BNO reports $127M May loss on $266M unrealized futures decline, NAV drops to $765M

Filed June 29, 2026 · Period ending June 29, 2026 · ~1 min read

Key Changes

• high

  Fund posted $127M net loss in May 2026, driven by $266M unrealized losses on Brent oil futures positions, partially offset by $137M realized trading gains.

  Exhibit 99.1 verify on EDGAR →
• high

  Net asset value declined from $859M to $765M during the month, with NAV per share ending at $50.17 across 15.25M outstanding shares.

  Exhibit 99.1 verify on EDGAR →
• medium

  Fund experienced net share creations of $34M (2.75M shares added, 2.25M redeemed) despite the monthly losses.

  Exhibit 99.1 verify on EDGAR →