Recent news coverage highlights USL's financial performance, market impacts on oil ETFs, and geopolitical influences on oil prices.

• United States 12 Month Oil Fund reported a loss for November, reflecting market volatility and price declines in crude oil futures [N2].
• Oil ETFs, including USL, gained on market reactions to Russian sanctions, indicating sensitivity to geopolitical events [N4].
• Analyst blogs have highlighted USL alongside other oil ETFs as notable investment vehicles in the energy sector [N3].
• Discussions on whether to invest in crude oil ETFs like USL have been featured, reflecting ongoing investor interest and market debate [N5].
• Oil ETFs experienced price jumps in response to escalation in Middle East tensions, underscoring geopolitical risk factors [N6].
• At the start of 2025, oil ETFs including USL saw increased activity as supply tightened, showing market responsiveness [N7].
• Oil prices fell for the second consecutive year, impacting ETFs focused on crude oil including USL [N8].
• If oil prices continue climbing, USL is identified among ETFs that could benefit from such market conditions [N1].

USL offers investors a direct and regulated vehicle to gain exposure to crude oil price movements through a diversified portfolio of futures contracts. Its structure allows for daily liquidity and transparent pricing, which can appeal to investors seeking tactical or strategic exposure to oil markets. The fund's management of margin and collateral requirements without leverage reduces certain financial risks. Market conditions that favor rising oil prices or increased volatility may enhance investor interest and trading volumes in USL. The fund's established operational and regulatory compliance framework supports investor confidence and market participation.

USL's performance is subject to significant volatility and risk due to fluctuations in crude oil futures prices, including periods of contango and backwardation that can erode returns. Regulatory position limits and accountability levels may restrict the fund's ability to fully implement its investment strategy, potentially causing tracking errors. The fund's holdings in money market funds and Treasuries expose it to interest rate risk and credit risk, which can affect liquidity and asset values. Market disruptions, geopolitical conflicts, and regulatory changes can adversely impact the fund's NAV and investor returns. Additionally, the fund's expenses, including management fees and brokerage costs, may reduce net returns, especially in periods of low or negative income.

USL's moat derives from its specialized investment strategy focused on providing investors with exposure to the price movements of light, sweet crude oil through a rolling portfolio of oil futures contracts. Its structure as a publicly registered and regulated investment fund with established relationships with futures exchanges and authorized participants supports liquidity and market access. The fund's operational infrastructure, including risk management, margining, and compliance with regulatory position limits, provides a barrier to entry for less established competitors. Additionally, USL's ability to offer daily NAV pricing and trading on a major exchange enhances investor accessibility. However, the fund's performance and attractiveness are closely tied to crude oil market dynamics and regulatory frameworks, which can impact its competitive position.

• Market Price Volatility: USL's NAV and returns are highly sensitive to fluctuations in crude oil futures prices, which can be volatile due to geopolitical events, supply-demand imbalances, and macroeconomic factors [S1].
• Regulatory Position Limits: USL is subject to position limits and accountability levels imposed by futures exchanges, which may restrict its ability to hold certain futures contracts and impact its investment strategy and tracking performance [S1].
• Liquidity and Margin Requirements: The fund must maintain sufficient liquidity to meet margin and collateral obligations for its futures and swap positions. Failure to do so could lead to forced liquidation or tracking errors [S13, S17].
• Counterparty and Custodian Risk: USL's assets held with futures commission merchants (FCMs) and custodians are subject to counterparty risk, including potential insolvency, which could result in loss of assets [S16, S18, S19].
• Interest Rate and Credit Risk: Investments in money market funds and Treasuries expose USL to interest rate risk and credit risk, which can affect the value of these holdings and income generated [S1, S16].
• Operational and Legal Risks: USL may face operational risks including cybersecurity threats and legal proceedings, although no material legal proceedings are currently pending [S1, S2].

• United States 12 Month Oil Fund, LP (USL) is an investment fund that invests primarily in oil futures contracts and other oil-related investments to track the price of light, sweet crude oil as represented by Benchmark Oil Futures Contracts traded on the NYMEX and ICE Futures exchanges [S1].
• USL's investment strategy involves holding Oil Futures Contracts and rolling them monthly to maintain exposure to the next twelve months of crude oil futures [S1].
• USL does not use leverage or borrow money; it invests to maintain adequate liquidity to meet margin and collateral requirements for its futures and swap positions [S1, S13, S17].
• USL holds a significant portion of its net assets in cash, cash equivalents, money market funds, and U.S. Treasuries, which are used as margin and collateral for its futures trading [S1, S13, S16].
• As of June 30, 2026, USL had cash and cash equivalents of approximately $34.76 million [S2].
• USL's revenue for the quarter ended June 30, 2026 was negative $1.73 million, and net income was negative $1.87 million for the same period [S2].
• USL's management fee is 0.60% of net assets, with additional expenses including brokerage fees, licensing fees, and tax reporting costs [S1, S20, S21, S22].
• USL's shares are issued and redeemed in Creation Baskets of 50,000 shares by Authorized Participants; shares trade on the NYSE Arca under the ticker USL [S1, S5].
• USL's net asset value (NAV) per share was $33.31 at December 31, 2025, down from $38.01 at the end of 2024, reflecting a decrease in crude oil futures prices during 2025 [S1, S7].
• USL's portfolio held 642 crude oil futures contracts on the NYMEX as of December 31, 2025, with no holdings on ICE Futures [S1].
• USL is subject to position limits and accountability levels imposed by futures exchanges such as NYMEX and ICE Futures, which may affect its ability to invest in certain contracts [S1].
• USL is not a Swap Entity under margin rules but is a financial end-user subject to variation margin requirements for swaps it enters into [S1].
• USL's liquidity needs include redeeming shares, margin deposits for futures contracts, posting collateral for OTC swaps, and payment of expenses; it meets these needs from proceeds of investments and cash holdings [S13, S14, S15, S17].
• USL's investments in money market funds and Treasuries are subject to risks including credit risk, interest rate risk, and potential loss of principal [S1, S16, S19].
• USL's NAV and share price are affected by crude oil futures price volatility, including market states of contango and backwardation [S1].
• USL's monthly account statements and financial reports are publicly available on its website [S2].
• USL has not been involved in any material legal proceedings recently [S1, S2].
• USL's governance includes oversight by USCF as general partner, with independent directors providing additional oversight [S3].
• Recent news highlights include reports of USL's November loss, discussions of oil price impacts on ETFs including USL, and market reactions to geopolitical events affecting oil prices [N1, N2, N3, N4, N5, N6, N7, N8].