ADDED
USCF also serves as the general partner of the United States Natural Gas Fund, LP ( UNG ), the United States 12 Month Oil Fund, LP ( USL ), the United States Gasoline Fund, LP ( UGA ), which listed their limited partnership shares on the American Stock Exchange (the AMEX ) under the ticker symbols UNG on April 18, 2007, USL on December 6, 2007 and UGA on February 26, 2008, respectively.
To meet its investment objective, USO primarily invests in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S.
Following the significant market volatility that occurred in the Spring of 2020 and the market conditions, regulatory requirements and risk mitigation measures taken by USO and USO s FCM that impacted USO as a result thereof, USO disclosed its parameters for making decisions regarding the permitted investments USO would hold, including the intended order of priority in selection investments and the type of investments to be held in its portfolio.
Prior to January 1 2026, USO rolled its positions over a ten-day period instead of a five-day period.
The change from a ten-day roll period to a five-day roll period did not change USO s benchmark or its investment objective.
As a specific benchmark, USCF endeavors to place USO s trades in Oil Interests and otherwise manage USO s investments so that A will be within plus/minus ten percent (10%) of B , where: A is the average daily percentage change in USO s per share NAV for any period of 30 successive valuation days; i.e., any NYSE Arca trading day as of which USO calculates its per share NAV; and B is the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period.
If deemed necessary by the NYMEX and/or ICE Futures Europe, USO could be ordered to reduce its net futures contracts back to the accountability level.
As of December 31, 2025, USO held 13,180 NYMEX WTI Crude Oil Futures CL contracts and did not hold any ICE WTI Crude Oil Futures contracts.
OTC Derivatives (Including Spreads and Straddles) In addition to Oil Futures Contracts, there are also a number of listed options on the Oil Futures Contracts on the principal futures exchanges.
ALPS Distributors principal business address is 1290 Broadway, Suite 1100, Denver, CO 80203.
REMOVED
The registrant had 13,423,603 outstanding shares as of February 24, 2025.
In providing such exposure, USCF employs a neutral investment strategy in order to track changes in the price of the Benchmark Oil Futures Contract regardless of whether the price goes up or goes down.
Prior to the Spring of 2020, USO has achieved its investment objective by primarily investing in the Benchmark Oil Futures Contract and Oil Futures Contracts for light, sweet crude oil traded on NYMEX and ICE Futures with the same maturity month as the Benchmark Oil Futures Contract.
In the Spring of 2020, significant market volatility occurred in the crude oil markets and the oil futures markets.
Such volatility was attributable to the COVID-19 pandemic, related supply chain disruptions and disputes among oil-producing countries over the potential limits on the production of crude oil, and a corresponding collapse in demand for crude oil and a lack of on-land storage for crude oil.
Certain circumstances, including the market conditions, regulatory requirements, and risk mitigation measures imposed by its FCMs, resulting from such volatility caused, as discussed below, USO to invest in Oil Futures Contracts other than the Benchmark Oil Futures Contract and to invest in Other Oil-Related Investments, such as swap transactions based on the price of oil.
These conditions severely limited USO s ability to have a substantial portion of its assets invested in the Benchmark Oil Futures Contract and certain other Oil Futures Contracts of the same month, such as cash-settled, but substantially similar, oil futures contracts traded on ICE Futures (the ICE WTI Contract ).
In addition, during the Spring of 2020, USO had to rebalance and adjust the types of holdings in its portfolio more frequently than it had in the past.
Accordingly, USO invested in other permitted Oil Futures Contracts with expirations in later months than the Benchmark Oil Futures Contract.
USO also invested, and has continued to invest, in other permitted investments, including Other Oil-Related Investments, including OTC swaps.