Crude oil price volatility
The fund's value is directly linked to oil futures prices, which can change rapidly.
- Scope
- Benchmark Oil Futures Contracts
- Materiality
- high
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.
103,9 %
−194,0 %
| % | |
|---|---|
| Exchange-traded fund interests | 0% Publicly traded partnership units that give investors access to the fund's oil strategy. |
| Crude oil futures exposure | 85% Primary portfolio exposure through NYMEX light, sweet crude oil futures across 12 contract months. |
| Other oil-related investments | 15% Supplemental instruments such as options, forwards, cleared swaps, and OTC oil-linked contracts. |
USL is used by investors seeking commodity exposure to crude oil without directly holding physical barrels...
- Retail investorssecondary
Buy exchange-traded shares for simple access to crude oil price exposure without futures accounts.
- Institutional investorsprimary
Use the fund for tactical commodity allocation, hedging, or portfolio diversification.
- Traders and active market participantsprimary
Trade shares for short-term exposure to movements in oil futures and related contracts.
USL is organized in Delaware and operates from Walnut Creek, California, while its shares trade on NYSE Arca in the...
- •Organized as a Delaware limited partnership
- •Main business office in Walnut Creek, California
- •Shares trade on NYSE Arca in the United States
- •Uses NYMEX and ICE Futures markets for oil exposure
- •Economic exposure is global through crude oil benchmarks
USL's core strategy is to track the daily percentage change in a 12-month basket of crude oil futures rather than...
01
Maintain benchmark trackingshort-term
The fund is designed to mirror daily changes in a 12-month oil futures basket.
02
Preserve liquidity and execution flexibilitymedium-term
Oil markets can become less liquid or dislocated, requiring alternative instruments.
USL is exposed to sharp crude oil price volatility, futures curve effects such as contango and backwardation, and...
Tracking error
Using a futures basket and occasional alternative instruments can cause returns to diverge from the target index.
- Scope
- 12-month futures basket
- Materiality
- high
Futures curve structure
Contango or backwardation affects roll yield and can reduce realized returns versus spot oil.
- Scope
- NYMEX crude oil futures
- Materiality
- high
Market disruption and geopolitical shocks
Wars, pandemics, tariffs, and supply disruptions can affect oil prices and liquidity.
- Scope
- Global oil markets
- Materiality
- high
Counterparty and infrastructure risk
Derivatives depend on brokers, exchanges, clearinghouses, and service providers.
- Scope
- FCMs, exchanges, clearinghouses
- Materiality
- medium
Fair value measurement of derivatives
Affects NAV and reported gains/losses
Interest income accrual
Can create small timing differences in reported income
Derivative gains and losses
Major driver of period-to-period results
: 29.4.2026