Vault-13

UNITED STS BRENT OIL FD LP BNO

UNIT · ETP · CUSIP 91167Q100

55 institutional holders -8 vs Q1 2026
5,401,0055.4m shares reported held*
$219.9mreported value*
23 new 11 added 19 reduced 30 sold out net sold ≈ $68.3m (-1.7m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $40.71. Options: 21 managers hold calls ($221.3m notional), 9 hold puts ($80.9m).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 39Q4 22: 48Q1 23: 46Q2 23: 40Q3 23: 40Q4 23: 37Q1 24: 39Q2 24: 37Q3 24: 27Q4 24: 34Q1 25: 31Q2 25: 30Q3 25: 28Q4 25: 26Q1 26: 63Q2 26: 5555Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202239
Q4 202248
Q1 202346
Q2 202340
Q3 202340
Q4 202337
Q1 202439
Q2 202437
Q3 202427
Q4 202434
Q1 202531
Q2 202530
Q3 202528
Q4 202526
Q1 202663
Q2 202655

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q3 24: 17 bought or addedQ3 24: 24 cut or sold outQ4 24: 20 bought or addedQ4 24: 15 cut or sold outQ4 24Q1 25: 13 bought or addedQ1 25: 20 cut or sold outQ2 25: 16 bought or addedQ2 25: 14 cut or sold outQ2 25Q3 25: 12 bought or addedQ3 25: 20 cut or sold outQ4 25: 13 bought or addedQ4 25: 15 cut or sold outQ4 25Q1 26: 54 bought or addedQ1 26: 7 cut or sold outQ2 26: 34 bought or addedQ2 26: 49 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20241724
Q4 20242015
Q1 20251320
Q2 20251614
Q3 20251220
Q4 20251315
Q1 2026547
Q2 20263449

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100m$200m$300mQ3 25 calls: $13.0mQ3 25 puts: $2.4mQ3 25P/C 0.19Q4 25 calls: $6.6mQ4 25 puts: $1.2mQ4 25P/C 0.19Q1 26 calls: $153.6mQ1 26 puts: $61.1mQ1 26P/C 0.40Q2 26 calls: $221.3mQ2 26 puts: $80.9mQ2 26P/C 0.37
Numbers
QuarterCallsPutsP/C
Q3 2025$13.0m$2.4m0.19
Q4 2025$6.6m$1.2m0.19
Q1 2026$153.6m$61.1m0.40
Q2 2026$221.3m$80.9m0.37

Biggest buyers

CARRONADE CAPITAL MANAGEMENT, LP New +1,350,365+1.4m
CITADEL ADVISORS LLC Added +659,587+659.6k
Harvest Fund Management Co., Ltd Added +458,938+458.9k
CIBC Bancorp USA Inc. New +225,000+225.0k
Quadrature Capital Ltd Added +122,758+122.8k
WELLS FARGO & COMPANY/MN Added +111,199+111.2k
Mountain Lake Investment Management LLC New +96,318+96.3k
BANK OF AMERICA CORP /DE/ New +83,850+83.8k
EASTERLY INVESTMENT PARTNERS LLC New +70,000+70.0k
HRT FINANCIAL LP New +69,123+69.1k

Biggest sellers

JPMORGAN CHASE & CO Reduced -1,949,713-1.9m
Evergreen Quality Fund GP, Ltd. Sold out -513,197-513.2k
JANE STREET GROUP, LLC Reduced -456,965-457.0k
Newbrook Capital Advisors LP Sold out -426,396-426.4k
IMC-Chicago, LLC Reduced -383,322-383.3k
Virtu Financial LLC Reduced -272,718-272.7k
MORGAN STANLEY Reduced -203,731-203.7k
Jump Financial, LLC Reduced -166,190-166.2k
LPL Financial LLC Reduced -121,542-121.5k
Nuveen, LLC Sold out -100,000-100.0k

Biggest calls

CITADEL ADVISORS LLC Added $33.7m827.9k shares
IMC-Chicago, LLC Added $32.6m800.6k shares
SIMPLEX TRADING, LLC Added $31.3m770.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $28.5m699.3k shares
JANE STREET GROUP, LLC Added $26.1m640.5k shares
PLUSTICK MANAGEMENT LLC New $18.3m450.0k shares
FIRST SABREPOINT CAPITAL MANAGEMENT LP New $18.3m450.0k shares
GROUP ONE TRADING LLC Added $15.8m387.3k shares
LMR Partners LLP New $3.5m87.0k shares
Arrington Capital Management, LLC New $3.5m85.1k shares

Biggest puts

CITADEL ADVISORS LLC Added $40.1m985.9k shares
IMC-Chicago, LLC Added $10.0m246.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $8.9m217.7k shares
JANE STREET GROUP, LLC Reduced $6.9m169.9k shares
GROUP ONE TRADING LLC Reduced $4.2m103.3k shares
JPMORGAN CHASE & CO New $3.3m80.7k shares
SIMPLEX TRADING, LLC Added $3.0m74.0k shares
HRT FINANCIAL LP New $2.9m72.1k shares
Belvedere Trading LLC Added $1.6m38.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
CARRONADE CAPITAL MANAGEMENT, LP 13G · institution new · filed 2026-08-14 8.6% new 1.4m≈ $54.9m 2026-08-14

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CARRONADE CAPITAL MANAGEMENT, LP 0.95% of their portfolio DARIEN, CT 1,350,3651.4m $54.9m $54.9m 0.95% New
2 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 1,051,9741.1m $42.8m $42.8m 0.02% Added +659.6k +659,587
3 Harvest Fund Management Co., Ltd 1.07% of their portfolio BEIJING, F4 796,130796.1k $32.4m $32.4m 1.07% Added +458.9k +458,938
4 E Fund Management Co., Ltd. 0.27% of their portfolio GUANGZHOU, F4 293,412293.4k $11.9m $11.9m 0.27% Unchanged
5 Quadrature Capital Ltd 0.10% of their portfolio LONDON, X0 276,844276.8k $11.3m $11.3m 0.10% Added +122.8k +122,758
6 CIBC Bancorp USA Inc. 0.01% of their portfolio CHICAGO, IL 225,000225.0k $9.2m $9.2m 0.01% New
7 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 171,750171.8k $7.0m $7.0m 0.00% Added +111.2k +111,199
8 GROUP ONE TRADING LLC 0.19% of their portfolio CHICAGO, IL 165,320165.3k $6.7m $6.7m 0.19% Reduced -75.7k -75,715
9 Mountain Lake Investment Management LLC 2.44% of their portfolio SAN FRANCISCO, CA 96,31896.3k $3.9m $3.9m 2.44% New
10 Jump Financial, LLC 0.03% of their portfolio Chicago, IL 89,13589.1k $3.6m $3.6m 0.03% Reduced -166.2k -166,190
11 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 83,85083.8k $3.4m $3.4m 0.00% New
12 EASTERLY INVESTMENT PARTNERS LLC 0.14% of their portfolio BEVERLY, MA 70,00070.0k $2.8m $2.8m 0.14% New
13 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 69,12369.1k $2.8m $2.8m 0.01% New
14 Daiwa Securities Group Inc. 0.01% of their portfolio CHIYODA-KU,TOKYO, M0 61,80061.8k $2.5m $2.5m 0.01% Added +8.2k +8,200
15 Virtu Financial LLC 0.08% of their portfolio New York, NY 60,67860.7k $2.5m $2.5m 0.08% Reduced -272.7k -272,718
16 Clear Street Group Inc. 0.01% of their portfolio NEW YORK, NY 57,50057.5k $2.3m $2.3m 0.01% New
17 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 55,15255.2k $2.3m $2.3m 0.00% Reduced -1.9m -1,949,713
18 Belvedere Trading LLC 0.17% of their portfolio CHICAGO, IL 50,14850.1k $2.0m $2.0m 0.17% Added +30.5k +30,524
19 FLOW TRADERS U.S. LLC 0.06% of their portfolio NEW YORK, NY 38,19538.2k $1.6m $1.6m 0.06% Reduced -132 -132
20 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 33,00233.0k $1.3m $1.3m 0.00% Reduced -457.0k -456,965
21 IMC-Chicago, LLC 0.01% of their portfolio CHICAGO, IL 29,43229.4k $1.2m $1.2m 0.01% Reduced -383.3k -383,322
22 Cascade Financial Partners, LLC 0.08% of their portfolio SAN DIEGO, CA 22,00022.0k $895.2k $895.2k 0.08% New
23 Ignite Planners, LLC 0.12% of their portfolio SAN CLEMENTE, CA 21,36521.4k $872.3k $872.3k 0.12% Reduced -858 -858
24 PRELUDE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio NEW YORK, NY 20,00020.0k $813.8k $813.8k 0.06% New
25 TWO SIGMA SECURITIES, LLC 0.07% of their portfolio NEW YORK, NY 18,98219.0k $772.4k $772.4k 0.07% Reduced -17 -17
26 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 17,00017.0k $691.7k $691.7k 0.00% New
27 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 16,55216.6k $673.5k $673.5k 0.00% Reduced -15.1k -15,051
28 Avondale Wealth Management 0.25% of their portfolio WEST LAKE HILLS, TX 15,04015.0k $612.0k $612.0k 0.25% Reduced -462 -462
29 Security National Bank 0.07% of their portfolio OMAHA, NE 14,51514.5k $590.6k $590.6k 0.07% Added +11.9k +11,895
30 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 14,41114.4k $586.3k $586.3k 0.00% Added +4.6k +4,590
31 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 12,00512.0k $488.5k $488.5k 0.00% Reduced -121.5k -121,542
32 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 11,32111.3k $460.7k $460.7k 0.00% New
33 Bay Colony Advisory Group, Inc d/b/a Bay Colony Advisors 0.05% of their portfolio CONCORD, MA 11,21311.2k $456.3k $456.3k 0.05% New
34 StoneX Group Inc. 0.02% of their portfolio NEW YORK, NY 10,21410.2k $540.4k $540.4k 0.02% Added +5.7k +5,662
35 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 9,4809.5k $385.7k $385.7k 0.00% New
36 SCOTIA CAPITAL INC. 0.00% of their portfolio TORONTO, A6 6,8056.8k $276.9k $276.9k 0.00% Added +1.5k +1,511
37 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 6,6156.6k $269.2k $269.2k 0.00% Reduced -1.8k -1,807
38 Chemistry Wealth Management LLC 0.04% of their portfolio NEW YORK, NY 6,3056.3k $256.6k $256.6k 0.04% New
39 Keebeck Wealth Management 0.03% of their portfolio Chicago, IL 6,3006.3k $256.3k $256.3k 0.03% New
40 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 5,8445.8k $237.8k $237.8k 0.00% Added +1.8k +1,844
41 Collaborative Wealth Managment Inc. 0.10% of their portfolio LAKE MARY, FL 5,5585.6k $226.2k $226.2k 0.10% New
42 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 5,0915.1k $207.2k $207.2k 0.00% Reduced -1.7k -1,651
43 COMMERCE BANK 0.00% of their portfolio KANSAS CITY, MO 5,0005.0k $203.4k $203.4k 0.00% New
44 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4,6004.6k $187.0k $187.0k 0.00% Reduced -1.4k -1,374
45 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,1864.2k $170.3k $170.3k 0.00% Reduced -203.7k -203,731
46 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 3,0003.0k $122.1k $122.1k 0.00% New
47 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 875875 $35.6k $35.6k 0.00% Reduced -392 -392
48 UBS Group AG 0.00% of their portfolio ZURICH, V8 546546 $22.2k $22.2k 0.00% Reduced -2.0k -2,050
49 Solstein Capital, LLC 0.01% of their portfolio Menlo Park, CA 471471 $19.2k $19.2k 0.01% Unchanged
50 MATHER GROUP, LLC. 0.00% of their portfolio CHICAGO, IL 400400 $16.3k $16.3k 0.00% New
51 ARMSTRONG ADVISORY GROUP, INC 0.00% of their portfolio NEEDHAM, MA 8787 $3.5k $3.5k 0.00% Reduced -16.0k -15,962
52 Downshift Financial, LLC 0.00% of their portfolio BOULDER, CO 5050 $2.0k $2.0k 0.00% New
53 Ameritas Advisory Services, LLC 0.00% of their portfolio Lincoln, NE 4444 $1.8k $1.8k 0.00% New
54 Parallax Volatility Advisers, L.P. 0.00% of their portfolio San Francisco, CA 11 $41 $41 0.00% New
55 Institute for Wealth Management, LLC. 0.00% of their portfolio DENVER, CO 11 $26 $26 0.00% New