United States Oil Fund, LP (NYSE Arca: USO) is a commodity pool organized as a Delaware limited partnership that issues publicly traded limited partnership interests designed to track changes in the price of light, sweet crude oil futures. It generates revenue by charging management fees against fund assets held by investors who buy and sell its shares on the NYSE Arca exchange. USO was organized on May 12, 2005, and maintains its principal office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. The fund is managed by USCF, a wholly-owned subsidiary of USCF Investments, Inc., also headquartered in Walnut Creek, California. USO's investment objective is not to match the spot price of crude oil or to track any single futures contract over periods greater than one day. Market forces including contango and backwardation materially affect the relationship between USO's share price and spot crude oil prices over time.

Revenue model

USO charges management fees assessed against fund net assets. Investors pay these fees implicitly through the fund's expense ratio rather than through direct billing. The fund does not generate operating revenue from the sale of goods or services.

Products and services

Publicly traded limited partnership interests (shares) listed on NYSE Arca, providing investors exposure to light, sweet crude oil futures contracts without the costs of physically owning and storing crude oil.

Customers and end markets

Investors seeking exposure to crude oil price movements through exchange-traded fund structures. End market demand is tied to crude oil price activity and investor appetite for commodity-linked products.

Value-chain role

Exchange-traded commodity pool and fund manager intermediary between retail and institutional investors and the crude oil futures market.

Geographic exposure

Headquartered in Walnut Creek, California. Shares trade on NYSE Arca. No specific geographic revenue breakdown is disclosed in the filing excerpts.

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

Industry: Commodity Contracts Brokers & Dealers