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USO

United States Oil Fund

WTI crude oil futures ETF. Subject to significant contango drag — long-term performance trails spot oil. Used for short-term tactical oil exposure.

Backtest X-Ray Correlation Risk Map Compare vs BNO
CommodityTER 0.60%Dist.
TER
0.60%
AUM
$1.5B
CAGR
-7.5%
Volatility
40.1%
Sharpe
-0.26
Max Drawdown
-97.9%
Data Range
2006-04 → 2026-04

Performance Analysis

Maximum Drawdown History

How far the ETF has fallen from its all-time high at each point. Deeper = more painful.

Current DD-87.2%
Worst DD-97.9%
Worst date2020-04

Rolling Returns

Annualized returns over rolling windows. Shows the range of outcomes depending on when you invested.

Avg return-8.6%
Best52.3%
Worst-38.4%
% positive28%
205 periods

Backtest Data Proxy

Futures-based: subject to significant roll costs and contango drag.

Key Facts

ISIN
US91232N1081
Issuer
Invesco
Benchmark
WTI Light Sweet Crude Oil (front-month futures)
Total Expense Ratio (TER)
0.60%
Assets Under Management
$1.5B approx.
Inception Date
2006-04-10
Domicile
United States
Legal Structure
Limited Partnership
Dividend Policy
Distributing (pays dividends)
Replication Method
Synthetic (Swap-Based)
UCITS Status
✗ Not UCITS
Fund Currency
USD
Primary Exchange
NYSE Arca
Number of Holdings
N/A

Top 10 Holdings

Top 10 represent 100.0% of the fund.

1
WTI-FUT-AWTI Crude Oil Front Month
60.00%
2
WTI-FUT-BWTI Crude Oil Next Month
40.00%

Equivalent ETFs

These ETFs track the same or very similar underlying index:

BNOUnited States Brent Oil Fund
Backtest this ETFOfficial Fund Page

Who Is This ETF For?

✓General portfolio building block for the asset class it covers.

Key Risks to Consider

• No cash flows or dividends — returns depend entirely on price appreciation.

• Non-UCITS: may have unfavorable tax treatment for non-US investors (US estate tax, withholding tax).

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IAU0.25% TER

iShares Gold Trust

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Continue Your Analysis

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Correlation Matrix

Risk vs Return

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Data & Methodology

Metadata sourced from official issuer documentation. Price data from Yahoo Finance (monthly adjusted close, includes reinvested dividends and splits). AUM figures are approximate and updated quarterly.

Data source: Yahoo Finance (adjusted close), USCF (metadata)Last verified: 2026-04-17

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UCITS Equivalent

BNO

United States Brent Oil Fund

TER 0.90%$0.2B AUM
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SPDR Gold Shares

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IAU

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SLV

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TER 0.50%$12B AUM
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GLDM

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Alternative Approaches

PDBC

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

TER 0.59%$5B AUM
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Invesco DB Commodity Index Tracking Fund

TER 0.85%$3B AUM
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TER 0.17%$3B AUM
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FTGC

First Trust Global Tactical Commodity Strategy Fund

TER 0.95%$3B AUM
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💬 Frequently Asked Questions

WTI crude oil futures ETF. Subject to significant contango drag — long-term performance trails spot oil. Used for short-term tactical oil exposure.
USO has a total expense ratio (TER) of 0.60%, which means you pay $60 per year for every $10,000 invested.
Yes, USO is a distributing ETF that pays dividends to shareholders. The frequency depends on the fund's schedule.
USO is a US-domiciled ETF (not UCITS). Non-US investors should consider the US estate tax implications (40% on US assets above $60,000) and the 30% dividend withholding tax (reduced by treaty in some countries).
USO uses synthetic replication via swap contracts, which can reduce tracking error but introduces counterparty risk.
Similar ETFs tracking the same or a very similar index include: BNO. These may differ in domicile, currency, dividend policy, or expense ratio.