Key Highlights

  • The fund reported net income of $35,072,555 for August 2026 on total income of $35,620,919.
  • Ending net asset value was $620,942,000, or $52.85 per share, with 11,750,000 shares outstanding at August 31, 2026.
  • Realized gains on futures of $20,577,580 and unrealized gains of $13,162,030 accounted for most of the month's income.
  • The fund issued 1,750,000 shares and redeemed 2,250,000, a net reduction of 500,000 shares during August.

United States Brent Oil Fund, LP (NYSE:BNO), whose shares trade on NYSE Arca under the symbol BNO, filed a Form 8-K attaching its monthly account statement for the month ended August 31, 2026 as Exhibit 99.1. The statement reports net income of $35,072,555 for the month and ending net asset value of $620,942,000, or $52.85 per share, with 11,750,000 shares outstanding.

The general partner is United States Commodity Funds LLC, and the certification is signed by Stuart P. Crumbaugh, its Chief Financial Officer.

Income and Expenses

The statement shows total income of $35,620,919 for August. The largest components were a realized trading gain on commodity futures of $20,577,580 and an unrealized gain on the market value of commodity futures of $13,162,030. The fund also reported dividend income of $1,239,530, interest income of $633,379 and ETF transaction fees of $8,400.

Total expenses were $548,364. That figure comprises general partner management fees of $409,554, professional fees of $84,854, brokerage commissions of $42,066, and directors' fees and insurance of $11,890. Subtracting expenses from total income yields the reported net income of $35,072,555.

Changes in Net Assets

The fund began August with net assets of $615,262,133. During the month it issued 1,750,000 shares for $87,619,235 and redeemed 2,250,000 shares for $117,011,923, a net reduction of 500,000 shares. Adding net income of $35,072,555 brings the total to the reported ending net asset value of $620,942,000.

Net asset value per share is the fund's net assets divided by its shares outstanding. It is a calculated figure and is separate from the price at which the fund's shares trade on the exchange, which the exhibit does not report.

What the Statement Is

The fund is a commodity pool that invests in futures contracts on Brent crude oil. Commodity pool operators are subject to Commodity Futures Trading Commission rules requiring periodic account statements, and the exhibit includes a certification, made under Rule 4.22(h) of the Commodity Exchange Act, that to the best of the signer's knowledge and belief the information in the account statement for the month ended August 31, 2026 is accurate and complete. The signer's business address, listed as that of the general partner, is 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California.

This kind of monthly statement is a summary of income, expenses and changes in net assets. Those items are found in the fund's quarterly report on Form 10-Q and annual report on Form 10-K, and its prospectus describes how the fund seeks to track the price of Brent crude oil and the risks that entails.

Two features of the month stand out from the statement itself. First, the fund's net income came mostly from gains on futures positions, with realized and unrealized gains together accounting for $33,739,610 of total income. Second, redemptions exceeded creations in both share count and dollars, so the fund ended the month with fewer shares than it began with even as net assets rose. Both observations follow directly from the figures reported and involve no forecast.

Reading the September Brent Fund Statement Against August

The fund furnishes a statement like this for each month, so the account statement for September 2026 would be the next in the series. Investors can look to that statement for how net assets, shares outstanding and net asset value per share change after August 31, and to the fund's next quarterly report for a fuller account of its holdings and results.