<SEC-DOCUMENT>0001171200-21-000365.txt : 20211108
<SEC-HEADER>0001171200-21-000365.hdr.sgml : 20211108
<ACCEPTANCE-DATETIME>20211108165734
ACCESSION NUMBER:		0001171200-21-000365
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211108
DATE AS OF CHANGE:		20211108

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:		211388732

	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
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>Filed pursuant to Rule 424(b)(3)<BR>
File No. 333-238282</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Supplement dated November 8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">to<BR>
Prospectus dated April 30, 2021</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 April 30, 2021 (the &ldquo;Prospectus&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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>.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.4pt"><I></I></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Settlement of SEC and CFTC Investigations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following replaces in its entirety the subsection
of the Prospectus titled &ldquo;Legal Matters&mdash;Litigation and Claims&mdash;SEC and CFTC Wells Notices&rdquo; found on page 49 of
the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Legal Matters</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Settlement of SEC and CFTC Investigations</I>&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 8, 2021,
the United States Commodity Funds LLC (&ldquo;USCF&rdquo;) and the United States Oil Fund, LP (&ldquo;USO&rdquo;) announced a resolution
with each of the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and the U.S. Commodity Futures Trading Commission (the
&ldquo;CFTC&rdquo;) relating to matters set forth in certain Wells Notices issued by the staffs of each of the SEC and CFTC as more fully
described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 17, 2020, USCF,
USO, and John Love received a &ldquo;Wells Notice&rdquo; from the staff of the SEC (the &ldquo;SEC Wells Notice&rdquo;). The SEC Wells
Notice stated that the SEC staff made a preliminary determination to recommend that the SEC file an enforcement action against USCF, USO,
and Mr. Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;),
and Section 10(b) of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;), and Rule 10b-5 thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subsequently, on August 19,
2020, USCF, USO, and Mr. Love received a Wells Notice from the staff of the CFTC (the &ldquo;CFTC Wells Notice&rdquo;). The CFTC Wells
Notice stated that the CFTC staff made a preliminary determination to recommend that the CFTC file an enforcement action against USCF,
USO, and Mr. Love alleging violations of Sections 4<I>o</I>(1)(A) and (B) and 6(c)(1) of the Commodity Exchange Act of 1936, as amended
(the &ldquo;CEA&rdquo;), 7 U.S.C. &sect;&sect; 6<I>o</I>(1)(A) and (B) and 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a),
17 C.F.R. &sect;&sect; 4.26, 4.41, 180.1(a) (2019).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 8, 2021,
acting pursuant to an offer of settlement submitted by USCF and USO, the SEC issued an order instituting cease-and-desist proceedings,
making findings, and imposing a cease-and-desist order pursuant to Section 8A of the 1933 Act, directing USCF and USO to cease and desist
from committing or causing any violations of Section 17(a)(3) of the 1933 Act, 15 U.S.C. &sect; 77q(a)(3) (the &ldquo;SEC Order&rdquo;).
In the SEC Order, the SEC made findings that, from April 24, 2020 to May 21, 2020, USCF and USO violated Section 17(a)(3) of 1933 Act,
which provides that it is &ldquo;unlawful for any person in the offer or sale of any securities . . . to engage in any transaction, practice,
or course of business which operates or would operate as a fraud or deceit upon the purchaser.&rdquo; USCF and USO consented to entry
of the SEC Order without admitting or denying the findings contained therein, except as to jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Separately, on November 8,
2021, acting pursuant to an offer of settlement submitted by USCF, the CFTC issued an order instituting cease-and-desist proceedings,
making findings, and imposing a cease-and-desist order pursuant to Section 6(c) and (d) of the CEA, directing USCF to cease and desist
from committing or causing any violations of Section 4<I>o</I>(1)(B) of the CEA, 7 U.S.C. &sect; 6<I>o</I>(1)(B), and CFTC Regulation
4.41(a)(2), 17 C.F.R. &sect; 4.41(a)(2) (the &ldquo;CFTC Order&rdquo;). In the CFTC Order, the CFTC made findings that, from on or about
April 22, 2020 to June 12, 2020, USCF violated Section 4<I>o</I>(1)(B) of the CEA and CFTC Regulation 4.41(a)(2), which make it unlawful
for any commodity pool operator (&ldquo;CPO&rdquo;) to engage in &ldquo;any transaction, practice, or course of business which operates
as a fraud or deceit upon any client or participant or prospective client or participant&rdquo; and prohibit a CPO from advertising in
a manner which &ldquo;operates as a fraud or deceit upon any client or participant or prospective client or participant,&rdquo; respectively.
USCF consented to entry of the CFTC Order without admitting or denying the findings contained therein, except as to jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the SEC Order
and the CFTC Order, in addition to the command to cease and desist from committing or causing any violations of Section 17(a)(3) of the
1933 Act, Section 4o(1)(B) of the CEA, and CFTC Regulation 4.14(a)(2), civil monetary penalties totaling two million five hundred thousand
dollars ($2,500,000) in the aggregate must be paid to the SEC and CFTC, of which one million two hundred fifty thousand dollars ($1,250,000)
will be paid by USCF to each of the SEC and the CFTC, respectively, pursuant to the offsets permitted under the orders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The SEC Order can be accessed
at www.sec.gov and the CFTC Order can be accessed at www.cftc.gov.&nbsp;</P>

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

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

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