complaints that it receives pursuant to the marketing agent’s own
procedures and will forward notice of material complaints to the Chief Compliance Officer. The Chief Compliance Officer must follow
the complaint handling procedures described below:



|SHAREHOLDER
    COMPLAINTS PROCEDURE
|------------------------------------
|Who:                                
|What:                               
|When:                               
|How
    Evidenced:                  
|Where
    Maintained:               
|Retention
    Period:               





8







Sanctions for Code Violations



All violations of
the Code will result in appropriate corrective action, up to and including dismissal. If the violation involves potentially criminal
activity, the individual or individuals in question will be reported, as warranted, to the appropriate authorities.



Application/Waivers



All of the officers,
directors, and employees are subject to this Code. Any waiver of this Code for an executive officer or director of the Company
may only be made by the Board of Directors or the Audit Committee. Any waiver of the Code for an officer or member of our Boards
of Directors must be promptly disclosed to shareholders.



9







APPENDIX A





ETHICS
TRAINING POLICY



The
Chief Compliance Officer of USCF is responsible for overseeing our ethics training program. The Chief Compliance Officer of USCF
conducts an annual review of USCF’s ethics training policy and will require ethics training on an as needed basis.



A-1







APPENDIX
B



United
States Commodity Funds LLC



1999 Harrison
Street, Suite 1530

Oakland, CA 94612








Acknowledgment
Regarding

Code of Business
Conduct and Ethics



This acknowledgment
is to be signed and returned to our Chief Compliance Officer, Carolyn M .Yu, and will be retained as part of your permanent personnel
file.



I have received a
copy of United States Commodity Funds LLC’s Code of Business Conduct and Ethics, read it, and understand that the Code contains
the expectations of United States Commodity Funds LLC regarding employee conduct. I also understand that the Code is issued for
informational purposes and that it is not intended to create, nor does it represent, a contract of employment.





| |               
| | --------------
| | Name (Printed)
| |               
| |               
| | Signature     
| |               
| |               
| | Date          



The failure to read and/or sign this
acknowledgment in no way relieves you of your responsibility to comply with United States Commodity Funds LLC’s Code of
Business Conduct and Ethics.