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 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.
United States Brent Oil Fund, LP furnished its audited annual financial statements for the year ended December 31, 2025. The fund reported a net loss of $4.1 million in 2025, compared with net income of $10.6 million in 2024, as losses on Brent crude oil futures outweighed dividend and interest income.
Partners’ capital declined to $100.4 million at year-end 2025 from $114.5 million a year earlier, with net asset value per share decreasing from $30.14 to $28.29. Total return for 2025 was -6.14%, versus a 10.04% gain in 2024. Weighted average shares outstanding fell as creations were more than offset by redemptions.
The fund’s portfolio at year-end 2025 consisted mainly of ICE Brent crude futures (1,651 contracts with unrealized gain of $2.3 million) and U.S. government money market funds of $62.75 million. Cohen & Company, Ltd. issued unqualified opinions on both the financial statements and internal control over financial reporting and reported no critical audit matters.
United States Brent Oil Fund, LP furnished its monthly account statement for the month ended February 28, 2026, detailing income and net asset changes. The fund reported net income of $11,581,292, driven mainly by realized trading gains of $10,766,010 on commodity futures and additional unrealized gains, dividends, interest income, and ETF transaction fees.
Net asset value increased from $135,515,192 at the beginning of the month to $213,195,379 at month end. This reflected $76,035,891 of additions from 2,300,000 shares, withdrawals of $9,936,996 from 300,000 shares, and the month’s net income. Net asset value per share at month end was $34.67 based on 6,150,000 shares.
United States Brent Oil Fund, LP filed an 8-K furnishing the audited statements of financial condition of its general partner, United States Commodity Funds LLC, as of December 31, 2025 and 2024. USCF reported total assets of $6,712,164 and member’s equity of $5,075,965 at year-end 2025, slightly lower than $7,128,612 of assets and $5,278,930 of equity in 2024. The balance sheet is dominated by $2,432,322 of investments at fair value and $1,540,906 of cash and equivalents at 2025 year-end. Notes describe related-party management fee receivables, fair value methodologies, lease obligations through March 2028, income tax positions, and multiple legal and regulatory matters. These include previously disclosed SEC and CFTC cease-and-desist orders with aggregate civil monetary penalties of $2,500,000 and several ongoing securities and derivative lawsuits where no loss accrual has been recorded.
United States Brent Oil Fund, LP (BNO) is a Delaware commodity pool whose shares trade on NYSE Arca and are designed to track, in percentage terms, the daily spot price of Brent crude oil via a short‑term ICE Futures Europe Brent contract plus interest on collateral, less expenses.
BNO invests primarily in Brent crude oil futures and other petroleum‑related derivatives, holding Treasuries, cash and cash equivalents as margin and collateral. It targets the average daily percentage change in NAV over 30 valuation days to be within plus/minus 10% of the Benchmark Futures Contract over the same period.
USCF, a registered commodity pool operator and wholly owned subsidiary of USCF Investments, manages BNO and receives a 0.75% annual management fee on average daily net assets. From inception through December 31, 2025, total expenses paid or accrued were $21.2 million, or 1.07% annualized of average daily net assets before waivers. As of June 30, 2025, shares held by non‑affiliates had an aggregate market value of $103.8 million, and BNO had 6,050,000 outstanding shares as of February 23, 2026.
United States Brent Oil Fund, LP reported a strong January 2026, generating net income of $16,379,067. Total income was $16,483,600, driven mainly by realized trading gains on commodity futures of $8,585,390 and unrealized gains on commodity futures of $7,566,180, with modest dividend and interest income.
Expenses were kept low at $104,533, resulting in a sizable increase in net asset value. Net asset value rose from $100,436,504 at the beginning of the month to $135,515,192 at month-end, helped by additions of 650,000 shares and withdrawals of 50,000 shares. Net asset value per share was $32.65 based on 4,150,000 shares.
United States Brent Oil Fund, LP furnished an update on its financial results for the month ended December 31, 2025. The fund submitted its required monthly account statement, which includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, in line with Rule 4.22 under the Commodity Exchange Act.
This information is provided as an exhibit to a current report and is treated as furnished rather than filed under securities laws. The same monthly account statement is also available on the fund’s website, giving investors another way to review the fund’s recent financial activity.