USL · United States 12 Month Oil Fund, LP

Track USL — free Ask ALVIS about USL

$49.71

Market Cap

$59.73M

1.15M

Options Chain

15-min delayed Underlying $49.71 · today Options Calculator

Positioning

Aug 21, 2026 · 25 days to expiry · 44 contracts

Put / call OI

0.28

Call-heavy positioning

Open interest

contracts outstanding

Volume

traded today

Max pain

$43.00

$6.71 below spot

ATM implied vol

42.4%

market's expected move

Open interest by strike

Calls Puts

Chain

Click any strike for greeks, breakeven and the calculator

Expiry

Aug 21 25d Sep 18 53d Oct 16 81d Jan 15 172d

Calls						Puts
OI	Vol	IV	Δ	Last	Strike	Last	Δ	IV	Vol	OI
0	—	—	—	—		—	-0.062	76.9%	—	0
Call · $38 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this call Put · $38 Last — Breakeven — Implied vol 76.9% Delta -0.062 ≈6% ITM Gamma 0.012 Theta -0.025 Vega 0.02 Open interest 0 Model this put
0	—	—	—	—		—	-0.082	77.3%	—	0
Call · $39 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this call Put · $39 Last — Breakeven — Implied vol 77.3% Delta -0.082 ≈8% ITM Gamma 0.015 Theta -0.031 Vega 0.02 Open interest 0 Model this put
0	—	—	—	—		—	-0.088	71.6%	—	0
Call · $40 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this call Put · $40 Last — Breakeven — Implied vol 71.6% Delta -0.088 ≈9% ITM Gamma 0.017 Theta -0.03 Vega 0.02 Open interest 0 Model this put
0	—	—	—	—		—	-0.077	59.9%	—	0
Call · $41 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this call Put · $41 Last — Breakeven — Implied vol 59.9% Delta -0.077 ≈8% ITM Gamma 0.018 Theta -0.023 Vega 0.021 Open interest 0 Model this put
0	—	—	—	—		—	-0.084	54.6%	—	0
Call · $42 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this call Put · $42 Last — Breakeven — Implied vol 54.6% Delta -0.084 ≈8% ITM Gamma 0.021 Theta -0.022 Vega 0.021 Open interest 0 Model this put
27	13	—	—	$4.81		—	-0.092	49.4%	—	0
Call · $43 In the money Last $4.81 Breakeven $47.81 Implied vol — Delta — Gamma — Theta — Vega — Open interest 27 Model this call Put · $43 Last — Breakeven — Implied vol 49.4% Delta -0.092 ≈9% ITM Gamma 0.025 Theta -0.021 Vega 0.021 Open interest 0 Model this put
0	—	—	—	—		—	-0.119	48.6%	—	0
Call · $44 In the money Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this call Put · $44 Last — Breakeven — Implied vol 48.6% Delta -0.119 ≈12% ITM Gamma 0.032 Theta -0.025 Vega 0.032 Open interest 0 Model this put
0	—	0.2%	1	—		—	-0.156	47.3%	—	0
Call · $45 In the money Last — Breakeven — Implied vol 0.2% Delta 1 ≈100% ITM Gamma 0 Theta -0.004 Vega 0 Open interest 0 Model this call Put · $45 Last — Breakeven — Implied vol 47.3% Delta -0.156 ≈16% ITM Gamma 0.039 Theta -0.029 Vega 0.032 Open interest 0 Model this put
0	—	24.4%	0.94	—		—	-0.201	47.6%	—	0
Call · $46 In the money Last — Breakeven — Implied vol 24.4% Delta 0.94 ≈94% ITM Gamma 0.037 Theta -0.012 Vega 0.021 Open interest 0 Model this call Put · $46 Last — Breakeven — Implied vol 47.6% Delta -0.201 ≈20% ITM Gamma 0.046 Theta -0.035 Vega 0.033 Open interest 0 Model this put
0	—	31.5%	0.827	—		—	-0.252	46.5%	—	0
Call · $47 In the money Last — Breakeven — Implied vol 31.5% Delta 0.827 ≈83% ITM Gamma 0.062 Theta -0.025 Vega 0.033 Open interest 0 Model this call Put · $47 Last — Breakeven — Implied vol 46.5% Delta -0.252 ≈25% ITM Gamma 0.052 Theta -0.038 Vega 0.044 Open interest 0 Model this put
0	—	32.9%	0.745	—		$0.92	-0.301	43.5%	9	9
Call · $48 In the money Last — Breakeven — Implied vol 32.9% Delta 0.745 ≈75% ITM Gamma 0.074 Theta -0.032 Vega 0.044 Open interest 0 Model this call Put · $48 Last $0.92 Breakeven $47.08 Implied vol 43.5% Delta -0.301 ≈30% ITM Gamma 0.062 Theta -0.039 Vega 0.044 Open interest 9 Model this put
0	—	34.7%	0.658	—		—	-0.371	45.8%	—	0
Call · $49 In the money Last — Breakeven — Implied vol 34.7% Delta 0.658 ≈66% ITM Gamma 0.081 Theta -0.037 Vega 0.051 Open interest 0 Model this call Put · $49 Last — Breakeven — Implied vol 45.8% Delta -0.371 ≈37% ITM Gamma 0.063 Theta -0.044 Vega 0.051 Open interest 0 Model this put
Underlying $49.71
0	—	38.9%	0.568	—		—	-0.437	46%	—	0
Call · $50 Last — Breakeven — Implied vol 38.9% Delta 0.568 ≈57% ITM Gamma 0.077 Theta -0.043 Vega 0.052 Open interest 0 Model this call Put · $50 In the money Last — Breakeven — Implied vol 46% Delta -0.437 ≈44% ITM Gamma 0.066 Theta -0.046 Vega 0.052 Open interest 0 Model this put
0	1	40.5%	0.494	$3.70		—	-0.5	48.5%	—	0
Call · $51 Last $3.70 Breakeven $54.70 Implied vol 40.5% Delta 0.494 ≈49% ITM Gamma 0.075 Theta -0.046 Vega 0.053 Open interest 0 Model this call Put · $51 In the money Last — Breakeven — Implied vol 48.5% Delta -0.5 ≈50% ITM Gamma 0.064 Theta -0.049 Vega 0.052 Open interest 0 Model this put
1	1	40.4%	0.42	$1.75		—	-0.557	50.6%	—	0
Call · $52 Last $1.75 Breakeven $53.75 Implied vol 40.4% Delta 0.42 ≈42% ITM Gamma 0.074 Theta -0.044 Vega 0.053 Open interest 1 Model this call Put · $52 In the money Last — Breakeven — Implied vol 50.6% Delta -0.557 ≈56% ITM Gamma 0.06 Theta -0.051 Vega 0.053 Open interest 0 Model this put
2	1	42.4%	0.36	$1.50		—	-0.608	53%	—	0
Call · $53 Last $1.50 Breakeven $54.50 Implied vol 42.4% Delta 0.36 ≈36% ITM Gamma 0.068 Theta -0.044 Vega 0.047 Open interest 2 Model this call Put · $53 In the money Last — Breakeven — Implied vol 53% Delta -0.608 ≈61% ITM Gamma 0.057 Theta -0.052 Vega 0.053 Open interest 0 Model this put
1	1	43.6%	0.306	$1.90		—	-0.654	53.9%	—	0
Call · $54 Last $1.90 Breakeven $55.90 Implied vol 43.6% Delta 0.306 ≈31% ITM Gamma 0.061 Theta -0.042 Vega 0.048 Open interest 1 Model this call Put · $54 In the money Last — Breakeven — Implied vol 53.9% Delta -0.654 ≈65% ITM Gamma 0.053 Theta -0.05 Vega 0.047 Open interest 0 Model this put
0	—	49.9%	0.284	—		—	-0.685	57.5%	—	0
Call · $55 Last — Breakeven — Implied vol 49.9% Delta 0.284 ≈28% ITM Gamma 0.052 Theta -0.046 Vega 0.048 Open interest 0 Model this call Put · $55 In the money Last — Breakeven — Implied vol 57.5% Delta -0.685 ≈69% ITM Gamma 0.048 Theta -0.051 Vega 0.048 Open interest 0 Model this put
0	—	52%	0.248	—		—	-0.728	57.9%	—	0
Call · $56 Last — Breakeven — Implied vol 52% Delta 0.248 ≈25% ITM Gamma 0.047 Theta -0.045 Vega 0.037 Open interest 0 Model this call Put · $56 In the money Last — Breakeven — Implied vol 57.9% Delta -0.728 ≈73% ITM Gamma 0.045 Theta -0.048 Vega 0.048 Open interest 0 Model this put
0	—	52.4%	0.213	—		—	-0.754	60.8%	—	0
Call · $57 Last — Breakeven — Implied vol 52.4% Delta 0.213 ≈21% ITM Gamma 0.042 Theta -0.042 Vega 0.038 Open interest 0 Model this call Put · $57 In the money Last — Breakeven — Implied vol 60.8% Delta -0.754 ≈75% ITM Gamma 0.041 Theta -0.048 Vega 0.037 Open interest 0 Model this put
1	1	52.9%	0.18	$1.30		—	-0.777	62.5%	—	0
Call · $58 Last $1.30 Breakeven $59.30 Implied vol 52.9% Delta 0.18 ≈18% ITM Gamma 0.038 Theta -0.038 Vega 0.038 Open interest 1 Model this call Put · $58 In the money Last — Breakeven — Implied vol 62.5% Delta -0.777 ≈78% ITM Gamma 0.037 Theta -0.046 Vega 0.038 Open interest 0 Model this put
0	—	56.4%	0.139	—		—	-0.803	69.7%	—	0
Call · $60 Last — Breakeven — Implied vol 56.4% Delta 0.139 ≈14% ITM Gamma 0.03 Theta -0.034 Vega 0.026 Open interest 0 Model this call Put · $60 In the money Last — Breakeven — Implied vol 69.7% Delta -0.803 ≈80% ITM Gamma 0.031 Theta -0.048 Vega 0.038 Open interest 0 Model this put

About this data

Greeks, implied volatility, open interest and the last price come from the latest daily snapshot and are 15-minute delayed. Bid and ask are not included on this plan.

In-the-money strikes are tinted, deepening toward the money, and the bar beside each open-interest figure scales to the heaviest strike shown. Max pain is the listed strike where the most open interest would expire worthless — a positioning reference, not a forecast.

Key facts CIK 1405528 CUSIP 91288V103 13F (30d) 5 filings 5 filers Visit website