Prospectus Fact Sheet
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Overview

Overview

Ticker
Intraday Indicative Value USO.IV
CUSIP
ISIN US91232N2071
Minimum Trade 1 share
Marginable YES
Options Traded YES
Total Expense Ratio
Trading Increment $0.01
Administrator The Bank of New York Mellon
Distributor ALPS Distributors, Inc.
General Partner United States Commodity Funds, LLC
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Fund Summary

The United States Oil Fund, LP® (USO) is an exchange-traded security that is designed to track the daily price movements of light, sweet crude oil. USO issues share that may be purchased and sold on the NYSE Arca.

USO’s investment objective is for the daily changes, in percentage terms, of its shares’ net asset value (NAV) to reflect the daily changes, in percentage terms, of the spot price of light sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the Benchmark Oil Futures Contract plus interest earned on USO’s collateral holdings, less USO’s expenses. USO seeks to achieve its investment objective by investing so that the average daily percentage change in USO’s NAV, for any period of 30 successive valuation days, will be within plus/minus 10% of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period.

AN INVESTMENT IN USO SHOULD NOT BE VIEWED AS AN INVESTMENT IN THE BENCHMARK OIL FUTURES CONTRACT OR LIGHT SWEET CRUDE OIL.

WHILE INVESTING IN USO INVOLVES RISKS SIMILAR TO THOSE INVOLVED WITH AN INVESTMENT DIRECTLY IN THE OIL MARKET, USO IS NOT A PROXY FOR TRADING DIRECTLY IN THE OIL MARKETS AND THESE RISKS ARE REAL.

The Benchmark Oil Futures Contract is the futures contract for light, sweet crude oil delivered to Cushing, Oklahoma that is traded on the NYMEX that is the near month contract to expire and changes, over a ten-day period, into the NYMEX futures contract that is the next month to expire. The change from the near month contract to the next month contract occurs at the beginning of each month and will be approximately proportional, relative to total net assets, over each day of the ten-day roll period.

USO currently invests in oil futures contracts and over-the-counter swaps. USO's holdings are available on its website. USO seeks to achieve its investment objective by investing primarily in futures contracts that are traded on the NYMEX, ICE Futures Europe and ICE Futures U.S. or other exchanges. To a lesser extent, USO may invest in other oil-related investments including, without limitation, swaps and forwards, in order to comply with regulatory requirements, risk mitigation measures taken by USO or others, liquidity requirements, or in view of market conditions. Market conditions that USCF currently anticipates could cause USO to invest in other oil-related investments include, but are not limited to, those allowing USO to obtain greater liquidity or to execute transactions with more favorable pricing. These investments will be collateralized by cash, cash equivalents, and US government obligations with remaining maturities of 2 years or less.

Key Facts

As of
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4PM Bid/Ask Midpoint
Last Trade Price
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Shares Outstanding
Total Net Assets
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^ On April 28, 2020, there was a 1-for-8 reverse share split. Historical shares outstanding, net asset value per share has been adjusted to reflect the 1-for-8 reverse share split on a retroactive basis.

Performance

As of
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The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT 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.

† USO commenced operations on 04/10/2006.

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 the performance of the Fund’s benchmark. 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. You cannot invest directly in an index.

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 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 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%.

Rolling 30-Day Average Difference between USO’s NAV and the Benchmark Oil Futures Contract

USO’s investment objective is for the daily changes, in percentage terms, of its shares’ NAV to reflect the daily changes, in percentage terms, of the spot price of light sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the Benchmark Futures Contract, plus interest earned on USO's collateral holdings, less USO's expenses. USO seeks to achieve its investment objective by investing so that for the average daily percentage change in USO’s net asset value, for any period of 30 successive valuation days, will be within plus/minus 10% of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period. As a result, investors should be aware that USO would meet its investment objective even if there are significant deviations between changes in its daily NAV and changes in the daily price of the Benchmark Oil Futures Contract provided that the average daily percentage change in the USO's NAV over 30 successive valuation days is within plus/minus 10% of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period.

The following chart shows, for the period between , the rolling 30-day average difference between USO’s net asset value and the Benchmark Oil Futures Contract. This is measured by subtracting the return of the Benchmark Oil Futures Contract from the return on USO’s net asset value for each of the last thirty business days, and then averaging those thirty differences. The calculation is repeated daily.

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT 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.

Creation & Redemption

  • Creation/Redemption Basket Size 100,000 Shares
  • Transaction charge for each Authorized Purchasers Order is $1,000 (per order, not per basket)
  • Order Cut-off for AP's is 12:00 p.m. ET
  • USO's NAV is calculated generally around 4:00 pm ET
  • Settlement is T+1
  • Custodian is The Bank of New York Mellon
  • Marketing Agent is ALPS Distributors, Inc.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

This information is intended for U.S. residents.

One cannot invest directly in an index.

USCF is a registered service mark of United States Commodity Funds LLC. United States Commodity Funds LLC and USCF Advisers LLC are wholly owned limited liability companies of USCF Investments, Inc.

ALPS Distributors, Inc., is the distributor for funds sponsored by the United States Commodity Funds LLC and funds that are series of the USCF ETF Trust and not affiliated with either entity or USCF Investments, Inc.

Shares of the funds that are exchange-traded products (ETPs) or exchange-traded funds (ETFs) are not individually redeemable and owners of any Shares may acquire those Shares from the Funds and tender those shares for redemption to the Funds in Creation Unit aggregations of 10,000, 25,000, 50,000 or 100,000 Shares.

Investments contain a heightened risk including market and price movements that are outside the Fund’s control and may be influenced by infectious disease outbreaks, including Covid-19, weather and climate conditions, livestock disease, war, terrorism, political conflicts and economic event, interest rates, currency exchange rates, U.S. and non-U.S. government regulation and taxation Investments held in U.S. government securities and money market instruments can suffer losses.

EXCHANGE TRADED PRODUCT DISCLOSURES

We advise you to consider a Fund's objectives, risks, charges and expenses carefully before investing. Download a copy of a Fund's Prospectus by clicking one of the following: which contains this and other information, or contact the Fund’s distributor at: ALPS Distributors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203 or call 800-920-0259. Please read the Fund’s Prospectus carefully before investing.

USCI, USO, USL, BNO, UNG, UNL, UGA, and CPER are commodity pools regulated by the Commodity Futures Trading Commission. These Funds, which are ETPs, are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Past performance does not guarantee future results.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

INVESTING IN USO INVOLVES RISKS SIMILAR TO THOSE INVOLVED WITH AN INVESTMENT DIRECTLY IN THE OIL FUTURES MARKETS, BUT IT IS NOT A PROXY FOR TRADING DIRECTLY IN THE OIL MARKETS AND THESE RISKS ARE REAL. Investing in USO also involves correlation risk. Recent and unprecedented volatility in the crude oil markets in 2020 demonstrates that these risks are real. An investor should consider carefully the risks described below before making an investment decision. See the section of the USO prospectus titled “Risk Factors Involved with an Investment in USO.” Certain of these risk factors are summarized in the Disclosures section of this website.

EXCHANGE TRADED FUND DISCLOSURES

We advise you to consider a fund's objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund's Prospectus by clicking one of the following: . Please read any Prospectus carefully before investing.

An investment in the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), the USCF Dividend Income Fund (UDI), the USCF Midstream Energy Income Fund (UMI), USCF Energy Commodity Strategy Absolute Return Fund (USE), USCF Gold Strategy Plus Income Fund (USG), USCF Sustainable Battery Metals Strategy Fund (ZSB) and the USCF Sustainable Commodity Strategy Fund (ZSC) may not be suitable for all investors.

Investing involves risks, including loss of principal. The market value of shares of common stock can be volatile and change quickly. There is no guarantee that the fund's objective will be met. Fund concentration generally leads to greater price volatility. Foreign investing involves special risks such as currency fluctuations and political uncertainty. Investment in small companies generally experience greater price volatility.

Past performance does not guarantee future results.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not appropriate for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

SDCI, UDI, UMI, USE, USG, ZSB, and ZSC shares are not individually redeemable. Individual investors must buy and sell SDCI, UDI, UMI, USE, USG, ZSB and ZSC shares in the secondary market through their brokerage firm. Brokerage commissions may apply and will reduce returns.

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