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USL

GradeCNew York Stock Exchange Arca

United States 12 Month Oil Fund

Commodities · USCF · Inception 2007-12-06 · SEC filings

$56.37+0.82 (+1.47%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 57 prints from 55.55 to 56.37. Range 55.55 to 56.68. Use the arrow keys to read each point.$55.50$56.0010 AM12 PM2 PM4 PM
Expense ratio
1.01%
Fund size
$48M
1Y return
+56.3%
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$56.24
52W range
low $32.25high $57.91

The ETF.net USL Grade

C

51/ 100

Rank 5 of 11 in Energy Futures⁠

Confidence Medium

Six-pillar profile for USL. Scores out of 100: Cost 47, Risk 68, Mission not scored, Tradability 46, Holdings not scored, Durability 37. Strongest: Risk (68). Weakest: Durability (37). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 47
    Category rank6/11 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 68
    Category rank2/10 · top 20%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 46
    Category rank8/11 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 37
    Category rank10/11 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on USL

ETF.net Research

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.

Stated mandate

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

  1. 01Holds the near-month NYMEX WTI contract plus the next 11, each equally weighted, so no single expiration dominates the portfolio.sec.gov
  2. 02Expenses of 1.01% sit below the median fee in its energy-futures peer group, though OILK (0.69%) and DBO (0.81%) come cheaper.
  3. 03Trading since December 2007, it has carried the same 12-contract benchmark rule through multiple crude cycles.sec.gov

Worth knowing

  1. 01Structured 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
  2. 02It tracks an average of 12 futures contracts, not the spot barrel. USCF states contango and backwardation have affected returns versus spot crude.sec.gov
  3. 03A small fund that trades thinly, so bid-ask spreads can run wider than the category's headline oil funds.

USL Holdings

As of Sep 20, 2026, 6:38 AM
Asset class
Other
Holdings
—
Top-10 weight
78%
Largest holding
DREY INST PREF GOV MM INST 654626.4%

Geography

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—DREY INST PREF GOV MM INST 654626.38%23,700,000$24M7
002—MORGAN STANLEY LIQ GOVT INST 830210.39%9,330,000$9M19
003—BNY CASH RESERVE8.01%7,196,122$7M13
004—WTI CRUDE FUTURE NOV265.24%49$5M3
005—WTI CRUDE FUTURE Dec265.02%49$5M4
006—WTI CRUDE FUTURE Jan274.85%49$4M1
007—WTI CRUDE FUTURE Feb274.70%49$4M1
008—WTI CRUDE FUTURE Mar274.57%49$4M1
009—WTI CRUDE FUTURE Apr274.46%49$4M1
010—WTI CRUDE FUTURE May274.37%49$4M1
011—WTI CRUDE FUTURE Jun274.29%49$4M1
012—WTI CRUDE FUTURE Jul274.22%49$4M1
013—WTI CRUDE FUTURE Sep274.12%49$4M1
014—WTI CRUDE FUTURE Aug274.08%48$4M1
015—WTI CRUDE FUTURE Oct274.07%49$4M1

Showing 1–15 of 17 holdings

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$15,633
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. USL $15,633. SPY $11,723. Use the arrow keys to read each point.$8,534$12,651$16,767Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for USL. Periods over one year show the average yearly return.
PeriodUSL
Year to date+66.7%
1 month+5.0%
3 months+18.5%
1 year+56.3%
3 years+11.4%per year
5 years+16.4%per year
10 years+11.9%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for USL
YearReturn barUSL
2026 YTD+66.7%
2025−12.4%
2024+8.3%
2023−1.1%
2022+27.1%
2021+62.5%
2020−25.2%

USL in the news

USL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

USL Risk

How much the fund’s monthly returns vary, scaled to a year.
25.2%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.36
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−33.8%
Trough Mar 2023
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.

How strongly the fund’s returns move with its asset-class index.
1.36
vs its asset-class index
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

Expense ratio1.01%
  • The middle half of Energy Futures funds
  • Median 1.01%

5 of the 11 Energy Futures funds charge less.

USL costs $101.00 a year on $10,000. The median Energy Futures fund costs $101.00.