FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS	12 Months Ended
Dec. 31, 2024
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS	NOTE 3 — FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS USCF Management Fee Under the LP Agreement, USCF is responsible for investing the assets of BNO in accordance with the objectives and policies of BNO. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to BNO. For these services, BNO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.75% per annum of average daily total net assets. Ongoing Registration Fees and Other Offering Expenses BNO pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale. For the years ended December 31, 2024, 2023 and 2022, BNO incurred $0, $0 and $157,620, respectively, in registration fees and offering expenses. Independent Directors’ and Officers’ Expenses BNO is responsible for paying its portion of the directors’ and officers’ liability insurance for BNO and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of BNO and the Related Public Funds. BNO shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each Related Public Fund computed on a daily basis. These fees and expenses for the year ending December 31, 2024 were $50,126 for BNO and, in the aggregate for BNO and the Related Public Funds, $916,574. For the year ended, December 31, 2023, these fees and expense were, $80,249 for BNO and, in the aggregate for BNO and Related Public Funds, $1,210,000. For the year ended December 31, 2022, these fees and expenses were $82,611 for BNO and, in the aggregate for BNO and Related Public Funds, $1,258,000. Licensing Fees As discussed in Note 4 below, BNO entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, BNO and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015% on all net assets. During the years ended December 31, 2024, 2023 and 2022, BNO incurred $0, $0 and $6,375, respectively under this arrangement. Investor Tax Reporting Cost The fees and expenses associated with BNO’s audit expenses and tax accounting and reporting requirements are paid by BNO. These costs were $385,395 for the year ending December 31, 2024. For the years ending December 31, 2023, and 2022 BNO’s investor reporting costs totaled $123,795 and $239,277 respectively. Tax reporting costs fluctuate between years due to the number of shareholders during any given year. Other Expenses and Fees In addition to the fees described above, BNO pays all brokerage fees and other expenses in connection with the operation of BNO, excluding costs and expenses paid by USCF as outlined in Note 4 - Contracts and Agreements below.

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS

NOTE 3 — FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS

USCF Management Fee

Under the LP Agreement, USCF is responsible for investing the assets of BNO in accordance with the objectives and policies of BNO. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to BNO. For these services, BNO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.75% per annum of average daily total net assets.

Ongoing Registration Fees and Other Offering Expenses

BNO pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale. For the years ended December 31, 2024, 2023 and 2022, BNO incurred $0, $0 and $157,620, respectively, in registration fees and offering expenses.

Independent Directors’ and Officers’ Expenses

BNO is responsible for paying its portion of the directors’ and officers’ liability insurance for BNO and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of BNO and the Related Public Funds. BNO shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each Related Public Fund computed on a daily basis. These fees and expenses for the year ending December 31, 2024 were $50,126 for BNO and, in the aggregate for BNO and the Related Public Funds, $916,574. For the year ended, December 31, 2023, these fees and expense were, $80,249 for BNO and, in the aggregate for BNO and Related Public Funds, $1,210,000. For the year ended December 31, 2022, these fees and expenses were $82,611 for BNO and, in the aggregate for BNO and Related Public Funds, $1,258,000.

Licensing Fees

As discussed in Note 4 below, BNO entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, BNO and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015% on all net assets. During the years ended December 31, 2024, 2023 and 2022, BNO incurred $0, $0 and $6,375, respectively under this arrangement.

Investor Tax Reporting Cost

The fees and expenses associated with BNO’s audit expenses and tax accounting and reporting requirements are paid by BNO. These costs were $385,395 for the year ending December 31, 2024. For the years ending December 31, 2023, and 2022 BNO’s investor reporting costs totaled $123,795 and $239,277 respectively. Tax reporting costs fluctuate between years due to the number of shareholders during any given year.

Other Expenses and Fees

In addition to the fees described above, BNO pays all brokerage fees and other expenses in connection with the operation of BNO, excluding costs and expenses paid by USCF as outlined in Note 4 - Contracts and Agreements below.