ProShares - K-1 Free Crude Oil ETF
OILK
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- ProShares K-1 Free Crude Oil Strategy ETF (OILK) is an exchange-traded fund that seeks investment results, before fees and expenses, that track the performance of the Bloomberg Commodity Balanced WTI Crude Oil Excess Return Index. The fund provides exposure to West Texas Intermediate (WTI) crude oil futures contracts through a balanced basket comprising three separate contract schedules—one-third following a monthly roll, one-third a June annual roll, and one-third a December annual roll—with weights equally reset semi-annually in March and September; contracts are rolled on the second and third business days of each month to maintain long positions farther along the futures curve. It invests primarily via derivatives such as futures and swaps, including through a wholly owned Cayman Islands subsidiary, offering streamlined tax reporting on Form 1099 rather than K-1 forms; monthly distributions are made, options trading is available, and the expense ratio stands at 0.69%. Launched on September 26, 2016, and domiciled in the United States, OILK trades on the Cboe BZX exchange under ticker OILK (intraday: OILK.IV; CUSIP: 74347G804) and targets investors seeking commodity futures exposure without physical oil ownership or spot price tracking. In a major strategic shift effective after market close on May 17, 2021, the fund transitioned from active management—aimed at outperforming via optimized futures rolling to mitigate contango and capitalize on backwardation—to passive tracking of the Bloomberg Commodity Balanced WTI Crude Oil Index, with a focus on longer-dated WTI crude oil futures contracts. This change eliminated active rolling decisions, aligning holdings more closely with the index's semi-annual rebalancing and predefined roll schedules, as reflected in recent portfolios featuring contracts like WTI Crude Future Nov 2026 (CLZ6), May 2026 (CLM6), and Feb 2026 (CLH6). No significant acquisitions, partnerships, funding rounds, new product launches, or operational reorganizations have been reported for OILK in the last 1-2 years.