United States 12 Month Oil Fund

Fund Details

As of June 1, 2009
USL Data
Ticker	USL
IIV	USL-IV
CUSIP	91288V103
ISIN	US91288V1035
Expense Ratio	0.86%
Trading Increment	$0.01
Minimum Trade Size	1 share
Marginable	Yes
Short Selling Allowed	Yes (uptick exempt)*
Options Traded	Yes
Administrator	Brown Brothers Harriman & Co
Distributor	ALPS Distributors, Inc.
General Partner	United States Commodity Funds, LLC

* Rule 10a-1(a) under the Exchange Act covers transactions in any security registered on a national securities exchange, if trades in such security are reported in the consolidated transaction reporting system, and prohibits short sales with respect to these securities unless such sales occur on a "plus tick," (that is, a price above the price at which the immediately preceding sale was effected), or "zero-plus tick," (that is, at the last sale price if it was higher than the last different price). The SEC staff granted an exemption from Rule 10a-1 to permit sales of USL units without regard to the "tick" requirements of Rule 10a-1, as provided for in a No Action letter dated December 4, 2007.

The United States 12 Month Oil Fund, LP (USL) is an exchange traded security that is designed to track the movements of West Texas Intermediate light, sweet crude oil (WTI). USL issues units that may be purchased and sold on the NYSE Arca.

USL’s Objective – The investment objective of USL is to have the changes in percentage terms of the units’ net asset value reflect the changes in percentage terms of the price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the changes in the average of the prices of 12 Futures Contracts on crude oil traded on the New York Mercantile Exchange (the “Benchmark Futures Contracts”), consisting of the near month contract to expire and the contracts for the following eleven months, for a total of 12 consecutive months’ contracts, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contracts that are the next month contract to expire and the contracts for the following eleven consecutive months, less USL’s expenses. When calculating the daily movement of the average price of the 12 contracts each contract month will be equally weighted.

USL’s Portfolio – The portfolio consists of listed crude oil futures contracts and other oil related futures, forwards, and swap contracts. These investments will be collateralized by cash, cash equivalents and US government obligations with remaining maturities of two years or less.

For a copy of the Prospectus contact:
ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, Colorado 80203 or call 1.800.920.0259 or Click Here.

Commodities prices and futures generally are volatile and are not suitable for all investors. The Fund is speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in USL. Funds that focus on a single sector generally experience greater volatility.

Investors buy and sell shares on a secondary market (i.e., not directly from the Fund). Only market makers or "authorized participants" may trade directly with the Fund, typically in blocks of 100k shares.

For further discussion of these and additional risks associated with an investment in USL units, Click Here.

USL is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation there under.

Investing in oil interests subjects USL to the risks of the oil industry. These risks could result in large fluctuations in the price of USL’s units. An investor could lose all or substantially all of his/her investment. The United States 12 Month Oil Fund is distributed by ALPS Distributors, Inc.