United States 12 Month Oil Fund
USL
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- United States 12 Month Oil Fund, LP (USL) is a commodity pool organized as a Delaware limited partnership that issues shares traded on the NYSE Arca and seeks to track the daily percentage changes in the spot price of West Texas Intermediate light, sweet crude oil delivered to Cushing, Oklahoma. USL achieves its investment objective primarily by investing in a portfolio of futures contracts on light, sweet crude oil traded on the NYMEX, consisting of the near-month contract to expire and the next 11 consecutive months' contracts (each equally weighted), plus interest from its collateral holdings less expenses; to a lesser extent and as needed for regulatory compliance, risk mitigation, liquidity, or market conditions, it invests in other oil-related futures contracts, forwards, swaps, cash-settled options, and OTC transactions based on oil prices, diesel-heating oil, gasoline, natural gas, or petroleum-based fuels. Collateral for these investments consists of cash, cash equivalents, and U.S. government obligations with maturities of two years or less. USL was formed on June 27, 2007, commenced operations on December 6, 2007, and is managed by its general partner, United States Commodity Funds LLC (USCF), a wholly owned subsidiary of USCF Investments, Inc., itself a subsidiary of The Marygold Companies, Inc. (NYSE American: MGLD). USCF, headquartered at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596, also serves as general partner for affiliated funds including United States Oil Fund, LP (USO), United States Natural Gas Fund, LP (UNG), and others, and oversees USL's daily operations, including rolling positions monthly to maintain exposure to the benchmark futures contracts. Shares are created and redeemed in blocks of 50,000 by authorized participants, with The Bank of New York Mellon serving as administrator and custodian, and ALPS Distributors, Inc. as marketing agent. USL operates in the commodities sector, targeting investors seeking indirect exposure to crude oil prices for portfolio diversification or hedging without direct futures accounts, and trades with intra-day indicative value (USL.IV), options availability, and margin eligibility. Geographically, it focuses on U.S.-based NYMEX and ICE Futures contracts, with assets under management supported by segregated accounts compliant with Commodity Exchange Act requirements. As of February 24, 2025, USL had 1,250,000 shares outstanding. In recent developments, USL reported a net loss of $668,956 for October 2025, reflecting a decline in net assets from $40.8 million to $40.2 million and net asset value per share to $34.92, amid volatile oil markets impacting its positioning. Its general partner USCF, through affiliate USCF Investments, launched the USCF Oil Plus Bitcoin Strategy Fund (WTIB) on the NYSE Arca in December 2025, marking the group's first cryptocurrency ETF and expanding its alternative investment offerings beyond traditional commodities. Earlier in 2025, USL filed its annual 10-K for the fiscal year ended December 31, 2024, confirming ongoing adherence to its benchmark-tracking strategy amid position limits and market volatility, with 1,250,000 shares outstanding as of that filing date. No major acquisitions, funding rounds, or structural reorganizations for USL itself were reported in the last 1-2 years, though affiliated entity director retirements and monthly financial disclosures continued.