United States Brent Oil Fund (NYSE Arca: BNO) is a commodity pool structured as a Delaware limited partnership that provides investors with exposure to Brent crude oil prices through exchange-traded limited partnership interests. It makes money by charging management fees against fund assets while holding positions in futures contracts for crude oil, heating oil, gasoline, natural gas, and other petroleum-based fuels traded on the NYMEX, ICE Futures Europe, and ICE Futures U.S. BNO also invests, to a lesser extent, in cash-settled options on futures contracts, forward contracts for crude oil, cleared swap contracts, and over-the-counter transactions based on crude oil and petroleum-based fuel prices. The fund was organized on September 2, 2009, and maintains its principal office in Walnut Creek, California. United States Commodity Funds LLC (USCF) serves as the general partner and manages the fund's investment activity. BNO is registered under the Securities Exchange Act and lists its interests on NYSE Arca.

Revenue model

Management fees charged as a percentage of fund assets. The fund itself generates gains or losses from futures contracts and other crude oil-related investments rather than operating revenue in the traditional sense.

Products and services

Exchange-traded limited partnership interests providing price exposure to Brent crude oil. Underlying holdings include futures contracts for crude oil, heating oil, gasoline, and natural gas traded on NYMEX and ICE Futures, plus cash-settled options, forward contracts, cleared swaps, and OTC crude oil-related instruments.

Customers and end markets

Investors seeking exchange-traded exposure to Brent crude oil prices. End market is the broader commodity and energy investment market.

Value-chain role

Financial product issuer and commodity pool operator sitting between retail and institutional investors and the crude oil futures markets.

Geographic exposure

Principal office in Walnut Creek, California. Invests in futures and related instruments on U.S. exchanges (NYMEX) and foreign exchanges (ICE Futures Europe, ICE Futures U.S.).

Source: SEC 10-K, filed 2026-02-27

Industry: Commodity Contracts Brokers & Dealers