Recent news highlights notable ETF outflows from USO amid volatile oil prices and geopolitical tensions, reflecting investor sentiment and market dynamics.

• Notable ETF outflows were detected for USO in early August 2026, indicating investor redemptions and market adjustments.[N1]
• Oil prices fell sharply in early August 2026, impacting energy-related ETFs including USO.[N2]
• USO experienced significant ETF outflows in late July 2026, consistent with market volatility and investor repositioning.[N3]
• Analyst commentary in late July 2026 highlighted USO among energy ETFs under review due to market conditions.[N4]
• Market volatility in mid-2026 was influenced by geopolitical developments and broader market movements affecting USO's trading environment.[N5][N6][N7]
• Oil prices surged in early 2026 amid rising U.S.-Iran tensions, affecting oil ETFs including USO.[N8]

USO provides investors with a direct and liquid means to gain exposure to crude oil price movements through futures contracts and swaps. Its large asset base, authorized participant network, and regulatory compliance framework enable it to maintain significant market presence. The fund's investment in government money market funds and Treasury securities provides liquidity and risk mitigation. USO's structure allows for flexibility in managing regulatory limits by investing in various permitted instruments.

USO faces risks from regulatory position limits and accountability levels that may restrict its ability to hold desired futures positions, potentially causing tracking errors relative to crude oil prices. The fund is exposed to market volatility driven by geopolitical conflicts, natural disasters, and public health disruptions, which can adversely affect crude oil prices and liquidity. Interest rate and inflation risks may impact the value of USO's cash and Treasury investments. Additionally, investments in government money market funds carry credit and liquidity risks. Recent notable ETF outflows indicate sensitivity to market sentiment and price fluctuations.

USO's moat lies in its established position as a widely recognized and liquid investment vehicle for gaining exposure to crude oil prices through futures contracts. Its ability to access and manage large positions in oil futures markets, combined with regulatory compliance and relationships with major financial counterparties and authorized participants, supports its market presence. However, the fund's performance is inherently tied to commodity market conditions and regulatory constraints, which can limit its ability to perfectly track crude oil prices.

• Regulatory Position Limits and Accountability Levels: USO is subject to position limits and accountability levels imposed by futures exchanges and the CFTC, which may restrict its ability to hold certain futures contracts and cause tracking errors relative to crude oil prices.
• Market Volatility and Geopolitical Risks: Crude oil prices and USO's investment values are affected by geopolitical conflicts, natural disasters, public health disruptions, and other events that can cause significant price volatility and liquidity challenges.
• Interest Rate and Inflation Risks: Changes in interest rates and inflation can affect the value of USO's cash and Treasury investments, potentially impacting overall fund performance.
• Credit and Liquidity Risks in Money Market Funds: USO's investments in government money market funds are not guaranteed and may be subject to credit quality changes, redemption pressures, and market liquidity issues.
• Tracking Error Risk: Due to market conditions, regulatory constraints, and investment strategy, USO may experience tracking errors relative to the Benchmark Oil Futures Contract, affecting investment outcomes.

• United States Oil Fund, LP (USO) is an investment fund that primarily invests in crude oil futures contracts and other oil-related investments to meet its investment objective.
• USO invests in Benchmark Oil Futures Contracts traded on exchanges such as NYMEX and ICE Futures, subject to accountability levels and position limits set by these exchanges.
• As of December 31, 2025, USO held 13,180 NYMEX WTI Crude Oil Futures CL contracts, exceeding the accountability level for any one month but did not exceed position limits and was not required to reduce positions.
• USO may invest in other permitted investments including swaps and futures contracts on other exchanges to meet investment objectives and manage regulatory limits.
• USO is subject to U.S. federal regulations including CFTC position limits and margin requirements for swaps, and may be subject to non-U.S. derivatives regulations when transacting with non-U.S. persons.
• USO's net asset value per share was $105.50 as of June 30, 2026, with 16,623,603 limited partner shares outstanding.
• As of June 30, 2026, USO had cash and cash equivalents totaling approximately $1.35 billion and total assets of about $1.9 billion.
• USO's investment portfolio includes long positions in NYMEX WTI Crude Oil Futures contracts and open OTC commodity swap contracts with counterparties such as Macquarie Bank Ltd. and Societe Generale.
• USO holds significant amounts in U.S. government money market funds and Treasury securities as cash equivalents.
• USO's financial results for the six months ended June 30, 2026, showed a net loss of approximately $365 million and negative revenue of approximately $362 million.
• USO's shares trade on the NYSE Arca under the ticker symbol 'USO'.
• USO has an unlimited number of shares authorized and uses Creation Baskets for share issuance and redemption.
• USO's investment results are affected by crude oil futures market conditions including contango and backwardation, which impact tracking of the Benchmark Oil Futures Contract.
• USO's NAV and share price can be volatile due to fluctuations in crude oil prices and market conditions.
• USO is exposed to risks including geopolitical conflicts, natural disasters, public health disruptions, interest rate risk, inflation risk, and risks related to investments in government money market funds.
• Recent news indicates notable ETF outflows from USO in mid-2026, reflecting market dynamics and investor sentiment.
• USO's authorized participants include major financial institutions such as ABN AMRO, BNP Paribas, Citadel Securities, Goldman Sachs, Jane Street Capital, JP Morgan, Merrill Lynch, Morgan Stanley, RBC Capital Markets, SG Americas Securities, UBS, and Virtu Americas.