BNOMEDIUM SIGNALOPERATIONAL10-K

BNO substantially increased its outstanding shares from 3.1 million to 6.05 million while maintaining operational positioning in Brent crude oil futures markets.

The near-doubling of outstanding shares indicates significant fund inflows or creation activity, suggesting increased investor demand for Brent crude oil exposure through this ETF vehicle. The removal of specific language about contango and backwardation risks may reflect improved market conditions or a shift in disclosure emphasis, though these structural risks remain inherent to commodity futures investing.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

BNO's balance sheet contracted modestly with total assets declining 12.3% to $100.7 million and total liabilities decreasing 13.2% to $300,000, maintaining the fund's lean operational structure. The financial changes appear proportionate and consistent with typical ETF operations, showing no signs of operational stress despite the significant increase in share count.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
-13.2%
$346K→$300K

Liabilities reduced 13.2% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-12.3%
$114.9M→$100.7M

Total assets contracted 12.3% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
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.
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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.
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