Fund Description: United States Brent Oil Fund, L.P. is a domestic exchange-traded security that is designed to track the daily changes in the spot price of Brent crude oil. <p> INVESTMENT OBJECTIVE: The United States Brent Oil Fund, L.P. is for the daily changes in percentage terms of its units’ net asset value reflect the daily changes in percentage terms of the spot price of Brent crude oil as measured by the changes in the price of the futures contract on Brent crude oil as traded on the Intercontinental Exchange (ICE) Futures Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case the futures contract will be the next month contract to expire (the Benchmark Futures Contract), less BNO’s expenses. <p> FUND DESCRIPTION: United States Brent Oil Fund, LP is a commodity pool that will issue units that may be purchased and sold on the NYSE Arca. The net assets of the Fund will consist primarily of investments in futures contracts for crude oil, heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the ICE Futures Exchange (formerly, the International Petroleum Exchange), New York Mercantile Exchange, or other U.S. and foreign exchanges. <p> FUND STRATEGY: A neutral investment strategy is used which is intended to track the changes in the price of the Benchmark Futures Contract regardless of whether the price goes up or goes down. The Fund's neutral investment strategy is designed to permit investors generally to purchase and sell the Fund's units for the purpose of taking positions The indirectly in crude oil in a cost-effective manner, and/or to permit participants in the crude oil or other industries to hedge the risk of losses in their crude oil-related transactions. Accordingly, depending on the investment objective of an individual investor, the risks generally associated with taking positions in crude oil and/or the risks involved in hedging may exist. In addition, an investment in the Fund involves the risk that the changes in the price of Fund’s units will not accurately track the changes in the price of the Benchmark Futures Contract. For example, the Fund will also invest in Treasuries and hold cash and/or cash equivalents to be used to meet its current or potential margin or collateral requirements with respect to its positions in Futures Contracts and Other Crude Oil-Related Investments. The Fund does not expect there to be any meaningful correlation between the performance of the Fund's investments in Treasuries/cash/cash equivalents and the changes in the price of crude oil. While the level of interest earned on or the market price of these investments may in some respect correlate to changes in the price of crude oil, this correlation is not anticipated as part of the Fund's efforts to meet its objectives. The Fund may also invest in other crude oil-related investments such as cash-settled options on Futures Contracts, forward contracts for crude oil, cleared swap contracts and over-the-counter transactions that are based on the price of crude oil and other petroleum-based fuels, Futures Contracts and indices. <p> FUND MANAGEMENT: The General Partner, United States Commodity Funds LLC, has sole current authority to manage the investments and operations of the Fund.