ADDED
The registrant had 6,050,000 outstanding shares as of February 23, 2026.
(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing Brent crude oil, which could be substantial.) Who is USCF?
The price of crude oil is established by the supply and demand conditions in the global market overall, and more particularly, in the main refining centers of Singapore, Northwest Europe, and the U.S.
The accountability levels for the Benchmark Futures Contract and other Futures Contracts traded on U.S.-based futures exchanges, such as the NYMEX, are not a fixed ceiling, but rather a threshold above which the exchange may exercise greater scrutiny and control over an investor s positions.
As of December 31, 2025, BNO held 1,651 Futures Contracts for Brent crude oil traded on the ICE Futures.
In connection with investing in Futures Contracts and Other Crude Oil-Related Investments, BNO holds Treasuries, cash and/or cash equivalents that serve as segregated assets supporting BNO s positions in Futures Contracts and Other Crude Oil-Related Investments.
OTC Derivatives (Including Spreads and Straddles) In addition to Futures Contracts, there are also a number of listed options on the Futures Contracts on the principal futures exchanges.
( ISDA ) that provides for the netting of its overall exposure to its counterparty and, consistent with applicable regulatory requirements, the posting by each party to cover the mark to market exposure of a counterparty to the other counterparty.
ALPS Distributors principal business address is 1290 Broadway, Suite 1100, Denver, CO 80203.
RBC Capital is subject to complex legal and regulatory requirements that continue to evolve.
REMOVED
The registrant had 3,100,000 outstanding shares as of February 24, 2025.
This is because natural market forces called contango and backwardation may impact and have impacted the total return on an investment in BNO s shares during the past year relative to a hypothetical direct investment in Brent crude oil and, in the future, it is likely that the relationship between the market price of BNO s shares and the changes in the spot price of Brent crude oil will continue to be impacted by contango and backwardation.
As of December 31, 2024, BNO held 1,535 Futures Contracts for Brent crude oil traded on the ICE Futures.
Position limits differ from accountability levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot be exceeded without express CFTC authority to do so.
( ISDA ) that provides for the netting of its overall exposure to its counterparty and requires the posting by each party to cover the mark - to - market exposure of a counterparty to the other counterparty.
These EFRP transactions may expose BNO to counterparty risk during the interim period between the execution of the OTC component and the exchange for a corresponding futures contract.
Futures Commission Merchants RBC Capital Markets LLC On October 8, 2013, USCF entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets, LLC ( RBC Capital or RBC ) to serve as BNO s FCM, effective October 10, 2013.
RBC Capital is a large broker dealer subject to many different complex legal and regulatory requirements.
RBC Capital complies fully with its regulators in all investigations being conducted and in all settlements it reaches.
In addition, RBC Capital is and has been subject to a variety of civil legal claims in various jurisdictions, a variety of settlement agreements and a variety of orders, awards and judgments made against it by courts and tribunals, both in regard to such claims and investigations.