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United States Oil Fund (USO-1.87%), LP has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing changes in net asset value (NAV) and detailing the fund's investments in oil futures contracts and other oil-related investments.
USO's investment objective is to track the daily changes in the price of the Benchmark Oil Futures Contract, which is the futures contract for light, sweet crude oil traded on the NYMEX (CME-0.62%).
During the nine months ended September 30, 2024, USO's per share NAV increased by approximately 4.41%, while the price of the Benchmark Oil Futures Contract decreased by approximately 4.86%.
USO's portfolio expenses include management fees, brokerage commissions, and other operational costs, with the management fee calculated as 0.45% of average daily total net assets.
The fund's total assets as of September 30, 2024, were $1,419,439,038, with liabilities of $76,515,043, resulting in a net asset value of $1,342,923,995.
USO's cash and cash equivalents were reported at $1,111,104,063, with additional equity in trading accounts amounting to $294,884,044.
The filing also discusses legal proceedings involving USO, including class action lawsuits and regulatory investigations by the SEC and CFTC, which have resulted in settlements and ongoing litigation.
USO's strategy involves investing in futures contracts and other oil-related investments to achieve its investment objective, while managing risks related to market volatility, regulatory requirements, and liquidity.
The report provides details on USO's financial performance, market conditions, and regulatory environment, highlighting the challenges and strategies in managing the fund's investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United States Oil Fund quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.