USO · Holdings ETF

$160.61 -0.20 (-0.12%) At close · Oct 20

Volume · Oct 20 7.57M Avg daily vol (3M) 5.66M

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP →

Institutional holdings are being reconciled with SEC filings. Holder totals and changes may be incomplete until reconciliation finishes.

Quarter:

Holders: 34

Total Value: $70,227,477

Total Shares: 482,133

Institutional Ownership Trend

27 quarters

Holder Concentration

Across 34 13F filers · Δ vs Jun 30, 2026

Top Holder

41.5%

+3.7 pts

Top 5

82.6%

−0.4 pts

Top 10

92.0%

+1.2 pts

HHI

2,261

Moderately concentrated+217

Who Holds USO

Last 8 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 172 filers, like-for-like change +3.5%; actively managed books -12.2%; index-like books +17.4%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	3.9%	95	-60.5%	25	43
Exempt adviser	0.0%	0	-100.0%	0	1
Adviser	0.1%	2	+506.5%	1	0
Bank	8.6%	14	+64.6%	1	2
Broker-dealer	0.5%	3	+0.6%	1	0
Non-US	6.7%	2	+40502.7%	1	0
Holding company	60.0%	3	+17.2%	0	0
Unknown	20.2%	53	-5.9%	14	16

Style	Share	Filers	Change	New	Exited
Index-like	60.0%	3	+17.4%	1	0
Systematic-like	0.5%	5	-95.8%	2	7
Concentrated	2.3%	38	-44.6%	15	19
Diversified active	37.1%	125	+29.0%	24	36
Unknown	0.0%	1	new	1	0
Not measured	0.0%	0	—	0	0

Turnover	Share	Filers	Change	New	Exited
Low turnover	69.9%	100	+22.7%	15	30
Medium turnover	14.2%	35	+114.3%	16	16
High turnover	11.2%	20	-59.0%	8	12
Unknown	4.7%	17	-18.4%	4	4
Not measured	0.0%	0	—	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	7.0%	21	-9.8%	8	7
Medium horizon	5.8%	38	-54.6%	15	13
Long horizon	83.5%	107	+12.2%	18	38
Unknown	3.7%	6	+131.9%	2	4
Not measured	0.0%	0	—	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	1.5%	57	-66.6%	22	25
$1B to $10B	9.0%	52	-40.5%	17	29
$10B to $100B	19.5%	42	+128.1%	2	5
$100B or more	69.9%	21	+2.3%	2	3
Not measured	0.0%	0	—	0	0

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	2.1%	84	-50.0%	20	36
Pooled investment vehicles	1.4%	6	-69.8%	4	5
Registered funds and BDCs	0.3%	2	-29.6%	0	0
Corporations	0.0%	2	+9.4%	1	0
Diversified	0.0%	1	-99.7%	0	1
Pension and profit sharing plans	0.0%	0	-100.0%	0	1
Other investment advisers	0.0%	0	—	0	0
Other	0.0%	0	—	0	0
Unknown	96.1%	77	+10.8%	18	19

Private funds	Share	Filers	Change	New	Exited
Hedge funds	1.3%	9	-90.0%	4	8
Private equity funds	0.6%	9	-30.3%	1	3
Venture capital funds	0.0%	1	0.0%	0	0
Real estate funds	0.1%	7	-76.8%	1	2
Other private funds	0.2%	7	+35.1%	2	1
Mixed private funds	0.1%	3	+32.4%	1	0
Private funds, type not stated	0.0%	0	—	0	0
No private funds	1.6%	59	-53.6%	16	30
Unknown	96.1%	77	+22.5%	18	18

Location	Share	Filers	Change	New	Exited
United States	81.6%	154	+0.5%	40	59
Outside the US	18.4%	18	+19.2%	3	3

The Sep 30, 2026 filing window is still open, so its bar shows only the filers that have filed so far.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 3 holders with no observed 2026-03-31 13F and 2 holders with no observed 2026-06-30 13F. Compared across CIK changes: Trask Adam Roland continues as Burnham & Co LLC.

Conviction and Crowding

172 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

1.16% of filers hold it in their top 10

Mar 31, 2026: 3

Holders above 5%

median weight 0.006%

Mar 31, 2026: 1

Crowding

—

holders exceed shares outstanding: 13F filers report more shares than the cover-page count, which predates an issuance, is misstated, or misses shares lent and reported twice

Private-fund advisers

—

of shares outstanding

Institutional ownership

—

holders exceed shares outstanding: 13F filers report more shares than the cover-page count, which predates an issuance, is misstated, or misses shares lent and reported twice

Top 10 holders

85.7%

of 13F shares, Herfindahl 0.209

Active holders

-12.2%

like-for-like share change of active filers

5% stakes on record

0 13D, 0 13G

How long holders have held it value-weighted 19.4 quarters

Under 1 year 24.3% 1 to 3 years 2.93% 3 years or more 72.8% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$117.43

estimated per share

Mar 31, 2026: $86.12

Quarter-end price

$106.44

implied by 13F values

Estimated gain or loss

-9.4%

price against the estimated cost

Estimated at a loss

64.1%

of costed 13F value

Estimated cost covers 24.1% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Fund Ownership of USO by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 0.00% of shares outstanding.

Fund type	Of shares outstanding	Change	Shares	Funds
Index funds	0.00%	0.00 pp	0	0
Index ETFs	0.00%	0.00 pp	0	0
Active ETFs	0.20%	+0.04 pp	29,583	2
Active funds	0.21%	+0.20 pp	31,489	5
Unclassified	0.00%	0.00 pp	0	0
All registered funds	0.41%	+0.24 pp	61,072	7

How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Quarterly Activity

vs Jun 30, 2026

New

Increased

Decreased

Sold Out

Unchanged

New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.

Holder count: -166

Institutional value: -99.3%

Shares held: -99.5%

Top Buyers

vs Jun 30, 2026

Institution	Added	Now Holds
Small CenterStar Asset Management, LLC	+45,070	73,870
Small FNY Investment Advisers, LLC	+16,502	16,707
Micro Roan Capital Partners	+2,358	16,844
Mid CoreCap Advisors, LLC	+1,727	4,271
Small Bison Wealth, LLC	+1,040	5,809

Top Sellers

vs Jun 30, 2026

Institution	Sold	Now Holds
Mid MIRAE ASSET SECURITIES (USA) INC.	−100,151	200,287
Mid Portman Square Capital LLP	−8,800	66,200
Small Blue Capital, Inc.	−8,594	5,645
Small EHRLICH FINANCIAL GROUP	−1,389	4,982
Large Farther Finance Advisors, LLC	−755	3,173

Top New Positions

vs Jun 30, 2026

Institution	Acquired	Value (USD)
Small Franchise GP Ltd	40,870	$5,953,124
Large WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	3,323	$484,028
Small Pettinga Financial Advisors LLC	2,005	$292,048
Large Concurrent Investment Advisors, LLC	1,938	$282,289
Mid Sowell Financial Services LLC	1,743	$253,885

Top Sold-Out Positions

vs Jun 30, 2026

Institution	Previously Held	Last Value (USD)
Mid Carrhae Capital LLP	596,800	$63,523,392
Micro Innovative Advisory Group, LLC	5,609	$597,021
Mid Integrated Advisors Network LLC	3,072	$326,983
Small DOLIVER ADVISORS, LP	3,000	$319,320
Small PUREfi Wealth, LLC	2,350	$250,134

Filter: New 8 Increased 7 Reduced 12 Sold out 6 Unchanged 7

Holder type: Registered adviser 20 Adviser 1 Unknown 13

Showing 40 of 40

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

MIRAE ASSET SECURITIES (USA) INC.

$14,607,804

20.80%

100,287

MIRAE ASSET SECURITIES (USA) INC.

$14,566,000

20.74%

100,000

Portman Square Capital LLP

$9,642,692

13.73%

66,200

CenterStar Asset Management, LLC

$7,647,150

10.89%

52,500

Franchise GP Ltd

$5,953,124

8.48%

40,870

Roan Capital Partners

$2,453,497

3.49%

16,844

FNY Investment Advisers, LLC

$2,401,496

3.42%

16,487

CenterStar Asset Management, LLC

$1,893,580

2.70%

13,000

Professional Financial Advisors, LLC

$1,703,056

2.43%

11,692

CenterStar Asset Management, LLC

$1,219,174

1.74%

8,370

Ignite Planners, LLC

$848,906

1.21%

5,828

Bison Wealth, LLC

$846,138

1.20%

5,809

Blue Capital, Inc.

$822,250

1.17%

5,645

WealthPlan Investment Management, LLC

$764,715

1.09%

5,250

EHRLICH FINANCIAL GROUP

$725,678

1.03%

4,982

CoreCap Advisors, LLC

$622,113

0.89%

4,271

Farther Finance Advisors, LLC

$462,179

0.66%

3,173

Tactive Advisors, LLC

$433,921

0.62%

2,979

WEALTH ENHANCEMENT ADVISORY SERVICES, LLC

$378,716

0.54%

2,600

Wilkerson Advisory Group LLC

$353,079

0.50%

2,424

Finer Wealth Management, Inc.

$307,051

0.44%

2,108

Pettinga Financial Advisors LLC

$292,048

0.42%

2,005

Concurrent Investment Advisors, LLC

$282,289

0.40%

1,938

Sowell Financial Services LLC

$253,885

0.36%

1,743

Herold Advisors, Inc.

$218,490

0.31%

1,500

Arlington Trust Co LLC

$197,514

0.28%

1,356

WEALTH ENHANCEMENT ADVISORY SERVICES, LLC

$105,312

0.15%

723

Cape Investment Advisory, Inc.

$44,426

0.06%

305

FNY Investment Advisers, LLC

$32,043

0.05%

220

IFS Advisors, LLC

$27,092

0.04%

186

NFSG Corp

$25,927

0.04%

178

Cedar Mountain Advisors, LLC

$19,664

0.03%

135

TD Waterhouse Canada Inc.

$19,081

0.03%

131

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TORONTO DOMINION BANK	131	$19,081	100.0%	Defined

Blue Trust, Inc.

$18,207

0.03%

125

WealthPlan Investment Management, LLC

$14,566

0.02%

100

IFP Advisors, Inc

$7,719

0.01%

GK Wealth Management LLC

$7,574

0.01%

Physician Wealth Advisors, Inc.

$7,283

0.01%

WEST PACES ADVISORS INC.

$1,747

0.00%

Fortitude Family Office, LLC

$291

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Carrhae Capital (DIFC) Ltd	596,800	$63,523,392	100.0%	Sole