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United States 12 Month Oil Fund, LP

United States 12 Month Oil Fund, LP is a Delaware limited partnership that issues exchange-traded limited partnership interests on NYSE Arca. Its business is to provide investors with exposure to crude oil prices through a portfolio centered on 12 consecutive months of NYMEX light, sweet crude oil futures and related oil-linked instruments.

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Revenue-5.3m USD
−194.0 %y/y
Net income-5.8m USD
−214.0 %y/y
Free cash flow-3.2m USD
−189.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-250255075100125m USD2020: 110 m USD20202021: 95 m USD20212022: 39 m USD20222023: 0.55 m USD20232024: 5.7 m USD20242025: -5.3 m USD2025-5.3
RevenueOperating profit (EBIT)
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Business

Share of revenue
Exchange-traded fund interests0 %

Publicly traded partnership units that give investors access to the fund's oil strategy.

Crude oil futures exposure85 %

Primary portfolio exposure through NYMEX light, sweet crude oil futures across 12 contract months.

Other oil-related investments15 %

Supplemental instruments such as options, forwards, cleared swaps, and OTC oil-linked contracts.

Customers

USL is used by investors seeking commodity exposure to crude oil without directly holding physical barrels. Its shares are bought by market participants who want a listed vehicle for tactical oil positioning, hedging, or portfolio diversification. The product is also relevant to institutions and traders that need exchange-traded access to oil futures-linked returns.

Retail investors

Buy exchange-traded shares for simple access to crude oil price exposure without futures accounts.

Institutional investors

Use the fund for tactical commodity allocation, hedging, or portfolio diversification.

Traders and active market participants

Trade shares for short-term exposure to movements in oil futures and related contracts.

Strategy

USL's core strategy is to track the daily percentage change in a 12-month basket of crude oil futures rather than physical oil prices directly. It may use other oil-related instruments when needed for liquidity, regulatory, or market-condition reasons, while keeping the portfolio aligned with its benchmark structure.

Maintain benchmark trackingShort term

The fund is designed to mirror daily changes in a 12-month oil futures basket.

Preserve liquidity and execution flexibilityMedium term

Oil markets can become less liquid or dislocated, requiring alternative instruments.

Geography

USL is organized in Delaware and operates from Walnut Creek, California, while its shares trade on NYSE Arca in the United States. Its portfolio references U.S. and foreign futures exchanges, including NYMEX and ICE Futures Europe, so the fund's economic exposure is tied to global crude oil markets rather than a single operating geography.

Risks

USL is exposed to sharp crude oil price volatility, futures curve effects such as contango and backwardation, and tracking error versus its benchmark. Because its returns depend on derivatives and market liquidity, disruptions in exchanges, clearinghouses, counterparties, or global oil markets can materially affect performance.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Crude oil price volatility1Tracking error2Futures curve structure3Market disruption and geopolitical shocks4Counterparty and infrastructure risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Crude oil price volatilityImpact: HighLikelihood: Medium

    The fund's value is directly linked to oil futures prices, which can change rapidly.

    Exposure: Benchmark Oil Futures Contracts

  2. Tracking errorImpact: HighLikelihood: Medium

    Using a futures basket and occasional alternative instruments can cause returns to diverge from the target index.

    Exposure: 12-month futures basket

  3. Futures curve structureImpact: HighLikelihood: Medium

    Contango or backwardation affects roll yield and can reduce realized returns versus spot oil.

    Exposure: NYMEX crude oil futures

  4. Market disruption and geopolitical shocksImpact: MediumLikelihood: Medium

    Wars, pandemics, tariffs, and supply disruptions can affect oil prices and liquidity.

    Exposure: Global oil markets

  5. Counterparty and infrastructure riskImpact: MediumLikelihood: Low

    Derivatives depend on brokers, exchanges, clearinghouses, and service providers.

    ExposureFCMsExchangesClearinghouses
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Accounting

Judgemental items
Fair value measurement of derivatives

Exchange-traded futures use market prices, while OTC instruments rely on present value estimates.

Impact: Affects NAV and reported gains/losses

Interest income accrual

Interest on collateral is estimated daily and later trued up to actual receipts.

Impact: Can create small timing differences in reported income

Derivative gains and losses

Oil futures price changes flow through earnings and can be highly volatile.

Impact: Major driver of period-to-period results

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Last updated: 24/09/2026