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USL on NYSE

United States 12 Month Oil Fund, LP

Commodity contracts brokers and dealers company, listed on NYSE (USL)1

In its 2026 annual report the company says: “The United States 12 Month Oil Fund, LP is a Delaware limited partnership organized on June 27, 2007. It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC.”3 It is headquartered in Walnut Creek, California.1

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Last updated Oct 21, 2026.

Overview

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  • TickerUSL on NYSE1
  • IndustryCommodity Contracts Brokers & Dealers1
  • HeadquartersWalnut Creek, California1
  • Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, Ca 945962
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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The United States 12 Month Oil Fund, LP (“USL”) is a Delaware limited partnership organized on June 27, 2007. USL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. USL is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). USL’s shares began trading on December 6, 2007. It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC (“USCF”).3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

108.1%Net margin4
-194.0%Revenue growth, 20254

Financial statements

Revenue56784-$5.3M in 2025
-$50.0M0$50.0M$100.0M$150.0M2019: $14.9M$14.9M20192020: $110.3M$110.3M2020+639%2021: $94.9M$94.9M2021−14%2022: $39.4M$39.4M2022−58%2023: $551.3K$551.3K2023−99%2024: $5.7M$5.7M2024+930%2025: -$5.3M-$5.3M2025
Net income56784-$5.8M in 2025
-$50.0M0$50.0M$100.0M$150.0M2019: $14.4M$14.4M20192020: $108.7M$108.7M2020+653%2021: $93.3M$93.3M2021−14%2022: $38.4M$38.4M2022−59%2023: -$56.5K-$56.5K20232024: $5.1M$5.1M20242025: -$5.8M-$5.8M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Realized gain (loss) on closed commodity futures contracts-$4.5M$1.2M-$4.0M
Change in unrealized gain (loss) on open commodity futures contracts-$2.6M$1.6M$1.1M
Dividend income$1.0M$998.7K$1.1M
Interest income$716.0K$1.9M$2.4M
ETF transaction fees$2.8K$4.2K$8.4K
Total Income (Loss)-$5.3M$5.7M$551.3K
General Partner management fees (Note 3)$257.1K$362.8K$459.9K
Professional fees$146.8K$220.6K$90.9K
Brokerage commissions$5.9K$7.5K$9.0K
Directors' fees and insurance$15.1K$19.3K$36.6K
License fees$6.4K$9.1K$11.5K
Total Expenses$431.4K$619.2K$607.9K
Net Income (Loss)-$5.8M$5.1M-$56.5K
Net Income (Loss) per limited partner share-$5$3-$0
Net Income (Loss) per weighted average limited partner share-$5$3-$0
Weighted average limited partner shares outstanding1.2M shares1.6M shares2.2M shares

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What it owns

What United States 12 Month Oil Fund, LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$31.8M4 Dec 31, 2025$31.9M4 Dec 31, 2024−0.3%

Leadership

Who has led United States 12 Month Oil Fund, LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Nicholas Daniel Gerber2007
  2. John P. Love2015

Chair

  1. Nicholas Daniel Gerber2007

President

  1. Nicholas Daniel Gerber2007
  2. John P. Love2015

Chief financial officer

  1. Howard Mah2007
  2. Stuart P. Crumbaugh2015
2010201520202025
Board members and other officers (10)

Timeline

  1. Sep 29, 20268-K Regulation FD disclosure24
  2. Sep 25, 20268-K Entered a material agreement25
  3. Aug 28, 20268-K Regulation FD disclosure26
  4. Jul 29, 20268-K Regulation FD disclosure27
  5. Jun 29, 20268-K Regulation FD disclosure28
  6. May 28, 20268-K Regulation FD disclosure29
  7. Apr 29, 20268-K Regulation FD disclosure30
  8. Mar 27, 20268-K Regulation FD disclosure31
  9. Mar 27, 20268-K Regulation FD disclosure32
  10. Mar 20, 20268-K Regulation FD disclosure33
  11. Feb 27, 20268-K Regulation FD disclosure34
  12. Jan 29, 20268-K Regulation FD disclosure35
  13. Jul 24, 2015New chief executive John P. Love becomes CEO12
  14. Dec 4, 2007New chief executive Nicholas Daniel Gerber becomes CEO13

Filings

125 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 76 major events, 1 insider forms, 28 other. The latest 20:

  1. Sep 29, 20268-K EDGAR
  2. Sep 25, 20268-K EDGAR
  3. Aug 28, 20268-K EDGAR
  4. Aug 7, 202610-Q EDGAR
  5. Jul 29, 20268-K EDGAR
  6. Jun 29, 20268-K EDGAR
  7. May 28, 20268-K EDGAR
  8. May 14, 2026POS EX EDGAR
  9. May 8, 202610-Q EDGAR
  10. Apr 29, 20268-K EDGAR
  11. Apr 24, 2026424B3 EDGAR
  12. Mar 30, 2026424I EDGAR
  13. Mar 27, 20268-K EDGAR
  14. Mar 27, 20268-K EDGAR
  15. Mar 20, 20268-K EDGAR
  16. Feb 27, 202610-K EDGAR
  17. Feb 27, 20268-K EDGAR
  18. Jan 29, 20268-K EDGAR
  19. Dec 29, 20258-K EDGAR
  20. Dec 1, 20258-K EDGAR

The 125 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jane Street Group, LLC25,931$1.2M0.0%−1,803
Greenfield Seitz Capital Management, LLC17,550$796.2K0.2%New
LPL Financial LLC11,272$511.4K0.0%−45,248
Cetera Investment Advisers11,188$507.6K0.0%+2,854
Susquehanna International Group, Llp10,311$467.8K0.0%−17,616
Simplex Trading, LLC5,780$262.2K0.0%+819
Bank Of Montreal /can/5,458$247.6K0.0%No change
Osaic Holdings, Inc.4,287$194.5K0.0%−365
Morgan Stanley4,159$188.7K0.0%No change
Roxbury Financial LLC2,308$104.7K0.1%−1,517
Integrated Wealth Concepts LLC2,030$92.1K0.0%New
UBS Group AG1,406$63.8K0.0%New
Continuum Advisory, LLC944$42.8K0.0%New
Farther Finance Advisors, LLC625$28.4K0.0%New
Jpmorgan Chase & Co595$27.0K0.0%No change
Downshift Financial, LLC400$18.1K0.0%New
IFP Advisors, Inc126$5.7K0.0%No change
AdvisorNet Financial, Inc50$2.3K0.0%No change
Flow Traders U.s. LLC21,899$9940.0%+13,088
Virtu Financial LLC21,667$9830.0%−31,502
Mirae Asset Global Investments Co., Ltd.1$450.0%−30,699

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How United States 12 Month Oil Fund, LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARUnited States 12 Month Oil Fund, LP1
  • CIK0001405528
  • Employer ID (EIN)26-04318973
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 945961
  • Phone(510) 522-96001
  • Shares outstanding900,000 as of Aug 4, 202610
  • Public float$42.2M as of Jun 30, 20253
  • AuditorCOHEN & COMPANY, LTD, Philadelphia, Pennsylvania PCAOB ID 349; it also attests to the company’s internal control over financial reporting3
  • On EDGAR sinceJul 5, 20071
  • Filings517 in all: 8-K (287), 10-Q (57), 424B3 (48), 10-K (19), EFFECT (16), CORRESP (13), 3 (12), POS AM (12)1
    All 27 form types

    UPLOAD (10), S-1/A (6), S-3 (5), POS EX (4), S-1 (4), 424I (3), S-3/A (3), SC 13G (3), 10-K/A (2), 10-Q/A (2), 8-A12B (2), SC 13G/A (2), 25 (1), 8-K/A (1), AW (1), CERTAMX (1), CERTPAC (1), CT ORDER (1), RW (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Shares of United States 12 Month Oil Fund, LPUSLNYSE

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks United States 12 Month Oil Fund, LP names in Item 1A of its 10-K filed Feb 27, 2026: 57 risks under these headings, as written.3

  • Investment Risk
  • The NAV of USL’s shares relates directly to the daily changes in the average of prices of the Benchmark Oil Futures Contracts and other assets held by USL and fluctuations in the prices of these assets could materially adversely affect an investment in USL’s shares. Past performance is not necessarily indicative of future results; all or substantially all of an investment in USL could be lost.
  • Economic conditions impacting crude oil.
  • Other crude oil demand-related factors.
  • Other crude oil supply-related factors.
  • Other factors impacting the crude oil market.
  • Price volatility may possibly cause the total loss of your investment.
  • Natural disasters, public health disruptions (such as the COVID-19 pandemic), and international armed conflicts could impact the price of crude oil and/or the value, pricing and liquidity of USL investments or assets which, in turn, could cause the loss of your investment in USL.
  • Historical performance of USL and the Benchmark Oil Futures Contracts is not indicative of future performance.
  • Correlation Risk
  • The market price at which investors buy or sell shares may be significantly less or more than NAV.
  • Daily percentage changes in USL’s NAV may not correlate with daily percentage changes in the average of the prices of the Benchmark Oil Futures Contracts.
The other 47 risks
  • Daily percentage changes in the average of the prices of the Benchmark Oil Futures Contracts may not correlate with daily percentage changes in the spot price of crude oil.
  • Natural forces in the crude oil futures market known as “backwardation” and “contango” may increase USL’s tracking error and/or negatively impact total return.
  • Accountability levels, position limits, and daily price fluctuation limits set by the exchanges have the potential to cause tracking error, which could cause the average of the prices of shares to substantially vary from the average of the prices of the Benchmark Oil Futures Contracts.
  • Risk mitigation measures that could be imposed by USL’s FCMs have the potential to cause tracking error by limiting USL’s investments, including its ability to fully invest in the Benchmark Oil Futures Contracts and other Futures Contracts, which means that changes in the price of USL’s shares could substantially vary from changes in price of the Benchmark Oil Futures Contracts.
  • An investor’s tax liability may exceed the amount of distributions, if any, on its shares.
  • An investor’s allocable share of taxable income or loss may differ from its economic income or loss on the shares.
  • Items of income, gain, deduction, loss and credit with respect to shares could be reallocated, for U.S. federal income tax purposes, and USL could be liable for U.S. federal income tax, if the IRS does not accept the assumptions and conventions applied by USL in allocating those items, with potential adverse consequences for an investor.
  • USL could be treated as a corporation for U.S. federal income tax purposes, which may substantially reduce the value of the shares.
  • USL is organized and operated as a limited partnership in accordance with the provisions of the LP Agreement and applicable state law, and therefore, USL has a more complex tax treatment than traditional mutual funds.
  • If USL is required to withhold tax with respect to any non-U.S. shareholders, the cost of such withholding may be borne by all shareholders.
  • The impact of changes in U.S. federal income tax laws on USL is uncertain.
  • OTC Contract Risk
  • USL will be subject to credit risk with respect to counterparties to OTC contracts entered into by USL.
  • Valuing OTC derivatives may be less certain than valuing exchange-traded and/or cleared financial instruments.
  • USL is not leveraged, but it could become leveraged if it had insufficient assets to completely meet its margin or collateral requirements relating to its investments.
  • USL may temporarily limit the offering of Creation Baskets.
  • Certain of USL’s investments could be illiquid, which could cause large losses to investors at any time or from time to time.
  • USL is not actively managed and its investment objective is to track the Benchmark Oil Futures Contracts so that the average daily percentage change in USL’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the price of the Benchmark Oil Futures Contracts over the same period.
  • USL may not meet the listing standards of NYSE Arca, which would adversely impact an investor’s ability to sell shares.
  • The NYSE Arca may halt trading in USL’s shares, which would adversely impact an investor’s ability to sell shares.
  • The liquidity of USL’s shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the shares.
  • Shareholders that are not Authorized Participants may only purchase or sell their shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the shares.
  • The lack of an active trading market for USL’s shares may result in losses on an investor’s investment in USL at the time the investor sells the shares.
  • Limited partners and shareholders do not participate in the management of USL and do not control USCF, so they do not have any influence over basic matters that affect USL.
  • Limited partners may have limited liability in certain circumstances, including potentially having liability for the return of wrongful distributions.
  • USCF’s LLC Agreement provides limited authority to the Non-Management Directors, and any Director of USCF may be removed by USCF’s parent company, which is wholly owned by The Marygold Companies, Inc., a controlled public company where the majority of shares are owned by Nicholas D. Gerber along with certain of his family members and certain other shareholders.
  • There is a risk that USL will not earn trading gains sufficient to compensate for the fees and expenses that it must pay and as such USL may not earn any profit.
  • USL is subject to extensive regulatory reporting and compliance.
  • Regulatory changes or actions, including the implementation of new legislation are impossible to predict but may significantly and adversely affect USL.
  • USL is not a registered investment company so shareholders do not have the protections of the 1940 Act.
  • Trading in international markets could expose USL to credit and regulatory risk.
  • USL and USCF may have conflicts of interest, which may permit them to favor their own interests to the detriment of shareholders.
  • USL could terminate at any time and cause the liquidation and potential loss of an investor’s investment and could upset the overall maturity and timing of an investor’s investment portfolio.
  • USL does not expect to make cash distributions.
  • An unanticipated number of Redemption Basket requests during a short period of time could have an adverse effect on USL’s NAV.
  • The suspension in the ability of Authorized Participants to purchase Creation Baskets could cause USL’s NAV to differ materially from its trading price
  • USL may determine that to allow it to reinvest the proceeds from sales of its Creation Baskets in currently permitted assets in a manner that meets its investment objective it may limit its offers of Creation Baskets.
  • USL may be subject to interest rate risk, which may prevent USL from investing fully at prevailing rates until any current investments in Treasuries mature in order to avoid selling those investments at a loss.
  • As inflation increases, the present value of USL’s assets may decline.
  • Inflation is a general increase in the overall price level of goods and services in the economy. The United States Federal Reserve has a stated goal of maintaining a two percent increase in inflation over the long run, as measured by the annual change in the price index for personal consumption expenditures.
  • USL may potentially lose money by investing in government money market funds.
  • The failure or bankruptcy of a clearing broker could result in a substantial loss of USL’s assets and could impair USL in its ability to execute trades.
  • The failure or bankruptcy of USL’s Custodian could result in a substantial loss of USL’s assets.
  • Competing claims of intellectual property rights may adversely affect USL and an investment in USL’s shares.
  • USCF believes that it has properly licensed or obtained the appropriate consent of all necessary parties with respect to intellectual property rights. However, other third parties could allege ownership as to such rights and may bring legal action asserting their claims. The expenses in litigating, negotiating, cross-licensing or otherwise settling such claims may adversely affect USL. Additionally, as a result of such action, USL could potentially change its investment objective, strategies or benchmark. Each of these factors could have a negative impact on the performance of USL.
  • Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.
  • USL’s investment returns could be negatively affected by climate change and greenhouse gas restrictions.
  • USCF is the subject of class action, derivative and other litigation. In light of the inherent uncertainties involved in litigation matters, an adverse outcome in this litigation could materially adversely affect USCF’s financial condition.

Legal proceedings

From time to time, USL may be involved in legal proceedings arising primarily out of the ordinary course of business. USL is not currently party to any material legal proceedings. In addition, USCF, as the general partner of USL and the Related Public Funds may, from time to time, be involved in litigation arising out of its operations in the ordinary course of business. Except as described below, USCF is not currently party to any material legal proceedings.

Optimum Strategies Action

On April 6, 2022, USO and USCF were named as defendants in an action filed by Optimum Strategies Fund I, LP, a purported investor in call option contracts on USO (the “Optimum Strategies Action”). The action was in the U.S. District Court for the District of Connecticut at Civil Action No. 3:22-cv-00511.

The Optimum Strategies Action asserted claims under the Securities Exchange Act of 1934, as amended (the “1934 Act”), Rule 10b-5 thereunder, and the Connecticut Uniform Securities Act (“CUSA”). It purported to challenge statements in registration statements that became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May 2020, in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint was seeking damages, interest, costs, attorney’s fees, and equitable relief.

The opening of Item 3, Legal Proceedings.3

Sources

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