BNO — what changed in the latest 10-Q
A section-by-section comparison of BNO's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-07 vs the prior 10-Q · 2026-05-08
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +15 | −16 | ~26 | 66 |
| Market risk (Item 3) | Text added/removed | 0 | −1 | ~2 | 9 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Legal proceedings | Text added/removed | 0 | 0 | ~2 | 19 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-07
Position limits differ from accountability levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot allow such limits to be exceeded without express CFTC authority to do so. In addition to accountability levels and position limits that…
For the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025
Dividend and interest income earned on Treasuries, cash and/or cash equivalents
Total commissions as annualized percentage of average total net assets
Portfolio Expenses. BNO’s expenses consist of investment management fees, brokerage fees and commissions, certain offering costs, licensing fees, registration fees, the fees and expenses of the independent directors of USCF and expenses relating to tax accounting and reporting requirements. The mana…
Text removed vs the prior filing · source: 10-Q · 2026-05-08
for Brent crude oil traded on the NYMEX. For the three months ended March 31, 2026, BNO did not exceed accountability levels imposed by the ICE Futures Europe or the NYMEX.
Position limits differ from accountability levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot allow such limits to be exceeded without express CFTC authority to do so. In addition to accountability levels and position limits that…
and variation margin requirements are set by the relevant clearing organization, subject to certain regulatory requirements and guidelines. Additional margin may be required and held by BNO’s FCMs.
Since the commencement of the offering of BNO’s shares to the public on June 2, 2010 to March 31, 2026, the average daily change in the Benchmark Futures Contract was 0.042%, while the average daily change in the per share NAV of BNO over the same time period
was 0.043%. The average daily difference was 0.001% (or 0.1 basis points, where 1 basis point equals 1/100 of 1%), meaning that over this time period BNO’s NAV performed within the plus or minus 10% range established as its benchmark tracking goal.
Market risk (Item 3)
Text removed vs the prior filing · source: 10-Q · 2026-05-08
Discussion and Analysis of Financial Condition and Results of Operations” above, are expected to directly affect the value of BNO’s shares.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice