USL (United States 12 Month Oil Fund) is an exchange-traded commodity pool structured as a Delaware limited partnership and managed by USCF (United States Commodity Funds). USL trades on NYSE Arca and gives retail and institutional investors exposure to crude oil prices without physically owning oil. Investors use USL to speculate on crude oil price movements or hedge oil-related business risk. USCF charges a management fee of 0.60% per annum on average daily net assets, meaning USCF's revenue scales directly with AUM. USL's core investment mechanism involves holding the 12 nearest consecutive monthly NYMEX crude oil futures contracts, equally weighted. Unlike a front-month-only oil ETF, USL's 12-month spread reduces the drag from rolling contracts in contango markets, where further-out futures trade at a premium to near-month contracts. The non-margin portion of assets is held in short-term U.S. Treasuries and cash equivalents. USL does not take a discretionary view on oil — it runs a fully-invested, rules-based strategy and rolls positions monthly as contracts near expiration. Shares are created and redeemed through Authorized Participants in blocks of 50,000 shares, the standard ETF creation/redemption mechanism that keeps share prices aligned with NAV. USCF also manages a broader family of commodity ETPs, including USO, UNG, BNO, and others. USCF is ultimately owned by The Marygold Companies, a publicly traded holding company.