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USO

GradeBNew York Stock Exchange Arca

United States Oil Fund, LP

Commodities · USCF · Inception 2006-04-10 · SEC filings

$148.38+4.30 (+2.98%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: up, 69 prints from 144.08 to 148.38. Range 146.58 to 149.30. Use the arrow keys to read each point.$147.00$148.00$149.0010 AM12 PM2 PM4 PM
Expense ratio
0.86%
Fund size
$2.0B
1Y return
+96.2%
Yield · Last 12 months
—
Volume · 30D
6.2M sh
NAV per share
$148.51
52W range
low $65.99high $163.35

The ETF.net USO Grade

B

64/ 100

Rank 4 of 11 in Energy Futures⁠

Confidence Medium

Six-pillar profile for USO. Scores out of 100: Cost 66, Risk 45, Mission not scored, Tradability 79, Holdings 100, Durability 70. Strongest: Holdings (100). Weakest: Risk (45). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 64 of 100 sits in the B 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.
    BScore 66
    Category rank4/11 · top 36%

  • 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.
    CScore 45
    Category rank6/10 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 79
    Category rank1/11 · top 9%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 100
    Category rank1/5 · top 20%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 70
    Category rank1/11 · top 9%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on USO

ETF.net Research

BThe original US crude oil ETF, trading since 2006 and still one of the busiest ways to get WTI exposure without opening a futures account. It holds oil futures near the front of the curve, not barrels in a tank.

Stated mandate

USO seeks daily NAV percentage changes that reflect changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, measured by the Benchmark Oil Futures Contract, plus collateral interest and less expenses.

Why people hold it

  1. 01Cheap for this corner of the market: 0.86% a year against a cohort median of 1.08%.
  2. 02Live since 2006 and one of the most actively traded funds in its category, so bids and offers are usually there when you need them.
  3. 03Targets daily moves in light, sweet crude delivered to Cushing, Oklahoma, via its benchmark futures contract. No margin account, no expiries to roll yourself.sec.gov
  4. 04Since April 2020 the portfolio has reached past pure front-month into later-dated contracts, a change the fund disclosed in its filings.sec.gov

Worth knowing

  1. 01It's a commodity pool, so tax season brings a Schedule K-1 rather than a 1099. Peer OILK is built specifically to skip that paperwork.uscfinvestments.com
  2. 02Futures, not barrels. Rolling contracts forward can cost when later months trade above nearer ones, which pulls results away from headline spot oil.sec.gov
  3. 03One commodity, one price driver, and no income stream: the fund hasn't been paying distributions, so everything rides on the oil move.

USO Holdings

As of Sep 20, 2026, 6:38 AM
Asset class
Other
Holdings
—
Top-10 weight
82%
Largest holding
WTI CRUDE FUTURE NOV2645.7%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—WTI CRUDE FUTURE NOV2645.70%18,949$1.8B3
002—US DOLLARS7.63%303,822,495$304M67
003—TREASURY BILL 0 2/4/20274.95%200,000,000$197M10
004—TREASURY BILL 0 2/11/20274.95%200,000,000$197M13
005—TREASURY BILL 0 12/31/20263.73%150,000,000$148M27
006—TRS MACQUARIE MQCP361E 072120263.72%2,195,848$148M1
007—TRS SOC GEN SGIXCWTI 061820263.40%977,428$136M1
008—TREASURY BILL 0 10/20/20262.75%110,000,000$110M19
009—TREASURY BILL 0 11/17/20262.50%100,000,000$99M14
010—BNY CASH RESERVE2.47%98,543,405$99M13
011—TREASURY BILL 0 10/22/20262.00%80,000,000$80M21
012—DREY INST PREF GOV MM INST 65461.78%71,100,000$71M7
013—TREASURY BILL 0 12/1/20261.74%70,000,000$69M8
014—TREASURY BILL 0 11/3/20261.62%65,000,000$65M19
015—TREASURY BILL 0 11/10/20261.62%65,000,000$65M16

Showing 1–15 of 24 holdings

USO Performance

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

USO$19,616
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. USO $19,616. SPY $11,723. Use the arrow keys to read each point.$7,967$15,523$23,079Sep 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 USO. Periods over one year show the average yearly return.
PeriodUSO
Year to date+108.3%
1 month+7.0%
3 months+27.9%
1 year+96.2%
3 years+21.3%per year
5 years+23.3%per year
10 years+5.5%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 USO
YearReturn barUSO
2026 YTD+108.3%
2025−8.5%
2024+13.4%
2023−4.9%
2022+29.0%
2021+64.7%
2020−67.8%

USO in the news

View all USO news

USO Dividends

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

No distributions in the last 12 months.

USO Risk

How much the fund’s monthly returns vary, scaled to a year.
42.7%
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.
0.53
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.
−36.2%
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.
2.22
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.

USO Cost

Expense ratio0.86%
  • The middle half of Energy Futures funds
  • Median 1.01%

3 of the 11 Energy Futures funds charge less.

USO costs $86.00 a year on $10,000. The median Energy Futures fund costs $101.00.