USL November 2025 monthly account statement: NAV $33.80, net loss $1.29M

United States 12 Month Oil Fund, LP

Net loss of $1,286,715 for November 2025, driven by $1,376,380 in net trading losses.
NAV fell from $40.16M to $38.87M; NAV per share $33.80 on 1.15M shares outstanding.
Total income (loss) of ($1,253,650) from trading and interest; expenses of $33,065.
Monthly statement filed under CFTC Rule 4.22; no guidance or material event.

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