United States 12 Month Oil Fund (USL) risk factors

Item 1A of every United States 12 Month Oil Fund, LP 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.

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FY2025 10-K risk factors
48 risks2 new2 dropped10 reworded
USL added risks regarding third-party intellectual property claims and diverse state tax liabilities for shareholders. Tax risks were updated to reflect Trump Administration proposals and potential cashless income allocations. Market volatility disclosures now explicitly cite tariffs, trade wars, and alternative investment options.
Filed Feb 27, 2026
FY2024 10-K risk factors
48 risks
USL aims to track light, sweet crude oil spot prices using a 12-month futures contract structure.
Filed Feb 28, 2025