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United States Oil Fund, LP(USO), a Delaware limited partnership, is a commodity pool that issues units that may be purchased and sold on the American Stock Exchange. The investment objective of USO is for the units’ net asset value to reflect the performance of the spot price of West Texas Intermediate light, sweet crude oil delivered to Cushing, Oklahoma, less USO’s expenses. USO will invest in futures contracts for West Texas Intermediate light, sweet crude oil and/or other petroleum-based fuels that are traded on the New York Mercantile Exchange and/or other U.S. and foreign exchanges and other oil interests such as cash-settled options on oil futures contracts, forward contracts for oil, and over-the-counter transactions that are based on the price of oil, other petroleum-based fuels, oil futures contracts and indices based on the foregoing. USO also invests in obligations of the United States government and hold cash to be used to meet its current or potential margin or collateral requirements with respect to its investments in oil futures contracts and other oil interests. The general partner, Victoria Bay Asset Management, LLC, is authorized by the Limited Partnership Agreement to manage USO.
