USO

USO filed its annual financial statements for the year ended December 31, 2025, as required under Rule 4.22 of the Commodity Exchange Act, furnished as Exhibit 99.1 under Regulation FD (Item 7.01) and therefore not subject to Section 18 liability.

USO filed its monthly account statement for February 2026, disclosing a Statement of Income (Loss) and Statement of Changes in Net Asset Value as required under CEA Rule 4.22. No material operational event or transaction was announced beyond routine regulatory reporting.

USO filed this 8-K under Reg FD (Item 7.01) to furnish the audited Statements of Financial Condition of its general partner, United States Commodity Funds LLC (USCF), as of December 31, 2025 and 2024; the financials are those of the GP entity, not the fund itself, and are not deemed 'filed' for Exchange Act Section 18 liability purposes.

USO's investment performance is driven entirely by its ability to track the Benchmark Oil Futures Contract (front-month NYMEX WTI crude), and the MD&A is dominated by structural constraints that create persistent tracking error risk rather than alpha generation. Exchange accountability levels (10,000 contracts single-month, 20,000 contracts all-months on NYMEX), CFTC Position Limits Rule applicability to WTI futures without an available exemption, and FCM-imposed discretionary position caps all directly limit USO's ability to deploy Creation Basket proceeds into the benchmark contract—forcing substitution into other oil-related instruments, swaps, or Treasury holdings that dilute tracking fidelity. The Spring 2020 episode with RBC Capital Markets, when USO was barred from purchasing the June WTI contract entirely, is cited as a concrete precedent for how quickly FCM restrictions can materially impair the fund's core mandate. The contango/backwardation dynamic in the crude forward curve is the primary driver of return drag or enhancement beyond spot price movement, as monthly rolls into the next front-month contract generate either negative roll yield (contango) or positive roll yield (backwardation). Management does not quantify the current term structure impact but flags it as a central determinant of how share price performance diverges from spot WTI. No operating segments exist; revenue consists of interest/gains on Treasury collateral and futures P&L, both of which are hostage to oil price direction and curve structure rather than any operational lever USCF controls. Daily price fluctuation limits on NYMEX and ICE Futures create additional execution risk during volatile periods by halting trading at the limit price, further impeding the fund's ability to roll or rebalance efficiently. On the tax side, the LP structure means investors bear taxable income allocations regardless of distributions—USCF has not made and does not intend to make cash distributions—creating potential for tax liability exceeding economic returns in any given year. The risk of IRS reclassification of USO as a corporation, while the fund holds a partnership opinion from counsel, would impose entity-level corporate tax and materially reduce net asset value. Proposed Trump Administration tax code changes add regulatory uncertainty, and any imputed underpayment assessed in an IRS audit would reduce fund NAV directly since USO, as a publicly traded partnership, faces uncertainty about its ability to push that liability back to the applicable investor year. OTC counterparty credit exposure, while secondary to exchange-traded futures risk, adds a further layer given single-counterparty structure versus cleared futures.

USO filed its monthly account statement for January 2026, disclosing a Statement of Income (Loss) and Statement of Changes in Net Asset Value as required under CEA Rule 4.22. No material corporate event or transaction was announced; this is a routine regulatory disclosure furnished under Regulation FD.

USO filed its routine monthly account statement for December 31, 2025, disclosing a Statement of Income (Loss) and Statement of Changes in Net Asset Value as required under CEA Rule 4.22. This is a Regulation FD disclosure and the exhibit is furnished, not filed, so it carries no Section 18 liability.