USO is a commodity pool organized as a Delaware limited partnership that issues units that may be purchased and sold on the NYSE Arca.

USO’s Objective

The investment objective of USO is for changes in percentage terms of the units’ net asset value to reflect the changes in percentage terms of the spot price of West Texas Intermediate (“WTI”) light, sweet crude oil delivered to Cushing, Oklahoma (“WTI light, sweet crude oil”), less USO’s expenses. There is no assurance that USO will meet its investment objective.

USO’s Target

Crude oil is one of the most important physical commodities in the global economy. WTI light, sweet crude oil futures contracts are also the most actively traded, and WTI light, sweet crude oil is the primary US benchmark for crude oil.

USO’s Portfolio

The portfolio will consist of listed crude oil futures contracts and other oil related futures, forwards, and swap contracts. USO will also invest in obligations of the United States government with remaining maturities of two years or less and hold cash and cash equivalents to be used to meet its current or potential margin or collateral requirements with respect to its investments in crude oil futures contracts and other oil interests.

USO’s Key Features

• United States Oil Fund, LP is an exchange traded security listed on NYSE Arca under the symbol USO. The symbol for USO’s Indicative Intraday Fund (“IIF”) Value is UOI.  The symbol for USO’s net asset value (“NAV”) is UOINV.   The symbol for USO’s shares outstanding is UOISO.
• USO's units will trade throughout the market day.
• Units will be created and redeemed by “authorized purchasers.”
• An “authorized purchaser” purchases or redeems creation baskets or redemption baskets, respectively, from or to USO.
• USO does NOT seek to use leverage and targets a 1:1 relationship between assets and crude oil exposure.
• The management fee starts at 50bp and drops to 20bp for assets above $1 billion.
• United Sates Commodity Funds, LLC, USO's manager and General Partner, seeks to minimize tracking error, NOT outperform the market.
• Transparent portfolio market price, NAV, and portfolio holdings.
• Annual tax reporting done by PricewaterhouseCoopers.

USO’s Creation & Redemption Process

• Creation/Redemption Basket Size 100,000 Units
• Order Cut-off for Authorized Purchasers (“AP”) is 12:00 p.m. EST
• USO’s NAV calculated as of 4:00 pm
• Settlement is T+3
• Transaction charge for Each AP Order is $1,000 (per order, not per basket)
• Creation Payment is in Cash and/or Acceptable Treasuries
• Custodian is Brown Brothers Harriman
• Marketing Agent is ALPS Distributors, Inc.