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USOIUBS ETRACS Crude Oil Shares Covered Call ETN

Get income9y track recordRanked #781 of 1,650 in this goal

Tracks the Credit Suisse Nasdaq WTI Crude Oil FLOWS 106 Index — a covered call strategy on the United States Oil Fund.

By UBS AG · Launched 2017

Annual Cost

0.85%

#4,514 of 5,861 · expensive

Fund Size

$244M

#2,203 of 5,861 · mid-size

Dividend YieldGoal

49.17%

Track Record

9 years

#1,517 of 5,861 · established

Performance

Total-return NAV · USD
Growth of $10,000
$12,992+29.9%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

Index tracked

Credit Suisse Nasdaq WTI Crude Oil FLOWS 106 Index

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
24.9%High

Year-on-year price swings

Max drawdown
-77.4%Severe

Worst peak-to-trough loss

Sharpe (3Y)
0.41Below average
Sortino (3Y)
0.56Moderate downside risk

Listing

Exchange
NASDAQ Global Select Market

Full fund details

Objective
Tracks the Credit Suisse Nasdaq WTI Crude Oil FLOWS 106 Index — a covered call strategy on the United States Oil Fund.
Strategy
Tracks the Credit Suisse Nasdaq WTI Crude Oil FLOWS 106 Index, a covered call strategy on the United States Oil Fund (USO) — notional monthly sale of call options on the Oil Fund shares. Pays a variable monthly coupon from notional option premiums.
Inception date
April 25, 2017
Fund family
UBS AG

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-04