Welcome to our dedicated page for United States Brent Oil Fund, LP SEC filings (Ticker: BNO), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
United States Brent Oil Fund, LP filings document the reporting framework for a commodity fund vehicle with shares listed on NYSE Arca under BNO. Recent Form 8-K reports furnish Rule 4.22 materials under the Commodity Exchange Act, including monthly account statements presented as statements of income or loss and statements of changes in net asset value.
The filing record also includes annual financial statements for the fund and audited statements of financial condition for United States Commodity Funds LLC, the fund's general partner. These disclosures address fund-level results, NAV reporting, listed-share status, governance structure, and formal financial reporting obligations.
United States Brent Oil Fund, LP (BNO) reported its monthly account statement for the month ended July 31, 2026. The fund generated $128,465,895 in total income, driven mainly by realized trading gains on commodity futures of $86,247,780 and unrealized gains of $40,462,870.
Total expenses were $521,896, resulting in net income of $127,943,999 for the month. Net asset value was $543,576,722 at the beginning of July and $615,262,133 at month end, with a net asset value per share of $50.23 based on 12,250,000 shares.
Carronade Capital Management, LP and Dan Gropper report a significant ownership position in United States Brent Oil Fund, LP Shares. They report beneficial ownership of 1,350,365 Shares, including 99,200 Shares issuable upon exercise of call options.
This position represents 8.6% of the 15,750,000 Shares outstanding as of May 5, 2026, based on the issuer’s Form 10-Q. The Shares are held by certain Carronade-managed funds, and Carronade Capital Master, LP has the right to receive dividends and sale proceeds for more than 5% of the Shares. The reporting persons state that the filing should not be construed as an admission of beneficial ownership for Section 13 purposes.
United States Brent Oil Fund, LP (BNO) is a Delaware commodity pool whose objective is for daily percentage changes in its NAV to track daily percentage changes in the spot price of Brent crude oil, using a specified near-month ICE Brent futures contract (the Benchmark Futures Contract), plus interest on collateral, less expenses.
As of June 30, 2026, total assets were $544,238,529, up from $100,736,709 at December 31, 2025, with partners' capital of $543,576,722. Limited partner shares outstanding rose to 13,450,000 from 3,550,000, and NAV per share increased from $28.29 to $40.41, while the market price was $40.69. For the six months ended June 30, 2026, BNO recorded a net loss of $42,260,437, driven mainly by realized and unrealized losses on Brent futures, partly offset by $9,287,077 of dividend and interest income. Q2 2026 net loss was $208,626,364.
At June 30, 2026, BNO held 7,452 ICE Brent September 2026 futures contracts with notional value of $587,164,080 and an unrealized loss of $43,540,680, and cash equivalents of $390,700,000 in government money market funds. Despite the partnership-level loss, per-share NAV delivered a 42.84% total return for the six months, compared with a hypothetical 41.10% return from the Benchmark Futures Contract, mainly due to income on collateral and execution effects. The fund reports that over multiple periods its NAV has tracked the Benchmark Futures Contract within its plus/minus 10% tracking objective, while emphasizing risks from futures market contango/backwardation, derivatives, margining, counterparty exposure, and regulatory position limits.
United States Brent Oil Fund, LP issued its monthly account statement for the month ended June 30, 2026, presented as a Statement of Income (Loss) and a Statement of Changes in Net Asset Value pursuant to Rule 4.22 under the Commodity Exchange Act.
The fund recorded a net loss of $162,401,367, driven by a realized trading loss on commodity futures of $234,037,190, partially offset by an unrealized gain of $70,126,390, dividend income of $1,597,912, interest income of $485,099 and ETF transaction fees of $10,150. Total expenses were $583,728. Net asset value began at $765,054,342, reflected additions of $185,488,149 (3,750,000 shares) and withdrawals of $244,564,402 (5,550,000 shares), and ended at $543,576,722, or $40.41 per share based on 13,450,000 shares.
United States Brent Oil Fund, LP reported a significant trading loss for May 2026. For the month ended May 31, 2026, it recorded a net loss of $127,387,324, driven mainly by an unrealized loss on commodity futures of $265,677,650 that outweighed realized trading gains and income.
Net asset value declined from $858,516,466 at the beginning of May to $765,054,342 at month-end, while net asset value per share was $50.17 based on 15,250,000 shares. Management fees and other expenses totaled $634,117, a small portion of overall results, and the general partner affirmed the accuracy and completeness of this monthly account statement.
United States Brent Oil Fund, LP reported strong April 2026 performance in its monthly account statement. The fund generated net income of $81,162,327, driven by an unrealized gain on commodity futures of $149,818,030, which more than offset a realized trading loss of $70,459,250.
Total income was $81,772,810, supplemented by dividend income of $1,585,142, interest income of $815,938, and ETF transaction fees of $12,950, against relatively modest expenses of $610,483. Net asset value was $858,516,466 at month-end, with a net asset value per share of $58.20 based on 14,750,000 shares outstanding.
United States Brent Oil Fund files Post-Effective Amendment No. 1 to its Form S-3 pursuant to Rule 462(d), effective immediately upon filing.
The amendment consists solely of additional exhibits and Part II changes; it does not modify other parts of the registration statement. The filing lists estimated issuance expenses, including legal fees of $20,000, and restates the registrant's undertakings and indemnification provisions.
United States Brent Oil Fund, LP (BNO) reports a much larger portfolio and strong first-quarter results driven by Brent crude oil futures. Total assets rose to about $952.1 million as of March 31, 2026, up from $100.7 million at year-end, reflecting heavy share creations.
BNO generated quarterly net income of $166.4 million, compared with $4.9 million a year earlier, as realized gains on futures reached $164.7 million. Net asset value per share increased from $28.29 to $51.86, an 83.32% total return for the period, slightly outperforming its Brent Benchmark Futures Contract.
The fund expanded to 18.35 million limited partner shares outstanding, mainly through 15.85 million new shares, and held 9,154 ICE Brent crude futures contracts with roughly $949.5 million notional exposure. Over 30 valuation days, BNO’s daily NAV changes stayed within its targeted tracking band versus the Benchmark Futures Contract.
United States Brent Oil Fund, LP reported strong March 2026 results in a monthly account statement furnished with this Form 8-K. For the month ended March 31, 2026, the fund generated $138.4 million in net income, driven mainly by a $145.4 million realized trading gain on commodity futures, partly offset by an $8.2 million unrealized loss on those positions.
Total income was $138.8 million and expenses were modest at $0.4 million, resulting in high operating leverage. Net asset value increased from $213.2 million at the start of the month to $951.7 million at month-end, helped by large capital additions and trading gains. Net asset value per share at March 31, 2026 was $51.86 based on 18.35 million shares.
United States Brent Oil Fund, LP (BNO) is offering continuously tradable ETF shares on NYSE Arca that seek to track daily percentage changes in Brent crude oil via a specified short-term "Benchmark Futures Contract." The prospectus discloses a management fee of 0.75%, total annual operating expenses of 1.15%, and NAV per share of $34.66 as of February 28, 2026. The offering is conducted on a "best efforts" basis and relies on Authorized Participants to create and redeem 50,000-share baskets; BNO is organized as a commodity pool and is subject to CFTC/NFA regulation.