United States Oil Fund, LP

United States Oil Fund, LP is a Delaware limited partnership that issues exchange-traded limited partnership interests designed to track crude oil price movements. It is organized as a commodity pool and invests primarily in oil futures contracts and related oil-linked instruments through its general partner, United States Commodity Funds LLC.

104,0 %

−124,2 %

— United States Oil Fund, LP
%
Exchange-traded fund interests100% Publicly traded partnership units that give investors exposure to the fund's oil-linked strategy.
Oil futures contracts0% Primary portfolio holdings used to seek exposure to light, sweet crude oil prices.
Oil-related derivatives0% Supplemental instruments such as options, forwards, cleared swaps, and OTC swaps.

USO is bought by investors who want exchange-traded exposure to crude oil prices without directly trading futures...

  • Retail investorsprimary

    Buy shares for simple exchange-traded exposure to crude oil prices without managing futures accounts.

  • Institutional investorsprimary

    Use the fund for portfolio hedging, tactical allocation, or short-term commodity exposure.

  • Active traderssecondary

    Trade the shares for liquidity and intraday access to oil price movements.

  • Hedgerssecondary

    Use the fund as a proxy exposure to offset oil-linked business or portfolio risk.

USO is organized and managed in the United States, with its main business office in Walnut Creek, California...

  • •Headquartered in Walnut Creek, California
  • •Organized as a Delaware limited partnership
  • •Trades on NYSE Arca in the United States
  • •Uses U.S. and foreign futures exchanges for oil exposure
  • •Economic exposure is global crude oil supply and demand

USO's strategy is to provide daily crude oil price exposure through a portfolio centered on the Benchmark Oil Futures...

01
Maintain benchmark-linked crude oil exposureshort-term

The fund exists to mirror daily oil price changes through futures-based positioning.

02
Preserve flexibility in portfolio constructionmedium-term

Alternative instruments may be needed when liquidity, limits, or market conditions change.

03
Manage roll and term-structure effectslong-term

Futures-based exposure is affected by contango and backwardation, which influence returns.

USO is exposed to the inherent volatility of crude oil futures, where rapid price moves can materially affect investor...

critical

Commodity price volatility

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

Scope
Benchmark Oil Futures Contract and related oil interests
Materiality
high
high

Tracking error versus spot oil

Futures roll mechanics and holding periods can cause returns to differ from crude oil spot prices.

Scope
Daily NAV versus spot light, sweet crude oil
Materiality
high
high

Contango and backwardation

The term structure of futures prices affects roll costs and total return.

Scope
Monthly futures rolls
Materiality
high
high

Geopolitical and trade disruption

Wars, sanctions, tariffs, and trade barriers can alter oil supply, demand, and liquidity.

Scope
Global crude oil market
Materiality
high
medium

Valuation uncertainty in OTC instruments

Forward contracts and OTC swaps require fair value estimates based on future cash flows.

Scope
Other Oil-Related Investments
Materiality
medium
Fair value measurement of OTC derivatives
Can affect reported asset values and period-to-period results
Daily futures valuation
Drives daily NAV changes
Accrual of collateral income
Affects income recognition and comparability

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: 29/04/2026