Document:

Exhibit
10.1

 

 

TRANSFER
AGENCY AND SERVICE AGREEMENT

THIS AGREEMENT is
made as of the 20 day of March, 2020 (the “Effective Date”), by and between United States Commodity Funds, LLC (“USCF”),
each Trust (hereinafter each a “Trust”, and collectively the “Trusts” as applicable) and each Limited Partnership
(hereinafter each a “Limited Partnership”, and collectively the “Limited Partnerships” as applicable),
in each case listed on Appendix A hereto (as such Appendix be amended from time to time) and THE BANK OF NEW YORK MELLON, a New
York corporation authorized to do a banking business having its principal office and place of business at 240 Greenwich Street,
New York, New York 10286 (the “Bank”).

WHEREAS, USCF is
the sponsor of each Trust and each series thereof (each a “Series”);

WHEREAS, USCF is
the general partner of each Limited Partnership (each such Limited Partnership and each Series is referred to herein individually
as a “Fund” and collectively, as the “Funds”);

WHEREAS, each Trust
and Limited Partnership, as applicable, will ordinarily issue for purchase and redemption shares of each Series or Limited Partnership,
as applicable (the “Shares) only in aggregations of Shares known as “Creation Units” (currently, 100,000 or 50,000
shares, depending on the Fund) (each a “Creation Unit”), either in kind or for cash;

WHEREAS, The Depository
Trust Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”), or its nominee
(Cede & Co.), will be the registered owner (the “Shareholder”) of all Shares; and

WHEREAS, USCF, each
Trust and each Fund desires to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection with
certain other activities, and the Bank desires to accept such appointment;

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1.      
Terms of Appointment; Duties of the Bank

1.1        
Subject to the terms and conditions set forth in this Agreement, USCF, each Trust and each Fund hereby employs and appoints
the Bank to act as, and the Bank agrees to act as, its transfer agent for the authorized and issued Shares, and as the dividend
disbursing agent for each Fund.

1.2        
Pursuant to such appointment, the Bank agrees that it will perform the following services:

(a)               
In accordance with the terms and conditions of this Agreement and the Authorized Participant Agreements entered into by
each Trust and each Limited Partnership with respect to the Authorized Participants for each Trust or Limited Partnership (each,
a “Participant Agreement”), as applicable, and each such form is filed with the most recent Annual Report on Form 10-K
for each Trust and each Limited Partnership, as applicable, the Bank shall:

(i)                
Perform and facilitate the performance of purchases and redemption of Creation Units for each Fund;

    	 

     

    

(ii)              
Prepare and transmit by means of DTC’s book-entry system payments for dividends and distributions on or with respect
to the Shares declared by or on behalf of each Fund;

(iii)            
Maintain the record of the name and address of the Shareholder and the number of Shares issued by each Fund and held by
the Shareholder;

(iv)             
Record the issuance of Shares of each Fund and maintain a record of the total number of Shares of each Fund which are outstanding,
and, based upon data provided to it by or on behalf of each Fund, the total number of authorized Shares. The Bank shall have no
obligation, when recording the issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating
to the issue or sale of such Shares, which functions shall be the sole responsibility of the applicable Funds.

(v)               
Prepare and transmit to each Fund and the Fund’s administrator and to any applicable securities exchange (as specified
to the Bank by or on behalf of each Fund or its administrator) information with respect to purchases and redemptions of Shares;

(vi)             
On days that each Fund may accept orders for purchases or redemptions, calculate and transmit to the marketing agent for
each Fund (the “Distributor”) and the Fund’s administrator the number of outstanding Shares;

(vii)           
On days that each Fund may accept orders for purchases or redemptions (pursuant to its Participant Agreements), transmit
to the Bank, the Fund and DTC the amount of Shares purchased on such day;

(viii)         
Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

(ix)             
Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;

(x)               
Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares
in accordance with policies and procedures of DTC for book-entry only securities;

(xi)             
Distribute or maintain, as directed by or on behalf of each Fund, amounts related to purchases and redemptions of Creation
Units, dividends and distributions, variation margin on derivative securities and collateral;

(xii)           
Maintain those books and records of each Fund specified by or on behalf of each Fund in Schedule A attached hereto;

(xiii)         
For each Fund, prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction
basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such Business Day and with respect
to each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed;

(xiv)         
Receive from the Distributor or from its agent purchase orders from Authorized Participants (as defined in the Participant
Agreements) for Creation Unit Aggregations of Shares received in good form and accepted by or on behalf of each Fund by the Distributor,
transmit appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and pursuant to such orders
issue the appropriate number of Shares of the Funds and hold such Shares in the account of the Shareholder for each of the respective
Funds;

    	 	2	 

     

    

(xv)           
Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to The Bank
of New York as custodian for each Fund, generate and transmit or cause to be generated and transmitted confirmation of receipt
of such redemption requests to the Authorized Participants submitting the same; transmit appropriate trade instructions to the
National Securities Clearance Corporation, if applicable, and redeem the appropriate number of Creation Unit Aggregations of Shares
of each Fund held in the account of the Shareholder; and

(xvi)         
Confirm the name, U.S taxpayer identification number and principle place of business of each Authorized Participant.

(xvii)       
The Bank may execute transactions directly with Authorized Participants to the extent necessary or appropriate to enable
the Bank to carry out any of the duties set forth in items (i) through (xvi) above.

(xviii)     
Except as otherwise instructed by or on behalf of each Fund, the Bank shall process all transactions in each Fund in accordance
with the policies and procedures mutually agreed upon between USCF, each Fund and the Bank with respect to the proper net asset
value to be applied to purchases received in good order by the Bank or from an Authorized Participant before any cut-offs established
by each Fund, and such other matters set forth in items (i) through (xvii) above as these policies and procedures are intended
to address.

(b)               
The Bank may maintain and manage, as agent for each Fund, such accounts as the Bank shall deem necessary for the performance
of its duties under this Agreement, including, but not limited to, the processing of Creation Unit purchases and redemptions; and
the payment of dividends and distributions. The Bank may maintain such accounts at financial institutions deemed appropriate by
the Bank in accordance with applicable law.

(c)               
In addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of
a transfer agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder, maintaining
the items set forth on Schedule A attached hereto, and performing such services identified in each Participant Agreement.

(d)               
The following shall be delivered to DTC participants as identified by DTC as the Shareholder for book-entry only securities:

(i)                
Annual and quarterly reports of each Limited Partnership or Trust, as applicable ;

(ii)              
Fund proxies, proxy statements and other proxy soliciting materials;

(iii)            
Fund prospectus and amendments and supplements thereto, including stickers; and

(iv)             
Other communications as USCF or the Funds may from time to time identify as required by law or as the Fund may reasonably
request.

(v)               
The Bank shall provide additional services, if any, as may be agreed upon in writing by USCF, the Trusts, each Fund and
the Bank.

    	 	3	 

     

    

(e)               
The Bank shall keep records relating to the services to be performed hereunder, in the form and manner to the extent required
by Section 31 of the Investment Company Act of 1940 and the rules thereunder (the “Rules”) as if each Trust and each
Fund was subject to such Rules, and in accordance with Commodity Futures Trading Commission (“CFTC”) Regulation 1.31
and all such books and records shall be the property of each Trust and each Fund, and will be preserved, maintained and made available
in accordance with such Section and Rules, and will be surrendered promptly to each Trust and each Fund on and in accordance with
its request.

2.      
Fees and Expenses

2.1              
The Bank shall receive from USCF and/or each Fund such compensation for the Transfer Agent’s services provided pursuant
to this Agreement as may be agreed to from time to time in a written fee schedule approved by the parties. The fees are accrued
daily and billed monthly and shall be due and payable upon receipt of the invoice. Upon the termination of this Agreement before
the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion which
such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement.

2.2              
In addition to the fee paid under Section 2.1 above, USCF and/or each Fund to reimburse the Bank for reasonable out-of-pocket
expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies,
records storage, or advances incurred by the Bank for the items set out in the fee schedule or relating to dividend distributions
and reports (whereas all expenses related to creations and redemptions of Fund securities shall be borne by the relevant Authorized
Participant in such creations and redemptions). In addition, any other expenses incurred by the Bank at the request or with the
consent of each Fund, will be reimbursed by such Fund.

2.3              
USCF and/or each Fund agrees to pay all fees and reimbursable expenses within thirty (30) calendar days following the receipt
of the respective billing notice accompanied by supporting documentation, as appropriate. Postage for mailing of dividends, proxies,
reports and other mailings to all shareholder accounts shall be advanced to the Bank by or on behalf of a Fund at least five (5)
calendar days prior to the mailing date of such materials.

2.4              
USCF and/or each Fund hereby represents and warrants to the Bank that (i) the terms of this Agreement, (ii) the fees and
expenses associated with this Agreement, and (iii) any benefits accruing to the Bank or to the adviser to, or sponsor of, the Funds
in connection with this Agreement, including, but not limited to, any fee waivers, reimbursements, or payments made, or to be made,
by the Bank to such adviser or sponsor or to any affiliate of USCF and/or each Fund relating to this Agreement have been disclosed
to the Board of Directors of USCF and that, if required by applicable law, such Board of Directors has approved or will approve
the terms of this Agreement, and any such fees, expenses, and benefits.

3.      
Representations and Warranties of the Bank

3.1              
The Bank represents and warrants to USCF, each Trust and each Fund that:

(a)               
It is a banking company duly organized and existing and in good standing under the laws of the State of New York.

(b)               
It is duly qualified to carry on its business in the State of New York.

    	 	4	 

     

    

(c)               
It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent
and to enter into, and perform its obligations under, this Agreement.

(d)               
It is conducting its business in material compliance with all applicable laws and requirements, both state and federal,
including the Securities Exchange Act of 1934 applicable to it by virtue of the services provided pursuant to this Agreement.

(e)               
All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

(f)                
It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations
under this Agreement.

(g)               
has adopted and implemented written policies and procedures reasonably designed to comply with Rule 38a-1 under the 1940
Act; it will review the adequacy of such policies and procedures and will, on a quarterly basis, provide an attestation to each
Trust and each Fund as to whether there have been any material changes to such policies and procedures; and

(h)               
 It covenants that there shall remain throughout the term of this Agreement, in full force and effect (i) professional indemnity
insurance, which is  errors and omissions insurance, and (ii) errors and omissions insurance, protecting Bank against liability
or loss for a breach of fiduciary responsibility, and the coverage limitations of such policy equal or exceed $10 million in the
aggregate annually, and Bank agrees that it will not materially reduce any of such coverages while this Agreement is in effect.

4.      
Representations and Warranties of USCF, each Trust and each Fund

4.1              
Each of USCF, each Trust and each Fund represents and warrants to the Bank that:

(a)               
It is duly organized and existing and in good standing under the laws of Delaware.

(b)               
It is empowered under applicable laws and by its organizational documents to enter into and perform this Agreement.

(c)               
With respect to each Fund, there will be an effective registration statement under the Securities Act of 1933, as amended,
for such Fund.

(d)               
It is conducting its business in material compliance with all applicable laws and regulations, both state and federal, and
has obtained the regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute,
regulation, rule, order or judgment binding on it and no provision of its organizational documents, nor of any mortgage, indenture,
credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of
this Agreement.

4.2              
USCF acknowledges, agrees and covenants that, notwithstanding references to USCF included in this Agreement, the services
contemplated by this Agreement are being provided to the Funds; provided, however, that USCF may issue oral or written instructions
in connection with the services for and on behalf of the Funds.

    	 	5	 

     

    

5.      
Indemnification

5.1              
The Bank shall not be responsible for, and each Trust, each Fund and USCF, shall severally but not jointly, indemnify and
hold the Bank and its directors, officers, employees and agents harmless from and against, any and all losses, damages, costs,
charges, reasonable counsel fees, including, without limitation, those incurred by the Bank in a successful defense of any claims
by such Trust, Fund, or USCF payments, expenses and liability (“Losses”) which may be sustained or incurred by or which
may be asserted against the Bank in connection with or relating to this Agreement or the Bank’s actions or omissions with
respect to this Agreement, or as a result of acting upon any instructions reasonably believed by the Bank to have been duly authorized
by USCF, each Fund or upon reasonable reliance of information or records given or made by USCF or such Fund; except for any Losses
for which the Bank has accepted liability pursuant to Article 6 of this Agreement.

5.2              
With respect to the Series of each Trust, the Bank agrees to look solely to the assets of the applicable Series and to USCF
and its assets in respect of any claim against or obligation of such Series. The Bank acknowledges and agrees that liability of
any Series, as a series of a Trust, is limited pursuant to Section 3804(a) of the Delaware Statutory Trust Act, such that (a) the
debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series shall be
enforceable against the assets of such Series only, and not against the assets of its Trust generally or the assets of any other
series of such Trust, and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing
with respect to such Trust generally and any other series of such Trust shall be enforceable against the assets of such Series.

5.3              
Bank agrees to indemnify, defend and hold harmless USCF, each Trust and each Fund from and against any and all Losses, subject
to, and in an amount not to exceed the limitation of aggregate liability described in Section 6(e) below, that may be imposed on,
incurred by or asserted against any of the Funds and such Losses directly arise out of Bank’s or a Bank affiliate’s
bad faith, negligence, or willful misconduct, or the Bank’s breach of any of its representations in this Agreement; provided
however, that the Bank shall not indemnify USCF, each Trust or any Fund for those Losses arising out of USCF’s, each Trust’s
or each Fund’s own negligence, bad faith, or willful misconduct of its obligations under this Agreement. This indemnity shall
be a continuing obligation of Bank and its successors and assigns, notwithstanding the termination of this Agreement.

5.4              
This indemnification provision shall apply to actions taken or omissions pursuant to this Agreement or a Participant Agreement.

6.      
Standard of Care and Limitation of Liability

6.1              
In performing its duties under this Agreement, the Bank shall exercise the standard of care, skill and diligence that a
professional provider of transfer agent services would observe in these affairs. The Bank shall have no responsibility and shall
not be liable for any Losses, except that the Bank shall subject to Section 6(e) below, be liable to USCF, each Trust and each
Fund for direct money damages caused by its own negligence, bad faith or willful misconduct or that of its employees, or its breach
of any of its representations. The parties agree that any encoding or payment processing errors shall be governed by this standard
of care, and not Section 4-209 of the Uniform Commercial Code which shall be superseded by this Article. In no event shall the
Bank be liable for special, indirect or consequential damages, regardless of the form of action and even if the same were foreseeable.
For purposes of this Agreement, none of the following shall be or be deemed a breach of the Bank’s standard or care:

    	 	6	 

     

    

(a)               
The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services
which (i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by USCF,
each Trust, each Fund or any other person or firm on behalf of USCF, each Trust and each Fund including but not limited to any
previous transfer agent or registrar.

(b)               
The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or requests
of USCF, each Trust or each Fund or instructions or requests on behalf of each Trust or each Fund.

(c)               
The offer or sale of Shares by or for the Funds in violation of any requirement under the federal securities laws or regulations,
or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order
or other determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such state.

(d)               
Notwithstanding any other provision contained in this Agreement or applicable law to the contrary, Bank’s or Bank’s
affiliates maximum aggregate liability under this Agreement, Participation Agreement or any documents executed pursuant hereto
or in connection herewith or imposed by applicable law for any reason and upon any cause of action, shall not exceed (i) the total
amount of fees paid by the applicable Fund or USCF, as applicable, during the twelve (12) calendar month period immediately preceding
the event giving rise to such liability occurred; or (ii) if such event occurs prior to the completion of the twelve (12) calendar
month period following the Effective Date, the average monthly amount of total fees paid during the full calendar months subsequent
to the Effective Date multiplied by twelve (12). This limitation applies to all liabilities in the aggregate; provided, however,
that such limitation shall not be applicable to any act of Bank or a Bank affiliate involving fraud.

7.      
Concerning the Bank

7.1              
 

(a)               
The Bank may employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of USCF,
each Trust and each Fund and shall be liable for any loss or expense arising out of, or in connection with, the actions or omissions
to act of such agents or attorneys-in-fact, provided that Bank acts in good faith and with reasonable care in the selection and
retention of such agents or attorneys-in-fact.

(b)               
The Bank may, without the prior consent of USCF, each Trust or each Fund, enter into subcontracts, agreements and understandings
with any Bank affiliate, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services
hereunder. No such subcontract, agreement or understanding shall discharge Bank from its obligations hereunder.

7.2              
The Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank and reasonably
believed by the Bank to be duly authorized and delivered. USCF, each Trust or each Fund, as applicable, agree to forward to the
Bank written instructions confirming oral instructions by the close of business of the same day that such oral instructions are
given to the Bank with respect to a Fund. USCF, each Trust and each Fund agrees that the fact that such confirming written instructions
are not received or that contrary written instructions are received by the Bank shall in no way affect the validity or enforceability
of transactions authorized by such oral instructions and effected by the Bank. If USCF, a Trust or a Fund elects to transmit written
instructions through an on-line communication system offered by the Bank, the use thereof by USCF, a Trust or a Fund shall be subject
to the Electronic Services Terms and Conditions agreed upon between the Bank and each of the Trusts, Funds and USCF.

    	 	7	 

     

    

7.3              
 The Bank shall establish and maintain a disaster recovery plan and back-up system satisfying the requirements of its regulators
(the “Disaster Recovery Plan and Back-Up System”). The Bank shall not be responsible or liable for any failure or delay
in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond
its control which are not a result of its negligence, including without limitation, acts of God; earthquakes; fires; floods; wars;
civil or military disturbances; sabotage; epidemics; riots; interruption, loss or malfunctions of transportation, computer (hardware
or software) or communication services; labor disputes; acts of civil or military authority; governmental actions; or inability
to obtain labor, material, equipment or transportation; provided that the Bank has established and is maintaining the Disaster
Recovery Plan and Back-Up System, or if not, that such delay or failure would have occurred even if the Bank had established and
was maintaining the Disaster Recovery Plan and Back-Up System. Upon the occurrence of any such delay or failure the Bank shall
use commercially reasonable best efforts to resume performance as soon as practicable under the circumstances.

7.4              
The Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically
set forth in this Agreement and the Participation Agreement, and no covenant or obligation shall be implied against the Bank in
connection with this Agreement, except as set forth in this Agreement and the Participation Agreement.

7.5              
At any time the Bank may apply to an officer of USCF and/or a Fund, but is not obligated to do so, for written instructions
with respect to any matter arising in connection with the Bank’s duties and obligations under this Agreement, and the Bank,
its agents, and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with
such instructions. Such application by the Bank for instructions from an officer of USCF and/or a Fund may, at the option of the
Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or obligations
under this Agreement and the date on and/or after which such action shall be taken, and the Bank shall not be liable for any action
taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein
unless, prior to taking or omitting to take any such action, the Bank has received written or oral instructions in response to
such application specifying the action to be taken or omitted. In connection with the foregoing, the Bank may, at its expense,
consult with legal counsel of its own choosing, but is not obligated to do so, and advise USCF and the applicable Fund or Funds,
if any instructions provided by USCF and the applicable Fund or Funds, at the request of the Bank pursuant to this Article or otherwise
would, to the Bank’s knowledge, cause the Bank to take any action or omit to take any action contrary to any law, rule, regulation
or commercially reasonable practice for similarly situated service providers. In the event a situation or circumstance arises whereby
the Bank adopts a course of conduct in reliance upon written legal advice it has received (which need not be a formal opinion of
counsel) and the course of conduct is not identical to the course of conduct contained in the instructions received from USCF and/or
a Fund, the Bank may reply upon and follow the written legal advice without liability hereunder provided it otherwise acts in compliance
with this Agreement and notifies USCF and the applicable Fund or Funds of its determination. In the event of a conflict between
the oral or written instructions of the Fund or USCF and the advice or opinion of counsel received by Bank, Bank shall notify USCF
of such conflict and the parties shall promptly consult in good faith to reach an agreement on the actions or omissions.

7.6              
The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have
been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank
or its agents or subcontractors by or on behalf of a Fund by machine readable input, telex, CRT data entry or other similar means
authorized by or on behalf of a Fund, and shall not be held to have notice of any change of authority of any person, until receipt
of written notice thereof from or on behalf of a Fund.

    	 	8	 

     

    

7.7              
The Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats,
interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise,
patents, copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided
by the Bank hereunder. Notwithstanding the foregoing, the parties hereto acknowledge that USCF, the Trusts and the Funds shall
retain all ownership rights in data of USCF, the Trusts and the Funds residing on the Bank’s electronic system.

7.8              
Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire
into, and shall not be liable for:

(a)               
The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in connection therewith,
or the authority of USCF, the Trusts and the Funds to request such issuance, sale or transfer;

(b)               
The legality of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority
of USCF, the Trusts and the Funds to request such purchase;

(c)               
The legality of the declaration of any dividend by a Fund, or the legality of the issue of any Shares in payment of any
stock dividend; or

(d)               
The legality of any recapitalization or readjustment of the Shares.

8.      
Providing of Documents by the Trusts and each Fund and Transfers of Shares

8.1              
Each of the Trusts and the Funds shall promptly furnish to the Bank a copy of its organizational documents.

8.2              
In the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of the successor to
DTC as Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require.

8.3              
The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares owned by
the Shareholder.

8.4              
The Bank, USCF, the Trusts and the Funds agree that all books, records, confidential, non-public, or proprietary information
and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying
out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors,
accountants, regulators, employees, agents, attorneys-in-fact or counsel, except as may be, or may become required by law, by administrative
or judicial order or by rule. The foregoing confidentiality obligation shall not apply to any information to the extent: (i) it
is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no
wrongful act of the receiving party: (iii) it is rightfully received from a third party who, to the receiving party’s knowledge,
is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v)
it has been or is independently developed or obtained by the receiving party without reference to the information provided by the
protected party.

    	 	9	 

     

    

8.5              
 In case of any requests or demands for the inspection of the Shareholder records of the Funds, the Bank will promptly employ
reasonable commercial efforts to notify USCF or the applicable Fund or Funds and secure instructions from an authorized officer
of USCF or the applicable Fund or Funds as to such inspection. The Bank reserves the right, however, to exhibit the Shareholder
records to any person whenever it is advised by its counsel that it will likely be held liable for the failure to exhibit the Shareholder
records to such person.

9.      
Termination of Agreement

9.1              
The term of this Agreement shall be three years commencing upon the date hereof (the “Initial Term”) and shall
automatically renew for additional one-year terms (each a “Subsequent Term”) unless either party provides written notice
of termination at least one hundred-twenty (120) days prior to the end of the Initial Term or any Subsequent Term or, unless earlier
terminated as provided below:

(a)               
Either party hereto may terminate this Agreement prior to the expiration of the Initial Term in the event the other party
breaches any material provision of this Agreement, including, without limitation in the case of USCF, each Trust and each Fund,
its obligations under Section 2.1, provided that the non-breaching party gives written notice of such breach to the breaching party
and the breaching party does not cure such violation within 90 days of receipt of such notice.

(b)               
Either party hereto may terminate this Agreement immediately by sending notice thereof to the other party upon the happening
of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law,
or there is commenced against such party any such case or proceeding; (ii) a party commences as debtor any case or proceeding seeking
the appointment of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its
property or there is commenced against the party any such case or proceeding; (iii) a party makes a general assignment for the
benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise, any public communication or in any
other public manner its inability to pay debts as they come due. Either party hereto may exercise its termination right under this
Section 9.1(b) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be
continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment
of that right.

9.2              
Should USCF, a Trust or a Fund exercise its right to terminate, all out-of-pocket expenses associated with the movement
of records and material will be borne by USCF.

9.3              
The terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6 shall
survive any termination of this Agreement.

10.  
Additional Funds. 

In the event that
USCF establishes one or more additional Funds with respect to which it desires to have the Bank render services as transfer agent
under the terms hereof, it shall so notify the Bank in writing, and if the Bank agrees in writing to provide such services, such
additional Fund shall become a Fund hereunder and such additional issuance shall become Shares hereunder.

    	 	10	 

     

    

11.  
Assignment

11.1          
Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent
of the other party; provided, however, either party may assign this Agreement to a party controlling, controlled by or under common
control with it so long as the assignee or transferee agrees to be bound by all terms of this Agreement in place of the assigning
party, and, with respect to the Bank, such assignment or transfer does not impair the provision of services under this Agreement
in any material respect.

11.2          
This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and
assigns.

12.  
Severability and Beneficiaries

12.1          
In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided the
obligation of USCF and/or the Fund to pay is conditioned upon provision of services.

12.2 This Agreement
is solely for the benefit of the Bank, USCF, the Trusts, and the Funds and none of any Participant (as defined in the Participation
Agreement), the Distributor, any Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary
of this Agreement.

13.  
Amendment

This Agreement
may be amended or modified by a written agreement executed by both parties.

14.  
New York Law to Apply

This Agreement
shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles
thereof. USCF, the Trusts, the Funds and the Bank hereby consent to the jurisdiction of a state or federal court situated in New
York City, New York in connection with any dispute arising hereunder. USCF, the Trusts, the Funds and the Bank each hereby irrevocably
waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue
of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an
inconvenient forum. USCF, the Trusts, the Funds and the Bank each hereby irrevocably waives any and all rights to trial by jury
in any legal proceeding arising out of or relating to this Agreement.

15.  
Merger of Agreement

This Agreement
constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter
hereof whether oral or written.

16.  
Notices

All notices and
other communications as required or permitted hereunder shall be in writing and sent by first class mail, postage prepaid, addressed
as follows or to such other address or addresses of which the respective party shall have notified the other.

    	 	11	 

     

    

If to the Bank:

The Bank of New York Mellon

2 Hanson Place

Brooklyn, NY 11217

Attention: ETF Operations

 

with a copy to:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept.
– Asset Servicing

 

If to USCF, the Trusts
or the Funds:

 

United States Commodity
Funds, LLC

1850 Mt. Diablo Blvd.,
Suite 640

Walnut Creek, CA 94596

Attention: John P, Love,
President and CEO

 

with a copy to:

United States Commodity
Funds, LLC

1850 Mt. Diablo Blvd.,
Suite 640

Walnut Creek, CA 94596

Attention: Daphne
Frydman, General Counsel

17.  
Information Sharing

The Bank of New
York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries
in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize functions including audit,
accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation
and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more affiliates,
subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) USCF, the Trusts and the
Funds consent to the disclosure of and authorizes the Bank to disclose information regarding USCF, the Trusts and the Funds (“Customer-Related
Data”) to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations with
respect to such information and (ii) the Bank may store the names and business contact information of the employees and representatives
of USCF, the Trusts and the Funds on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon
Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding
anything in this Agreement to the contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon
Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer. Each
of USCF, the Trusts and the Funds confirms that it is authorized to consent to the foregoing.

18.  
Counterparts

This Agreement
may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed
to constitute one and the same instrument.

 

[Signature page follows.]

    	 	12	 

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized
officers, as of the latest date set forth below.

	 	UNITED STATES COMMODITY FUNDS, LLC
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: John P. Love
	 	 	Title: President and CEO
	 	 	 
	 	 	 
	 	 	Date: 
	 	 
	 	 
	 	 
	 	UNITED STATES COMMODITY FUNDS, LLC, 

as sponsor on behalf of 

the United States Commodity Index Funds Trust 

and each series thereof
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: John P. Love
	 	 	Title: President and CEO
	 	 	 
	 	 	 
	 	 	Date: 
	 	 
	 	 
	 	UNITED STATES COMMODITY FUNDS, LLC, 

as general partner on behalf of each of 

the United States Oil Fund, LP; 

the United States Natural Gas Fund, LP, 

the United States 12 Month Oil Fund, LP, 

the United States 12 Month Natural Gas Fund, LP, 

the United States Brent Oil Fund, LP, 

the United States Gasoline Fund, LP
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: John P. Love
	 	 	Title: President and CEO
	 	 	 
	 	 	 
	 	 	Date: 

 

    	 	13	 

     

    

 

	 	THE BANK OF NEW YORK MELLON
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 
	 	 	 
	 	 	 
	 	 	Date: 

 

    	 	14	 

     

    

APPENDIX A

 

United States Oil Fund,
LP

United States Natural
Gas Fund, LP

United States 12 Month
Oil Fund, LP

United States 12 Month
Natural Gas Fund, LP

United States Brent
Oil Fund, LP

United States Gasoline
Fund, LP

United States Commodity
Index Funds Trust and each series thereof, including the United States Commodity Index Fund and the United States Copper Index
Fund

    	 	15	 

     

    

SCHEDULE
A

Books
And Records To Be Maintained By The Bank

Source Documents requesting Creations
and Redemptions

 

Correspondence/AP Inquiries

 

Reconciliations, bank statements, copies
of canceled checks, cash proofs

 

Daily/Monthly reconciliation of outstanding
Shares between the Fund and DTC

 

Dividend Records

 

Year-end Statements and Tax Forms

    	 	16Exhibit 10.2

 

 

 

 

CUSTODY AGREEMENT

By and Between

THE BANK OF NEW YORK MELLON, 

UNITED STATES COMMODITY FUNDS, LLC,

And

EACH ENTITY SET FORTH IN APPENDIX I

 

 

    	 

     

    

	BNY MELLON AND CUSTOMER CONFIDENTIAL	 

 

 

TABLE OF CONTENTS

 

	1.   DEFINITIONS	1
	2.   APPOINTMENT OF CUSTODIAN; ACCOUNTS	3
	2.1   Appointment of Custodian	3
	2.2   Establishment of Accounts	4
	3.   AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS	4
	3.1   Authorized Persons	4
	3.2   Instructions	5
	3.3   BNY Mellon Actions Without Instructions	6
	3.4   Funds Transfers	6
	3.5   Electronic Access	7
	4.   SUBCUSTODIANS, DEPOSITORIES AND AGENTS	7
	4.1   Use of Subcustodians and Depositories	7
	4.2   Liability for Subcustodians	7
	4.3   Liability for Depositories	8
	4.4   Use of Agents	8
	5.   CORPORATE ACTIONS	8
	5.1   Notification	8
	5.2   Exercise of Rights	8
	5.3   Partial Redemptions, Payments, Etc.	9
	6.   SETTLEMENT	9
	6.1   Settlement Instructions	9
	6.2   Settlement Funds	9
	6.3   Settlement Practices	9
	7.   TAX MATTERS	9
	7.1   Tax Obligations	9
	7.2   Responsibility for Taxes	10
	7.3   Payments	10
	8.   CREDITS AND ADVANCES	10
	8.1   Contractual Settlement and Income	10
	8.2   Advances	11
	8.3   Repayment	11
	8.4   Securing Repayment	11
	8.5   Setoff	11
	9.   STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA	12
	9.1   Statements	12
	9.2   Books and Records	13
	9.3   Third Party Data	13
	10.   DISCLOSURES	14
	10.1   Required Disclosure	14
	10.2   Foreign Exchange Transactions	14
	10.3   Investment of Cash	14

 

    	 	i	 

     

    

 

	11.   REGULATORY MATTERS	15
	11.1   USA PATRIOT Act	15
	11.2   Sanctions; Anti-Money Laundering	15
	12.   COMPENSATION	16
	12.1   Fees and Expenses	16
	12.2   Other Compensation	17
	13.   REPRESENTATIONS, WARRANTIES AND COVENANTS	17
	13.1   BNY Mellon	17
	13.2   USCF and Customer	17
	14.   LIABILITY	18
	14.1   Standard of Care	18
	14.2   Limitation of Liability	18
	14.3   Force Majeure	19
	14.4   Indemnification	19
	15.   CONFIDENTIALITY	20
	15.1   Confidentiality Obligations	20
	15.2   Exceptions	20
	16.   TERM AND TERMINATION	20
	16.1   Term	20
	16.2   Termination	20
	16.3   Effect of Termination	21
	16.4   Survival	21
	17.   GENERAL	21
	17.1   Non-Custody Assets	21
	17.2   Assignment	22
	17.3   Amendment	22
	17.4   Governing Law/Forum	22
	17.5   Non-Fiduciary Status	22
	17.6   Notices	23
	17.7   Entire Agreement	23
	17.8   No Third Party Beneficiaries	23
	17.9   Counterparts/Facsimile	23
	17.10   Interpretation	23
	17.11   No Waiver	23
	17.12   Headings	24
	17.13   Severability	24

 

    	 	ii	 

     

    

CUSTODY AGREEMENT

 

This Custody Agreement
is made and entered into as of the latest date set forth on the signature page hereto (the “Effective Date”)
by and between THE BANK OF NEW YORK MELLON, a New York state chartered bank (“BNY Mellon”), United States
Commodity Funds, LLC (“USCF”), each Trust (hereinafter each a “Trust”, and collectively the
“Trusts” as applicable) and each Limited Partnership (hereinafter each a “Limited Partnership”,
and collectively the “Limited Partnerships” as applicable), in each case listed on Appendix A hereto (as such
Appendix be amended from time to time). BNY Mellon, USCF, each Limited Partnership, and each Trust are collectively referred to
as the “Parties” and individually as a “Party.” Each Limited Partnership and each Series
of each Trust that listed on Appendix A is referred to as a “Customer.”

 

RECITALS

 

WHEREAS, USCF is
the sponsor of each Trust and each Series thereof;

WHEREAS, USCF is
the general partner of each Limited Partnership; and

WHEREAS, USCF and
each Customer wishes to appoint BNY Mellon as the custodian of certain of its assets, and BNY Mellon is willing to provide such
services on the terms and conditions set forth herein.

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as
follows.

		1.	DEFINITIONS

 

Whenever used in this Agreement,
the following words have the meanings set forth below:

“1940 Act” means
the U.S. Investment Company Act of 1940, as amended.

“Account” has
the meaning set forth in Section 2.2.

“Act” has the
meaning set forth in Section 10.1(a).

“Affiliate”
means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control
with such entity.

“Agreement”
means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

“Anti-Money Laundering
Laws” means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and
requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT
Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority
over USCF and/or Customer .

    	 

     

    

“Assets” has
the meaning set forth in Section 2.1(a).

“Authorized Person”
has the meaning set forth in Section 3.1.

“BNY Mellon”
has the meaning set forth in the introductory paragraph.

“Cash” means
the money and currency of any jurisdiction which BNY Mellon accepts for deposit in an Account.

“Confidential Information”
means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party
(including, with respect to USCF and Customer, information regarding each Account and including, with respect to BNY Mellon, information
regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with
this Agreement.

“Customer” has
the meaning set forth in the introductory paragraph.

“Data Terms Website”
means http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf
or any successor website the address of which is provided by BNY Mellon to Customer.

“Depository”
means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other
securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities
pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

“Effective Date”
has the meaning set forth in the introductory paragraph.

“Electronic Access Services”
means such services made available by BNY Mellon or a BNY Mellon Affiliate to USCF and Customer to electronically access information
relating to each Customer’s Account and/or transmit Instructions.

“Foreign Depository”
means each eligible securities depository identified by BNY Mellon to Customer from time to time.

“Instructions”
means, with respect to this Agreement, instructions issued to BNY Mellon by way of (a) one of the following methods (each
as and to the extent specified by BNY Mellon as available for use in connection with the services hereunder): (i) the Electronic
Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization
codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person
or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility’s
customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been
transmitted by an Authorized Person.

    	 	2	 

     

    

“Market Data”
means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers,
bond ratings and classification data.

“Market Data Providers”
means vendors and analytics providers and any other Person providing Market Data to BNY Mellon.

“Non-Custody Assets”
has the meaning set forth in Section 17.1.

“Oral Instructions”
means, with respect to this Agreement, spoken instructions issued to BNY Mellon and reasonably believed by BNY Mellon to be from
an Authorized Person.

“Party” or “Parties”
has the meaning set forth in the introductory paragraph.

“Person” or
“Persons” means any entity or individual.

“Sanctions”
means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority
of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other
applicable domestic or foreign authority with jurisdiction over USCF and/or Customer.

“Securities”
means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights
to receive, subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY Mellon and Customer
and which are from time to time delivered to or received by BNY Mellon and/or any Subcustodian for deposit in an Account.

“Standard of Care”
has the meaning set forth in Section 14.1.

“Subcustodian”
means a bank or other financial institution (other than a Depository) that is selected and used by BNY Mellon or a BNY Mellon Affiliate
in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of,
any of the foregoing.

“Tax Obligations”
means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions
to tax and other related expenses.

“Third Party Data”
has the meaning set forth in Section 9.3(a).

		2.	APPOINTMENT OF CUSTODIAN; ACCOUNTS

		2.1	Appointment of Custodian

		(a)	USCF, the Trust and each Limited Partnership, hereby appoints BNY Mellon as custodian of all Securities
and Cash to be held under, and in accordance with the terms of, this Agreement for each Customer (collectively, “Assets”),
and BNY Mellon hereby accepts such appointment. The Parties acknowledge and agree that BNY Mellon’s duties pursuant to such
appointment will be limited solely to those duties expressly undertaken pursuant to this Agreement.

 

    	 	3	 

     

    

 

		(b)	Notwithstanding the foregoing, BNY Mellon has no obligation:

		(i)	With respect to any Assets until they are actually received in an Account;

		(ii)	To inquire into, make recommendations, supervise or determine the suitability of any transactions
affecting any Account or to question any Instructions;

		(iii)	To determine the adequacy of title to, or the validity or genuineness of, any Assets received by
it or delivered by it pursuant to this Agreement; or

		(iv)	With respect to any matters related to: the establishment, maintenance operation or termination
of Customer; or the offer, sale or distribution of the shares of, or interests in, Customer.

		(c)	Cash held hereunder may be subject to additional deposit terms and conditions issued by BNY Mellon
or the applicable Subcustodian from time to time, including rates of interest and deposit account access.

		(d)	If Customer engages in securities lending activities, such activities will be subject to certain
additional and/or modified terms to be set forth in a separate written agreement between USCF, the applicable Trust or Limited
Partnership and BNY Mellon or a BNY Mellon Affiliate.

		2.2	Establishment of Accounts

 

BNY Mellon will establish and maintain
a separate account for each Customer listed in Appendix I hereto (each, an “Account”). BNY Mellon will hold
Assets relating to such Customer as provided herein. The Account of each Customer identified in Appendix I shall be established
and maintained by BNY Mellon separately from the Account of every other Customer listed in Appendix I. Any obligations of a Customer
under this Agreement will not be satisfied out of the assets of another Customer under this Agreement; provided, however, that
the obligations of any Customer for which USCF may be responsible may be satisfied out of any assets of such Customer and USCF
jointly.

		3.	AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS

		3.1	Authorized Persons

 

Promptly following the Effective
Date, Customer and/or its designee (including any of Customer’s investment managers) will furnish BNY Mellon with one or
more written lists or other documentation acceptable to BNY Mellon specifying the names and titles of, or otherwise identifying,
all Persons authorized to act on behalf of Customer with respect to this Agreement (each, an “Authorized Person”).
Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other
documentation, as necessary from time to time, pursuant to Instructions.

    	 	4	 

     

    

 

		3.2	Instructions

		(a)	Except as otherwise expressly provided in this Agreement, BNY Mellon will have no obligation to
take any action hereunder unless and until it receives Instructions issued in accordance with this Agreement.

		(b)	Customer will be responsible for ensuring that (i) only Authorized Persons issue Instructions
to BNY Mellon and (ii) all Authorized Persons appropriately safeguard any user and authorization codes, passwords and authentication
keys used in connection with the issuance of Instructions.

		(c)	Where Customer may or is required to issue Instructions, such Instructions will be issued by an
Authorized Person.

		(d)	BNY Mellon will be entitled to deal with any Authorized Person until notified otherwise pursuant
to Instructions, and will be entitled to act and rely upon any Instruction received by BNY Mellon.

		(e)	All Instructions must include all information necessary, and must be delivered using such methods
and in such format as BNY Mellon may require and be received within BNY Mellon’s established cut-off times and otherwise
in sufficient time, to enable BNY Mellon to act upon such Instructions.

		(f)	BNY Mellon may in its sole discretion decline to act upon any Instructions that do not comply with
requirements set forth in Section 3.2(e) or that conflict with applicable law or regulations or BNY Mellon’s operating
policies and practices, in which event BNY Mellon will promptly notify Customer.

		(g)	Customer acknowledges that while it is not part of BNY Mellon’s normal practices and procedures
to accept Oral Instructions, BNY Mellon may in certain limited circumstances accept Oral Instructions. In such event, such Oral
Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction
will promptly confirm such Oral Instruction to BNY Mellon in writing. Notwithstanding the foregoing, Customer agrees that the fact
that such written confirmation is not received by BNY Mellon, or that such written confirmation contradicts the Oral Instruction,
will in no way affect (i) BNY Mellon’s reliance on such Oral Instruction or (ii) the validity or enforceability
of transactions authorized by such Oral Instruction and effected by BNY Mellon.

		(h)	Customer acknowledges and agrees that it is fully informed of the protections and risks associated
with the various methods of transmitting Instructions to BNY Mellon and that there may be more secure methods of transmitting Instructions
than the method selected by the sender. Customer agrees that the security procedures, if any, to be followed by Customer and BNY
Mellon with respect to the transmission and authentication of Instructions provide to Customer a commercially reasonable degree
of protection in light of its particular needs and circumstances.

 

    	 	5	 

     

    

 

		3.3	BNY Mellon Actions Without Instructions

 

Notwithstanding anything to the
contrary set forth in this Agreement, the Customer hereby authorizes BNY Mellon, without Instructions, to take any administrative
or ministerial actions with respect to an Account that it deems reasonably necessary or appropriate to perform its obligations
under this Agreement unless and until BNY Mellon receives an officers’ certificate signed by an Authorized Person of the
Customer to the contrary, including the following:

		(a)	Receive income and other payments due to the Account; provided, however, that BNY Mellon will have
no duty to pursue collection of any amount due to an Account, including for Securities in default, if such amount is not paid when
due;

		(b)	Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;

		(c)	Facilitate access by Customer or its designee to ballots or online systems to assist it in the
voting of proxies received by BNY Mellon in its capacity as custodian for eligible positions of Securities held in the Account
(excluding bankruptcy matters), all of which will be exercised by Customer or its designee and not by BNY Mellon;

		(d)	Forward to Customer or its designee information (or summaries of information) that BNY Mellon receives
in its capacity as custodian from Depositories or Subcustodians concerning Securities in the Account (excluding bankruptcy matters);

		(e)	Forward to Customer or its designee an initial notice of bankruptcy cases relating to Securities
held in the Account and a notice of any required action related to such bankruptcy cases as may be received by BNY Mellon in its
capacity as custodian. BNY Mellon will take no further action nor provide further notification related to the bankruptcy case;

		(f)	Unless otherwise elected by Customer, and in accordance with BNY Mellon’s standard terms
and conditions, provide class action filing services for settled claims related to Securities with industry recognized identifiers;

		(g)	Endorse for collection checks, drafts or other negotiable instruments received on behalf of the
Account;

		(h)	Execute and deliver, solely in its capacity as custodian, certificates, documents or instruments
incidental to BNY Mellon’s performance under this Agreement; and

		3.4	Funds Transfers

 

With respect to each Instruction
for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier
(e.g., IBAN or ABA or account number), BNY Mellon and any other bank participating in the Cash transfer will be entitled to rely
solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance
on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated
in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will
be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

    	 	6	 

     

    

 

		3.5	Electronic Access

 

If USCF or any Customer elects
to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions
contained in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY Mellon’s
prior consent, to transmit Instructions through a third-party electronic communications service, BNY Mellon will not be responsible
or liable for the reliability or availability of any such service.

		4.	SUBCUSTODIANS, DEPOSITORIES AND AGENTS

		4.1	Use of Subcustodians and Depositories

		(a)	BNY Mellon will be entitled to utilize Subcustodians and Depositories in connection with its performance
hereunder.

		(b)	BNY Mellon will only utilize Subcustodians that have entered into an agreement with BNY Mellon
or a BNY Mellon Affiliate, and Assets held through a Subcustodian will be held subject to the terms and conditions of such Subcustodian’s
respective agreement.

		(c)	Assets deposited in a Depository will be held subject to the rules, procedures, terms and conditions
of such Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians participate.

		(d)	With respect to each Foreign Depository, BNY Mellon will exercise reasonable care, prudence and
diligence (a) to provide Customer, with an analysis of the custody risks associated with maintaining assets with the Foreign Depository
and (b) to monitor such custody risks on a continuing basis and promptly notify Customer, of any material change in such risks.
Customer acknowledges and agrees that such analysis and monitoring will be made on the basis of, and limited by, information gathered
from certain Subcustodians or through publicly available information otherwise obtained by BNY Mellon, and will not include any
evaluation of the matters referenced in Section 14.2(b)(i).

		(e)	Unless otherwise required by local law or practice or a particular Subcustodian agreement, Assets
deposited with Subcustodians or Depositories may be held in a commingled account in the name of, as applicable, BNY Mellon, a BNY
Mellon Affiliate or the applicable Subcustodian, for its clients.

		4.2	Liability for Subcustodians

		(a)	BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians.

 

    	 	7	 

     

    

 

		(b)	With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities
of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement
if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however,
that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate:

		(i)	BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s
failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and

		(ii)	To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon’s
sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian,
and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection
therewith).

		4.3	Liability for Depositories

 

BNY Mellon will have no responsibility
or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on
the transfer or holding of Assets held with such Depository.

		4.4	Use of Agents

 

BNY Mellon may appoint agents,
including BNY Mellon Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except
as otherwise specifically provided herein, no such appointment will discharge BNY Mellon from its obligations hereunder.

		5.	CORPORATE ACTIONS

		5.1	Notification

 

BNY Mellon will notify Customer
or its designee of rights or discretionary corporate actions, proxies or other notices impacting Customer’s Securities that
are held within an Account as promptly as practicable under the circumstances, provided that BNY Mellon has actually received,
in its capacity as custodian, notice of such right or discretionary corporate action from the relevant issuer, or from a Subcustodian,
Depository or third party vendor. Without actual receipt of such notice by BNY Mellon, BNY Mellon will have no responsibility or
liability for failing to so notify Customer.

		5.2	Exercise of Rights

 

Whenever there are voluntary rights
that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its
designee will be responsible for making any decisions relating thereto and for instructing BNY Mellon to act. In order for BNY
Mellon to act, USCF on behalf of the applicable Customer, must issue Instructions either: (a) using the BNY Mellon-generated
form provided along with BNY Mellon’s notice under Section 5.1 or (b) if Customer is not using such BNY Mellon-generated
form, clearly indicating, by reference to the options provided on such BNY Mellon-generated form, which action Customer is electing.
Each such Instruction will be addressed as BNY Mellon may from time to time request and issued by such time as BNY Mellon will
advise Customer or its designee.

 

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		5.3	Partial Redemptions, Payments, Etc.

 

BNY Mellon will advise Customer
or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with
respect to a Security affecting fewer than all such Securities held within an Account. If BNY Mellon or any Subcustodian or Depository
holds any Securities affected by one of the events described, BNY Mellon or such Subcustodian or Depository may select the Securities
to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily
uses to make such selection.

		6.	SETTLEMENT

		6.1	Settlement Instructions

 

Promptly after the execution of
each Securities transaction, Customer will issue to BNY Mellon Instructions to settle such transaction. Unless otherwise agreed
by BNY Mellon and subject to Section 8.1, Assets will be credited to the relevant Account only when actually received by BNY
Mellon.

		6.2	Settlement Funds

 

For the purpose of settling a Securities
transaction, Customer will provide BNY Mellon with instructions from an Authorized Person, or shall otherwise ensure that sufficient
immediately available funds or Securities, as applicable, are in the relevant Account by such time and date as is required to enable
BNY Mellon to settle such transaction in the country of settlement and in the currency to be used to settle such transaction.

		6.3	Settlement Practices

 

Securities transactions will be
settled using practices customary in the jurisdiction or market where the transaction occurs, which may include the delivery of
Securities or Cash to a counterparty or its agents against, as applicable, the receipt of Securities or Cash in the future. Customer
assumes full responsibility for all risks involved in connection with BNY Mellon’s delivery of Securities or Cash in accordance
with such practices.

		7.	TAX MATTERS

		7.1	Tax Obligations

 

To the extent that BNY Mellon has
received relevant and necessary information with respect to an Account, BNY Mellon will perform the following services with respect
to Tax Obligations:

		(a)	BNY Mellon (or the applicable Subcustodian) will apply, withhold and report appropriate amounts
as BNY Mellon (in its capacity as custodian) or the applicable Subcustodian (in its capacity as subcustodian) is required to do
under the relevant source country tax laws, and is authorized to debit the relevant Account in the amount of a Tax Obligation withheld
and to pay such amount to the appropriate taxing authority;

 

    	 	9	 

     

    

 

		(b)	BNY Mellon will, where appropriate and upon receipt of sufficient information, pursue claims for
tax relief where (i) either a tax treaty or a source country’s domestic tax laws provide for favorable tax treatment
with respect to an Asset as a result of the Customer’s status as a specific type of investor and/or residency status and
(ii) the source country’s tax authorities have outlined the requirements and qualification criteria required to obtain
such relief; and

		(c)	BNY Mellon will forward to Customer or its designee information regarding Tax Obligations applicable
to Customer that BNY Mellon receives in its capacity as custodian from third parties and that BNY Mellon reasonably believes would
be useful to Customer or its designee in the submission of any reports or returns with respect to Tax Obligations.

		7.2	Responsibility for Taxes

 

USCF and the applicable Customer
will be responsible and liable for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction
related thereto. USCF and each Customer acknowledges and agrees that BNY Mellon and its Affiliates are not tax advisers and will
not under any circumstances provide tax advice to USCF or any Customer. Each of USCF and the Customers will obtain their own independent
tax advice for any tax-related matters.

		7.3	Payments

 

Where BNY Mellon
receives Instructions to make distributions or transfers out of an Account in order to pay Customer’s third party service
providers, Customer acknowledges that in making such payments BNY Mellon is acting in an administrative or ministerial capacity,
and not as the payor, for tax information reporting and withholding purposes.

		8.	CREDITS AND ADVANCES

		8.1	Contractual Settlement and Income

 

BNY Mellon may, in its sole discretion,
as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption
or other delivery or receipt of Securities, or interest, dividends or other distributions payable on Securities, or any foreign
exchange transaction effected in connection with this Agreement, prior to its actual receipt thereof. All such credits will be
conditional until BNY Mellon’s actual receipt of such proceeds and may be reversed by BNY Mellon to the extent that such
proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and the
transaction will not be considered final, until BNY Mellon has received sufficient immediately available funds or Securities specifically
applicable to such transaction that, under applicable local law, rule or practice, are irreversible and not subject to any security
interest, levy or other encumbrance.

 

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		8.2	Advances

 

If BNY Mellon receives an Instruction
that, if processed, would result in an overdraft in an Account, BNY Mellon may, in its sole discretion, advance funds in any currency
hereunder.

		8.3	Repayment

 

If: (a) BNY Mellon has advanced
funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement
of securities transactions, funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted
to BNY Mellon, USCF, for and on behalf of Customer, or the applicable Customer agrees to repay BNY Mellon (on demand or upon becoming
aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by BNY Mellon
to its institutional custody clients in the relevant currency.

		8.4	Securing Repayment

 

In order to secure repayment of
USCF’s and each Customer’s obligations and liabilities (whether or not matured) to BNY Mellon or any BNY Mellon Affiliate,
whether or not relating to or arising under this Agreement, and without limiting BNY Mellon’s or such BNY Mellon Affiliate’s
rights under applicable law or any other agreement, Customer hereby pledges and grants to BNY Mellon and such BNY Mellon Affiliate,
and agrees BNY Mellon and such BNY Mellon Affiliate will have to the maximum extent permitted by law, a continuing first lien and
security interest in: (a) all of Customer’s right, title and interest in and to the Account and the Assets now or hereafter
held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY Mellon or any BNY Mellon
Affiliate; provided that Customer does not hereby grant a security interest in any Securities issued by an affiliate (as defined
in Section 23A of the U.S. Federal Reserve Act) of BNY Mellon. Customer represents, warrants and covenants that it owns the
Assets in the Accounts, and such other property at any time held by BNY Mellon or any BNY Mellon Affiliate relating to Customer,
free and clear of all liens, claims and security interests (except as otherwise acknowledged in writing by BNY Mellon), and that
the first lien and security interest granted herein will be subject to no setoffs, counterclaims or other liens prior to or on
a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take
any additional steps required to assure BNY Mellon of such priority security interest, including notifying third parties or obtaining
their consent. BNY Mellon will be entitled to collect from the relevant Account sufficient Cash for reimbursement, and if such
Cash is insufficient, to sell Securities in such Account to the extent necessary to obtain reimbursement. In this regard, BNY Mellon
will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable
laws, rules and regulations as then in effect as if Customer or the relevant Series is in default.

		8.5	Setoff

 

		(a)	BNY Mellon has the right to debit any Cash for any amount payable by USCF, on behalf of the applicable
Customer, or such Customer in connection with any and all obligations and liabilities (whether or not matured) of such Customer
to BNY Mellon or any BNY Mellon Affiliate, in each case in connection with this Agreement and the services contemplated hereunder.
At any time when USCF or the applicable Customer has not honored any of its obligations to BNY Mellon or such BNY Mellon Affiliate,
in each case in connection with this Agreement and the services contemplated hereunder, BNY Mellon will have the right to retain
or set-off against any obligations relating to such Customer any cash BNY Mellon or any BNY Mellon Affiliate may directly or indirectly
hold with respect to such Customer and any obligations (whether or not matured) that BNY Mellon or any BNY Mellon Affiliate may
have with respect to such Customer in any currency. Any such cash or obligation relating to Customer may be transferred to BNY
Mellon and any BNY Mellon Affiliate in order to effect the above rights. BNY Mellon shall endeavor to provide reasonably contemporaneous
notice to each of USCF and the applicable Customer in the event it exercises the rights contemplated by this Section 8.5.

 

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		(b)	Notwithstanding the foregoing, BNY Mellon shall not exercise its rights under this Section 9.5 with
respect to any amounts owing to BNY Mellon pursuant to Section 13.1 and that are subject to a good faith dispute.

		(c)	With respect to each Series, BNY Mellon agrees to look solely to the assets of such Series and to
USCF and its assets in respect of any claim against or obligation of such Series. BNY Mellon acknowledges and agrees that liability
of a Series, as a series of the Trust, is limited pursuant to Section 3804(a) of the Delaware Statutory Trust Act, such that (a)
the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Series shall
be enforceable against the assets of the Series only, and not against the assets of the Trust generally or the assets of any other
series of the Trust, and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing
with respect to the Trust generally and any other series of the Trust shall be enforceable against the assets of the Series.

		9.	STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA

		9.1	Statements

		(a)	BNY Mellon will make available to and Customer, through the Electronic Access Services, a monthly
statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or
from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other
date(s) as the Parties may agree from time to time). Customer will promptly review each such statement and, within ninety (90)
days of when such statement is made available by BNY Mellon, notify BNY Mellon of any exception or objection thereto. Notwithstanding
the foregoing, Customer may notify BNY Mellon of any such exceptions or objections at any time; provided, however, that BNY Mellon
will not be responsible or liable for any losses that could have been mitigated had such notice been provided during such ninety
(90) day period.

		(b)	For each Business Day, BNY Mellon shall make available to the Customer through Electronic Access
a daily report of (i) all deposits to and withdrawals from the Account for such Business Day and the outstanding balance as
of the end of such Business Day, and (ii) a report of settled trades of Securities for such Business Day.

 

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		9.2	Books and Records

 

The books and records directly
pertaining to the Accounts which are in the possession of BNY Mellon will be the property of Customer. Such books and records will
be prepared and maintained as required by the 1940 Act and the rules thereunder applicable to BNY Mellon in connection with its
provision of the custody services described in this Agreement. BNY Mellon will identify on its books and records the Assets belonging
to Customer with respect to each Customer whether held directly or indirectly through Subcustodians or Depositories. Customer and
its authorized representatives, including its auditor, will have the right, at Customer’s own expense and with reasonable
prior written notice to BNY Mellon, to have reasonable access to those books and records directly pertaining to the Accounts. Any
such access will occur during BNY Mellon’s normal business hours and will be subject to BNY Mellon’s applicable security
policies and procedures. Upon Customer’s reasonable request, copies of those books and records directly pertaining to the
Accounts will be provided by BNY Mellon to Customer or its authorized representative.

		9.3	Third Party Data

		(a)	Customer acknowledges that BNY Mellon will be receiving, utilizing and relying on Market Data and
other data provided by Customer and/or by third parties in connection with its performance of the services hereunder (collectively,
“Third Party Data”). BNY Mellon is entitled to rely without inquiry on all Third Party Data provided to BNY
Mellon hereunder (and all Instructions related to Third Party Data), and BNY Mellon makes no assurances or warranties in relation
to the accuracy or completeness of Third Party Data and will not be responsible or liable for any losses or damages incurred as
a result of any Third Party Data that is inaccurate or incomplete. BNY Mellon may follow Instructions with respect to Third Party
Data, even if such Instructions direct BNY Mellon to override its usual procedures and data sources or if BNY Mellon, in performing
services for itself or others (including services similar to those performed for Customer), receives different Third Party Data
for the same or similar Securities.

		(b)	Although statements and reports provided by BNY Mellon hereunder with respect to the Account may
contain values of, and pricing information in relation to, Securities held pursuant to this Agreement, BNY Mellon does not undertake
any duty or responsibility under this Agreement to report such values or pricing information.

		(c)	Certain Market Data may be the intellectual property of Market Data Providers, which impose additional
terms and conditions upon Customer or its designee’s use of such Market Data. Such additional terms and conditions can be
found on the Data Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms Website from
time to time.

 

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		10.	DISCLOSURES

		10.1	Required Disclosure

		(a)	With respect to Securities that are registered under the U.S. Securities Exchange Act of 1934,
as amended, or that are issued by an issuer registered under the U.S. Shareholder Communications Act of 1985 (the “Act”)
requires BNY Mellon to disclose to issuers of such Securities, upon their request, the name, address and securities position of
BNY Mellon’s clients who are “beneficial owners” (as defined in the Act) of the issuer’s Securities, unless
the beneficial owner objects to such disclosure. The Act defines a “beneficial owner” as any person who has or shares
the power to vote a security (pursuant to an agreement or otherwise) or who directs the voting of a security. Customer has designated
on the signature page hereof whether (i) as beneficial owner, it objects to the disclosure of its name, address and securities
position to any U.S. issuer that requests such information pursuant to the Act for the specific purpose of direct communications
between such issuer and Customer or (ii) it requires BNY Mellon to contact the relevant investment manager with respect to
relevant Securities to make the decision as to whether it objects to the disclosure of the beneficial owner’s name, address
and securities position to any U.S. issuer that requests such information pursuant to the Act.

		(b)	With respect to certain Securities issued outside the United States, BNY Mellon may disclose information
to issuers of Securities as required by the organizational documents of the relevant issuer or in accordance with local market
practice.

		(c)	In connection with any disclosure contemplated by this Section 10, Customer agrees to supply
BNY Mellon with any required information.

		10.2	Foreign Exchange Transactions

 

In connection with this Agreement,
Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY Mellon or a BNY
Mellon Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect
to any such foreign exchange transactions, subject to any rules or limitations that may apply to any foreign exchange facility
made available to Customer. With respect to any such foreign exchange transactions, BNY Mellon or such BNY Mellon Affiliate is
acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer,
an investment manager or any Account. Any such foreign exchange transactions will be governed by the relevant master netting agreement
(e.g., an ISDA Master Agreement) in place between Customer and BNY Mellon or such BNY Mellon Affiliate, and such transactions will
be secured by the Account and the Assets therein pursuant to Section 8.4 and subject to the setoff provisions of Section 8.5.

		10.3	Investment of Cash

 

In connection with this Agreement,
Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may
be offered by a BNY Mellon Affiliate or by a client of BNY Mellon, and BNY Mellon may receive compensation therefrom. By making
investment vehicles available, BNY Mellon and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any
such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment
manager or any Account. BNY Mellon will have no liability for any loss incurred on any such investments. Customer understands that
Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer’s
selected investment vehicle.

 

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		11.	REGULATORY MATTERS

		11.1	USA PATRIOT Act

 

Section 326 of the U.S. Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its
implementing regulations) requires BNY Mellon to implement a customer identification program pursuant to which BNY Mellon must
obtain certain information from USCF and Customer in order to verify USCF’s and Customer’s identity prior to establishing
an Account. Accordingly, prior to establishing an Account, USCF and Customer will be required to provide BNY Mellon with certain
information, including USCF’s and Customer’s name, physical address, tax identification number and other pertinent
identifying information, to enable BNY Mellon to verify USCF’s and Customer’s identity. USCF and Customer each acknowledges
that BNY Mellon cannot establish an Account unless and until BNY Mellon has successfully performed such verification.

		11.2	Sanctions; Anti-Money Laundering

		(a)	Throughout the term of this Agreement, Customer or USCF, directly or indirectly through an agent
or authorized participant: (i) will have in place and will implement policies and procedures designed to prevent violations
of Sanctions, including measures to accomplish effective and timely scanning of all relevant data with respect to its clients (to
the extent the Assets are client assets) and with respect to incoming or outgoing assets or transactions relating to this Agreement;
(ii) will ensure that neither Customer nor any of the directors, officers, employees or clients (to the extent the Assets
are client assets) is an individual or entity that is, or is owned or controlled by an individual or entity that is: (A) the
target of Sanctions or (B) located, organized or resident in a country or territory that is, or whose government is, the target
of Sanctions and (iii) will not, directly or indirectly, use the Account in any manner that would result in a violation by
Customer or BNY Mellon of Sanctions, in each case, to the extent required by the laws, rules and regulations, including, without
limitation, the Anti-Money Laundering Laws, applicable to USCF or Customer or any such third-party agent or authorized participant
or as otherwise required in any agreement with such third-party agent or such authorized participant.

		(b)	Customer acknowledges and agrees that, in connection with the services provided by BNY Mellon under
this Agreement, each of Customer’s authorized participants is not a customer or joint customer with BNY Mellon. Customer
(and not BNY Mellon) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to each
of its authorized participants under all Anti-Money Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money
Laundering Laws, throughout the term of this Agreement, Customer or USCF, directly or indirectly through a third-party agent or
authorized participant, will maintain a compliance program with respect to its customers and investors that includes the following:
(i) a know-your-customer program in order to understand and verify the identity of each authorized participant, in accordance with
the requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction surveillance and monitoring
program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities with respect to each authorized
participant to the appropriate law enforcement and regulatory authorities and to BNY Mellon where related to the services provided
by BNY Mellon hereunder, in each case, to the extent required by the laws, rules and regulations, including, without limitation,
the Anti-Money Laundering Laws, applicable to USCF or Customer or any such third-party agent or authorized participant or as otherwise
required in any agreement with such third-party agent or such authorized participant.

 

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		(c)	Customer will promptly provide to BNY Mellon such information as BNY Mellon reasonably requests
in connection with the matters referenced in this Section 11.2, including information regarding (i) the Accounts, (ii) the
Assets and the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, and (iv)
USCF’s or Customer’s compliance programs, which includes policies and procedures reasonably designed to address anti-money
laundering and Sanctions compliance to the extent required by applicable law, rule or regulation, and any related records and/or
transaction information, including with respect to any investor, regardless of whether such request is made under USA PATRIOT Act
Section 314(b) (where applicable). Customer will cooperate with BNY Mellon and provide assistance reasonably requested by BNY Mellon
in connection with any anti-money laundering and terrorist financing or Sanctions inquiries, including providing reasonable assistance
with any BNY Mellon inquiry regarding matters referenced in this Section 11.2. and the sharing of information reasonably requested
in connection herewith. 

		(d)	BNY Mellon may decline to act or provide services in respect of any Account, and take such other
actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section 11.2.
If BNY Mellon declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by applicable
law or official request, BNY Mellon will inform Customer as soon as reasonably practicable.

		12.	COMPENSATION

		12.1	Fees and Expenses

 

In consideration
of BNY Mellon’s services provided hereunder, USCF will, for and on behalf of each Customer, (a) pay to BNY Mellon the
fees set forth in the agreed upon fee schedule (as such fee schedule may be amended by BNY Mellon from time to time upon thirty
(30) days’ prior written notice to USCF and Customer and upon USCF’s and Customer’s consent) and (b) reimburse
BNY Mellon for any out-of-pocket and incidental expenses incurred by BNY Mellon in connection therewith. Unless otherwise agreed
by the Parties, such amounts will be payable to BNY Mellon within thirty (30) days of USCF’s and/or Customer’s receipt
of the relevant invoice. Without limiting BNY Mellon’s other rights set forth in this Agreement, BNY Mellon may charge interest
on overdue amounts at a rate then charged by BNY Mellon to its institutional custody clients in the relevant currency.

 

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		12.2	Other Compensation

		(a)	Customer acknowledges that, as part of BNY Mellon’s compensation, BNY Mellon will earn interest
on Cash balances held by BNY Mellon (including disbursement balances, balances arising from purchase and sale transactions and
when Cash otherwise remains uninvested) as provided in BNY Mellon’s compensation disclosures.

		(b)	Where a processing error has occurred under this Agreement that results in an unintended gain,
provided that Customer is put in the same or equivalent position as it would have been in had such processing error not occurred,
any such gain will be solely for the account of BNY Mellon without any duty to report such gain to the Customer. Where a processing
error has occurred under this Agreement that results in a loss, the Customer will be put in the same or equivalent position as
it would have been in had such processing error not occurred.

		13.	REPRESENTATIONS, WARRANTIES AND COVENANTS

		13.1	BNY Mellon

 

BNY Mellon represents
and warrants that: (a) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (b) it
has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement
and (c) the individual executing this Agreement on its behalf has the requisite authority to bind BNY Mellon to this Agreement.

		13.2	USCF and Customer

		(a)	Each of USCF, each Trust and each Limited Partnership represents and warrants that: (i) it
is duly organized, validly existing and in good standing in its jurisdiction of organization; (ii) it has the requisite corporate
power and authority to enter into and to carry out the transactions contemplated by this Agreement and (iii) the individual
executing this Agreement on its behalf has the requisite authority to bind Customer to this Agreement.

		(b)	Each of USCF, each Trust and each Limited Partnership represents and warrants that all actions
taken, or to be taken, by or on behalf of Customer in connection with establishing, maintaining, operating or terminating Customer
(including, any offer, sale or distribution of the shares of, or interest in, Customer) shall be done in compliance with all applicable
U.S. state and federal securities laws and regulations and all other applicable laws and regulations of all applicable jurisdictions.

		(c)	USCF acknowledges, agrees and covenants that, notwithstanding references to USCF included in this
Agreement, the services contemplated by this Agreement are being provided to the Customers; provided, however, that USCF may issue
Instructions in connection with the services for and on behalf of the Customers.

 

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		14.	LIABILITY

		14.1	Standard of Care

 

In performing its duties under
this Agreement, BNY Mellon will exercise the standard of care and diligence that a professional custodian would in good faith observe
in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market (“Standard
of Care”). For the avoidance of doubt, any action, or inaction, on the part of BNY Mellon that constitutes negligence,
bad faith, or willful misconduct shall be deemed a failure by BNY Mellon to perform its obligations under this Agreement in accordance
with the Standard of Care.

		14.2	Limitation of Liability

		(a)	BNY Mellon’s liability arising out of or relating to this Agreement will be limited solely
to those direct damages that are caused by BNY Mellon’s failure to perform its obligations under this Agreement in accordance
with the Standard of Care. In no event will BNY Mellon be liable for any indirect, incidental, consequential, exemplary, punitive
or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this
Agreement (whether or not foreseeable and even if BNY Mellon has been advised of the possibility of such losses or damages).

		(b)	Notwithstanding anything to the contrary set forth in this Agreement, in no event will BNY Mellon
be liable for any losses or damages arising out of any of the following:

		(i)	Customer’s or an Authorized Person’s decision to invest in or hold Assets in any particular
country, including any losses or damages arising out of or relating to: (A) the financial infrastructure of a country; (B) a
country’s prevailing custody and settlement practices; (C) nationalization, expropriation or other governmental actions;
(D) a country’s regulation of the banking or securities industry; (E) currency and exchange controls, restrictions,
devaluations, redenominations, fluctuations or asset freezes; (F) laws, rules, regulations or orders that at any time prohibit
or impose burdens or costs on the transfer of Assets to, by or for the account of Customer or (G) market conditions which
affect the orderly execution of securities transactions or affect the value of securities;

		(ii)	BNY Mellon’s reliance on Instructions;

		(iii)	BNY Mellon’s receipt or acceptance of fraudulent, forged or invalid Securities (or Securities
which are otherwise not freely transferable or deliverable without encumbrance in any relevant market);

 

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		(iv)	For any matter with respect to which BNY Mellon is required to act only upon the receipt of Instructions,
(A) BNY Mellon’s failure to act in the absence of such Instructions or (B) Instructions that are late or incomplete
or do not otherwise satisfy the requirements of Section 3.2(e), whether or not BNY Mellon acted upon such Instructions;

		(v)	BNY Mellon receiving or transmitting any data to or from USCF, a Customer or any Authorized Person
via any non-secure method of transmission or communication selected by Customer;

		(vi)	Customer’s, USCF’s or an Authorized Person’s decision to invest in Securities
or to hold Cash in any currency; or

		(vii)	The insolvency of any Person, including a Subcustodian that is not a BNY Mellon Affiliate, Depository,
broker, bank or counterparty to the settlement of a transaction or to a foreign exchange transaction, except as provided in Section 4.2.

		(c)	If BNY Mellon is in doubt as to any action it should or should not take, either pursuant to, or
in the absence of, Instructions, BNY Mellon may obtain the advice of either reputable counsel of its own choosing or counsel to
USCF, the and Customer, and BNY Mellon will not be liable for acting in accordance with such advice.

		14.3	Force Majeure

 

BNY Mellon will
not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent
caused, directly or indirectly, by any event beyond its reasonable control, including acts of God, strikes or other labor disputes,
work stoppages, acts of war, terrorism, general civil unrest, governmental or military actions, legal constraint or the interruption,
loss or malfunction of utilities or communications or computer systems. BNY Mellon will promptly notify Customer upon the occurrence
of any such event and will use commercially reasonable efforts to minimize its effect.

		14.4	Indemnification

 

USCF jointly with the applicable
Customer shall indemnify and hold harmless BNY Mellon from and against all losses, costs, expenses, damages and liabilities (including
reasonable counsel fees and expenses) incurred by BNY Mellon, and will defend BNY Mellon against any third party claim, in each
case arising out of or relating to BNY Mellon’s performance under this Agreement, except to the extent resulting from BNY
Mellon’s failure to perform its obligations under this Agreement in accordance with the Standard of Care. The Parties agree
that the foregoing will include reasonable counsel fees and expenses incurred by BNY Mellon in its successful defense of claims
that are asserted by USCF and/or Customer against BNY Mellon arising out of or relating to BNY Mellon’s performance under
this Agreement. Any obligations of USCF or the applicable Customer under this Section 14.4 with respect to USCF and such Customer
will not be satisfied out of the assets of another Customer.

 

    	 	19	 

     

    

 

		15.	CONFIDENTIALITY

		15.1	Confidentiality Obligations

 

Each Party agrees to use the Confidential
Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes
or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the
other Party. Notwithstanding the foregoing, BNY Mellon may: (a) use Customer’s Confidential Information in connection
with certain functions performed on a centralized basis by BNY Mellon, its Affiliates and joint ventures and their service providers
(including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation
and analysis of Customer-related data and storage); (b) disclose such information to its Affiliates and to joint ventures
and its and their service providers who are subject to confidentiality obligations comparable to those to which each Party is subject
pursuant to this Agreement and (c) store the names and business contact information of Customer’s employees and representatives
relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers.
In addition, BNY Mellon may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar
client data for BNY Mellon’s and its Affiliates’ reporting, research, product development and distribution and marketing
purposes.

		15.2	Exceptions

 

The Parties’ respective obligations
under Section 15.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter
becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party
as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed
by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known
to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable
law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory
authority.

		16.	TERM AND TERMINATION

		16.1	Term

 

The term of this
Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

		16.2	Termination

 

Each Party may terminate this Agreement
by giving to the counter-Party a notice in writing specifying the date of such termination, which will be not less than ninety
(90) days after the date of such notice.

 

    	 	20	 

     

    

 

		16.3	Effect of Termination

 

Upon termination hereof, USCF,
for and on behalf of Customer, will pay to BNY Mellon such compensation as may be due to BNY Mellon, and will reimburse BNY Mellon
for other amounts payable or reimbursable to BNY Mellon hereunder, through the date of termination. Upon termination hereof, the
Customer, shall also provide reasonable instructions to BNY Mellon concerning the transfer of custody of records, Assets and other
items to a successor custodian, and BNY Mellon will follow such reasonable Instructions as Customer, issues; provided that (a) BNY
Mellon will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment
has been made to BNY Mellon of its compensation, costs, expenses and other amounts to which it is entitled hereunder. In the event
that Customer fails to give instructions to BNY Mellon concerning the transfer of Assets to a successor custodian and Assets remain
in any Account after the date of termination hereof, BNY Mellon shall be entitled to reasonable compensation for such custody services
for such period as BNY Mellon retains possession of such Assets and continues to provide such custody services, and the provisions
of this Agreement relating to the duties and obligations of BNY Mellon, USCF and Customer shall remain in full force and effect.

		16.4	Survival

 

Any and all provisions of this
Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination
of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties’
benefit, including Section 12.2 (Representations, Warranties and Covenants); Section 14 (Liability); Section 15
(Confidentiality); Section 16.3 (Effect of Termination); Section 0 (Survival) and Section 17.4 (Governing Law/Forum).

		17.	GENERAL

		17.1	Non-Custody Assets

 

At Customer’s request pursuant
to Instructions, subject to BNY Mellon’s approval and as an accommodation to Customer, BNY Mellon will provide consolidated
recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY Mellon (“Non-Custody
Assets”). Non-Custody Assets will be designated on BNY Mellon’s books as “assets not held in custody”
or by other similar designation and will not constitute Assets for purposes of this Agreement. Customer acknowledges and agrees
that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against
BNY Mellon with respect to Non-Custody Assets; (b) BNY Mellon will rely, without independent verification, on information
provided by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY
Mellon will have no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained
on BNY Mellon’s books or set forth on account statements concerning Non-Custody Assets.

 

    	 	21	 

     

    

 

		17.2	Assignment

 

No Party may,
without the other Party’s prior written consent, assign any of its rights or delegate any of its duties under this Agreement
(whether by change of control, operation of law or otherwise); provided, however that BNY Mellon may, without the prior written
consent of USCF and Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to
any BNY Mellon Affiliate or (b) to any successor to the business of BNY Mellon to which this Agreement relates, in which event
BNY Mellon agrees to provide notice of such successor to USCF and Customer; provided further that any entity to which this Agreement
is assigned by BNY Mellon without the prior written consent of USCF and Customer pursuant to a foregoing item (a) or (b) will satisfy
the requirements for serving as a custodian for a registered investment company. Any purported assignment or delegation by a Party
in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure
to the benefit of, the Parties and their respective permitted successors and assigns.

		17.3	Amendment

 

This Agreement may be amended or
modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email
exchanges between the Parties will not be deemed to constitute a written agreement.

		17.4	Governing Law/Forum

		(a)	The substantive laws of the state of New York (without regard to its conflicts of law provisions)
will govern all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Account
and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague Securities Convention, except
to the extent such laws are inconsistent with federal securities laws, in which case such federal securities laws shall govern.

		(b)	Each Party irrevocably agrees that all legal actions or proceedings brought by it against the other
Party arising out of or relating to this Agreement will be brought solely and exclusively before the state or federal courts situated
in New York. Each Party irrevocably submits to personal jurisdiction in such courts and waives any objection which it may now or
hereafter have based on improper venue or forum non conveniens. The Parties hereby unconditionally waive, to the fullest
extent permitted by applicable law, any right to a jury trial with respect to any such actions or proceedings.

		17.5	Non-Fiduciary Status

 

Customer hereby acknowledges and
agrees that BNY Mellon is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has
not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect
to the management, investment advisory or sub-advisory functions of Customer.

 

    	 	22	 

     

    

 

		17.6	Notices

 

Other than routine communications
in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be:
(a) addressed to BNY Mellon, USCF or Customer at the address set forth on the signature page (or such other address as either
Party may designate in writing to the other Party) and (b) sent by hand delivery, by certified mail, return receipt requested,
or by overnight delivery service, in each case with postage or charges prepaid. All notices given in accordance with this Section
will be effective upon receipt.

		17.7	Entire Agreement

 

This Agreement constitutes the
sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes
all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect
to such matters.

		17.8	No Third Party Beneficiaries

 

This Agreement is entered into
solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of
this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity
other than the Parties.

		17.9	Counterparts/Facsimile

 

This Agreement may be executed
in any number of counterparts, each of which will be deemed an original, and said counterparts when taken together will constitute
one and the same instrument and may be sufficiently evidenced by one set of counterparts. This Agreement may also be executed and
delivered by facsimile or email with confirmation of delivery and/or receipt.

		17.10	Interpretation

 

The terms and conditions of this
Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor
of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation
or drafting of this Agreement.

		17.11	No Waiver

 

No failure or delay by a Party
to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy
or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party
of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. All waivers
will be in writing and signed by an authorized representative of the waiving Party.

 

    	 	23	 

     

    

 

		17.12	Headings

 

All section and subsection headings
in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope
or intent of any provision of this Agreement.

		17.13	Severability

 

If a court of competent jurisdiction
determines that any provision of this Agreement is illegal or invalid for any reason, such illegality or invalidity will not affect
the validity of the remainder of this Agreement. In such case, the Parties will negotiate in good faith to replace each illegal
or invalid provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of
the Parties.

 

 

[Signature Page Follows]

 

    	 	24	 

     

    
 

IN WITNESS WHEREOF, the Parties have executed this
Agreement as of the Effective Date.

	
        THE BANK OF NEW YORK MELLON

        By:_______________________________

        Name:

        Title:

         

         

        Date:

         
	
        UNITED STATES COMMODITY FUNDS,
        LLC

         

        By:___________________________________

        Name: John P. Love

        Title: President an CEO

        Date:

        UNITED STATES COMMODITY FUNDS,
        LLC, as sponsor on behalf of the United States Commodity Index Funds Trust and each series thereof 

         

         

        By:___________________________________

        Name: John P. Love

        Title: President and CEO

        Date:

        UNITED STATES COMMODITY FUNDS,
        LLC, as general partner on behalf of each of the United States Oil Fund, LP; the United States Natural Gas Fund, LP, the United
        States 12 Month Oil Fund, LP, the United States 12 Month Natural Gas Fund, LP, the United States Brent Oil Fund, LP, the United
        States Gasoline Fund, LP

         

         

        By:___________________________________

        Name: John P. Love

        Title: President and CEO

        Date:

 

    	 	25	 

     

    

 

	Address for Notice:	Address for Notice:
	
        THE BANK OF NEW YORK MELLON

        ______________________________

        ______________________________

        Attention: _____________________
	
        UNITED STATES COMMODITY FUNDS, LLC

        1850 Mt. Diablo Blvd., Suite 640

Walnut Creek, CA 94596

Attention: John P. Love, President and CEO

         

         

        With a copy to: 

        Daphne G. Frydman, General Counsel

	 	 	 

 

 

 

	
        Pursuant to Section 10.1(a):

        ☐   as
        beneficial owner, Customer objects to disclosure

        ☐   as
        beneficial owner, Customer does not object to disclosure

        ☒   Custodian
        will contact THE RELEVANT investment manager with respect to relevant Securities
        to make the decision whether it objects to disclosure

         

        IF NO BOX IS CHECKED, BNY MELLON WILL RELEASE SUCH
        INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.

 

BNY Mellon 40 Act ETF Custody (revised 04.09-19)

 

    	 	26	 

     

    

APPENDIX I 

 

United States Oil Fund, LP

United States Natural Gas Fund, LP

United States 12 Month Oil Fund, LP

United States 12 Month Natural Gas Fund, LP

United States Brent Oil Fund, LP

United States Gasoline Fund, LP

United States Commodity Index Funds Trust and
each series thereof including the United States Commodity Index Fund and the United States Copper Index Fund

 

    	 	27

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