Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
June 15 2020 - 6:17AM
Edgar (US Regulatory)
Filed
pursuant to Rule 424(b)(3)
File
No. 333-238282
UNITED STATES BRENT OIL FUND, LP
_________________________________________
Supplement dated
June 15, 2020
to
Prospectus dated June 11, 2020
___________________________________________________
This supplement contains information that amends, supplements or
modifies certain information contained in the prospectus of United States Brent Oil Fund, LP (“BNO”) dated June 11,
2020 (the “Prospectus”).
You should carefully read the Prospectus and this supplement before
investing. This supplement should be read in conjunction with the Prospectus. You should also carefully consider the “Risk
Factors” beginning on page 4 of the Prospectus before you decide to invest.
The E D & F Man Capital Markets Inc. to Serve as a Futures Commission
Merchant for BNO
On June 11, 2020, BNO entered into a Customer Agreement with E D
& F Man Capital Markets Inc. (“MCM”) to serve as an additional futures commission merchant for BNO.
In light of the foregoing, the section entitled “Futures Commission
Merchant” beginning on page 30 of the Prospectus is revised to add the following text at the end of the section:
E D & F Man Capital Markets Inc.
On June 11, 2020, BNO entered into a Customer Agreement E D &
F Man Capital Markets Inc. (“MCM”) to serve as an FCM for BNO. This agreement requires MCM to provide services to BNO
in connection with the purchase and sale of Oil Futures Contracts and other Oil-Related Investments that may be purchased or sold
by or through MCM for BNO’s account. Under this agreement, BNO pays MCM commissions for executing and clearing trades on
behalf of BNO.
MCM’s primary address is 140 East 45th Street, 10th Floor,
New York, NY 10017. MCM is registered in the United States with FINRA as a broker-dealer and with the CFTC as an FCM. MCM is a
member of various U.S. futures and securities exchanges.
MCM is a large broker dealer subject to many different complex legal
and regulatory requirements. As a result, certain of MCM’s regulators may from time to time conduct investigations, initiate
enforcement proceedings and/or enter into settlements with MCM with respect to issues raised in various investigations. MCM complies
fully with its regulators in all investigations which may be conducted and in all settlements it may reach. As of the date hereof,
MCM has no material litigation to disclose as that term is defined under the U.S. Commodity Exchange Act and the regulations promulgated
thereunder.
MCM will act only as clearing broker for BNO and as such will be
paid commissions for executing and clearing trades on behalf of BNO. MCM has not passed upon the adequacy or accuracy of this disclosure
document. MCM will not act in any supervisory capacity with respect to USCF or participate in the management of USCF or BNO.
MCM is not affiliated with BNO or USCF. Therefore, neither USCF
nor BNO believes that there are any conflicts of interest with MCM or its trading principals arising from its acting as BNO’s
FCM.
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