BNO's investment objective is for the daily percentage changes in its per share net asset value (NAV) to reflect the daily changes in the spot price of Brent crude oil, as measured by a specified short-term futures contract (Benchmark Futures Contract), plus interest earned, less expenses. The fund primarily invests in futures contracts for crude oil, heating oil, gasoline, natural gas, and other petroleum-based fuels, and to a lesser extent, other crude oil-related investments. For the 30-valuation days ended December 31, 2025, the average daily change in the Benchmark Futures Contract price was (0.128)%, while BNO's average daily NAV change was (0.118)%, resulting in an average daily difference of 0.01%. Since its public offering commencement on June 2, 2010, to December 31, 2025, the average daily change in the Benchmark Futures Contract was 0.026%, and BNO's average daily NAV change was 0.027%, with an average daily difference of 0.001%. For the year ended December 31, 2025, BNO's actual total return, as measured by changes in its per share NAV, was (6.14)%, outperforming the expected total return based on the Benchmark Futures Contract of (7.65)% by 1.51%. The Benchmark Futures Contract price started 2025 at $74.64 per barrel and ended the year at $60.85 per barrel, representing an (18.48)% decrease. During 2025, the Brent crude oil futures market experienced states of backwardation, where near-month contracts traded at a higher price than next-month contracts. Global crude oil supplies exceeded demand throughout 2025, with the excess supply widening from 0.6 million barrels per day (mbd) at the end of 2024 to 2.8 mbd by the end of 2025. OPEC crude production increased from approximately 27.5 mbd to 29.0 mbd during 2025, with plans to unwind voluntary cuts and increase quotas underway.