United States Oil Fund, LP
USO CommodityUpdated: Jul 5, 2026, 21:17 UTC
Key Metrics
About This ETF
The United States Oil Fund, LP (USO) is a Commodity ETF with an expense ratio (TER) of 0.86% and $1.7B in assets under management. Year-to-date, USO has returned +50.78%.
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.
FAQ — USO
What is the TER of USO (United States Oil Fund, LP)?
USO has a Total Expense Ratio (TER) of 0.86 % per year. That sits above the commodity category median (0.59 % across 9 peer ETFs). The TER is deducted directly from the fund and lowers your effective return.
What return has USO delivered?
Performance for USO: YTD: +50.78 % · 3-year p.a.: +17.94 % · 5-year p.a.: +15.34 %. Over 5 years, USO underperforms the commodity category median of +17.52 % by -2.18 pp. Past performance is no guarantee of future returns.
Where can I buy or set up a savings plan for USO?
USO is available at most major brokers. For a free monthly savings plan from €1, look at Trade Republic, Scalable Capital or Flatex. The broker comparison on this site shows fees, free-savings-plan ETFs and execution exchanges side by side.
What is the United States Oil Fund (USO)?
The United States Oil Fund, LP (USO) is not a conventional equity ETF but a commodity pool designed to track the price of light, sweet crude oil (WTI). Crucially, USO does not hold physical oil; it invests primarily in short-dated crude oil futures. The fund manages roughly $1.9B in assets and charges 0.86% per year. It pays no dividend. Investors here are taking a view on oil through futures contracts rather than on the spot price.
USO performance
The reported returns clearly reflect the cyclical nature of the oil market. Year to date, the data shows USO up about 89.65%. Over three years the cumulative return is roughly 26.45%, and over five years around 23.53%. The price stands at $130.78, placing it near 73.6% of its 52-week range ($65.96 to $154.08).
- Year to date: +89.65%
- 3 years: +26.45%
- 5 years: +23.53%
Keep in mind that because USO rolls futures, long-term returns can diverge noticeably from the pure spot price of crude oil.
USO risk profile
USO is among the most volatile exchange-traded products available. Its 52-week range of $65.96 to $154.08 illustrates the dramatic price swings. The key structural risk is roll cost: when the oil market is in contango (later-dated futures priced higher than nearer ones), regularly rolling contracts creates a drag on returns that can erode value over time even if the spot price holds steady.
- Very high volatility
- Contango and roll-cost drag
- No distribution (yield 0.0%)
- Expense ratio 0.86% per year
Who might USO suit?
USO is aimed at experienced, short-term-oriented investors who want a tactical position on the oil price or a hedge against existing exposure. Because of the roll-cost effect, the product is traditionally treated as a short-holding-period tool rather than a long-term building block. With no dividend, it is unsuitable for income strategies. USO has historically been structured as a Limited Partnership (LP), which in the United States can introduce tax nuances such as a K-1 form.
- Tactical, short-term exposure
- Comfort with commodity volatility required
- Not an income or buy-and-hold holding
This is not investment advice.
USO and comparable products
Investors seeking oil exposure through futures have several alternatives, differing mainly in the maturity of the contracts held and the grade of crude.
- BNO – United States Brent Oil Fund: tracks Brent rather than WTI, responding differently to regional supply conditions.
- USL – United States 12 Month Oil Fund: spreads across twelve futures months, softening the roll-cost effect relative to USO.
- DBO – Invesco DB Oil Fund: uses a rules-based rolling methodology aimed at reducing contango drag.
The choice depends on crude grade, rolling strategy and your intended time horizon.
Where can I buy USO?
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