United States Oil Fund, LP Business Summary

United States Oil Fund, LP (USO) operates as an exchange-traded security designed to track the daily price movements of West Texas Intermediate (WTI) light, sweet crude oil. The fund generates revenue primarily through a management fee structure, currently carrying an expense ratio of approximately 0.60% to 0.70% of assets under management. As a commodity pool, USO’s primary business segment involves investing in near-month futures contracts traded on the NYMEX and ICE Futures exchanges, supplemented by other oil-related interests and high-quality collateral such as U.S. Treasuries. In the competitive landscape, USO faces direct competition from the Invesco DB Oil Fund (DBO), ProShares K-1 Free Crude Oil Strategy ETF (OILK), and its sister fund, the United States 12 Month Oil Fund (USL). Despite structural challenges like contango, USO remains the market leader in terms of liquidity and assets, serving as the primary vehicle for institutional and retail investors seeking short-term, tactical exposure to domestic crude oil spot prices. USO is managed by United States Commodity Funds LLC (USCF), a subsidiary of The Marygold Companies, Inc. (NYSE American: MGLD). The leadership team is led by President and CEO John P. Love, a CFA Charterholder who has been with the firm since its inception and was instrumental in the 2006 launch of USO. Love also serves as Chairman of the Board, having succeeded founder Nicholas D. Gerber in that role in late 2024. The executive suite includes Chief Financial Officer Stuart P. Crumbaugh, who oversees financial operations and serves as a Trustee, and Co-Founder and Management Director Andrew F. Ngim, who provides strategic oversight across USCF’s suite of commodity products. Following the 2025 retirement of long-time director Robert L. Nguyen, the management board remains concentrated among these core principals. The fund’s governance is further supported by an independent Board of Trustees for the USCF ETF Trust, including members such as Robyn L. Alexander and Thomas E. Gard, ensuring regulatory compliance and fiduciary oversight.