<SEC-DOCUMENT>0001171200-20-000684.txt : 20201207
<SEC-HEADER>0001171200-20-000684.hdr.sgml : 20201207
<ACCEPTANCE-DATETIME>20201207164320
ACCESSION NUMBER:		0001171200-20-000684
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201207
DATE AS OF CHANGE:		20201207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States Brent Oil Fund, LP
		CENTRAL INDEX KEY:			0001472494
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				270925904
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238282
		FILM NUMBER:		201373188

	BUSINESS ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
</SEC-HEADER>
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<TYPE>424B3
<SEQUENCE>1
<FILENAME>i20606_bno-424b3.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Filed pursuant
to Rule 424(b)(3)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>File No. 333-238282</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED STATES
BRENT OIL FUND, LP</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Supplement dated
December 7, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Prospectus dated
June 11, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;___________________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
supplement contains information that amends, supplements or modifies certain information contained in the prospectus of United
States Brent Oil Fund, LP (&ldquo;BNO&rdquo;) dated June 11, 2020 (the &ldquo;Prospectus&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You
should carefully read the Prospectus and this supplement before investing. This supplement should be read in conjunction with
the Prospectus. <I>You should also carefully consider the &ldquo;Risk Factors&rdquo; beginning on page 4 of the Prospectus before
you decide to invest.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt"><B><I>Macquarie Futures USA
LLC to Serve as a Futures Commission Merchant for BNO</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Effective
December 3, 2020, BNO has engaged Macquarie Futures USA LLC to serve as an additional futures commission merchant. BNO&rsquo;s
relationships with RBC Capital Markets, LLC, RCG Division of Marex Spectron, and E D &amp; F Man Capital Markets Inc. will remain in place.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
light of the foregoing, the section entitled &ldquo;Futures Commission Merchant&rdquo; beginning on page 30 of the Prospectus
is revised to add the following text at the end of the section:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Macquarie
Futures USA LLC</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Effective
December 3, 2020, BNO has engaged Macquarie Futures USA LLC (&ldquo;MFUSA&rdquo;) to serve as an additional futures commission
merchant. The Customer Agreement between BNO and MFUSA requires MFUSA to provide services to BNO in connection with the purchase
and sale of Futures Contracts and Other Crude Oil-Related Investments that may be purchased or sold by or through MFUSA for BNO&rsquo;s
account. Under this agreement, BNO pays MFUSA commissions for executing and clearing trades on behalf of BNO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">MFUSA&rsquo;s
primary address is 125 West 55<SUP>th</SUP> Street, New York, NY 10019. MFUSA is registered in the United States with the CFTC
as an FCM providing futures execution and clearing services covering futures exchanges globally. MFUSA is a member of various
U.S. futures and securities exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">MFUSA
is a large broker dealer subject to many different complex legal and regulatory requirements. As a result, certain of MFUSA&rsquo;s
regulators may from time to time conduct investigations, initiate enforcement proceedings and/or enter into settlements with MFUSA
with respect to issues raised in various investigations. MFUSA complies fully with its regulators in all investigations which
may be conducted and in all settlements it may reach. As of the date hereof, MFUSA has no material litigation to disclose as that
term is defined under the U.S. Commodity Exchange Act and the regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">MFUSA
will act only as clearing broker for BNO and as such will be paid commissions for executing and clearing trades on behalf of BNO.
MFUSA has not passed upon the adequacy or accuracy of this disclosure document. MFUSA will not act in any supervisory capacity
with respect to USCF or participate in the management of USCF or BNO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">MFUSA
is not affiliated with BNO or USCF. Therefore, neither USCF nor BNO believes that there are any conflicts of interest with MFUSA
or its trading principals arising from its acting as BNO&rsquo;s FCM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Litigation
and Claims </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">BNO
filed a supplement, dated August 6, 2020 (the &ldquo;Prior Prospectus Supplement&rdquo;) to the Prospectus that, among other things,
disclosed a purported class action initiated by Robert Lucas, individually and on behalf of others similarly situated (the &ldquo;Lucas
Class Action&rdquo;). The complaint filed in the Lucas Class Action has been amended to add parties and amend the claims set forth
therein. Accordingly, the following description amends and restates the disclosure included in the Prospectus Supplement regarding
the Lucas Class Action in its entirety:</FONT></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">In re: United States Oil Fund, LP Securities Litigation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">On
June 19, 2020, USCF, USO, John P. Love, and Stuart P. Crumbaugh were named as defendants in the Lucas Class Action (the &ldquo;Initial
Lucas Class Complaint&rdquo;). The Initial Lucas Class Complaint alleges that, beginning in March 2020, in connection with USO&rsquo;s
registration and issuance of additional USO shares, USCF, USO, and the other defendants in the Initial Lucas Class Action failed
to disclose to investors in USO certain extraordinary market conditions and the attendant risks that caused the demand for oil
to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. Plaintiff alleges that
USCF, USO, and the other defendants in the Initial Lucas Class Action possessed inside knowledge about the consequences of these
converging adverse events on USO and did not sufficiently acknowledge them until late April and May 2020, after USO suffered losses
and was allegedly forced to abandon its investment strategy. The Court thereafter consolidated the Initial Lucas Class Action
with two related putative class action complaints and appointed a lead plaintiff. The consolidated class action is pending in
the U.S. District Court for the Southern District of New York under the caption <FONT STYLE="background-color: white"><I>In re:
United States Oil Fund, LP Securities Litigation</I>,</FONT> Civil Action No. 1:20-cv-04740. The consolidated class action seeks
to certify a class and award the class compensatory damages at an amount to be determined at trial.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">On
November 30, 2020, the lead plaintiff filed an amended complaint in <FONT STYLE="background-color: white"><I>In re: United States
Oil Fund, LP Securities Litigation</I></FONT> (the &ldquo;Amended Lucas Class Complaint&rdquo;). In addition to amending the Initial
Lucas Class Complaint with respect to the underlying facts, including revising the start of the class period to February 2020,
and adding claims under the Securities Act of 1933, the Amended Lucas Class Complaint added as defendants directors of USCF (Nicholas
D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm R. Fobes III); marketing agent (ALPS
Distributors, Inc.); and Authorized Participants (ABN Amro, BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup
Global Markets, Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs &amp; Company, J.P. Morgan
Securities Inc., Merrill Lynch Professional Clearing Corporation, Morgan Stanley &amp; Company Inc., Nomura Securities International
Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">USCF, USO, and
the other defendants in <FONT STYLE="background-color: white"><I>In re: United States Oil Fund, LP Securities Litigation</I></FONT>
intend to vigorously contest such claims and move for their dismissal.</FONT></P>


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