United States Oil Fund, LP

Frequently Asked Questions About USO

What does USO invest in?

USO delivers its exposure to oil using near-term futures. USO gets exposure to oil using derivatives, like several oil ETPs. The fund predominately holds near-month-futures contracts on WTI, rolling into future contracts every month. This method is particularly sensitive to short-term changes in spot prices. USO held front month contracts until April 17, 2020, at which time following leeway in the prospectus, USO changed the exposure from holding specifically front-month contracts to holding predominantly front-month contracts, 30% next month and 15% contracts with further expiry. USO is structured as a commodities pool, so expect a K-1 at tax time. Long-term holders will be taxed on any gains even if they didn't sell shares.

What is the expense ratio of USO?

United States Oil Fund, LP (USO) charges an expense ratio of 0.86%. This is the annual fee deducted from fund assets to cover management and operations.

How big is USO?

United States Oil Fund, LP (USO) manages $1.93B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is USO actively managed or an index fund?

USO's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.

When was USO launched?

United States Oil Fund, LP (USO) launched in April 2006 and is managed by USCF.

How has USO performed?

USO's total return — price change plus reinvested distributions — is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.