BNO (United States Brent Oil Fund) is an ETF structured as a Delaware limited partnership that gives investors exchange-listed exposure to Brent crude oil prices. BNO shares trade on NYSE Arca under the ticker "BNO," and the fund's goal is for the daily percentage change in its NAV to track the daily percentage change in the near-month ICE Brent crude futures contract. Investors use BNO to gain indirect exposure to Brent crude, hedge existing oil price exposure, or add commodity diversification to a portfolio. BNO is managed by United States Commodity Funds (USCF), which acts as general partner and handles all investment decisions; BNO has no employees of its own. BNO invests nearly all its assets in Brent crude futures on ICE Futures Europe, rolling positions over a four-day period as contracts near expiration. Assets not posted as margin are held in short-term U.S. Treasuries, which generate interest income that accrues to NAV. USCF earns a management fee of 0.75% per annum on average daily net assets, making USCF's revenue directly tied to BNO's AUM. New shares can only be created or redeemed by Authorized Participants in blocks of 50,000 shares, a mechanism that keeps BNO's share price aligned with its NAV. A key structural caveat: BNO tracks daily futures price changes, not the Brent spot price over time, meaning roll costs in a contango market can erode returns relative to spot prices over longer holding periods.