Oil has been one of the wildest trades of the year, surging and retreating as the US-Israel war with Iran — and President Donald Trump's struggle to find a way out that includes opening the Strait of Hormuz — has repeatedly whipsawed markets. For traders, the go-to exchange-traded fund for playing those moves has long been the United States Oil Fund (USO). But another, lesser-known fund has been gaining momentum. The USCF Energy Commodity Strategy Absolute Return Fund (USE) can go long or short across a range of energy commodities, offering investors a more dynamic way to play the oil market.

By Eric Balchunas and Joel Weber, September 3, 2026.