USL on NYSE

United States 12 Month Oil Fund, LP

Commodity contracts brokers and dealers company, listed on NYSE (USL). Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

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  • TickerUSL on NYSE1
  • IndustryCommodity Contracts Brokers & Dealers1
  • HeadquartersWalnut Creek, California1
  • Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, Ca 945962
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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The United States 12 Month Oil Fund, LP (“USL”) is a Delaware limited partnership organized on June 27, 2007. USL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. USL is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). USL’s shares began trading on December 6, 2007. It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC (“USCF”).3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

108.1%Net margin4
-194.0%Revenue growth, 20254

Financial statements

Revenue56784-$5.3M in 2025
-$50.0M0$50.0M$100.0M$150.0M2019: $14.9M$14.9M20192020: $110.3M$110.3M2020+639%2021: $94.9M$94.9M2021−14%2022: $39.4M$39.4M2022−58%2023: $551.3K$551.3K2023−99%2024: $5.7M$5.7M2024+930%2025: -$5.3M-$5.3M2025
Net income56784-$5.8M in 2025
-$50.0M0$50.0M$100.0M$150.0M2019: $14.4M$14.4M20192020: $108.7M$108.7M2020+653%2021: $93.3M$93.3M2021−14%2022: $38.4M$38.4M2022−59%2023: -$56.5K-$56.5K20232024: $5.1M$5.1M20242025: -$5.8M-$5.8M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Realized gain (loss) on closed commodity futures contracts-$4.5M$1.2M-$4.0M
Change in unrealized gain (loss) on open commodity futures contracts-$2.6M$1.6M$1.1M
Dividend income$1.0M$998.7K$1.1M
Interest income$716.0K$1.9M$2.4M
ETF transaction fees$2.8K$4.2K$8.4K
Total Income (Loss)-$5.3M$5.7M$551.3K
General Partner management fees (Note 3)$257.1K$362.8K$459.9K
Professional fees$146.8K$220.6K$90.9K
Brokerage commissions$5.9K$7.5K$9.0K
Directors' fees and insurance$15.1K$19.3K$36.6K
License fees$6.4K$9.1K$11.5K
Total Expenses$431.4K$619.2K$607.9K
Net Income (Loss)-$5.8M$5.1M-$56.5K
Net Income (Loss) per limited partner share-$5$3-$0
Net Income (Loss) per weighted average limited partner share-$5$3-$0
Weighted average limited partner shares outstanding1.2M shares1.6M shares2.2M shares

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Leadership

Who has led United States 12 Month Oil Fund, LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Nicholas Daniel Gerber2007
  2. John P. Love2015

Chair

  1. Nicholas Daniel Gerber2007

President

  1. Nicholas Daniel Gerber2007
  2. John P. Love2015

Chief financial officer

  1. Howard Mah2007
  2. Stuart P. Crumbaugh2015
2010201520202025
Board members and other officers (10)

Timeline

  1. Jul 24, 2015New chief executive John P. Love becomes CEO12
  2. Dec 4, 2007New chief executive Nicholas Daniel Gerber becomes CEO13

Filings

125 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 76 major events, 1 insider forms, 28 other. The latest 20:

  1. Sep 29, 20268-K EDGAR
  2. Sep 25, 20268-K EDGAR
  3. Aug 28, 20268-K EDGAR
  4. Aug 7, 202610-Q EDGAR
  5. Jul 29, 20268-K EDGAR
  6. Jun 29, 20268-K EDGAR
  7. May 28, 20268-K EDGAR
  8. May 14, 2026POS EX EDGAR
  9. May 8, 202610-Q EDGAR
  10. Apr 29, 20268-K EDGAR
  11. Apr 24, 2026424B3 EDGAR
  12. Mar 30, 2026424I EDGAR
  13. Mar 27, 20268-K EDGAR
  14. Mar 27, 20268-K EDGAR
  15. Mar 20, 20268-K EDGAR
  16. Feb 27, 202610-K EDGAR
  17. Feb 27, 20268-K EDGAR
  18. Jan 29, 20268-K EDGAR
  19. Dec 29, 20258-K EDGAR
  20. Dec 1, 20258-K EDGAR

The 125 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jane Street Group, LLC25,931$1.2M0.0%−1,803
Greenfield Seitz Capital Management, LLC17,550$796.2K0.2%New
LPL Financial LLC11,272$511.4K0.0%−45,248
Cetera Investment Advisers11,188$507.6K0.0%+2,854
Susquehanna International Group, Llp10,311$467.8K0.0%−17,616
Simplex Trading, LLC5,780$262.2K0.0%+819
Bank Of Montreal /can/5,458$247.6K0.0%No change
Osaic Holdings, Inc.4,287$194.5K0.0%−365
Morgan Stanley4,159$188.7K0.0%No change
Roxbury Financial LLC2,308$104.7K0.1%−1,517
Integrated Wealth Concepts LLC2,030$92.1K0.0%New
UBS Group AG1,406$63.8K0.0%New
Continuum Advisory, LLC944$42.8K0.0%New
Farther Finance Advisors, LLC625$28.4K0.0%New
Jpmorgan Chase & Co595$27.0K0.0%No change
Downshift Financial, LLC400$18.1K0.0%New
IFP Advisors, Inc126$5.7K0.0%No change
AdvisorNet Financial, Inc50$2.3K0.0%No change
Flow Traders U.s. LLC21,899$9940.0%+13,088
Virtu Financial LLC21,667$9830.0%−31,502
Mirae Asset Global Investments Co., Ltd.1$450.0%−30,699

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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