UNITED STS BRENT OIL FD LP BNO
UNIT · ETP · CUSIP 91167Q100
- SectorFinancials
- IndustryCommodity Contracts Brokers & Dealers
- HeadquartersWalnut Creek, CA
- FilingsSEC EDGAR
* 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
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 39 |
| Q4 2022 | 48 |
| Q1 2023 | 46 |
| Q2 2023 | 40 |
| Q3 2023 | 40 |
| Q4 2023 | 37 |
| Q1 2024 | 39 |
| Q2 2024 | 37 |
| Q3 2024 | 27 |
| Q4 2024 | 34 |
| Q1 2025 | 31 |
| Q2 2025 | 30 |
| Q3 2025 | 28 |
| Q4 2025 | 26 |
| Q1 2026 | 63 |
| Q2 2026 | 55 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 17 | 24 |
| Q4 2024 | 20 | 15 |
| Q1 2025 | 13 | 20 |
| Q2 2025 | 16 | 14 |
| Q3 2025 | 12 | 20 |
| Q4 2025 | 13 | 15 |
| Q1 2026 | 54 | 7 |
| Q2 2026 | 34 | 49 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $13.0m | $2.4m | 0.19 |
| Q4 2025 | $6.6m | $1.2m | 0.19 |
| Q1 2026 | $153.6m | $61.1m | 0.40 |
| Q2 2026 | $221.3m | $80.9m | 0.37 |
Biggest buyers
| CARRONADE CAPITAL MANAGEMENT, LP | New | +1.4m |
| CITADEL ADVISORS LLC | Added | +659.6k |
| Harvest Fund Management Co., Ltd | Added | +458.9k |
| CIBC Bancorp USA Inc. | New | +225.0k |
| Quadrature Capital Ltd | Added | +122.8k |
| WELLS FARGO & COMPANY/MN | Added | +111.2k |
| Mountain Lake Investment Management LLC | New | +96.3k |
| BANK OF AMERICA CORP /DE/ | New | +83.8k |
| EASTERLY INVESTMENT PARTNERS LLC | New | +70.0k |
| HRT FINANCIAL LP | New | +69.1k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -1.9m |
| Evergreen Quality Fund GP, Ltd. | Sold out | -513.2k |
| JANE STREET GROUP, LLC | Reduced | -457.0k |
| Newbrook Capital Advisors LP | Sold out | -426.4k |
| IMC-Chicago, LLC | Reduced | -383.3k |
| Virtu Financial LLC | Reduced | -272.7k |
| MORGAN STANLEY | Reduced | -203.7k |
| Jump Financial, LLC | Reduced | -166.2k |
| LPL Financial LLC | Reduced | -121.5k |
| Nuveen, LLC | Sold out | -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.
| Holder | Stake |
|---|---|
| CARRONADE CAPITAL MANAGEMENT, LP 13G · institution new · filed 2026-08-14 | 8.6% |
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
| Manager | Shares | Change |
|---|---|---|
| CARRONADE CAPITAL MANAGEMENT, LP 0.95% of their portfolio | 1.4m $54.9m | New |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 1.1m $42.8m | Added +659.6k |
| Harvest Fund Management Co., Ltd 1.07% of their portfolio | 796.1k $32.4m | Added +458.9k |
| E Fund Management Co., Ltd. 0.27% of their portfolio | 293.4k $11.9m | Unchanged |
| Quadrature Capital Ltd 0.10% of their portfolio | 276.8k $11.3m | Added +122.8k |
| CIBC Bancorp USA Inc. 0.01% of their portfolio | 225.0k $9.2m | New |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 171.8k $7.0m | Added +111.2k |
| GROUP ONE TRADING LLC 0.19% of their portfolio | 165.3k $6.7m | Reduced -75.7k |
| Mountain Lake Investment Management LLC 2.44% of their portfolio | 96.3k $3.9m | New |
| Jump Financial, LLC 0.03% of their portfolio | 89.1k $3.6m | Reduced -166.2k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 83.8k $3.4m | New |
| EASTERLY INVESTMENT PARTNERS LLC 0.14% of their portfolio | 70.0k $2.8m | New |
| HRT FINANCIAL LP 0.01% of their portfolio | 69.1k $2.8m | New |
| Daiwa Securities Group Inc. 0.01% of their portfolio | 61.8k $2.5m | Added +8.2k |
| Virtu Financial LLC 0.08% of their portfolio | 60.7k $2.5m | Reduced -272.7k |
| Clear Street Group Inc. 0.01% of their portfolio | 57.5k $2.3m | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 55.2k $2.3m | Reduced -1.9m |
| Belvedere Trading LLC 0.17% of their portfolio | 50.1k $2.0m | Added +30.5k |
| FLOW TRADERS U.S. LLC 0.06% of their portfolio | 38.2k $1.6m | Reduced -132 |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 33.0k $1.3m | Reduced -457.0k |
| IMC-Chicago, LLC 0.01% of their portfolio | 29.4k $1.2m | Reduced -383.3k |
| Cascade Financial Partners, LLC 0.08% of their portfolio | 22.0k $895.2k | New |
| Ignite Planners, LLC 0.12% of their portfolio | 21.4k $872.3k | Reduced -858 |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 20.0k $813.8k | New |
| TWO SIGMA SECURITIES, LLC 0.07% of their portfolio | 19.0k $772.4k | Reduced -17 |
| Focus Partners Wealth 0.00% of their portfolio | 17.0k $691.7k | New |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio | 16.6k $673.5k | Reduced -15.1k |
| Avondale Wealth Management 0.25% of their portfolio | 15.0k $612.0k | Reduced -462 |
| Security National Bank 0.07% of their portfolio | 14.5k $590.6k | Added +11.9k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 14.4k $586.3k | Added +4.6k |
| LPL Financial LLC 0.00% of their portfolio | 12.0k $488.5k | Reduced -121.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 11.3k $460.7k | New |
| Bay Colony Advisory Group, Inc d/b/a Bay Colony Advisors 0.05% of their portfolio | 11.2k $456.3k | New |
| StoneX Group Inc. 0.02% of their portfolio | 10.2k $540.4k | Added +5.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 9.5k $385.7k | New |
| SCOTIA CAPITAL INC. 0.00% of their portfolio | 6.8k $276.9k | Added +1.5k |
| Kestra Advisory Services, LLC 0.00% of their portfolio | 6.6k $269.2k | Reduced -1.8k |
| Chemistry Wealth Management LLC 0.04% of their portfolio | 6.3k $256.6k | New |
| Keebeck Wealth Management 0.03% of their portfolio | 6.3k $256.3k | New |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 5.8k $237.8k | Added +1.8k |
| Collaborative Wealth Managment Inc. 0.10% of their portfolio | 5.6k $226.2k | New |
| &PARTNERS 0.00% of their portfolio | 5.1k $207.2k | Reduced -1.7k |
| COMMERCE BANK 0.00% of their portfolio | 5.0k $203.4k | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 4.6k $187.0k | Reduced -1.4k |
| MORGAN STANLEY 0.00% of their portfolio | 4.2k $170.3k | Reduced -203.7k |
| Federation des caisses Desjardins du Quebec 0.00% of their portfolio | 3.0k $122.1k | New |
| HARBOUR INVESTMENTS, INC. 0.00% of their portfolio | 875 $35.6k | Reduced -392 |
| UBS Group AG 0.00% of their portfolio | 546 $22.2k | Reduced -2.0k |
| Solstein Capital, LLC 0.01% of their portfolio | 471 $19.2k | Unchanged |
| MATHER GROUP, LLC. 0.00% of their portfolio | 400 $16.3k | New |
| ARMSTRONG ADVISORY GROUP, INC 0.00% of their portfolio | 87 $3.5k | Reduced -16.0k |
| Downshift Financial, LLC 0.00% of their portfolio | 50 $2.0k | New |
| Ameritas Advisory Services, LLC 0.00% of their portfolio | 44 $1.8k | New |
| Parallax Volatility Advisers, L.P. 0.00% of their portfolio | 1 $41 | New |
| Institute for Wealth Management, LLC. 0.00% of their portfolio | 1 $26 | New |