USOIUBS ETRACS Crude Oil Shares Covered Call ETN
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
0.85%
#4,345 of 5,573 · expensive
$295M
#1,959 of 5,573 · mid-size
39.73%
9 years
#1,547 of 5,573 · established
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundAsset class
AlternativeRegion
North americaStrategy
Option income
Index tracked
Credit Suisse Nasdaq WTI Crude Oil FLOWS 106 Index
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
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
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Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Covered call ETF — yield ≠ total return
The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.
Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)
Why we flagged this: strategy=option_income + option_income_strategy
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 2026-06-20