The United States Oil Fund LP (USO) is an exchange-traded fund designed to reflect the performance of West Texas Intermediate (WTI) crude oil prices through futures contracts and related financial instruments linked to the energy market. The fund is managed by USCF Investments and trades under the ticker USO on NYSE Arca.

Classified as a commodity fund with exposure to crude oil, USO seeks to track, before fees and expenses, short-term price movements of WTI crude oil.

Unlike traditional equity ETFs, the fund does not invest directly in physical assets or replicate stock indexes. Its strategy is primarily based on holding crude oil futures contracts and related instruments, with periodic adjustments for contract rolling and exposure management.

USO does not replicate a traditional benchmark index. Its exposure is structured through WTI crude oil futures contracts traded on regulated markets.

Composition / Exposure profilec

USO provides concentrated exposure to the crude oil market, including:

• WTI crude oil futures contracts.

• Indirect exposure to the global energy sector.

• Sensitivity to macroeconomic supply and demand factors.

The structure allows investors to track oil price movements without holding a diversified portfolio of companies.

Structure and costs

USO shares trade on the secondary market on NYSE Arca during regular trading hours. Creation and redemption occur through authorized participants, helping maintain alignment between market price and net asset value.

The fund charges a management fee as outlined in its prospectus and does not apply a performance fee. Due to its futures-based structure, operational costs also reflect contract rolling and exposure maintenance.

History and evolution of the ETF

The United States Oil Fund LP was launched in 2006, during a period of expansion in exchange-traded products focused on direct commodity exposure.

Since inception, the fund has been widely used by institutional and individual investors seeking tactical exposure to crude oil markets.

In recent years, USO has reflected major movements in the energy market, including the pandemic-driven demand collapse, the negative oil price episode in 2020, the Russia-Ukraine conflict, and production cycles influenced by OPEC+.

Additional Information

United States Oil Fund LP (United States) is an exchange-traded fund (ETF), with assets under management totaling $2.33 billion.

Over the past 12 months, United States Oil Fund LP recorded a return of 82.62%, with its price trading between $66.17 and $152.96 during the same period.

The ETF is traded under the ticker USO.