# United States 12 Month Oil Fund, LP

United States 12 Month Oil Fund, LP is an other.

## Overview

- **Organization type:** other
- **Region:** North America
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Commodities

## 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.

### 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.

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Last updated: 2026-06-03T20:00:00.000Z

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