United States Brent Oil Fund, LP - BNO

United States Brent Oil Fund, LP is an exchange-traded security designed to track the daily price movements of Brent crude oil futures. Structured as a commodities pool, BNO provides investors with direct exposure to Brent crude oil, which serves as the primary benchmark for crude oil prices in Europe, the Middle East, and Africa (EMEA) regions. The fund invests primarily in front-month Brent crude oil futures contracts traded on ICE Futures Europe Exchange, supplemented by cash and U.S. government securities. Unlike West Texas Intermediate (WTI) crude oil focused funds, BNO offers an alternative benchmark that often trades at different prices than WTI, making it valuable for investors seeking diversified crude oil exposure. The fund is managed passively to replicate daily percentage changes in spot Brent crude oil prices, with investment returns influenced by changes in futures prices plus interest from collateral holdings, less operating expenses. BNO shares trade on NYSE Arca, allowing investors to buy and sell throughout regular trading sessions, providing convenient access to global crude oil markets.