United States 12 Month Oil Fund, LP (NYSE Arca: USL) is a commodity pool structured as a Delaware limited partnership that seeks to track daily changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma. It makes money by charging fees against assets held in the fund, with investor returns tied to the performance of the underlying oil futures positions rather than any operating business. USL issues limited partnership interests traded as shares on NYSE Arca. Organized on June 27, 2007, USL began trading on December 6, 2007, and is managed by its general partner, United States Commodity Funds LLC (USCF), headquartered at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. The fund invests primarily in futures contracts for light, sweet crude oil, other crude oils, diesel-heating oil, gasoline, and natural gas traded on NYMEX, ICE Futures Europe, and ICE Futures U.S., and may also hold cash-settled options, forward contracts, cleared swaps, and OTC instruments tied to oil prices.

Revenue model

USL generates revenue through management fees assessed against fund assets. Investor returns reflect changes in the NAV per share, which tracks daily percentage changes in light, sweet crude oil spot prices via oil futures contracts and related instruments.

Products and services

Limited partnership interests (shares) traded on NYSE Arca; exposure achieved through Oil Futures Contracts (NYMEX and ICE-listed crude oil, diesel-heating oil, gasoline, natural gas) and Other Oil-Related Investments including cash-settled options, forward contracts, cleared swaps, and OTC instruments based on oil prices.

Customers and end markets

Investors seeking exchange-traded exposure to the 12-month strip of light, sweet crude oil futures prices. End market is tied to crude oil price dynamics, with benchmark delivery at Cushing, Oklahoma.

Value-chain role

Commodity pool operator and pass-through vehicle; USCF acts as general partner with full management control. Futures commission merchants (FCMs) execute and clear futures positions on behalf of the fund.

Geographic exposure

Headquartered in Walnut Creek, California. Trades on NYSE Arca. Futures positions held on U.S. exchanges (NYMEX) and foreign exchanges (ICE Futures Europe, ICE Futures U.S.).

Source: SEC 10-K, filed 2026-02-27

Industry: Commodity Contracts Brokers & Dealers