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BNO on NYSE

United States Brent Oil Fund, LP

American commodity contracts brokers and dealers company based in Walnut Creek2

In its 2026 annual report the company says: “The United States Brent Oil Fund, LP is a Delaware limited partnership organized on September 2, 2009. It operates pursuant to the terms of the Fourth Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC.”4 Its shares trade on NYSE under the symbol BNO.2

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Last updated Oct 21, 2026.

Overview

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  • TickerBNO on NYSE2
  • IndustryCommodity Contracts Brokers & Dealers2
  • HeadquartersWalnut Creek, United States2
  • Incorporated inDE3
  • Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, Ca 945963
  • Filer categoryAccelerated filer, Smaller reporting company3
  • Legal formLimited Partnership2
  • Kind of organizationFund2
  • LEI54930060F5YIVMD0SM622
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 47268052

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The United States Brent Oil Fund, LP (“BNO”) is a Delaware limited partnership organized on September 2, 2009. BNO maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. BNO is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). BNO’s shares began trading on June 2, 2010. It operates pursuant to the terms of the Fourth Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC (“USCF”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income56789-$4.1M in 2025
-$50.0M0$50.0M$100.0M$150.0M$200.0M2019: $26.8M$26.8M20192020: $119.1M$119.1M2020+345%2021: $157.5M$157.5M2021+32%2022: $82.6M$82.6M2022−48%2023: -$4.1M-$4.1M20232024: $10.6M$10.6M20242025: -$4.1M-$4.1M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Realized gain (loss) on closed commodity futures contracts-$6.6M$1.2M$5.5M
Change in unrealized gain (loss) on open commodity futures contracts-$263.7K$3.8M-$16.4M
Dividend income$2.5M$3.5M$4.9M
Interest income$1.4M$3.7M$3.7M
ETF transaction fees$22.8K$19.6K$29.8K
Total Income (Loss)-$3.0M$12.3M-$2.3M
General Partner management fees (Note 3)$728.9K$1.1M$1.4M
Professional fees$266.9K$412.8K$132.2K
Brokerage commissions$85.8K$113.9K$145.6K
Directors' fees and insurance$37.1K$50.1K$80.2K
Total Expenses$1.1M$1.7M$1.8M
Net Income (Loss)-$4.1M$10.6M-$4.1M
Net Income (Loss) per limited partner share-$2$3-$1
Net Income (Loss) per weighted average limited partner share-$1$2-$1
Weighted average limited partner shares outstanding3.3M shares4.9M shares6.8M shares

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Corporate structure

United States Brent Oil Fund, LP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of United States Brent Oil Fund, LP

  • United States Brent Oil Fund, LP Walnut Creek, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What United States Brent Oil Fund, LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$86.5M9 Dec 31, 2025$80.1M9 Dec 31, 2024+8.0%
Marketable securities, current$62.8M9 Dec 31, 2025$75.0M9 Dec 31, 2024−16.3%
Deposits held (banks)$35.3M9 Dec 31, 2025$36.8M9 Dec 31, 2024−4.0%

Leadership

Who has led United States Brent Oil Fund, LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Nicholas Daniel Gerber2010
  2. John P. Love2015

Chair

  1. Nicholas Daniel Gerber2010

President

  1. Nicholas Daniel Gerber2010
  2. John P. Love2015

Chief financial officer

  1. Howard Mah2010
  2. Stuart P. Crumbaugh2015
201520202025
Board members and other officers (10)

Timeline

  1. Sep 29, 20268-K Regulation FD disclosure25
  2. Sep 25, 20268-K Entered a material agreement26
  3. Aug 28, 20268-K Regulation FD disclosure27
  4. Jul 29, 20268-K Regulation FD disclosure28
  5. Jun 29, 20268-K Regulation FD disclosure29
  6. May 28, 20268-K Regulation FD disclosure30
  7. Apr 29, 20268-K Regulation FD disclosure31
  8. Mar 27, 20268-K Regulation FD disclosure32
  9. Mar 27, 20268-K Regulation FD disclosure33
  10. Mar 20, 20268-K Regulation FD disclosure34
  11. Feb 27, 20268-K Regulation FD disclosure35
  12. Jan 29, 20268-K Regulation FD disclosure36
  13. Jul 24, 2015New chief executive John P. Love becomes CEO13
  14. May 27, 2010New chief executive Nicholas Daniel Gerber becomes CEO14
  15. Sep 2, 2009Founded United States Brent Oil Fund, LP is founded2

Filings

122 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 76 major events, 1 insider forms, 1 large holders, 24 other. The latest 20:

  1. Sep 29, 20268-K EDGAR
  2. Sep 25, 20268-K EDGAR
  3. Aug 28, 20268-K EDGAR
  4. Aug 14, 2026SCHEDULE 13G EDGAR
  5. Aug 7, 202610-Q EDGAR
  6. Jul 29, 20268-K EDGAR
  7. Jun 29, 20268-K EDGAR
  8. May 28, 20268-K EDGAR
  9. May 14, 2026POS EX EDGAR
  10. May 8, 202610-Q EDGAR
  11. Apr 29, 20268-K EDGAR
  12. Apr 24, 2026424B3 EDGAR
  13. Mar 30, 2026424I EDGAR
  14. Mar 27, 20268-K EDGAR
  15. Mar 27, 20268-K EDGAR
  16. Mar 20, 20268-K EDGAR
  17. Feb 27, 202610-K EDGAR
  18. Feb 27, 20268-K EDGAR
  19. Jan 29, 20268-K EDGAR
  20. Dec 29, 20258-K EDGAR

The 122 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 55. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Carronade Capital Management, LP1,350,365$54.9M1.0%New
Citadel Advisors LLC1,051,974$42.8M0.0%+659,587
E Fund Management Co., Ltd.293,412$11.9M0.3%No change
Quadrature Capital Ltd276,844$11.3M0.1%+122,758
CIBC Bancorp USA Inc.225,000$9.2M0.0%New
Wells Fargo & Company/mn171,750$7.0M0.0%+111,199
Group One Trading LLC165,320$6.7M0.2%−75,715
Mountain Lake Investment Management LLC96,318$3.9M2.4%New
Jump Financial, LLC89,135$3.6M0.0%−166,190
Bank Of America Corp /de/83,850$3.4M0.0%New
Easterly Investment Partners LLC70,000$2.8M0.1%New
Daiwa Securities Group Inc.61,800$2.5M0.0%+8,200
Clear Street Group Inc.57,500$2.3M0.0%New
Jpmorgan Chase & Co55,152$2.3M0.0%−1,949,713
Belvedere Trading LLC50,148$2.0M0.2%+30,524
Jane Street Group, LLC33,002$1.3M0.0%−456,965
IMC-Chicago, LLC29,432$1.2M0.0%−383,322
Cascade Financial Partners, LLC22,000$895.2K0.1%New
Ignite Planners, LLC21,365$872.3K0.1%−858
Prelude Capital Management, LLC20,000$813.8K0.1%New
Two Sigma Securities, LLC18,982$772.4K0.1%−17
Focus Partners Wealth17,000$691.7K0.0%New
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main16,552$673.5K0.0%−15,051
Avondale Wealth Management15,040$612.0K0.2%−462
Security National Bank14,515$590.6K0.1%+11,895

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How United States Brent Oil Fund, LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARUnited States Brent Oil Fund, LP1
  • CIK0001472494
  • Employer ID (EIN)27-09259044
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 945961
  • Phone(510) 522-96001
  • Shares outstanding12,400,000 as of Aug 4, 202611
  • Public float$103.8M as of Jun 30, 20254
  • AuditorCOHEN & COMPANY, LTD, Philadelphia, Pennsylvania PCAOB ID 925; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceSep 18, 20091
  • Filings437 in all: 8-K (243), 10-Q (49), 424B3 (48), 10-K (16), 3 (12), CORRESP (12), UPLOAD (12), EFFECT (11)1
    All 20 form types

    S-1/A (8), POS AM (4), S-3 (4), S-3/A (4), 424I (3), S-1 (3), SC 13G (2), SC 13G/A (2), 8-A12B (1), CERTNYS (1), POS EX (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Shares of United States Brent Oil Fund, LPBNONYSE

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks United States Brent Oil Fund, LP names in Item 1A of its 10-K filed Feb 27, 2026: 58 risks under these headings, as written.4

  • Investment Risk
  • The NAV of BNO’s shares relates directly to the daily changes in the price of the Benchmark Futures Contract and other assets held by BNO and fluctuations in the prices of these assets could materially adversely affect an investment in BNO’s shares. Past performance is not necessarily indicative of future results; all or substantially all of an investment in BNO could be lost.
  • Economic conditions impacting Brent crude oil.
  • Other Brent crude oil demand-related factors.
  • Other Brent crude oil supply-related factors.
  • Other factors impacting the Brent crude oil market.
  • Price volatility may possibly cause the total loss of your investment.
  • Natural disasters, public health disruptions (such as the COVID-19 pandemic), and international armed conflicts could impact the price of commodities and/or the value, pricing and liquidity of BNO’s investments or assets which, in turn, could cause the loss of your investment in BNO.
  • Historical performance of BNO and the Benchmark Futures Contract is not indicative of future performance.
  • Correlation Risk
  • The market price at which investors buy or sell shares may be significantly less or more than NAV.
  • Daily percentage changes in BNO’s NAV may not correlate with daily percentage changes in the price of the Benchmark Futures Contract.
The other 48 risks
  • Daily percentage changes in the price of the Benchmark Futures Contract may not correlate with daily percentage changes in the spot price of Brent crude oil.
  • Natural forces in the crude oil futures market known as “backwardation” and “contango” may increase BNO’s tracking error and/or negatively impact total return.
  • Accountability levels, position limits, and daily price fluctuation limits set by the exchanges have the potential to cause tracking error, by limiting BNO’s investments, including its ability to fully invest in the Benchmark Futures Contract, which means that the changes in the price of shares could substantially vary from the changes in the price of the Benchmark Futures Contract.
  • Risk mitigation measures that could be imposed by BNO’s FCMs have the potential to cause tracking error by limiting BNO’s investments, including its ability to fully invest in the Benchmark Futures Contract and other Futures Contracts, which means that the changes in the price of BNO’s shares could substantially vary from the changes in the price of the Benchmark Futures Contract.
  • An investor’s tax liability may exceed the amount of distributions, if any, on its shares.
  • An investor’s allocable share of taxable income or loss may differ from its economic income or loss on the shares.
  • Items of income, gain, deduction, loss and credit with respect to shares could be reallocated, for U.S. federal income tax purposes, and BNO could be liable for U.S. federal income tax, if the IRS does not accept the assumptions and conventions applied by BNO in allocating those items, with potential adverse consequences for an investor.
  • BNO could be treated as a corporation for U.S. federal income tax purposes, which may substantially reduce the value of the shares.
  • BNO is organized and operated as a limited partnership in accordance with the provisions of the LP Agreement and applicable state law, and therefore, BNO has a more complex tax treatment than traditional mutual funds.
  • If BNO is required to withhold tax with respect to any non-U.S. shareholders, the cost of such withholding may be borne by all shareholders.
  • The impact of changes in U.S. federal income tax laws on BNO is uncertain.
  • OTC Contract Risk
  • BNO will be subject to credit risk with respect to counterparties to OTC contracts entered into by BNO.
  • Valuing OTC derivatives may be less certain than valuing exchange-traded and/or cleared financial instruments.
  • BNO’s rights under an OTC contract may be restricted by regulations.
  • The use of swap agreements may expose BNO to early termination risk, which could result in significant losses to BNO.
  • BNO is not leveraged, but it could become leveraged if it had insufficient assets to completely meet its margin or collateral requirements relating to its investments.
  • BNO may temporarily limit the offering of Creation Baskets.
  • Certain of BNO’s investments could be illiquid, which could cause large losses to investors at any time or from time to time.
  • BNO is not actively managed and its investment objective is to track the Benchmark Futures Contract so that the average daily percentage change in BNO’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the price of the Benchmark Futures Contract over the same period.
  • BNO may not meet the listing standards of NYSE Arca, which could adversely impact an investor’s ability to sell shares.
  • The NYSE Arca may halt trading in BNO’s shares, which would adversely impact an investor’s ability to sell shares.
  • The liquidity of BNO’s shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the shares.
  • Shareholders that are not Authorized Participants may only purchase or sell their shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the shares.
  • The lack of an active trading market for BNO’s shares may result in losses on an investor’s investment in BNO at the time the investor sells the shares.
  • Limited partners and shareholders do not participate in the management of BNO and do not control USCF, so they do not have any influence over basic matters that affect BNO.
  • Limited partners may have limited liability in certain circumstances, including potentially having liability for the return of wrongful distributions.
  • USCF’s LLC Agreement provides limited authority to the Non-Management Directors, and any Director of USCF may be removed by USCF’s parent company, which is wholly owned by The Marygold Companies, Inc., a controlled public company where the majority of shares are owned by Nicholas D. Gerber along with certain of his family members and certain other shareholders.
  • There is a risk that BNO will not earn trading gains sufficient to compensate for the fees and expenses that it must pay and as such BNO may not earn any profit.
  • BNO is subject to extensive regulatory reporting and compliance.
  • Regulatory changes or actions, including the implementation of new legislation are impossible to predict but may significantly and adversely affect BNO.
  • BNO is not a registered investment company so shareholders do not have the protections of the 1940 Act.
  • Trading in international markets could expose BNO to credit and regulatory risk.
  • BNO and USCF may have conflicts of interest, which may permit them to favor their own interests to the detriment of shareholders.
  • BNO could terminate at any time and cause the liquidation and potential loss of an investor’s investment and could upset the overall maturity and timing of an investor’s investment portfolio.
  • BNO does not expect to make cash distributions.
  • An unanticipated number of Redemption Basket requests during a short period of time could have an adverse effect on BNO’s NAV.
  • The suspension in the ability of Authorized Participants to purchase Creation Baskets could cause BNO’s NAV to differ materially from its trading price.
  • BNO may determine that, to allow it to reinvest the proceeds from sales of its Creation Baskets in currently permitted assets in a manner that meets its investment objective, it may limit or suspend its offers of Creation Baskets.
  • If such a determination is made, the same consequences associated with a suspension of the offering of Creation Baskets, as described in the foregoing risk factor, “The suspension in the ability of Authorized Participants to purchase Creation Baskets could cause BNO’s NAV to differ materially from its trading price,” could also occur as a result of BNO determining to limit the offering of creation baskets.
  • BNO may be subject to interest rate risk, which may prevent BNO from investing fully at prevailing rates until any current investments in Treasury Bills mature in order to avoid selling those investments at a loss.
  • As inflation increases, the present value of BNO’s assets may decline.
  • BNO may potentially lose money by investing in government money market funds.
  • The failure or bankruptcy of a clearing broker could result in a substantial loss of BNO’s assets and could impair BNO in its ability to execute trades.
  • The failure or bankruptcy of BNO’s Custodian could result in a substantial loss of BNO’s assets.
  • Competing claims of intellectual property rights may adversely affect BNO and an investment in BNO’s shares.
  • Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.
  • BNO’s investment returns could be negatively affected by climate change and greenhouse gas restrictions.
  • USCF is the subject of class action, derivative and other litigation. In light of the inherent uncertainties involved in litigation matters, an adverse outcome in this litigation could materially adversely affect USCF’s financial condition.

Legal proceedings

From time to time, BNO may be involved in legal proceedings arising primarily from the ordinary course of its business. In addition, USCF, as the general partner of BNO and the Related Public Funds may, from time to time, be involved in litigation arising out of its operations in the ordinary course of business. Except as described herein, neither BNO nor USCF is currently party to any material legal proceedings.

Optimum Strategies Action

On April 6, 2022, USO and USCF were named as defendants in an action filed by Optimum Strategies Fund I, LP, a purported investor in call option contracts on USO (the “Optimum Strategies Action”). The action was in the U.S. District Court for the District of Connecticut at Civil Action No. 3:22-cv-00511.

The Optimum Strategies Action asserted claims under the Securities Exchange Act of 1934, as amended (the “1934 Act”), Rule 10b-5 thereunder, and the Connecticut Uniform Securities Act (“CUSA”). It purported to challenge statements in registration statements that became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May 2020, in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint was seeking damages, interest, costs, attorney’s fees, and equitable relief.

The opening of Item 3, Legal Proceedings.4

Sources

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