ETF Evaluator:
United States Oil (USO)
Follow This ETF
(as of Jul 31)
Best Performing in Commodities Focused Over the Last Year
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ETF Details
United States Oil Overview
United States Oil (USO) is a passively managed Commodities Commodities Focused exchange-traded fund (ETF). USCF Investments launched the ETF in 2006.
The investment seeks the daily changes in percentage terms of its shares’ per share 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 price of a specified short-term futures contract on light, sweet crude oil called 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 primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels.
About United States Oil (USO)
There are 1 members of the management team with an average tenure of 20.24 years: Management Team (2006). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: USCF Oil Fund Futures PR USD index with a weighting of 100%. United States Oil has 9 securities in its portfolio. The top 10 holdings constitute 54.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
United States Oil is part of the Real Assets global asset class and is within the Commodities ETF group. United States Oil has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). United States Oil has 57.3% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $4 billion average for the Commodities Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
USO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The United States Oil expense ratio is high compared to funds in the Commodities Focused category. United States Oil has an expense ratio of 0.86%, which is 14% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. United States Oil has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of June 2026, United States Oil returned -17.6%, which earned it a grade of F, as the Commodities Focused category had an average return of -10.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
United States Oil has a trailing yield of 0.00%, which is below the 6.89% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
United States Oil Grades
Year to date, the ETF has returned 52.7%, 37.1 percentage points better than the category, which translates into a grade of A. The fund has returned 44.0% over the past year (grade of A), 18.3% over the past three years (grade of B) and 16.2% per year over the past five years (grade of B) and 1.3% per year over the past 10 years (grade of D).
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USO Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| USO Return (NAV) | -17.6% | -16.5% | 44.0% | 18.3% | 16.2% | 1.3% |
| USO Return (Price) | -17.5% | -16.4% | 45.6% | 18.8% | 16.4% | 1.4% |
| NAV +/- Price Return | -0.050% | -0.178% | -1.572% | -0.410% | -0.204% | -0.081% |
| Commodities Focused Avg | -10.3% | -8.3% | 43.7% | 14.0% | 8.9% | 5.2% |
| USO Grade (NAV) | F | F | A | B | B | D |
| +/- Category (NAV) | -7.3% | -8.2% | 0.3% | 4.3% | 7.3% | -3.9% |
| USO Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
USO Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USO Return (NAV) | 52.7% | -8.4% | 12.8% | -4.5% | 29.3% | 63.8% | -67.7% | 33.4% | -20.6% | 3.2% | 6.2% |
| USO Return (Price) | 53.9% | -8.5% | 13.4% | -4.9% | 29.0% | 64.7% | -67.8% | 32.6% | -19.6% | 2.5% | 6.5% |
| NAV +/- Price Ret | 0.023% | 0.005% | 0.047% | 0.104% | -0.011% | 0.013% | 0.002% | -2.3% | -5.2% | -22.4% | 5.9% |
| Commodities Focused Avg | 15.5% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| USO Grade (NAV) | A | D | C | D | A | A | F | A | F | C | D |
| +/- Category | 37.1% | -44.0% | 6.5% | -3.4% | 20.1% | 36.0% | -69.1% | 18.5% | -11.2% | 0.1% | -3.8% |
| Risk Measures | |
| Beta: | 2.22 |
| R-Squared: | 51% |
| Standard Deviation: | 41.7% |
| Category Risk Index: | 1.65 |
| Category Risk Rating: | High |
| Total Risk Index: | 3.43 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 1,880 Mil |
| Share Class Assets: | $ 1,880 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.86% |
| Index Fund: | Yes |
| Index Tracked: | USCF Oil Fund Futures PR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 20.2 years | |||
| Average Tenure: 20.2 years | |||
| Managers (Year): Team Management (2006) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 9 |
| % in Top 10 Holdings: | 54.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 42.7% |
| Cash: | 57.3% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | USCF Investments |
| Phone Number: | 510-522-9600 |
| Website: | www.unitedstatesoilfund.com |
| Inception Date: | April 10, 2006 |
Expenses and Fees
| Expense Ratio (%): | 0.86% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
