Recent news highlights USL's performance challenges amid volatile oil prices and geopolitical tensions, as well as analyst attention on its positioning among oil ETFs.

• United States 12 Month Oil Fund reported a loss for November, reflecting ongoing volatility in crude oil prices [N2].
• Oil ETFs, including USL, gained on market reactions to Russian sanctions, raising questions about the sustainability of the rally [N4].
• Analyst commentary has highlighted USL alongside other oil ETFs as potential beneficiaries if oil prices continue climbing [N1][N3].
• Market tensions in the Middle East have caused jumps in oil ETFs, impacting USL's market dynamics [N6].
• Oil ETFs experienced gains at the start of 2025 due to tightening supply conditions, influencing USL's performance [N7].
• Oil prices fell for the second consecutive year in early 2025, affecting ETFs including USL [N8].

USL offers investors a transparent and regulated vehicle to gain exposure to crude oil price movements over a 12-month horizon, which can be attractive during periods of rising oil prices or market tightness. The fund's monthly rolling strategy and adherence to regulatory limits provide a structured approach to managing futures exposure. Lower management fees and reduced expenses in recent periods may enhance net returns. The fund's liquidity, supported by Authorized Participants and monthly account statements, facilitates investor access and transparency. Positive developments in oil markets or geopolitical events that tighten supply could increase interest in USL as an investment vehicle [N1][N3][N4].

USL's performance is subject to significant volatility due to fluctuations in crude oil futures prices, including contango and backwardation effects that can erode returns. Regulatory position limits and accountability levels may constrain the fund's ability to fully implement its investment strategy, potentially causing tracking errors. Market disruptions such as geopolitical conflicts, natural disasters, or public health crises can negatively impact oil prices and the fund's NAV. Interest rate risk and inflation may reduce the value of USL's cash and Treasury holdings. Additionally, the fund's reliance on futures contracts exposes it to risks related to margin requirements and clearing obligations. Declines in oil prices or prolonged market downturns can lead to losses for investors [N2][N5][N6][S1][S2].

USL's moat derives from its specialized investment strategy focused on providing investors with exposure to crude oil prices through a 12-month futures contract structure. Its regulatory compliance, established relationships with Authorized Participants, and operational infrastructure for rolling futures contracts monthly contribute to its market position. The fund's ability to manage regulatory position limits and margin requirements while maintaining liquidity and transparency through SEC filings and monthly reporting supports investor confidence. However, as an ETF tracking commodity futures, USL's moat is primarily operational and regulatory rather than based on proprietary technology or unique assets.

• Market Volatility and Price Fluctuations: USL's NAV and returns are highly sensitive to crude oil futures price volatility, including contango and backwardation, which can negatively impact investment performance.
• Regulatory Position Limits: USL is subject to accountability levels and position limits imposed by futures exchanges, which may restrict its ability to maintain desired exposure and cause tracking errors.
• Geopolitical and Environmental Risks: Events such as wars, sanctions, natural disasters, and public health crises can disrupt oil markets and adversely affect USL's investments and NAV.
• Interest Rate and Inflation Risks: Changes in interest rates and inflation can reduce the value of USL's cash and Treasury investments, impacting overall returns.
• Margin and Clearing Requirements: USL must comply with margin rules and clearing obligations for swaps and futures, which may increase costs and operational complexity.

• United States 12 Month Oil Fund, LP (USL) is an exchange-traded fund that invests primarily in oil futures contracts to track the price of crude oil over a 12-month period.
• USL invests in Benchmark Oil Futures Contracts traded on the NYMEX and ICE Futures exchanges, subject to accountability levels and position limits imposed by these exchanges.
• As of December 31, 2025, USL held 642 futures contracts for light, sweet crude oil on the NYMEX and did not exceed accountability or position limits during the fiscal year 2025.
• USL's investment strategy involves rolling futures contracts monthly to maintain exposure to the next 12 months of crude oil futures.
• USL is subject to regulatory requirements including margin rules for swaps, position limits, and clearing requirements under CFTC regulations.
• USL's portfolio expenses include management fees, brokerage commissions, offering costs, licensing fees, and other administrative expenses.
• USL had 1,100,000 shares outstanding as of December 31, 2025, with an unlimited number of shares authorized for issuance.
• USL's net asset value (NAV) per share decreased from $38.01 at the end of 2024 to $33.31 at the end of 2025, reflecting changes in crude oil futures prices.
• USL's average daily total net assets decreased from approximately $60.5 million in 2024 to $42.8 million in 2025.
• USL earned dividend and interest income on Treasuries and cash equivalents, which was lower in 2025 compared to 2024 due to lower average interest rates.
• USL's management fee and other expenses decreased in 2025 compared to 2024, partly due to lower professional fees and fewer commissions from trading fewer futures contracts.
• USL's financial snapshot as of September 30, 2026, shows cash and equivalents of approximately $39.8 million, revenue of about $10.7 million, and net income of about $10.5 million for the quarter ending on that date.
• USL redeems shares through Authorized Participants and had a redemption of 50,000 shares in August 2026.
• USL publishes monthly account statements including income and NAV changes, which are filed with the SEC and posted on its website.
• USL's NAV calculation uses NYMEX closing prices and values other investments as of NYSE Arca close.
• USL's investment returns are affected by market conditions including contango and backwardation in crude oil futures markets.
• USL's investments are exposed to risks including geopolitical conflicts, natural disasters, interest rate changes, inflation, and regulatory changes.
• USL's share price and NAV can be volatile due to fluctuations in crude oil prices and futures market dynamics.