BNONYSECommodity Contracts Brokers & DealersUS GAAP · USD

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.

Kysy yhtiöstä
Liikevaihto−5,2milj. USD
−141,3 %v/v
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−138,6 %v/v
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Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−40−20020406080milj. USD2020: 65 milj. USD20202021: 1,8 milj. USD20212022: 4,2 milj. USD20222023: −23 milj. USD20232024: 13 milj. USD20242025: −5,2 milj. USD2025−5,2
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
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.

Asiakkaat

The fund is bought by investors seeking liquid, exchange-traded exposure to Brent crude oil rather than direct commodity ownership. Its user base includes institutions, traders, and sophisticated retail investors that want to express a view on oil prices or hedge energy-related risk. Because the product is derivative-based, buyers typically understand futures-market mechanics and tracking behavior.

Institutional investors

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

Retail investors

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

Hedgers

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

Trading-oriented investors

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

Strategia

The fund’s core strategy is to hold Brent crude oil futures and related instruments so that daily changes in share value track the benchmark futures contract as closely as practical. It also uses other oil-linked derivatives and cash instruments when needed for liquidity, regulatory, or risk-management purposes. The structure is designed for benchmark exposure, not for long-horizon replication of spot oil prices.

Maintain close daily tracking to Brent futuresLyhyt aikaväli

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

Preserve liquidity and tradabilityLyhyt aikaväli

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

Control tracking error from market structureKeskipitkä aikaväli

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

Maantiede

The fund is organized in the United States, with shares distributed through U.S. broker-dealer channels. Its economic exposure is global because Brent crude is a worldwide pricing benchmark and the underlying futures trade on international exchanges such as ICE Futures Europe. Performance is therefore driven by global supply-demand conditions, geopolitical events, and refining-market dynamics across major oil hubs.

Riskit

The fund is exposed to Brent crude oil price volatility, which is driven by global supply-demand shifts, geopolitics, and macroeconomic conditions. It also faces tracking error risk because futures market structure, including contango and backwardation, can cause returns to differ from spot oil or investor expectations. As a derivative-based vehicle, it depends on futures liquidity, pricing, and counterparty/valuation processes.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Brent crude oil price volatility1Tracking error versus spot Brent2Contango and backwardation3Geopolitical and macroeconomic shocks4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Brent crude oil price volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Benchmark futures and related oil instruments

  2. Tracking error versus spot BrentVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Daily NAV performance

  3. Contango and backwardationVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Futures contract rolling

  4. Geopolitical and macroeconomic shocksVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Global energy markets

Kirjanpito

Harkinnanvaraiset erät
Fair value of derivatives

Futures and swaps are remeasured frequently, so valuation inputs directly affect NAV and earnings.

Vaikutus: Reported results can change materially with market moves.

OTC swap valuation

Non-exchange-traded instruments rely on present-value estimates and counterparty pricing inputs.

Vaikutus: Model assumptions can affect asset values and realized/unrealized gains.

Daily mark-to-market

Commodity futures are marked daily, creating large short-term swings in reported performance.

Vaikutus: Quarterly comparability can be distorted by timing of price moves.

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026