United States 12 Month Oil Fund (USL) Operating Expenses (2010 - 2026)
United States 12 Month Oil Fund's (USL) quarterly Operating Expenses came in at $133919.0 in Q2 2026, up 36.27% on a YoY basis from $98273.0 in Q2 2025, and up 23.07% quarter-over-quarter from $108816.0 in Q1 2026.
Analysis
United States 12 Month Oil Fund (USL) Operating Expenses (2010 - 2026) Analysis & Trends
United States 12 Month Oil Fund (USL) has reported Operating Expenses for 17 consecutive years, with $133919.0 the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Operating Expenses rose 36.27% year-over-year to $133919.0; the trailing twelve-month figure through Jun 2026 stood at $459871.0 (down 15.28% YoY), and the FY2025 full-year result was $431394.0, down 30.33% from the prior year.
- Operating Expenses grew to $133919.0 in Q2 2026 per USL's latest filing, from $108816.0 in the prior quarter.
- Across five years, Operating Expenses topped out at $332996.0 in Q1 2022 and bottomed at $93987.0 in Q4 2025.
- Historically, Operating Expenses has averaged $165304.7 across 5 years, with a median of $146643.0 in 2023.
- The sharpest annual moves came in 2023 and 2026: Operating Expenses tumbled 56.07% in 2023, then jumped 36.27% in 2026.
- Over 5 years, Operating Expenses stood at $179847.0 in 2022, then decreased by 10.01% to $161836.0 in 2023, then declined by 7.92% to $149023.0 in 2024, then plunged by 36.93% to $93987.0 in 2025, then jumped by 42.49% to $133919.0 in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $133919.0, $108816.0, and $93987.0 for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 169.89 Bn | 156.02 Bn | - | 4.62 Bn |
| 2 | Spdr Gold Trust | 144.81 Bn | -413.20 Bn | - | 149.76 Mn |
| 3 | Ishares Gold Trust | 30.30 Bn | -29.81 Bn | - | 43.37 Mn |
| 4 | World Gold Trust | 29.28 Bn | -73.79 Bn | - | 7.55 Mn |
| 5 | Principal Financial | 24.84 Bn | -28.13 Bn | 1.91 Bn | 3.41 Bn |
| 6 | iShares Silver Trust | 22.15 Bn | -6.05 Bn | - | 44.44 Mn |
| 7 | Franklin Resources | 17.84 Bn | 14.12 Bn | - | 2.14 Bn |
| 8 | Invesco | 14.63 Bn | 13.72 Bn | 1.79 Bn | 1.46 Bn |
| 9 | Affiliated Managers | 9.51 Bn | 9.10 Bn | - | 486.70 Mn |
| 10 | United States 12 Month Oil Fund | 58.33 Mn | 23.57 Mn | - | 133,919.00 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 133,919.00 |
| Mar 31, 2026 | 108,816.00 |
| Dec 31, 2025 | 93,987.00 |
| Sep 30, 2025 | 123,149.00 |
| Jun 30, 2025 | 98,273.00 |
| Mar 31, 2025 | 115,985.00 |
| Dec 31, 2024 | 149,023.00 |
| Sep 30, 2024 | 179,523.00 |
| Jun 30, 2024 | 143,692.00 |
| Mar 31, 2024 | 146,993.00 |
| Dec 31, 2023 | 161,836.00 |
| Sep 30, 2023 | 156,706.00 |
| Jun 30, 2023 | 143,018.00 |
| Mar 31, 2023 | 146,293.00 |
| Dec 31, 2022 | 179,847.00 |
| Sep 30, 2022 | 239,296.00 |
| Jun 30, 2022 | 322,132.00 |
| Mar 31, 2022 | 332,996.00 |
| Dec 31, 2021 | 329,071.00 |
| Sep 30, 2021 | 369,558.00 |