Quick Read ETRACS Crude Oil Shares Covered Call ETN (USOI) caps monthly gains at 6% by selling call options, meaning it captured only a fraction of the $71-to-$98 oil surge in March 2026 despite generating 24% year-to-date returns and meaningful monthly income in high-volatility environments. United States Oil Fund (USO) serves as the underlying position, while the ETN is issued by UBS AG and carries unsecured counterparty credit risk. The covered call structure trades away large oil price spikes for c ...