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.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaPublicly traded partnership units that give investors access to the fund's oil strategy.
Primary portfolio exposure through NYMEX light, sweet crude oil futures across 12 contract months.
Supplemental instruments such as options, forwards, cleared swaps, and OTC oil-linked contracts.
Asiakkaat
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.
Buy exchange-traded shares for simple access to crude oil price exposure without futures accounts.
Use the fund for tactical commodity allocation, hedging, or portfolio diversification.
Trade shares for short-term exposure to movements in oil futures and related contracts.
Strategia
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.
The fund is designed to mirror daily changes in a 12-month oil futures basket.
Oil markets can become less liquid or dislocated, requiring alternative instruments.
Maantiede
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.
Riskit
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.
- Crude oil price volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen
The fund's value is directly linked to oil futures prices, which can change rapidly.
Kohdistuu: Benchmark Oil Futures Contracts
- Tracking errorVaikutus: KorkeaTodennäköisyys: Kohtalainen
Using a futures basket and occasional alternative instruments can cause returns to diverge from the target index.
Kohdistuu: 12-month futures basket
- Futures curve structureVaikutus: KorkeaTodennäköisyys: Kohtalainen
Contango or backwardation affects roll yield and can reduce realized returns versus spot oil.
Kohdistuu: NYMEX crude oil futures
- Market disruption and geopolitical shocksVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Wars, pandemics, tariffs, and supply disruptions can affect oil prices and liquidity.
Kohdistuu: Global oil markets
- Counterparty and infrastructure riskVaikutus: KeskitasoTodennäköisyys: Matala
Derivatives depend on brokers, exchanges, clearinghouses, and service providers.
Kohdistuu
Kirjanpito
Harkinnanvaraiset erätExchange-traded futures use market prices, while OTC instruments rely on present value estimates.
Vaikutus: Affects NAV and reported gains/losses
Interest on collateral is estimated daily and later trued up to actual receipts.
Vaikutus: Can create small timing differences in reported income
Oil futures price changes flow through earnings and can be highly volatile.
Vaikutus: Major driver of period-to-period results
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Päivitetty: 24.9.2026