United States Brent Oil Fund LP
BNO
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- United States Brent Oil Fund, LP (BNO) is a Delaware limited partnership that issues exchange-traded shares designed to track the daily percentage changes in the spot price of Brent crude oil, as measured by the near-month Brent crude oil futures contract traded on the ICE Futures Europe exchange, plus interest earned on collateral holdings less fund expenses. BNO invests primarily in Brent crude oil futures contracts, and to a lesser extent in other crude oil-related futures contracts, forwards, swaps, cash-settled options, and over-the-counter transactions for compliance with regulatory requirements, risk mitigation, liquidity needs, or favorable market conditions; these investments are collateralized by cash, cash equivalents, and U.S. government obligations with maturities of two years or less. Shares trade on the NYSE Arca under the ticker BNO and are created or redeemed in blocks of 50,000 shares (baskets) by authorized participants at net asset value. Organized on September 2, 2009, with investment operations commencing on June 2, 2010, BNO is managed by its general partner, United States Commodity Funds LLC (USCF), and maintains principal executive offices at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. USCF, a CFTC-registered commodity pool operator and NFA member, oversees BNO's investments using a neutral strategy focused on the benchmark futures contract, rolling positions over a four-day period each month to the next-month contract while seeking to maintain tracking within plus or minus 10% over 30 successive valuation days. The administrator and custodian is The Bank of New York Mellon, with ALPS Distributors, Inc. serving as marketing agent; daily portfolio holdings are disclosed on www.uscfinvestments.com. BNO operates in the commodities sector, targeting retail and institutional investors seeking indirect exposure to Brent crude oil prices or hedging against oil-related risks, with shares available globally through NYSE Arca trading. USCF also serves as general partner to related public funds including United States Oil Fund, LP (USO), United States Natural Gas Fund, LP (UNG), and others, sharing operational infrastructure under USCF Investments, Inc., a subsidiary of The Marygold Companies, Inc.. BNO employs arbitrage opportunities to align share prices with NAV, though contango and backwardation may impact long-term returns relative to spot Brent crude oil. In recent developments, BNO continues standard monthly rolling of benchmark futures contracts into next-month positions to maintain tracking amid ongoing market volatility influenced by global supply dynamics, geopolitical events, and economic factors such as OPEC+ production adjustments and U.S. sanctions on oil trade networks. The fund reported its audited financial results for the fiscal year ended December 31, 2024, via Form 10-K filing, reflecting operational continuity with 3,100,000 shares outstanding as of February 24, 2025, and total net assets managed through short-term U.S. Treasuries and equivalents. No major acquisitions, partnerships, funding rounds, or structural reorganizations were announced in 2024 or 2025, with focus remaining on precise replication of Brent crude oil futures performance despite position limits and regulatory constraints.