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
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 %
| % | |
|---|---|
| Exchange-traded fund interests | 100% Publicly traded partnership units that give investors exposure to the fund's oil-linked strategy. |
| Oil futures contracts | 0% Primary portfolio holdings used to seek exposure to light, sweet crude oil prices. |
| Oil-related derivatives | 0% 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...
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
Contango and backwardation
The term structure of futures prices affects roll costs and total return.
- Scope
- Monthly futures rolls
- Materiality
- 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
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
: 29.4.2026