Vault-13

UNITED STS OIL FD LP USO

UNITS · ETP · CUSIP 91232N207

192 institutional holders +51 vs Q4 2025
16,248,33216.2m shares reported held*
$1.9bnreported value*
78 new 43 added 29 reduced 28 sold out net bought ≈ $1.4bn (+12.0m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $116.42. Options: 36 managers hold calls ($5.9bn notional), 49 hold puts ($6.1bn).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 187Q4 22: 200Q1 23: 182Q2 23: 166Q3 23: 178Q4 23: 187Q1 24: 178Q2 24: 178Q3 24: 166Q4 24: 170Q1 25: 151Q2 25: 150Q3 25: 144Q4 25: 141Q1 26: 192192Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 2022187
Q4 2022200
Q1 2023182
Q2 2023166
Q3 2023178
Q4 2023187
Q1 2024178
Q2 2024178
Q3 2024166
Q4 2024170
Q1 2025151
Q2 2025150
Q3 2025144
Q4 2025141
Q1 2026192

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q2 24: 56 bought or addedQ2 24: 74 cut or sold outQ3 24: 58 bought or addedQ3 24: 76 cut or sold outQ3 24Q4 24: 59 bought or addedQ4 24: 80 cut or sold outQ1 25: 51 bought or addedQ1 25: 82 cut or sold outQ1 25Q2 25: 56 bought or addedQ2 25: 62 cut or sold outQ3 25: 48 bought or addedQ3 25: 71 cut or sold outQ3 25Q4 25: 45 bought or addedQ4 25: 66 cut or sold outQ1 26: 121 bought or addedQ1 26: 57 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20245674
Q3 20245876
Q4 20245980
Q1 20255182
Q2 20255662
Q3 20254871
Q4 20254566
Q1 202612157

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2bn$4bn$6bn$8bnQ2 25 calls: $1.5bnQ2 25 puts: $2.0bnQ2 25P/C 1.33Q3 25 calls: $1.1bnQ3 25 puts: $1.1bnQ3 25P/C 1.01Q4 25 calls: $826.0mQ4 25 puts: $800.6mQ4 25P/C 0.97Q1 26 calls: $5.9bnQ1 26 puts: $6.1bnQ1 26P/C 1.02
Numbers
QuarterCallsPutsP/C
Q2 2025$1.5bn$2.0bn1.33
Q3 2025$1.1bn$1.1bn1.01
Q4 2025$826.0m$800.6m0.97
Q1 2026$5.9bn$6.1bn1.02

Biggest buyers

GOLDMAN SACHS GROUP INC Added +5,165,629+5.2m
MORGAN STANLEY Added +1,866,749+1.9m
Brevan Howard Capital Management LP New +1,400,000+1.4m
JANE STREET GROUP, LLC Added +1,028,748+1.0m
CITADEL ADVISORS LLC New +590,049+590.0k
SIMPLEX TRADING, LLC New +329,788+329.8k
Quadrature Capital Ltd Added +217,386+217.4k
BARCLAYS PLC Added +202,194+202.2k
Newbrook Capital Advisors LP New +173,657+173.7k
Hamilton Wealth, LLC New +144,076+144.1k

Biggest sellers

Harvest Fund Management Co., Ltd Reduced -77,836-77.8k
Caption Management, LLC Sold out -75,200-75.2k
AlphaQuest LLC Sold out -29,724-29.7k
SIG BROKERAGE, LP Sold out -28,617-28.6k
Indie Asset Partners, LLC Reduced -27,655-27.7k
Headlands Technologies LLC Reduced -20,425-20.4k
BANK OF MONTREAL /CAN/ Reduced -19,571-19.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -18,057-18.1k
Lido Advisors, LLC Reduced -17,407-17.4k
IMC-Chicago, LLC Sold out -10,847-10.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.1bn16.5m shares
CITADEL ADVISORS LLC Added $984.5m7.7m shares
JANE STREET GROUP, LLC Added $631.6m5.0m shares
IMC-Chicago, LLC Added $496.8m3.9m shares
GOLDMAN SACHS GROUP INC Added $435.7m3.4m shares
GROUP ONE TRADING LLC Added $397.9m3.1m shares
SIMPLEX TRADING, LLC Added $257.2m2.0m shares
UBS Group AG Reduced $127.2m1.0m shares
Centiva Capital, LP Added $112.2m882.1k shares
CITIGROUP INC New $104.5m820.9k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.5bn11.6m shares
CITADEL ADVISORS LLC Added $1.3bn10.6m shares
JANE STREET GROUP, LLC Added $1.1bn9.0m shares
IMC-Chicago, LLC Added $449.1m3.5m shares
SIMPLEX TRADING, LLC Added $417.3m3.3m shares
GROUP ONE TRADING LLC Added $270.3m2.1m shares
CITIGROUP INC New $254.5m2.0m shares
GOLDMAN SACHS GROUP INC Reduced $168.3m1.3m shares
Carrhae Capital LLP New $75.9m596.8k shares
Sagil Capital LLP Added $75.7m595.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q1 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q1 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 GOLDMAN SACHS GROUP INC 0.11% of their portfolio NEW YORK, NY 6,403,4276.4m $814.8m $814.8m 0.11% Added +5.2m +5,165,629
2 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 2,205,5812.2m $280.7m $280.7m 0.02% Added +1.9m +1,866,749
3 Brevan Howard Capital Management LP 0.02% of their portfolio ST. HELIER, Y9 1,400,0001.4m $1.8m $1.8m 0.02% New
4 JANE STREET GROUP, LLC 0.16% of their portfolio NEW YORK, NY 1,186,4571.2m $151.0m $151.0m 0.16% Added +1.0m +1,028,748
5 CIBC Bancorp USA Inc. 0.13% of their portfolio CHICAGO, IL 769,137769.1k $97.9m $97.9m 0.13% First filing
6 CITADEL ADVISORS LLC 0.05% of their portfolio MIAMI, FL 590,049590.0k $75.1m $75.1m 0.05% New
7 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 413,647413.6k $52.6m $52.6m 0.02% Added +202.2k +202,194
8 SIMPLEX TRADING, LLC 1.30% of their portfolio CHICAGO, IL 329,788329.8k $42.0m $42.0m 1.30% New
9 Quadrature Capital Ltd 0.36% of their portfolio LONDON, X0 239,115239.1k $30.4m $30.4m 0.36% Added +217.4k +217,386
10 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 194,197194.2k $24.7m $24.7m 0.03% Reduced -18.1k -18,057
11 UBS Group AG 0.00% of their portfolio ZURICH, V8 191,132191.1k $24.3m $24.3m 0.00% Added +101.4k +101,421
12 Newbrook Capital Advisors LP 4.11% of their portfolio NEW YORK, NY 173,657173.7k $22.1m $22.1m 4.11% New
13 Harvest Fund Management Co., Ltd 0.87% of their portfolio BEIJING, F4 161,313161.3k $20.5m $20.5m 0.87% Reduced -77.8k -77,836
14 Hamilton Wealth, LLC 3.57% of their portfolio LOS ANGELES, CA 144,076144.1k $18.3m $18.3m 3.57% New
15 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 143,881143.9k $18.3m $18.3m 0.00% Added +77.6k +77,617
16 Cavalier Investments, LLC 3.99% of their portfolio ALPHARETTA, GA 121,831121.8k $15.5m $15.5m 3.99% New
17 E Fund Management Co., Ltd. 0.44% of their portfolio GUANGZHOU, F4 116,459116.5k $14.8m $14.8m 0.44% First filing
18 MIRAE ASSET SECURITIES (USA) INC. 0.60% of their portfolio NEW YORK, NY 100,081100.1k $12.7m $12.7m 0.60% New
19 FLOW TRADERS U.S. LLC 0.31% of their portfolio NEW YORK, NY 78,10178.1k $9.9m $9.9m 0.31% New
20 Cynosure Group, LLC 1.03% of their portfolio Salt Lake City, UT 64,62564.6k $8.2m $8.2m 1.03% New
21 GROUP ONE TRADING LLC 0.27% of their portfolio CHICAGO, IL 64,57764.6k $8.2m $8.2m 0.27% Added +62.4k +62,420
22 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 62,17062.2k $7.9m $7.9m 0.01% Added +45.4k +45,361
23 Roan Capital Partners 6.02% of their portfolio JOHNSON CITY, TN 51,13751.1k $6.5m $6.5m 6.02% First filing
24 Parker Investment Management, LLC 0.97% of their portfolio Menlo Park, CA 50,00950.0k $6.4m $6.4m 0.97% New
25 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 45,45045.5k $5.8m $5.8m 0.00% New
26 Arkadios Wealth Advisors 0.09% of their portfolio ATLANTA, GA 41,85541.9k $5.3m $5.3m 0.09% New
27 Bulltick Wealth Management, LLC 1.14% of their portfolio Miami, FL 40,60040.6k $5.2m $5.2m 1.14% New
28 CANTOR FITZGERALD, L. P. 0.18% of their portfolio NEW YORK, NY 39,27239.3k $5.0m $5.0m 0.18% New
29 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 35,37935.4k $4.6m $4.6m 0.00% New
30 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 33,91433.9k $4.3m $4.3m 0.01% Added +16.8k +16,753
31 US BANCORP \DE\ 0.01% of their portfolio MINNEAPOLIS, MN 32,79132.8k $4.2m $4.2m 0.01% Added +31.6k +31,565
32 Kestra Advisory Services, LLC 0.02% of their portfolio AUSTIN, TX 32,20432.2k $4.1m $4.1m 0.02% Added +1.1k +1,071
33 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 28,94328.9k $3.7m $3.7m 0.00% Added +19.5k +19,541
34 PRELUDE CAPITAL MANAGEMENT, LLC 0.28% of their portfolio NEW YORK, NY 28,70028.7k $3.7m $3.7m 0.28% New
35 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 26,60926.6k $3.4m $3.4m 0.01% New
36 Empowered Funds, LLC 0.02% of their portfolio NEWTOWN SQUARE, PA 23,42123.4k $3.0m $3.0m 0.02% New
37 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 22,25322.3k $2.8m $2.8m 0.00% Added +4.0k +4,013
38 Daiwa Securities Group Inc. 0.01% of their portfolio CHIYODA-KU,TOKYO, M0 20,20020.2k $2.6m $2.6m 0.01% Reduced -7.7k -7,700
39 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 19,52419.5k $2.5m $2.5m 0.00% Added +18.2k +18,166
40 Synergy Asset Management, LLC 0.24% of their portfolio VANCOUVER, WA 18,04718.0k $2.3m $2.3m 0.24% New
41 Tower Research Capital LLC (TRC) 0.06% of their portfolio NEW YORK, NY 17,40517.4k $2.2m $2.2m 0.06% Added +7.8k +7,844
42 SILVER OAK SECURITIES, INCORPORATED 0.15% of their portfolio JACKSON, TN 16,11516.1k $2.1m $2.1m 0.15% New
43 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 16,01916.0k $2.0m $2.0m 0.00% Added +12.8k +12,774
44 Mariner, LLC 0.00% of their portfolio Overland Park, KS 15,21815.2k $1.9m $1.9m 0.00% Added +6.5k +6,470
45 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 14,97215.0k $1.9m $1.9m 0.00% Reduced -1.6k -1,599
46 CENTAURUS FINANCIAL, INC. 0.08% of their portfolio ANAHEIM, CA 14,01514.0k $1.8m $1.8m 0.08% Added +11.0k +11,015
47 Sovereign Financial Group, Inc. 0.30% of their portfolio STAMFORD, CT 13,74113.7k $1.7m $1.7m 0.30% New
48 Exit Wealth Advisors, LLC. 0.89% of their portfolio ATLANTA, GA 13,64513.6k $1.7m $1.7m 0.89% New
49 Global View Capital Management LLC 0.46% of their portfolio WAUKESHA, WI 13,48313.5k $1.7m $1.7m 0.46% New
50 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 13,15313.2k $1.7m $1.7m 0.00% Added +2.0k +2,029
51 Marathon Trading Investment Management LLC 0.47% of their portfolio RADNOR, PA 12,43912.4k $1.6m $1.6m 0.47% New
52 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 12,38012.4k $1.6m $1.6m 0.00% Reduced -4.8k -4,766
53 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 12,27512.3k $1.6m $1.6m 0.01% Added +2.0k +2,003
54 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 12,00112.0k $1.5m $1.5m 0.01% Reduced -17.4k -17,407
55 Ascentis Independent Advisors 0.10% of their portfolio DALLAS, TX 10,89810.9k $1.4m $1.4m 0.10% Added +5.7k +5,737
56 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 9,8379.8k $1.3m $1.3m 0.01% Added +1.7k +1,730
57 Concurrent Investment Advisors, LLC 0.01% of their portfolio Tampa, FL 9,4769.5k $1.2m $1.2m 0.01% New
58 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 9,1509.2k $1.2m $1.2m 0.00% Reduced -6.2k -6,197
59 DV Trading LLC 0.10% of their portfolio CHICAGO, IL 8,9759.0k $1.1m $1.1m 0.10% Added +2.4k +2,421
60 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 8,5578.6k $1.1m $1.1m 0.00% Added +1.4k +1,399
61 Anther Capital Ltd 0.03% of their portfolio HONG KONG, K3 8,5508.6k $1.1m $1.1m 0.03% First filing
62 MGO ONE SEVEN LLC 0.02% of their portfolio Beachwood, OH 8,4188.4k $1.1m $1.1m 0.02% Reduced -375 -375
63 Arax Advisory Partners 0.03% of their portfolio NEW YORK, NY 7,4277.4k $945.1k $945.1k 0.03% Added +7.1k +7,125
64 Sowell Financial Services LLC 0.03% of their portfolio NORTH LITTLE ROCK, AR 7,3247.3k $931.9k $931.9k 0.03% New
65 Keel Point, LLC 0.06% of their portfolio HUNTSVILLE, AL 7,2467.2k $922.1k $922.1k 0.06% Unchanged
66 Marex Group Ltd 0.01% of their portfolio London, X0 7,0237.0k $893.7k $893.7k 0.01% Reduced -4.2k -4,224
67 Militia Capital Management LLC 0.07% of their portfolio AUSTIN, TX 6,8406.8k $870.4k $870.4k 0.07% First filing
68 WealthCare Investment Partners, LLC 0.21% of their portfolio PORTSMOUTH, RI 6,6346.6k $752.2k $752.2k 0.21% Unchanged
69 Kovack Advisors, Inc. 0.04% of their portfolio FT. LAUDERDALE, FL 6,4286.4k $814.0k $814.0k 0.04% Added +2.0k +1,991
70 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 6,3736.4k $811.0k $811.0k 0.00% Reduced -50 -50
71 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 6,3396.3k $806.6k $806.6k 0.00% Reduced -782 -782
72 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 6,2386.2k $793.8k $793.8k 0.00% Reduced -3.2k -3,166
73 SCOTIA CAPITAL INC. 0.00% of their portfolio TORONTO, A6 6,0306.0k $767.3k $767.3k 0.00% Added +858 +858
74 Ignite Planners, LLC 0.11% of their portfolio SAN CLEMENTE, CA 5,8525.9k $744.7k $744.7k 0.11% Unchanged
75 INSIGNEO ADVISORY SERVICES, LLC 0.05% of their portfolio MIAMI, FL 5,2945.3k $673.7k $673.7k 0.05% Reduced -814 -814
76 COMMERCE BANK 0.00% of their portfolio KANSAS CITY, MO 5,2705.3k $670.6k $670.6k 0.00% New
77 Schonfeld Strategic Advisors LLC 0.01% of their portfolio NEW YORK, NY 5,2145.2k $663.5k $663.5k 0.01% New
78 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 5,0295.0k $639.9k $639.9k 0.00% New
79 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 4,3184.3k $549.5k $549.5k 0.00% Added +168 +168
80 FOUNDERS FINANCIAL SECURITIES LLC 0.03% of their portfolio TOWSON, MD 4,2344.2k $537.5k $537.5k 0.03% Unchanged
81 DRW Securities, LLC 0.03% of their portfolio CHICAGO, IL 4,0004.0k $509.0k $509.0k 0.03% New
82 MOORE CAPITAL MANAGEMENT, LP 0.02% of their portfolio NEW YORK, NY 3,9423.9k $501.6k $501.6k 0.02% New
83 Sunbelt Securities, Inc. 0.03% of their portfolio HOUSTON, TX 3,9383.9k $501.1k $501.1k 0.03% Added +3.8k +3,838
84 FLAGSHIP HARBOR ADVISORS, LLC 0.02% of their portfolio BOSTON, MA 3,7623.8k $478.7k $478.7k 0.02% Unchanged
85 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 3,5003.5k $445.4k $445.4k 0.00% Reduced -3.7k -3,700
86 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 3,3393.3k $424.8k $424.8k 0.00% Added +27 +27
87 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 3,2363.2k $401.6k $401.6k 0.00% Added +3.2k +3,194
88 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 3,2193.2k $409.6k $409.6k 0.00% New
89 MANCHESTER FINANCIAL INC 0.07% of their portfolio Westlake Village, CA 3,0673.1k $390.3k $390.3k 0.07% New
90 Truepoint, Inc. 0.01% of their portfolio CINCINNATI, OH 3,0253.0k $384.9k $384.9k 0.01% Unchanged
91 Headlands Technologies LLC 0.04% of their portfolio CHICAGO, IL 3,0113.0k $383.1k $383.1k 0.04% Reduced -20.4k -20,425
92 Pettinga Financial Advisors LLC 0.07% of their portfolio EVANSVILLE, IN 3,0003.0k $381.8k $381.8k 0.07% New
93 Private Wealth Asset Management, LLC 0.04% of their portfolio OMAHA, NE 3,0003.0k $381.8k $381.8k 0.04% Unchanged
94 Occam Crest Management LP 0.24% of their portfolio DARIEN, CT 3,0003.0k $381.8k $381.8k 0.24% New
95 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 2,9202.9k $371.6k $371.6k 0.00% Added +19 +19
96 Indie Asset Partners, LLC 0.42% of their portfolio CARMEL, IN 2,8972.9k $368.6k $368.6k 0.42% Reduced -27.7k -27,655
97 NATIXIS 0.00% of their portfolio PARIS, I0 2,7652.8k $351.8k $351.8k 0.00% Reduced -600 -600
98 Wilkerson Advisory Group LLC 0.12% of their portfolio COLUMBIA, MO 2,7202.7k $346.1k $346.1k 0.12% Reduced -788 -788
99 Bison Wealth, LLC 0.04% of their portfolio ATLANTA, GA 2,7062.7k $384.4k $384.4k 0.04% Added +760 +760
100 ROMAN BUTLER FULLERTON & CO 0.09% of their portfolio ST LOUIS, MO 2,6302.6k $327.6k $327.6k 0.09% New