Red Flags Detected

• ⚠ The Fund Is Not Registered As an Investment Company Under the 1940 Act. Consequently, Shareholders Do Not Have the Legal and Regulatory Protections Provided to the Investors In Investment Companies That Are Registered As Such. (new) — The Fund operates outside the Investment Company Act of 1940, exposing investors to fewer regulatory safeguards than typical registered funds.
• ⚠ The Managing Owner Has Not Established Any Formal Procedure to Resolve Conflicts of Interest. Consequently, Investors Are Dependent On the Good Faith of the Respective Parties Subject to Such Conflicts to Resolve Them Equitably. (new) — The Managing Owner and its affiliates have multiple conflicts of interest with no formal resolution procedure, leaving investors reliant on the parties' good faith.
• ⚠ In April 2020 Crude Oil Futures Contracts Traded Below Zero For the First Time In History (new) — The Fund warns that crude oil futures traded below zero in April 2020 and that similar storage shortages could recur, potentially causing investors to lose a significant portion or all of their investment.
• ⚠ A Clearing Organization May Use Assets of a Non-defaulting Customer Held In an Omnibus Account At the Clearing Organization to Satisfy Payment Obligations of a Defaulting Customer of the Clearing Member to the Clearing Organization (new) — The Fund's assets held at a clearing organization in an omnibus account could be used to cover defaults by other customers of the same clearing member, meaning investors could lose money even if the Fund itself performs properly.
• ⚠ Shareholders Will Be Subject to U.s. Federal Income Taxation And, In Some Cases, State, Local, or Foreign Income Taxation On Their Allocable Share of the Fund’s Taxable Income, Whether or Not They Receive Cash Distributions From the Fund. (new) — Investors may owe taxes on income allocated to them even if the Fund does not pay out cash distributions, creating a potential cash-flow burden.