USCF Advisers

The United States Oil Fund (USO) is an exchange-traded product that seeks to track the daily price movements of near-month West Texas Intermediate light sweet crude oil futures. USCF Advisers serves as the commodity pool operator, rolling front-month futures contracts forward each month and holding collateral in short-term Treasury securities. The fund publishes its holdings daily and is listed on NYSE Arca.

USCF's product lineup includes the United States Natural Gas Fund (UNG) for natural gas futures, the United States Gasoline Fund (UGA) for RBOB gasoline, and the United States Brent Oil Fund (BNO) for Brent crude. The firm also manages funds covering agricultural commodities and precious metals, each structured as a publicly traded commodity pool rolling futures to maintain benchmark exposure.

Because USCF's funds roll front-month futures contracts on a scheduled basis, the shape of the futures curve directly impacts fund returns. In contango markets, where longer-dated contracts trade at a premium, the rolling process incurs a cost that creates negative roll yield. In backwardation, where near-month prices exceed future prices, the roll generates positive yield. These dynamics are inherent to the futures-backed structure and are detailed in each fund's prospectus and regulatory filings.

USCF's funds are registered commodity pools under the Commodity Exchange Act, with USCF Advisers acting as the commodity pool operator and a registered commodity trading advisor. The firm is subject to oversight by the Commodity Futures Trading Commission (CFTC) and maintains membership with the National Futures Association (NFA). This regulatory framework differs from that of equity ETFs governed by the Investment Company Act of 1940.

USCF's public footprint is built exclusively around exchange-traded commodity futures products listed on NYSE Arca. The firm does not advertise private commodity funds, direct physical commodity ownership, or separately managed accounts. Its operational model is defined by managing publicly traded pools with daily liquidity, collateral held in Treasuries, and daily holdings disclosure.