Testimony Of John Hyland Before The CFTC Regarding Commodity ETFs
I appreciate the opportunity to speak with you today on behalf of United States Commodity Funds LLC (“USCF”), a commodity pool operator registered with the Commodity Futures Trading Commission (“CFTC”), that manages several exchange traded commodity pools, including the United States Oil Fund, LP (“USO”) and the United States Natural Gas Fund, LP (“UNG”) (together with USCF’s other commodity pools, the “Funds”). …
I. Overview of USCF Funds
As a registered commodity pool operator, USCF is general partner of and manages the United States Oil Fund, LP, the United States Natural Gas Fund, LP, the United States 12 Month Oil Fund, LP, the United States Gasoline Fund, LP, the United States Heating Oil Fund, LP, and the United States Short Oil Fund, LP. Each of the Funds is an exchange-traded commodity pool that invests in futures contracts for energy commodities with the investment objective of having the net asset value (“NAV”) of the units of each Fund reflect changes in percentage terms of the price of a given commodity futures contract. The specific commodity focus and investment strategy of each Fund varies; however, the structure and method of investing in all of USCF’s Funds is identical. Units of each of the Funds are listed on the NYSE Arca, Inc. (“NYSE Arca”).
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Exerpt taken from the CFTC website, for the full testimony click: HERE
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