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USL ETF — United States 12 Month Oil Fund LP
United States 12 Month Oil Fund LP (USL)
Updated October 16, 2026.
USL is an ETF. its expense ratio is 1.01%. Total return is 22.0% over the past 18.9 years, 593.5 points behind SPY at 615.5%.
United States 12 Month Oil Fund LP is an ETF that invests primarily in futures contracts on light, sweet crude oil and other petroleum products including heating oil, gasoline, and natural gas, tracking the performance of oil futures as traded on the New York Mercantile Exchange. The fund does not currently distribute income to shareholders and carries an expense ratio of 1.01%. This fund appeals to investors seeking commodity exposure or those looking to hedge energy price movements, rather than those focused on generating dividend income.
USL holdings and sector exposure
Holdings are not available for this snapshot.
USL performance versus SPY
Price and return data through 2026-10-16.
Total return is 22.0% over the past 18.9 years, 593.5 points behind SPY at 615.5%. Over the past year its total return — price change plus distributions reinvested — is 88.6%. Its deepest 1-year drawdown was 20.9%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | 11.0% | — |
| 3M | 27.1% | — |
| 6M | 26.2% | — |
| YTD | 88.3% | — |
| 1Y | 88.6% | — |
| 2Y CAGR | — | 30.60% |
| 3Y CAGR | — | 16.60% |
| 5Y CAGR | — | 16.40% |
| 10Y CAGR | — | 12.50% |
| Since inception (18.9 years) | 22.0% | 1.10% |
USL key facts
- Issuer
- USCF Investments
- Asset type
- ETF
- Asset class
- Commodity
- Inception date
- 12/06/2007
- Expense ratio
- 1.01%
- Distribution frequency
- None
- Last close
- $62.74 (as of 2026-10-16)
- AUM
- $47,395,580
- Average volume
- 19120.0
- Beta
- 1.3
How Dividend Vision calculates yield and returns
Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.
Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology
Sources and review
Primary sources: USCF Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.
Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.
USL risks and drawbacks
Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 20.9%.
Who may consider USL — and who may not
It is a weaker fit for investors who need monthly cash flow (USL does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.
More on USL
Frequently asked questions
Does USL pay monthly?
No. USL does not currently distribute.
What is USL's expense ratio?
USL's expense ratio is 1.01%.
When does USL pay a dividend?
USL does not currently distribute.
How has USL performed?
Total return is 22.0% over the past 18.9 years, 593.5 points behind SPY at 615.5%. Over the past year its total return — price change plus distributions reinvested — is 88.6%. Its deepest 1-year drawdown was 20.9%.
More securities from USCF Investments.
Tickers
Holdings as-of date unavailable.
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