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United States 12 Month Oil Fund, LP
United States 12 Month Oil Fund (USL) is a NYSE Arca-listed commodity pool tracking crude oil futures with a 12-month rolling strategy.
United States 12 Month Oil Fund, LP
United States 12 Month Oil Fund, LP is a commodity pool that invests primarily in front-month crude oil futures contracts traded on the NYMEX. The fund is structured to track the spot price of oil over a 12-month period, using a rolling mechanism that spreads exposure across multiple contracts. USCF Investments, the sponsor, has managed this vehicle since inception. The fund's strategy focuses on crude oil futures with maturities up to 12 months, rebalancing monthly to maintain consistent exposure. It targets retail and institutional investors seeking commodity-linked returns without direct physical holdings. USL complements the flagship United States Oil Fund (USO) by offering longer duration contracts. Public records indicate the fund has over $1 billion in assets under management, with daily trading volumes exceeding 100,000 shares on average. USCF Investments serves as the commodity pool operator, with offices in San Francisco. No recent operational events beyond routine filings have been reported. As a publicly traded vehicle, USL offers daily liquidity and transparency through SEC filings. Its structural differentiator is the multi-month rolling strategy, which reduces volatility from near-term contracts. This contrasts with single-month oil funds that roll more frequently and face higher contango costs.
General information
Firm type
other
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
—
City
—
Corporate office
—
Sector focus
Frequently asked questions
How does United States 12 Month Oil Fund allocate its investments?
The fund invests primarily in crude oil futures contracts traded on the NYMEX, with maturities ranging from the current month to 12 months out. It rebalances monthly to maintain a weighted average expiration of roughly 6 months. This structure is detailed in the fund's prospectus (per USCF Investments).
What is the difference between USL and USO?
USO tracks the spot price of light sweet crude oil using only the front-month contract, while USL spreads exposure across 12 months of futures. This means USL has reduced roll costs in contango markets, making it a longer-duration oil exposure. Both are managed by USCF Investments.
Who manages United States 12 Month Oil Fund?
USCF Advisers LLC, a wholly owned subsidiary of USCF Investments, serves as the investment adviser. The firm is based in San Francisco and has been managing commodity pools since the 2000s. Public filings and the fund's website confirm this structure.
Is this fund suitable for long-term investors?
Like most commodity futures funds, USL is designed for tactical or short-term allocation due to contango/backwardation risk. The multi-month structure reduces but does not eliminate this. Investors should review the fund's continuous 12-month roll strategy for ongoing costs.
What are the key risks of investing in USL?
Risks include futures price volatility, contango (negative roll yield), and exposure to crude oil market disruptions. The fund's prospectus notes limited diversification as a single-commodity fund. Tax treatment also differs from equity ETFs.
Does USL pay dividends?
The fund does not typically distribute dividends. It may generate capital gains from futures contracts, but these are reinvested. Any distributions would be reported in Form 1099. The primary return mechanism is price appreciation of oil futures.
How liquid is the USL ETF?
USL trades on the NYSE Arca with average daily volume exceeding 100,000 shares, per public exchange data. Liquidity is supported by market makers. Bid-ask spreads are typically narrow during market hours.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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