USO Stock: United States Oil Fund, LP Profile & Analysis (2026)
USO is the most liquid exchange-traded security designed to track the daily price movements of West Texas Intermediate (WTI) light, sweet crude oil. — Updated May 2026 with current AUM, expense ratio, holdings, and performance data.
The United States Oil Fund, LP (USO) is a pioneer in the commodity ETF space, offering investors a way to gain exposure to crude oil without needing a futures account. Unlike the complete list of energy companies that focus on equity in producers, USO focuses directly on the commodity price through futures contracts. It is widely considered the primary vehicle for tactical traders looking to capitalize on short-term shifts in global energy markets.
Investors often use USO alongside other commodity-focused instruments like the DBC Stock Profile to diversify their inflation hedges. However, because USO utilizes a rolling futures strategy, it is subject to market conditions known as contango and backwardation, which can cause the fund’s return to deviate from the “spot” price of oil over time. For those seeking broader energy exposure, checking the UNG Stock Profile for natural gas or exploring mid cap oil stocks may provide useful context.
Key Takeaways — USO Stock
USO provides exposure to the price of West Texas Intermediate (WTI) light, sweet crude oil by investing primarily in front-month futures contracts.
The fund must sell expiring contracts and buy new ones monthly; this “roll” can lead to losses in a contango market even if spot oil prices remain steady.
With millions of shares traded daily, USO offers tight bid-ask spreads, making it an efficient tool for intraday and swing traders.
As a limited partnership, USO historically issues a Schedule K-1 for tax reporting, which is a key differentiator from standard corporate ETFs.
USO — Live Price Chart
Real-time chart from TradingView.
USO ETF Vitals & Key Statistics
Core data as of May 2026.
| Data Point | Value | Data Point | Value |
|---|---|---|---|
| Full Name | United States Oil Fund, LP | Ticker | USO |
| Issuer | United States Commodity Funds LLC | Asset Class | Commodity / Energy Crude Oil / Laddered Futures |
| Index Tracked | USCF Oil Fund Futures PR USD | Structure | Limited Partnership (LP) |
| Expense Ratio | 0.86% | AUM | ~$1.86B |
| Inception Date | April 10, 2006 | Exchange | AMEX |
| No. of Holdings | 9 | Dividend Yield | 0.00% |
| 52-Week High | $154.08 | 52-Week Low | $65.96 |
| Avg Daily Volume | 6.78 million shares | YTD Return | 0.93% |
| 1-Year Return | 3.37% | 5-Year Return | 20.52% |
| Category | Energy | Dividend Frequency | N/A |
USO Top 10 Holdings (May 2026)
Largest positions by weight. Click columns to sort.
| Rank | Ticker | Company Name | Sector | Weight % |
|---|---|---|---|---|
| 1 | NYMEX | Light Sweet Crude Oil Futures front-month | Commodity | 100.00% |
| 2 | CASH | Cash Collateral / Treasuries | Collateral | — |
| 3 | — | — | — | — |
| 4 | — | — | — | — |
| 5 | — | — | — | — |
| 6 | — | — | — | — |
| 7 | — | — | — | — |
| 8 | — | — | — | — |
| 9 | — | — | — | — |
| 10 | — | — | — | — |
USO — Pros & Cons
✓ Direct Price Link
Tracks WTI price movements closely in the short term, providing a pure play on commodity prices.
✗ Contango Risk
Futures rolling can erode value during periods of oversupply, leading to underperformance vs spot prices.
✓ High Liquidity
Easy to enter and exit large positions rapidly due to high trading volume and interest.
✗ Complex Taxation
The issuance of Schedule K-1 forms can complicate and delay annual tax filings for individual investors.
✓ No Company Risk
Avoids the operational risks, debt, and management issues found in individual micro cap oil stocks.
✗ High Expense Ratio
An 0.86% fee is significantly higher than most broad-market energy equity ETFs like XLE.
Who Should Consider USO?
Tactical traders and hedgers seeking short-term exposure to WTI crude oil price fluctuations without futures accounts.
Long-term “set and forget” investors or those sensitive to the administrative burden of K-1 tax reporting.
You believe oil prices will rise significantly in the next 30-90 days and want to avoid individual producer risk.
Taxable brokerage accounts are most common, but consult a professional regarding IRA eligibility for Limited Partnerships.
USO vs Similar ETFs
Key metrics comparison.
| ETF | Full Name | Expense Ratio | AUM | Holdings | Div Yield | YTD | Best For |
|---|---|---|---|---|---|---|---|
| USO ★ | United States Oil Fund, LP | 0.86% | ~$1.86B | 9 | 0.00% | 0.93% | Front-month oil tracking |
| USL | United States 12 Month Oil Fund | 0.86% | $85M | 12 Months | 0.00% | 1.10% | Smoothing contango |
| XLE | Energy Select Sector Fund | 0.10% | $35B | Equities | 3.45% | 4.20% | Oil & Gas Producers |
| UNG | United States Natural Gas Fund | 1.11% | $850M | Gas Futures | 0.00% | -2.10% | Natural gas exposure |
USO Technical Analysis
Real-time buy/sell signals.
USO — Risks & Considerations
Contango Erosion
When future prices are higher than current prices, the fund loses value by selling low and buying high during the monthly roll.
Futures Market Volatility
Crude oil is subject to geopolitical shocks, OPEC+ decisions, and demand shifts, leading to extreme price swings.
Regulatory Risk
Position limits on futures contracts can force the fund to change its investment strategy, potentially increasing tracking error.
Tax Complexity
Reporting requirements for limited partnerships can be more burdensome than standard ETFs, often requiring K-1 forms.