United States 12 Month Oil Fund
$61.05+0.76 (+1.26%)
- 1.01%
- $48M
- +78.4%
- 0M sh
- $60.50
- low $32.25high $60.63
The ETF.net USL Grade
C
Score 51 out of 100
- 5 of 11
Score 51 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C47 out of 100Rank 6 of 11Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A71 out of 100Rank 2 of 11Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C48 out of 100Rank 8 of 11Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D37 out of 100Rank 10 of 11
Our read on USL
COil exposure without the front-month cliff. USL spreads equal weight across 12 consecutive months of WTI futures, so each monthly roll touches only about a twelfth of the book. It has run that ladder since 2007.
USL seeks to track daily percentage changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, using specified short-term crude-oil futures contracts, plus collateral interest and less expenses.
Why people hold it
- Holds the near-month NYMEX WTI contract plus the next 11, each equally weighted, so no single expiration dominates the portfolio.sec.gov
- Expenses of 1.01% sit below the median fee in its energy-futures peer group, though OILK (0.69%) and DBO (0.81%) come cheaper.
- Trading since December 2007, it has carried the same 12-contract benchmark rule through multiple crude cycles.sec.gov
Worth knowing
- Structured as a limited partnership, so tax season brings a Schedule K-1 rather than a 1099. Peer OILK is built to skip that step.sec.gov
- It tracks an average of 12 futures contracts, not the spot barrel. USCF states contango and backwardation have affected returns versus spot crude.sec.gov
- A small fund that trades thinly, so bid-ask spreads can run wider than the category's headline oil funds.
USL Holdings
- Other
- 17
- 77%
- Drey Inst Pref Gov Mm Inst 6546
Geography
- United States100.00%
USL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
USL$17,843
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | USL |
|---|---|
| Year to date | +80.9% |
| 1 month | +7.4% |
| 3 months | +29.3% |
| 1 year | +78.4% |
| 3 years | +16.5% |
| 5 years | +15.9% |
| 10 years | +12.1% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | USL |
|---|---|---|
| 2026 YTD | +80.9% | |
| 2025 | −12.4% | |
| 2024 | +8.3% | |
| 2023 | −1.1% | |
| 2022 | +27.1% | |
| 2021 | +62.5% | |
| 2020 | −25.2% |
USL in the news
USL Dividends
No distributions in the last 12 months.
USL Risk
- 25.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.41
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −33.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.36
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
USL Cost
1.01%
USL1.01%
- The middle half of Energy Futures funds
- Median 1.01%
5 of the 11 Energy Futures funds charge less.
Other funds in Energy Futures
- BDBOInvesco DB Oil FundExpense ratio 0.81%1 year return +101.2%
- BUSOUnited States Oil Fund, LPExpense ratio 0.86%1 year return +117.7%
- CUGAUnited States Gasoline Fund, LPExpense ratio 1.08%1 year return +142.4%
- CBNOUnited States Brent Oil Fund LPExpense ratio 1.15%1 year return +128.6%
- DMWHSSkylar Electricity Futures ETFExpense ratio 0.95%1 year return —