United States Brent Oil Fund, LP

United States Brent Oil Fund, LP is a commodity pool structured to provide investors with exposure to Brent crude oil prices through exchange-traded futures and related oil-linked instruments. The fund is organized in the United States and its portfolio is managed through derivatives rather than direct ownership of physical crude oil.

105,2 %

−141,3 %

— United States Brent Oil Fund, LP
%
Brent crude oil exposure70% Exposure to Brent crude oil through futures contracts and benchmark-linked instruments.
Other petroleum futures20% Positions in diesel-heating oil, gasoline, natural gas, and related fuel futures.
Options and forwards5% Cash-settled options and forward contracts used to supplement futures exposure.
Swaps and OTC derivatives5% Cleared swaps and OTC swaps tied to crude oil and petroleum-based fuels.

The fund is bought by investors seeking liquid, exchange-traded exposure to Brent crude oil rather than direct...

  • Institutional investorsprimary

    Asset managers, funds, and other institutions buy shares to gain liquid Brent crude exposure.

  • Retail investorsprimary

    Individual investors use the fund for exchange-traded access to oil prices without futures accounts.

  • Hedgerssecondary

    Energy producers, consumers, and other market participants use the fund as a price-risk tool.

  • Trading-oriented investorssecondary

    Short-term traders use the fund to express directional views on Brent and related energy markets.

The fund is organized in the United States, with shares distributed through U.S. broker-dealer channels...

  • •United States domicile and distribution base
  • •Brent benchmark is tied to global oil pricing
  • •ICE Futures Europe is a key trading venue
  • •Exposure reflects worldwide supply-demand conditions
  • •Geopolitical events across oil-producing regions matter

The fund’s core strategy is to hold Brent crude oil futures and related instruments so that daily changes in share...

01
Maintain close daily tracking to Brent futuresshort-term

The fund exists to mirror benchmark futures performance as closely as practical.

02
Preserve liquidity and tradabilityshort-term

Investors need an exchange-traded vehicle that can be bought and sold efficiently.

03
Control tracking error from market structuremedium-term

Contango, backwardation, and contract roll effects can cause returns to diverge from spot oil.

The fund is exposed to Brent crude oil price volatility, which is driven by global supply-demand shifts, geopolitics,...

high

Brent crude oil price volatility

The fund’s value is directly tied to Brent-linked futures prices, which can swing on supply, demand, and geopolitics.

Scope
Benchmark futures and related oil instruments
Materiality
high
high

Tracking error versus spot Brent

Futures-based exposure may not match spot oil returns over anything other than very short periods.

Scope
Daily NAV performance
Materiality
high
high

Contango and backwardation

Oil futures curve shape can create roll losses or gains that materially affect returns.

Scope
Futures contract rolling
Materiality
high
medium

Geopolitical and macroeconomic shocks

Wars, sanctions, recessions, tariffs, and trade disruptions can change oil supply-demand balances quickly.

Scope
Global energy markets
Materiality
high
Fair value of derivatives
Reported results can change materially with market moves
OTC swap valuation
Model assumptions can affect asset values and realized/unrealized gains
Daily mark-to-market
Quarterly comparability can be distorted by timing of price moves

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: 29/04/2026