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OILK vs USL

ProShares K-1 Free Crude Oil ETF

OILKACboe

United States 12 Month Oil Fund

USLCNYSE Arca

Overlap

0.0%by weight

Expense ratio

OILK −0.31pt a year

OILK0.70%USL1.01%

Avg volume · 30D

OILK 10.5×the volume

OILK113KUSL10.8K

10Y return · a year

USL +7.4pt

OILK+6.1%USL+13.5%

OILK vs USL Performance

Oct 29, 2021 – Oct 30, 2026

+130.6%OILK+122.2%USL

Oct 29, 2021 to Oct 30, 2026. OILK +130.6%. USL +122.2%. Use the arrow keys to read each point.0%25%50%75%100%Oct 2021Apr 2024Oct 2026
Expense ratio
OILK 0.70%, better
USL 1.01%
Fund size
OILK $259M
USL $52M
1Y total return
OILK +89.1%, better
USL +85.0%
Yield (12M)
OILK 15.32%
USL No data
Holdings
OILK 2
USL 16
Avg volume (30D)
OILK 113K sh, better
USL 10.8K sh
NAV per share
OILK $62.65
USL $65.01
52W range

ETF.net Grade

OILK: Cost 93, Risk 69, Mission not scored, Tradability 68, Holdings 28, Durability 72. USL: Cost 47, Risk 70, Mission not scored, Tradability 47, Holdings not scored, Durability 37.
Pillar letters and Scores for OILK, USL, with each pillar’s weight
PillarOILKUSL
Cost30% weightA93HigherC47
Mission25% weightNot scoredNot scored
Risk15% weightB69A70Higher
Tradability15% weightB68HigherC47
Holdings10% weightD28Not scored
Durability5% weightA72HigherD37

Rank among Energy Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. OILK and USL are both graded against the same 11 Energy Futures funds, so their Grades compare head to head.

Energy Futures⁠

Category · 11 funds
See all 11 ›

OILK ranks 1st and USL 5th of 11 funds in the Energy Futures Category.

  1. Rank 1AOILKProShares K-1 Free Crude Oil ETFScore 79
  2. Rank 2BDBEInvesco DB Energy FundScore 69
  3. Rank 4BUSOUnited States Oil Fund, LPScore 61
  4. Rank 5CUSLUnited States 12 Month Oil FundScore 51
  5. Rank 6CUGAUnited States Gasoline Fund, LPScore 47

Our read on each fund

ETF.net Research

OILKAProShares K-1 Free Crude Oil ETF

USLCUnited States 12 Month Oil Fund

In short

OILK The only crude oil ETF that spares you a Schedule K-1. OILK sends a 1099 instead, and its index spreads WTI futures across three roll schedules rather than camping in the front month. All-in cost: 0.70%.

USL Oil 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

OILK The Fund seeks to track, before fees and expenses, the Bloomberg Commodity Balanced WTI Crude Oil IndexSM.

USL 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

  • OILK At 0.70%, the cheapest of the headline oil-futures funds: USO charges 0.86%, USL 1.01%, DBO 0.81%, none of them waiver-assisted.
  • A 1940 Act fund that holds its futures through a Cayman subsidiary capped at 25% of assets each quarter-end, so tax time brings a 1099, not a partnership K-1.proshares.comproshares.com 2
  • Its index splits WTI exposure evenly across a monthly roll, a June annual roll and a December annual roll, resetting each March and September, diluting front-month roll costs.bbhub.io
  • Trading since 2016 and one of the stronger implementations in a small energy-futures peer group.
  • USL 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

  • OILK Tracks a futures index, not spot WTI. ProShares says plainly it should be expected to perform very differently from the spot price of WTI crude.proshares.com
  • One commodity, one curve: the portfolio is a few WTI futures positions plus cash-like collateral, so it moves with oil and nothing else.proshares.com
  • Income, if any, is paid monthly and comes largely from collateral yield, so the amount moves around rather than acting like a fixed coupon.proshares.com
  • USL 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.

Full OILK profile⁠

Full USL profile⁠

OILK vs USL Holdings

How OILK and USL differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of OILK and 0.0% of USL.

Level by level

  • Holdings0 in both0.0%
  • Asset classCommodities100%
  • Countryby domicile100%

Sector

No Sector split for USL.

Country, concentration and asset class

Country by domicile

Country weights in OILK and USL, widest gap first
CountryMore in OILKMore in USL
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • OILK100.0%
  • USL81.9%

Securities held

  • OILK1
  • USL3

Asset class

OILK
Commodities
USL
Commodities

Holdings

  • Only in OILK1
  • In both0
  • Only in USL3

Only in OILK

1 security, 69.0% of OILK by weight

  • Proshares Genius Mny Mkt Etf68.98%

Only in USL

3 securities, 39.9% of USL by weight

  • Drey Inst Pref Gov Mm Inst 654627.17%
  • Morgan Stanley Liq Govt Inst 830211.68%
  • Treasury Bill 0 11/3/20261.08%

Weight gaps

OILK and USL share no securities.

All 4 OILK holdings⁠All USL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

OILK vs USL Cost

Overpaying USL vs OILK

$5,244

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

  • OILK 0.70%

    $13,606

  • USL 1.01%

    $18,850

$10,000
30 years

Cost over time

  • OILK 0.70%
  • USL 1.01%
  • 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

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

Expense ratio

  • 0.70%OILK, cheaper
  • 1.01%USL
  • Middle half of Energy Futures funds
  • Median 1.01%

OILK cheapest of 11 funds

USL 6th cheapest of 11 funds

OILK vs USL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
OILK 15.32%
USL No data
Payout (12M)
OILK $9.54
USL None
Last payment
OILK $2.57
USL No data
Ex-dividend
OILK Oct 1, 2026
USL No data
Paid on
OILK Oct 7, 2026
USL No data
Frequency
OILK Monthly
USL No data

Distribution history

Per share, 2023 to 2026, same scale for both

OILKMonthly · 38 paymentsAll OILK payments⁠
One bar per payment. 38 payments from 2023 to 2026 YTD. Mar 1, 2023 $0.06; Apr 3, 2023 $0.11; May 1, 2023 $0.10; Jun 1, 2023 $0.12; Jul 3, 2023 $0.12; Aug 1, 2023 $0.12; Sep 1, 2023 $0.12; Oct 2, 2023 $1.02; Nov 1, 2023 $0.48; Dec 1, 2023 $0.20; Feb 1, 2024 $0.22; May 1, 2024 $0.26; Jul 1, 2024 $0.23; Sep 3, 2024 $0.12; Oct 1, 2024 $0.14; Nov 1, 2024 $0.12; Dec 2, 2024 $0.10; Dec 23, 2024 $0.19; Feb 3, 2025 $0.31; Mar 3, 2025 $0.32; Apr 1, 2025 $0.09; May 1, 2025 $0.10; Jun 2, 2025 $0.09; Jul 1, 2025 $0.39; Aug 1, 2025 $0.11; Sep 2, 2025 $0.10; Oct 1, 2025 $0.11; Nov 3, 2025 $0.08; Dec 24, 2025 $0.08; Feb 2, 2026 $0.03; Mar 2, 2026 $0.27; Apr 1, 2026 $0.87; May 1, 2026 $1.19; Jun 1, 2026 $1.44; Jul 1, 2026 $0.24; Aug 3, 2026 $1.31; Sep 1, 2026 $1.45; Oct 1, 2026 $2.57. Use the arrow keys to read each point.$0$2.5020232026YTD
USLAll USL payments⁠

No distribution history available.

OILK vs USL Risk

Fall from peak · 5 years

  • OILK
  • USL
Oct 29, 2021 to Oct 30, 2026. Worst fall: OILK −34.6% · Mar 2023. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
OILK 26.3%USL 26.1%, better
Return per unit of riskSharpe ratio, 3 years
OILK 0.65, betterUSL 0.62
Worst fallMax drawdown, 5 years
OILK −34.6%USL −33.8%, better
Market sensitivityBeta, 5 years
OILK 1.37USL 1.36

OILK and USL in the news

All news⁠

Popular comparisons

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