United States Oil Fund LP (USO US) – Portfolio Construction Methodology

The investment strategy governing the actively managed United States Oil Fund LP seeks to match daily percentage changes in the spot price of light, sweet crude oil by maintaining long exposure primarily to the front-month NYMEX WTI crude oil futures contract, the Benchmark Oil Futures Contract. Under normal conditions the fund keeps most exposure in this nearby contract and systematically rolls into the next-delivery contract each month, while retaining flexibility to shift exposure across contract months when market conditions, exchange limits, or risk controls require. Oil exposure may be supplemented with other listed oil futures, cleared swaps, forwards, and options that are economically linked to WTI crude oil. Futures positions are fully collateralized with short-term USD cash equivalents rather than financed with borrowing, and the portfolio is generally kept close to fully invested. Day-to-day management focuses on roll execution, margin and liquidity, and adherence to risk and position limits.

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