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Launched · SEC filings

United States 12 Month Oil Fund

USLNYSE ArcaUSCFC

$55.94−0.78 (−1.37%)

As of Nov 10, 2026, 11:25 AM ET

C51/ 100

Rank 5 of 11 in Energy Futures

C51/100Rank 5 of 11inEnergy Futures
Intraday session: down, 23 prints from 56.71 to 55.94. Range 55.09 to 55.94. Use the arrow keys to read each point.55.0055.5056.5010 AM12 PM2 PM4 PM
Expense ratio
1.01%
Fund size
$47M
1Y total return
+63.5%
Yield · Last 12 months
No data
Holdings
16
Avg volume · 30D
11.3K sh
52W range
low $32.25high $65.40
Launched
Filings
SEC EDGAR

The ETF.net USL Grade

Based on 4 of 6 pillars

C

Score 51 out of 100

Category
Energy Futures⁠
Rank
5 of 11
Six-pillar profile for USL. Scores out of 100: Cost 47, Risk 68, Mission not scored, Tradability 47, Holdings not scored, Durability 37. Strongest: Risk (68). Weakest: Durability (37). Based on 4 of 6 pillars.

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 100
    Rank 6 of 11

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B68 out of 100
    Rank 2 of 11

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C47 out of 100
    Rank 7 of 11

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D37 out of 100
    Rank 10 of 11

Our read on USL

ETF.net Research

In short

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

  • 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 Performance

Launched Dec 6, 2007

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

USL$16,350
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. USL $16,350. SPY $11,339. Use the arrow keys to read each point.$10,000$12,500$15,000$17,500Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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+69.9%
1 month−4.2%
3 months+17.7%
1 year+63.5%
3 yearsper year+15.8%
5 yearsper year+14.0%
10 yearsper year+12.2%

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+69.9%
2025−12.4%
2024+8.3%
2023−1.1%
2022+27.1%
2021+62.5%
2020−25.2%

USL in the news

USL Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

USL Risk

Risk pillarB68 out of 100Rank 2 of 11 in Energy Futures
How much the fund’s monthly returns vary, scaled to a year.
26.1%
Annualised · 36 months to Oct 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.
0.62
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

USL Cost

Compare USL and OILK

Overpaying vs OILK, cheapest in Energy Futures

$5,244

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • USL 1.01%

    $18,850

  • OILK 0.70% Cheapest

    $13,606

$10,000
30 years

Cost over time

  • USL 1.01%
  • OILK 0.70%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530USL $18,850OILK $13,606

Year by year

YearUSLOILKOverpaying
10$1,780$1,250$530
20$6,686$4,760$1,926
30$18,850$13,606$5,244

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