United States 12 Month Oil Fund, LP filings document regulatory reporting for a commodity fund whose disclosures include monthly account statements and annual financial statements. The fund furnishes Form 8-K materials under Regulation FD, including Statements of Income (Loss) and Statements of Changes in Net Asset Value required under Commodity Exchange Act Rule 4.22.
The filings describe realized and unrealized commodity futures results, dividend and interest income, net asset value changes, and related fund financial reporting. They also include financial-condition records for United States Commodity Funds LLC, the fund's general partner.
United States 12 Month Oil Fund, LP (USL) offers continuously issued exchange-traded shares on NYSE Arca that seek to track daily percentage changes in the spot price of light, sweet crude oil as measured by the equally weighted average of 12 consecutive monthly crude oil futures (the Benchmark Oil Futures Contracts), plus interest on collateral, less expenses. The fund uses futures, cleared swaps and certain OTC oil‑related instruments, rolls the near‑month contract monthly, and targets that the 30‑day average daily percentage change in NAV will be within ±10% of the Benchmark. Creation and redemption occur in 50,000‑share baskets via Authorized Participants; NAV was $38.24 per share as of February 28, 2026. Fees include a 0.60% management fee and total annual operating expenses of 1.01%. Material risks disclosed include contango/backwardation, correlation and tracking error, OTC counterparty credit risk, position and accountability limits (current accountability level 10,000 contracts), tax complexity for shareholders, and the potential suspension or limitation of Creation Baskets.
United States 12 Month Oil Fund, LP (USL) furnished its audited financial statements for 2025, showing a swing to loss after a strong 2024. For the year ended December 31, 2025, USL reported a net loss of $5,764,786 versus net income of $5,056,744 in 2024, driven mainly by realized and unrealized losses on crude oil futures.
Total income from trading, dividends and interest was a loss of $5,333,392 in 2025 compared with positive income of $5,675,975 a year earlier. Partners’ capital declined to $36,643,640 from $49,416,184, as redemptions exceeded creations and performance was negative. Net asset value per share fell to $33.31 from $38.01, producing a total return of (12.37)% after a 7.89% gain in 2024.
At year-end 2025, USL held 1,100,000 limited partner shares outstanding and maintained a predominantly cash and cash-equivalent collateral base alongside 642 long NYMEX WTI crude oil futures contracts with aggregate notional value of $39,654,303. An independent registered public accounting firm issued unqualified opinions on both the financial statements and internal control over financial reporting, noting no critical audit matters.
United States 12 Month Oil Fund, LP furnished its monthly account statement for the month ended February 28, 2026. The fund reported net income of $1,518,244, driven mainly by an unrealized gain on commodity futures of $1,454,650, partially offset by a small realized trading loss.
Dividend income of $73,746, interest income of $42,360 and ETF transaction fees of $1,400 contributed to total income of $1,551,316, while expenses totaled $33,072. Net asset value rose from $40,704,362 at the beginning of the month to $43,981,289 at month-end, with NAV per share of $38.24 based on 1,150,000 shares outstanding.
United States 12 Month Oil Fund, LP furnished the audited statements of financial condition of its general partner, United States Commodity Funds LLC (USCF), as of December 31, 2025 and 2024. USCF reported total assets of $6,712,164 and member’s equity of $5,075,965 at year-end 2025.
USCF’s balance sheet is driven by cash, money market investments, and management fees receivable from its commodity funds, including USO, UNG, USL, and others. It holds operating lease right-of-use assets for its Walnut Creek office and records deferred tax assets mainly from fund start-up costs and accruals.
The notes describe revenue based on management fees tied to each fund’s average daily net assets, fair value measurement of investments, lease commitments through March 2028, and concentration of receivables in USO and UNG. USCF also discloses multiple legal proceedings and prior SEC and CFTC settlement orders, noting no loss accrual has been recorded but that adverse outcomes could materially affect its financial condition, results of operations, and cash flows. Subsequent to year-end, USCF paid dividends totaling $850,000 to its parent.
United States 12 Month Oil Fund (USL) is a Delaware commodity pool whose shares trade on NYSE Arca and aim to give investors indirect exposure to light, sweet crude oil prices. Shares outstanding were 1,200,000 as of February 23, 2026, with non‑affiliate market value of $42,228,520 as of June 30, 2025.
USL seeks for the daily percentage change in its NAV to track, within plus/minus 10% over any 30‑day period, the daily percentage change in an equally weighted 12‑month strip of NYMEX light, sweet crude oil futures (the Benchmark Oil Futures Contracts), plus interest on collateral and less expenses. The fund follows a neutral, non‑leveraged strategy, rolling its futures exposure monthly and primarily holding short‑term U.S. Treasuries, cash and cash equivalents as margin and collateral.
USCF, a registered commodity pool operator and wholly owned subsidiary of USCF Investments, serves as general partner and manages all operations. USL pays USCF a management fee of 0.60% per year on average daily net assets, contributing to total expenses from inception through December 31, 2025 of $16,374,086, or an annualized expense ratio of 0.84%. Creation and redemption of shares occur only in 50,000‑share baskets through Authorized Participants, while secondary trading happens on the exchange like a stock.
United States 12 Month Oil Fund, LP furnished an updated monthly account statement for the month ended January 31, 2026. The statement, prepared as required under Rule 4.22 of the Commodity Exchange Act, presents a Statement of Income (Loss) and a Statement of Changes in Net Asset Value. It is provided as an exhibit to the current report and is also available on the fund’s website, giving investors a regular view into the fund’s recent performance and net asset value changes.
United States 12 Month Oil Fund, LP furnished an informational update by providing its monthly account statement for the month ended December 31, 2025. The statement includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, prepared under Commodity Exchange Act Rule 4.22.
This information is furnished as Exhibit 99.1 to the current report and is also available on the fund’s website at www.uscfinvestments.com. The materials are designated as “furnished,” not “filed,” which limits their use for certain securities law liability and incorporation-by-reference purposes.
United States 12 Month Oil Fund, LP reported that it issued its monthly account statement for the month ended November 30, 2025. The statement is presented as a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required under Rule 4.22 of the Commodity Exchange Act.
The account statement is furnished as Exhibit 99.1 and is also available on the fund’s website at www.uscfinvestments.com. The information in this report, including Exhibit 99.1, is being furnished rather than filed, which limits how it is treated under certain liability provisions of the Securities Exchange Act and the Securities Act.
United States 12 Month Oil Fund, LP reported that it has released its monthly account statement for the month ended October 31, 2025. The update is provided as a Form 8-K under Regulation FD, meaning it is intended to share information broadly with the market at the same time.
The statement, furnished as Exhibit 99.1, includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required under Commodity Exchange Act Rule 4.22. Investors can also access this monthly account statement on the fund’s website at www.uscfinvestments.com. The information is being furnished rather than filed, so it is not automatically incorporated into other securities law filings unless specifically referenced.
United States 12 Month Oil Fund (USL) filed its Q3 2025 report, showing net assets of $40,990,293 and partners’ capital of $40,825,678. Shares outstanding were 1,150,000 and NAV per share was $35.50, while market price was $35.60.
USL posted net income of $373,725 for the quarter and a nine‑month net loss of $3,265,475. Year‑to‑date total return was (6.60)%. The fund tracks the average of 12 consecutive NYMEX WTI crude futures; over the period, the benchmark’s average price fell about (11.89)%, and USL’s NAV declined less as income from cash holdings offset some futures losses.
At quarter‑end, USL held 665 WTI futures with an unrealized loss of $1,594,720 and collateral cash of $7,039,712. Cash and cash equivalents totaled $35,391,101, including $31,630,000 in government money market funds. Operating cash flow was $(2,169,824); financing cash flow was $(5,325,031) as 250,000 shares were redeemed and 100,000 were created year‑to‑date. The management fee remained 0.60% of average daily net assets.