What this ETF is trying to do

The United States 12 Month Oil Fund LP (USL) is an ETF that focuses on the oil market. It is designed to track the price of oil over a 12-month period.

What the numbers show

As of October 5, 2026, the current price of one share is $57.53.

The price has grown significantly over several timeframes:

• Year-to-Date (YTD): The price return is approximately 72.67%.

• One Year: The price return is approximately 65.46%.

• Three Years: The price return is approximately 54.88%.

• Five Years: The total return is approximately 101.01%.

Because this fund does not pay distributions, the price return and the total return are the same. For example, the one-year price return and one-year total return are both 65.46%.

To understand the one-year growth, we can look at an estimated price from roughly one year ago, which was $34.77. If an investor had put $10,000 into the fund based on that estimated price, the value of those shares would have grown by 65.46% based on the price return.

Income and distribution explanation

This ETF does not pay out cash to investors. The distribution yield is 0%, and there were no payouts in the last 12 months. This means investors do not receive regular income from this fund; instead, any potential gain comes from the share price increasing.

NAV erosion explanation

"NAV erosion" happens when the internal value of a fund's assets drops over time, even if the market price doesn't show it immediately.

For this ETF, the erosion-risk score is 100, and the erosion severity is labeled as "good." The data states that no price erosion was detected, and the severe erosion-risk flag is false.

Pros

• The fund has shown strong positive price returns over the short, medium, and long term.

• There is currently no detected NAV erosion.

Cons

• The fund provides no cash income or distributions for investors.

• No specific top holdings were supplied in the data.

Beginner takeaway

USL is a fund for people who want to follow the price of oil. Unlike some ETFs that pay you a monthly or quarterly check (distributions), this fund does not pay any income. Investors rely entirely on the share price going up to make money. While the recent returns have been high, it is important to remember that high returns in the past do not guarantee the same results in the future.