8-K: United States Brent Oil Fund Reports $4.26 Million Net Income for January 2025

United States Brent Oil Fund, LP announces its monthly account statement for January 31, 2025, reporting a net income of $4.26 million.

Summary

• United States Brent Oil Fund, LP released its monthly account statement for January 31, 2025.
• The fund reported a net income of $4,260,421 for the month.
• The net asset value at the end of January was $100,725,148, with a net asset value per share of $30.99 based on 3,250,000 shares.
• The statement includes a breakdown of income, expenses, and changes in net asset value.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The report presents factual financial data without expressing explicit optimism or pessimism. The net income is positive, but there are also unrealized losses and a decrease in net asset value.

Positives

• The fund generated a net income of $4,260,421 for the month.
• The fund had significant realized trading gains on commodity futures of $10,122,120.
• The fund generated dividend income of $257,734 and interest income of $127,184.

Negatives

• The fund experienced an unrealized loss on the market value of commodity futures of $(6,133,370).
• The net asset value decreased from $114,528,171 to $100,725,148 during the month.

Risks

• Fluctuations in commodity futures markets can significantly impact the fund's performance.
• Unrealized losses can offset realized gains, affecting overall profitability.
• Changes in investor sentiment can lead to significant share additions or withdrawals, impacting net asset value.

Future Outlook

There is no specific future outlook provided in this document; it is a report of past performance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, represents that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This announcement provides insight into the financial performance of a commodity-based exchange-traded fund (ETF) during a specific month, reflecting the impact of oil price fluctuations and trading activities on fund value. Similar funds include the United States Oil Fund (USO) and other Brent crude oil tracking ETFs. Performance is directly tied to the price of Brent crude oil futures contracts.

Comparison to Industry Standards

• The United States Brent Oil Fund (BNO) is designed to track the daily price movements of Brent crude oil.
• Comparable funds like the United States Oil Fund (USO) track West Texas Intermediate (WTI) crude oil.
• Performance is typically benchmarked against the spot price and futures contracts of Brent crude oil.
• Management expense ratios (MER) and tracking error are key metrics for comparing similar funds.

Stakeholder Impact

• Shareholders are informed about the fund's performance and net asset value.
• The report provides transparency to limited partners regarding the fund's financial activities.

Key Dates