United States Brent Oil Fund LP is an exchange traded security fund, which is designed to track the daily price movements of Brent crude oil. Its objective is for the daily changes in percentage terms of its shares NAV to reflect the daily changes in percentage terms of the spot price of Brent crude oil, as measured by the daily changes in price of BNO's benchmark oil futures contract, less BNO's expenses. The fund was founded on September 2, 2009 and is headquartered in Oakland, CA.