United States Brent Oil Fund

What United States Brent Oil Fund does

The United States Brent Oil Fund, LP (BNO) is a single-commodity exchange-traded fund that tracks the daily price movements of Brent crude oil spot prices. Listed on the NYSE Arca exchange under the ticker BNO, the fund commenced operations on June 2, 2010 and is structured as a limited partnership classified as a commodity pool regulated by the U.S. Commodity Futures Trading Commission (CFTC). BNO is sponsored by United States Commodity Funds LLC, a wholly owned subsidiary of USCF Investments, Inc., with USCF Advisers LLC serving as investment adviser, ALPS Distributors, Inc. acting as distributor, and The Bank of New York Mellon providing custody and fund administration.

The fund's investment objective is achieved primarily by holding the near-month Brent crude oil futures contract traded on the ICE Futures Exchange, rolling into the next-month contract when the near-month contract is within two weeks of expiration. The fund's daily NAV changes are intended to reflect Brent crude oil spot price movements plus interest earned on collateral holdings, less fund expenses. BNO shares are not individually redeemable; instead, they trade on the secondary market, with creation and redemption occurring in defined Creation Unit aggregations through Authorized Participants.

BNO generates revenue through management fees charged to investors, deducted from fund assets and expressed as a Total Expense Ratio that covers advisory, administrative, custody, and distribution costs. The fund serves retail and institutional investors who seek exchange-listed exposure to Brent crude oil without managing futures accounts, margin, or contract rollovers themselves. Within USCF Investments' broader product lineup, BNO sits alongside USO (WTI crude oil), UGA (gasoline), UNG (natural gas), and CPER (copper), forming one of several single-commodity options within the firm's commodity ETF family.

Name

United States Brent Oil Fund

Legal name

United States Brent Oil Fund, LP

Website

https://uscfinvestments.com

Company type

Public

Founded year

2010

Operating status

Operating

Short description

The United States Brent Oil Fund (BNO) is an NYSE Arca-listed exchange-traded fund that tracks daily Brent crude oil price movements through near-month ICE futures. It serves retail and institutional investors seeking exchange-listed Brent exposure without direct futures trading.

Ownership category

akta.pro rank

Headquarters

HQ city

Walnut Creek

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Management Fee / Expense Ratio: BNO generates revenue through management fees charged to investors, typically expressed as a Total Expense Ratio. These fees are deducted from fund assets and cover advisory services, administration, custody, and distribution costs.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

United States Brent Oil Fund, LP (BNO) is an exchange-traded fund that issues shares designed to track the daily price movements of Brent crude oil by investing primarily in nearby ICE Brent crude oil futures contracts and other related instruments. Its shares trade on NYSE Arca under the ticker BNO and provide investors with exchange-listed, liquid exposure to the international Brent oil benchmark without taking physical delivery of oil.

Product overview

The United States Brent Oil Fund (BNO) is a single-commodity exchange-traded security offered by USCF Investments. BNO tracks Brent crude oil prices through futures contracts on the ICE Futures Exchange. As part of USCF's commodity ETF lineup, BNO represents one of several single-commodity funds alongside USO (WTI crude oil), UGA (gasoline), UNG (natural gas), and CPER (copper), as well as multi-commodity funds like USCI and SDCI that provide broader commodity exposure. The fund is designed for investors seeking direct exposure to Brent crude oil price movements without trading futures directly.

Differentiator

Problem solved

Functional benefit

Products and services

• United States Brent Oil Fund (BNO) shares Exchange-listed fund shares designed to reflect the daily price movements of Brent crude oil by investing primarily in nearby ICE Brent crude oil futures contracts and other related instruments. Available to retail and institutional investors through brokerage accounts and to Authorized Participants for creation/redemption in 50,000-share baskets.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• ALPS Distributors, Inc.coreChannel Partner/ Reseller/ DistributorALPS Distributors, Inc. serves as the distributor for USCF funds including BNO. They are located at 1290 Broadway, Suite 1000, Denver, Colorado 80203 and can be contacted at 800-920-0259.
• The Bank of New York MelloncoreOthersThe Bank of New York Mellon serves as the custodian and administrator for BNO, providing fund administration and safekeeping services.
• ICE Futures ExchangecoreTechnology or IntegrationBNO's Benchmark Futures Contract is traded on the ICE Futures Exchange, providing the exchange venue for Brent crude oil futures that the fund tracks.
• United States Commodity Funds LLCcoreOthersUnited States Commodity Funds LLC (USCF) is the sponsor and general partner that manages BNO's investments and operations. USCF is a wholly owned subsidiary of USCF Investments, Inc.

Scale indicators1 record

Recent moves5 records

Expansion highlights2 records

Emerging players

• United States Gasoline Fund (UGA): UGA is a USCF sister fund tracking gasoline futures, an oil-refined product directly linked to crude oil prices. It serves a similar but distinct investor use case from BNO and benefits from the same parent distribution platform.
• Invesco DB Energy Fund (DBE): DBE is an Invesco-sponsored ETF tracking a diversified basket of energy futures (crude, heating oil, gasoline, natural gas). It competes with BNO for energy-exposure allocations from investors who want broader diversification than a single-commodity product.
• United States Natural Gas Fund (UNG): UNG is a USCF sister fund tracking near-month natural gas futures. While targeting a different commodity, it shares the same single-commodity, near-month futures roll structure as BNO and competes for the same broad 'commodity exposure via ETF' investor wallet.
• United States Commodity Index Fund (USCI): USCI is a USCF sister fund tracking a diversified basket of commodity futures. It serves investors seeking broader commodity exposure from within the same fund family as BNO and competes for allocation share against single-commodity products like BNO.

Direct peers

• United States 12 Month Oil Fund (USL): USL is a USCF sister fund that tracks 12 consecutive months of WTI crude oil futures rather than a single near-month contract. It competes with BNO for oil-exposure investors but uses a longer-dated roll strategy designed to mitigate contango drag, making it a meaningful substitute product.
• United States Oil Fund (USO): USO is the sister USCF fund that tracks WTI crude oil futures via near-month contracts on NYMEX. It is the most directly comparable product to BNO, differing only in benchmark (WTI vs Brent) and underlying exchange, and competes head-to-head for the same oil-exposure investor flows.
• Invesco DB Oil Fund (DBO): DBO is an exchange-traded commodity pool tracking oil futures that competes directly with BNO for investor allocations seeking crude oil exposure. It differs by tracking a broader Deutsche Bank Liquid Commodity Index oil sub-component rather than a single near-month Brent contract, but serves the same core use case.

Broad incumbents

• iShares S&P GSCI Commodity-Indexed Trust (GSG): GSG is a broad-commodity ETF from a major incumbent (BlackRock/iShares) tracking the S&P GSCI index, with meaningful energy weighting. It competes with BNO for commodity-allocation dollars from investors who prefer broad exposure over single-commodity concentration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/USCFInvestments
• YouTubeyoutube.com/channel/UCBvq6qgmkXBdSurtPGJ7FrA?view_as=subscriber
• Facebookfacebook.com/InvestInWhatsReal
• LinkedInlinkedin.com/company/10577299
• Instagraminstagram.com/uscfinvestments

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about United States Brent Oil Fund