Fund Details
The United States 3x Short Oil FundSM (USOD) is an exchange-traded product designed to inversely reflect three times (-3x) the movements of West Texas Intermediate (WTI) light, sweet crude oil. USOD issues shares that may be purchased and sold on the NYSE Arca.
The investment objective of USOD is for the daily changes in percentage terms of its shares' NAV to reflect three times the inverse (-3x) of the daily changes in percentage terms of a specified short-term futures contract on light, sweet crude oil called the “Benchmark Oil Futures Contract”, less USOD's expenses.
To achieve this objective, USCF will endeavor to have the notional value of the Fund’s aggregate short exposure to the Benchmark Oil Futures Contract at the close of each trading day approximately equal to 300% of the Fund’s NAV. The Fund will seek a return that is -300% of the return of the Benchmark Oil Futures Contract for a single day and does not seek to achieve its stated investment objective over a period of time greater than one day. The pursuit of daily inverse leveraged investment goals means that the return of the Fund for a period longer than a full trading day may have no resemblance to -300% of the return of the Benchmark Oil Futures Contract for a period of longer than a full trading day because the aggregate return of the Fund is the product of the series of each trading day’s daily returns. For the Fund to maintain a consistent -300% return versus short positions in the Benchmark Oil Futures Contract, the fund’s holdings must be rebalanced on a daily basis by selling additional Oil Interests or buying Oil Interests for which it holds short positions. Rebalancing will occur generally before or at the close of trading of the shares on NYSE Arca, at or as near as possible to that day’s settlement price.
USOD's benchmark is the near month light, sweet crude oil futures contract traded on the NYMEX, traded under the trading symbol “CL”. If the near month futures contract is within two weeks of expiration, the benchmark will be the next month futures contract to expire. The crude oil contract is WTI light, sweet crude oil delivered to Cushing, Oklahoma.
USOD invests primarily in listed crude oil futures contracts and may invest in forwards, swap contracts, other oil-related futures contracts, and certain options on oil futures contracts. USOD invests in these oil interests to the fullest extent possible without being leveraged or unable to satisfy its current or potential margin or collateral obligations. These investments will be collateralized by cash, cash equivalents, and US government obligations with remaining maturities of two years or less.
Additionally, investors should be aware that the Fund’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price of light, sweet crude oil or to track the inverse performance thereof.
| Ticker | USOD |
| Intraday Indicative Value | USOD.IV |
| CUSIP | 91733T 505 |
| ISIN | US91733T5056 |
| Minimum Trade | 1 Share |
| Marginable | Yes |
| Options Traded3 | Yes |
| Management Fee1 | |
| Total Expense Ratio2 | |
| Trading Increment | $0.01 |
| Administrator | Brown Brothers Harriman & Co. |
| Distributor | ALPS Distributors, Inc. |
| Sponsor | United States Commodity Funds, LLC |
^On October 4, 2019, there was a 1-for-2 reverse share split. Historical shares outstanding, net asset value per share has been adjusted to reflect the 1-for-2 reverse share split on a retroactive basis.
1The Fund is contractually obligated to pay USCF a management fee based on daily net assets and paid monthly of 0.95% per annum on average net assets. Average daily net assets are calculated daily by taking the average of the total net assets of the Fund over the calendar year, i.e., the sum of daily total net assets divided by the number of calendar days in the year. On days when markets are closed, the total net assets are the total net assets from the last day when the market was open.
2Without the Expense Waiver the Total Annual Fund Operating Expenses would be 1.49%.
3Options investing entails a high degree of risk and may not be appropriate for all investors.
Historical NAV
The performance data quoted above represents past performance.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Performance
The performance data quoted above represents past performance.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
The Fund's NAV is calculated by dividing the value of the Fund's total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.
†USOD commenced operations on
Growth of $10,000 Investment
This chart shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark futures contract(s). The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.
The performance data quoted above represents past performance.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Average Daily Returns
The performance data quoted above represents past performance.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Premium / Discount
| Premium/Discount Daily Information as of | |
|---|---|
| NAV | |
| 4PM Bid/Ask Midpoint | |
| Difference ($) | |
| Premium/Discount (%) | |
The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported NAV. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount expressed in basis points. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.
* A basis point is equal to 1/100th of 1%.
Creation & Redemption Process
- Creation/Redemption Basket Size 50,000 shares
- Transaction fee for each Authorized Purchaser order is equal to 0.04% of total NAV of the Creation/Redemption Baskets for each order they place to create or redeem one or more Creation/Redemption Baskets
- Order cut-off for APs is 12:00 pm ET
- USOD's NAV is calculated generally around 4:00 pm ET
- Settlement is T+1
- Custodian is Brown Brothers Harriman & Co.
- Marketing Agent is ALPS Distributors, Inc.