United States Brent Oil Fund (NYSE Arca: BNO) reports $162M June trading loss
Rhea-AI Filing Summary
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.
Positive
- None.
Negative
- Net loss of $162,401,367 in June 2026 driven largely by a realized trading loss on commodity futures of $234,037,190, contributing to a decline in net asset value to $543,576,722.
Filing Explained
The July 29 Form 8-K furnishes, rather than files, the June monthly account statement under Item 7.01; the company says the information is not subject to Section 18 liability or incorporated by reference unless specifically stated.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Realized trading gain (loss) on commodity futures: $(234,037,190)
Unrealized gain on market value of commodity futures: $70,126,390
Total expenses: $583,728
+5 more
8 metrics
Realized trading gain (loss) on commodity futures
$(234,037,190)
For the month ended June 30, 2026
Unrealized gain on market value of commodity futures
$70,126,390
For the month ended June 30, 2026
Total expenses
$583,728
For the month ended June 30, 2026
Net income (loss)
$(162,401,367)
For the month ended June 30, 2026
Net asset value beginning of month
$765,054,342
Net asset value at 6/1/26
Net asset value end of month
$543,576,722
Net asset value at June 30, 2026
Net asset value per share
$40.41
Based on 13,450,000 shares at June 30, 2026
Share additions and withdrawals
Additions 3,750,000; withdrawals 5,550,000
Primary market creations and redemptions during June 2026
Key Terms
Commodity Exchange Act, Realized Trading Gain (Loss) on Commodity Futures, Net Asset Value, Emerging growth company, +1 more
5 terms
Commodity Exchange Act regulatory
"as required pursuant to Rule 4.22 under the Commodity Exchange Act"
A federal law that creates the rulebook for trading commodity futures and options, setting standards to prevent market manipulation, fraud, and unfair practices. It matters to investors because those rules and the government oversight that enforces them help keep prices honest, ensure transparent reporting, and reduce the risk that markets will be distorted — similar to traffic laws that make driving safer and more predictable.
Realized Trading Gain (Loss) on Commodity Futures financial
"Realized Trading Gain (Loss) on Commodity Futures $ (234,037,190)"
Net Asset Value financial
"Statement of Changes in Net Asset Value Net Asset Value Beginning of Month"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
Emerging growth company regulatory
"405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ... Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Rule 4.22(h) regulatory
"Pursuant to Rule 4.22(h) under the Commodity Exchange Act, the undersigned represents"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What net income did United States Brent Oil Fund (BNO) report for June 2026?
United States Brent Oil Fund (BNO) reported a net loss of $162,401,367 for the month ended June 30, 2026. This reflected a large realized trading loss on commodity futures, partially offset by unrealized gains, dividends, interest income and relatively modest expenses.
How did BNO’s net asset value change during June 2026?
BNO’s net asset value decreased from $765,054,342 at the beginning of June to $543,576,722 at month end. This movement reflects the monthly net loss plus share creations and redemptions, resulting in a net asset value per share of $40.41 on 13,450,000 shares.
What were BNO’s total expenses for June 2026 and key components?
For June 2026, BNO incurred total expenses of $583,728. These included general partner management fees of $458,116, professional fees of $64,117, brokerage commissions of $53,727, and directors’ fees and insurance of $7,768, reflecting the fund’s operating cost structure for the month.
What trading results did United States Brent Oil Fund (BNO) report on its commodity futures in June 2026?
BNO reported a realized trading loss on commodity futures of $234,037,190 and an unrealized gain of $70,126,390 on the market value of commodity futures for June 2026. Together with income from dividends, interest and ETF transaction fees, these figures drove the fund’s total income (loss).
Where can investors access BNO’s June 2026 monthly account statement?
Investors can access BNO’s June 2026 monthly account statement, which includes the Statement of Income (Loss) and Statement of Changes in Net Asset Value, on the sponsor’s website at www.uscfinvestments.com, where United States Brent Oil Fund, LP makes its monthly information available.