Document:

Exhibit

Exhibit 4.2

DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
As of the date of the Annual Report on Form 10-K (the “Annual Report”) of which this exhibit is a part, Reliant Bancorp, Inc., a Tennessee corporation (“Reliant”), had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): common stock, par value $1.00 per share (“common stock”). The following contains a description of our common stock as well as certain related additional information. This description is a summary only and does not purport to be complete. We encourage you to read the complete text of Reliant’s amended and restated charter (the “charter”) and third amended and restated bylaws (the “bylaws”), which we have filed or incorporated by reference as exhibits to the Annual Report. References to “we,” “our” and “us” refer to Reliant, unless the context otherwise requires. References to “shareholders” refer to holders of our common stock unless the context otherwise requires.
DESCRIPTION OF RELIANT CAPITAL STOCK
General
Reliant is authorized by its charter to issue a maximum of 30,000,000 shares of common stock and 10,000,000 shares of preferred stock, par value $1.00 per share (“preferred stock”). 
Common Stock
Voting Rights. The holders of common stock are entitled to one vote per share on all matters presented for a shareholder vote. There is no provision for cumulative voting. 
Dividend Rights and Limitations on Payment of Dividends. Holders of common stock are entitled to dividends when, as and if declared by the Reliant board of directors out of funds legally available for that purpose. 
Board of Directors. The business of Reliant is managed by a board of directors, the members of which are elected by a majority of the votes cast by holders of common stock (except in the event of a contested election in which case directors are elected by a plurality of the votes cast by shares entitled to vote, assuming the presence of a quorum at the subject meeting). Reliant’s board of directors historically has been divided into three classes; however, it is in the process of phasing out its three-class board structure. All directors will be up for election at the 2020 annual meeting of shareholders, and individuals elected as directors at the 2020 annual meeting of shareholders will serve for terms expiring at the 2021 annual meeting of shareholders and until the election and qualification of their successors. No shareholder has the right to cumulative voting with respect to the election of directors.
Liquidation Rights. In the event of Reliant’s liquidation, dissolution, or winding-up, holders of common stock have the right to a ratable portion of the assets remaining after satisfaction in full of the prior rights of creditors, all liabilities, and any liquidation preferences of any outstanding shares of preferred stock.
Conversion and Subscription Rights. The holders of shares of common stock have no conversion, preemptive, or other subscription rights.
Liability to Further Calls or to Assessments. The shares of common stock are not subject to liability for further calls or to assessments by Reliant.
Listing. Our common stock is listed on The Nasdaq Capital Market under the symbol “RBNC.”
Registrar and Transfer Agent. The registrar and transfer agent for our common stock is Broadridge Financial Solutions, Inc.
Preferred Stock
No shares of preferred stock are outstanding. The board of directors of Reliant may, without further action by the shareholders, issue one or more series of preferred stock and fix the rights and preferences of those shares, including the dividend rights, dividend rates, conversion rights, exchange rights, voting rights, terms of redemption, redemption 

price or prices, liquidation preferences, and the number of shares constituting any series and the designation of such series.
Certain Protective Provisions
General
Reliant’s charter and bylaws, as well as the Tennessee Business Corporation Act, contain certain provisions designed to enhance the ability of the Reliant board of directors to deal with attempts to acquire control of Reliant. These provisions may be deemed to have an anti-takeover effect and may discourage takeover attempts which have not been approved by the board of directors (including takeovers which certain shareholders may deem to be in their best interest). To the extent that such takeover attempts are discouraged, temporary fluctuations in the market price of our common stock resulting from actual or rumored takeover attempts may be inhibited. These provisions also could discourage or make more difficult a merger, tender offer, or proxy contest, even though such a transaction may be favorable to the interests of shareholders, and could potentially adversely affect the market price of our common stock.
The following briefly summarizes protective provisions that are contained in Reliant’s charter and bylaws and which are provided by the Tennessee Business Corporation Act. This summary is necessarily general and is not intended to be a complete description of all the features and consequences of those provisions and is qualified in its entirety by reference to our charter and bylaws and the statutory provisions contained in the Tennessee Business Corporation Act and the Tennessee Business Combination Act.
Authorized but Unissued Stock
The authorized but unissued shares of common stock and preferred stock will be available for future issuance without shareholder approval. These additional shares may be used for a variety of corporate purposes, including future private or public offerings to raise additional capital, corporate acquisitions, and employee benefit plans. The existence of authorized but unissued and unreserved shares of common stock and preferred stock may enable the board of directors to issue shares to persons friendly to current management, which could render more difficult or discourage any attempt to obtain control of Reliant by means such as a proxy contest, tender offer, or merger, and thereby protect the continuity of the company’s management.
Removal of Directors and Filling Vacancies
Reliant’s charter and bylaws provide that a director may be removed from office prior to the expiration of such director’s term only for cause at a meeting called for such purpose. This provision could reduce the likelihood that the shareholders are able remove a member of the Reliant board of directors. Additionally, Reliant’s bylaws provide that all vacancies on the board, including a vacancy resulting from an increase in the number of directors or a vacancy resulting from the removal of a director for any reason or a director’s resignation, may be filled by the board of directors for the unexpired term, giving the board the ability to appoint directors to serve for a limited period of time without shareholder approval.
Advance Notice Requirements for Shareholder Proposals and Requirements for Special Meetings of Shareholders Called by Shareholders
Reliant’s bylaws establish advance notice procedures with regard to shareholder proposals at annual meetings of shareholders. These procedures provide that a shareholder must submit certain information regarding a proposal, together with the proposal itself, to the Reliant Corporate Secretary in advance of the subject annual meeting. Shareholders submitting proposals for inclusion in Reliant’s proxy statement must comply with the proxy rules under the Exchange Act. Reliant may reject a shareholder proposal that is not made in accordance with such procedures. Reliant’s charter and bylaws also establish certain requirements with regard to special meeting of shareholders called by shareholders. Special meetings can be requested only by shareholders owning 20% or more of the outstanding shares of Reliant voting stock, and any such shareholder request for a special meeting must be made in writing to the Reliant Corporate Secretary and contain certain information regarding the requested meeting. Reliant may reject a meeting request that is not made in accordance with such procedures or applicable law. These provisions could reduce the likelihood that shareholders call special meetings of shareholders or submit proposals for matters to be considered at annual or special meetings of Reliant’s shareholders.

Certain Nomination Requirements
Pursuant to Reliant’s bylaws, Reliant has established certain shareholder nomination requirements for an individual to be nominated for election as a director at any annual or special meeting of Reliant shareholders, including that the nominating party provide Reliant within a specified time prior to the meeting: (i) certain identifying information about any person who the shareholder proposes to nominate for election as a director, including information relating to such person that is required to be disclosed under the Exchange Act in solicitations of proxies for elections of directors, and (ii) certain identifying information about the shareholder making the nomination. These provisions could reduce the likelihood that a third party would nominate individuals to serve on the Reliant board of directors. 
Business Combinations with Interested Shareholders
The Tennessee Business Combination Act provides that a 10% or greater shareholder of a Tennessee corporation cannot engage in a “business combination” (as defined in the statute) with such corporation for a period of two years following the date on which the 10% shareholder became such, unless the business combination or the acquisition of shares is approved by a majority of the disinterested members of such corporation’s board of directors before the 10% shareholder’s share acquisition date. This statute further provides that at no time (even after the two-year period subsequent to such share acquisition date) may the 10% shareholder engage in a business combination with the relevant corporation unless certain approvals of the board of directors or disinterested shareholders are obtained or unless the consideration given in the combination meets certain minimum standards set forth in the statute. The law is very broad in its scope and is designed to inhibit unfriendly acquisitions but it does not apply to corporations whose charter contains a provision electing not to be covered by the law. The Reliant charter does not contain such a provision. An amendment of the charter to that effect would, however, permit a business combination with an interested shareholder even though that status was obtained prior to the amendment.Exhibit 4.1

 

DESCRIPTION OF SECURITIES

 

As of December 31, 2019, United States
Brent Oil Fund, LP (the “Company,” the “Partnership,” “BNO,” “we,” “us”
or “our”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: shares of beneficial interest in the Partnership (the “shares”).

 

Capitalized terms used but not defined
herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached
as an exhibit.

 

Shares of Beneficial
Interest in the Partnership 

 

The statements made under this caption
include summaries of certain provisions contained in our Certificate of Limited Partnership, as amended, (the “Certificate”)
and the Sixth Amended and Restated Agreement of Limited Partnership, as amended, (the “Partnership Agreement”) and
the Sixth Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) of our general partner, United
States Commodity Funds LLC (“USCF”), each of which is incorporated by reference as an exhibit to our Annual Report
on Form 10-K (the “Annual Report”) of which this Exhibit 4.1 is a part. This summary does not purport to be complete
and is qualified in its entirety by reference to the Certificate, the Partnership Agreement and the LLC Agreement, and the applicable
provisions of the Revised Uniform Limited Partnership Act and Limited Liability Company Act, in each case, of the State of Delaware.

 

The Shares

 

The shares are
registered as securities under the Securities Act of 1933 (“1933 Act”). The shares may only be redeemed when aggregated
in Redemption Baskets and limited partners will have limited voting rights as discussed under “Who is the General Partner?”
below. The shares issued by BNO may only be purchased by Authorized Participants and only in blocks of 50,000 shares called “Creation
Baskets” through the Marketing Agent. Similarly, only Authorized Participants may redeem shares and only in blocks of 50,000
shares called “Redemption Baskets”. While BNO only issues and redeems shares in Creation Baskets or Redemption Baskets,
as applicable, shares of BNO are listed on the NYSE Arca and investors may purchase and sell shares at market prices like any security.

 

The limited partners
and shareholders take no part in the management or control, and have a minimal voice in BNO’s operations or business. Limited
partners and shareholders must therefore rely upon the duties and judgment of USCF to manage BNO’s affairs. Limited partners
and shareholders have no right to elect USCF on an annual or any other continuing basis. BNO may terminate at any time, regardless
of whether BNO has incurred losses, subject to the terms of the Partnership Agreement. In particular, unforeseen circumstances,
including the adjudication of incompetence, bankruptcy, dissolution, or removal of USCF as the general partner of BNO could cause
BNO to terminate unless a majority interest of the limited partners within 90 days of the event elects to continue the partnership
and appoints a successor general partner, or the affirmative vote of a majority in interest of the limited partners subject to
certain conditions. However, no level of losses will require USCF to terminate BNO. BNO’s termination would cause the liquidation
and potential loss of an investor’s investment. Termination could also negatively affect the overall maturity and timing
of an investor’s investment portfolio.

 

As discussed
in the Partnership Agreement, upon our liquidation, our assets will be distributed pro rata to limited partners based upon the
number of shares held. Each limited partner will receive its share of the assets in cash or in kind, and the proportion of such
share that is received in cash may vary from partner to partner, as our general partner, United States Commodity Funds LLC (“USCF”),
in its sole discretion may decide.

 

Creation and Redemption of Shares

 

BNO creates and redeems shares from time
to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only made in
exchange for delivery to BNO or the distribution by BNO of the amount of Treasuries and any cash represented by the baskets being
created or redeemed, the amount of which is based on the combined NAV of the number of shares included in the baskets being created
or redeemed determined as of 4:00 p.m. New York time on the day the order to create or redeem baskets is properly received.

 

Authorized Participants are the only persons
that may place orders to create and redeem baskets. Authorized Participants must be (1) registered broker-dealers or other securities
market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage
in securities transactions described below, and (2) DTC Participants. To become an Authorized Participant, a person must enter
into an Authorized Participant Agreement with USCF. The Authorized Participant Agreement provides the procedures for the creation
and redemption of baskets and for the delivery of the Treasuries and any cash required for such creation and redemptions. The
Authorized Participant Agreement and the related procedures attached thereto may be amended by BNO, without the consent of any
limited partner or shareholder or Authorized Participant. Authorized Participants will pay a transaction fee of $350 to BNO for
each order they place to create or redeem one or more baskets. Authorized Participants who make deposits with BNO in exchange
for baskets receive no fees, commissions or other form of compensation or inducement of any kind from either BNO or USCF, and
no such person will have any obligation or responsibility to USCF or BNO to effect any sale or resale of shares.

 

Certain Authorized Participants are expected
to be capable of participating directly in the physical crude oil market and the crude oil futures market. In some cases, Authorized
Participants or their affiliates may from time to time buy or sell crude oil or Crude Oil Interests and may profit in these instances.
USCF believes that the size and operation of the crude oil market make it unlikely that an Authorized Participant’s direct
activities in the crude oil or securities markets will significantly affect the price of crude oil, Crude-Oil Interests or the
price of the shares.

 

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Each Authorized Participant is required
to be registered as a broker-dealer under the Exchange Act and is a member in good standing with FINRA, or exempt from being or
otherwise not required to be registered as a broker-dealer or a member of FINRA, and qualified to act as a broker or dealer in
the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated
under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal
controls and information barriers as it determines is appropriate in light of its own regulatory regime.

 

Under the Authorized Participant Agreement,
USCF, and BNO under limited circumstances, have agreed to indemnify the Authorized Participants against certain liabilities, including
liabilities under the 1933 Act, and to contribute to the payments the Authorized Participants may be required to make in respect
of those liabilities.

 

The following description of the procedures
for the creation and redemption of baskets is only a summary and an investor should refer to the relevant provisions of the Partnership
Agreement and the form of Authorized Participant Agreement for more detail, each of which is incorporated by reference into BNO’s
prospectus.

 

Creation Procedures

 

On any business day, an Authorized Participant
may place an order with the Marketing Agent to create one or more baskets. For purposes of processing purchase and redemption orders,
a “business day” means any day other than a day when any of the NYSE Arca, the ICE Futures or the NYSE is closed for
regular trading. Purchase orders must be placed by 12:00 p.m. New York time or the close of regular trading on the NYSE Arca, whichever
is earlier. The day on which the Marketing Agent receives a valid purchase order is referred to as the purchase order date.

 

By placing a purchase order, an Authorized
Participant agrees to deposit Treasuries, cash, or a combination of Treasuries and cash, as described below. Prior to the delivery
of baskets for a purchase order, the Authorized Participant must also have wired to the Custodian the nonrefundable transaction
fee due for the purchase order. Authorized Participants may not withdraw a creation request, except as otherwise set forth in the
procedures in the Authorized Participant Agreement.

 

The manner by which creations are made
is dictated by the terms of the Authorized Participant Agreement. By placing a purchase order, an Authorized Participant agrees
to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian, and (2) if required by USCF in its
sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other OTC energy
transaction (through itself or a designated acceptable broker) with BNO for the purchase of a number and type of futures contracts
at the closing settlement price for such contracts on the purchase order date. If an Authorized Participant fails to consummate
(1) and (2), the order shall be cancelled. The number and types of contracts specified shall be determined by USCF, in its sole
discretion, to meet BNO’s investment objective and shall be purchased as a result of the Authorized Participant’s purchase
of shares.

 

Determination of Required Deposits

 

The total deposit required to create each
basket (“Creation Basket Deposit”) is the amount of Treasuries and/or cash that is in the same proportion to the total
assets of BNO (net of estimated accrued but unpaid fees, expenses and other liabilities) on the purchase order date as the number
of shares to be created under the purchase order is in proportion to the total number of shares outstanding on the purchase order
date. USCF determines, directly in its sole discretion or in consultation with the Administrator, the requirements for Treasuries
and the amount of cash, including the maximum permitted remaining maturity of a Treasury and proportions of Treasury and cash that
may be included in deposits to create baskets. The Marketing Agent will publish such requirements at the beginning of each business
day. The amount of cash deposit required is the difference between the aggregate market value of the Treasuries required to be
included in a Creation Basket Deposit as of 4:00 p.m. New York time on the date

the order to purchase is properly received
and the total required deposit.

 

Delivery of Required Deposits

 

An Authorized Participant who places a
purchase order is responsible for transferring to BNO’s account with the Custodian the required amount of Treasuries and
cash by the end of the second business day following the purchase order date. Upon receipt of the deposit amount, the Administrator
directs DTC to credit the number of baskets ordered to the Authorized Participant’s DTC account on the second business day
following the purchase order date. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been
received by the Custodian on behalf of BNO shall be borne solely by the Authorized Participant.

 

Because orders to purchase baskets must
be placed by 12:00 p.m., New York time, but the total payment required to create a basket during the continuous offering period
will not be determined until after 4:00 p.m., New York time, on the date the purchase order is received, Authorized Participants
will not know the total amount of the payment required to create a basket at the time they submit an irrevocable purchase order
for the basket. BNO’s NAV and the total amount of the payment required to create a basket could rise or fall substantially
between the time an irrevocable purchase order is submitted and the time the amount of the purchase price in respect thereof is
determined.

 

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Rejection of Purchase Orders

 

USCF acting by itself or through the Marketing
Agent shall have the absolute right but no obligation to reject a purchase order or a Creation Basket Deposit if:

 

		•	it determines that the investment alternative available to BNO at that time will not enable it
to meet its investment objective;

		•	it determines that the purchase order or the Creation Basket Deposit is not in proper form;

		•	it believes that the purchase order or the Creation Basket Deposit would have adverse tax consequences
to BNO, the limited partners or its shareholders;

		•	the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to USCF,
be unlawful; or

		•	circumstances outside the control of USCF, Marketing Agent or Custodian make it, for all practical
purposes, not feasible to process creations of baskets.

 

None of USCF, the Marketing Agent or the
Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit.

 

Redemption Procedures

 

The procedures by which an Authorized Participant
can redeem one or more baskets mirror the procedures for the creation of baskets. On any business day, an Authorized Participant
may place an order with the Marketing Agent to redeem one or more baskets. Redemption orders must be placed by 12:00 p.m. New York
time or the close of regular trading on the NYSE Arca, whichever is earlier. A redemption order so received will be effective on
the date it is received in satisfactory form by the Marketing Agent (“Redemption Order Date”). The redemption procedures
allow Authorized Participants to redeem baskets and do not entitle an individual shareholder to redeem any shares in an amount
less than a Redemption Basket, or to redeem baskets other than through an Authorized Participant.

 

By placing a redemption order, an Authorized
Participant agrees to deliver the baskets to be redeemed through DTC’s book-entry system to BNO, as described below. Prior
to the delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to BNO’s
account at the Custodian the non-refundable transaction fee due for the redemption order. An Authorized Participant may not withdraw
a redemption order, except as otherwise set forth in the procedures in the Authorized Participant Agreement.

 

The manner by which redemptions are made
is dictated by the terms of the Authorized Participant Agreement. By placing a redemption order, an Authorized Participant agrees
to (1) deliver the Redemption Basket to be redeemed through DTC’s book-entry system to BNO’s account with the Custodian
not later than 3:00 p.m. New York time on the second business day following the effective date of the redemption order (“Redemption
Distribution Date”), and (2) if required by USCF in its sole discretion, enter into or arrange for a block trade, an exchange
for physical or exchange for swap, or any other OTC energy transaction (through itself or a designated acceptable broker) with
the fund for the sale of a number and type of futures contracts at the closing settlement price for such contracts on the Redemption
Order Date. If an Authorized Participant fails to consummate (1) and (2) above, the order shall be cancelled. The number and type
of contracts specified shall be determined by USCF, in its sole discretion, to meet BNO’s investment objective and shall
be sold as a result of the Authorized Participant’s sale of shares.

 

Determination of Redemption Distribution

 

The redemption distribution from BNO consists
of a transfer to the redeeming Authorized Participant of an amount of Treasuries and/or cash that is in the same proportion to
the total assets of BNO (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to redeem
is properly received as the number of shares to be redeemed under the redemption order is in proportion to the total number of
shares outstanding on the date the order is received. USCF, directly or in consultation with the Administrator, determines the
requirements for Treasuries and the amounts of cash, including the maximum permitted remaining maturity of a Treasury, and the
proportions of Treasuries and cash that may be included in distributions to redeem baskets. The Marketing Agent will publish an
estimate of the redemption distribution per basket as of the beginning of each business day.

 

Delivery of Redemption Distribution

 

The redemption distribution due from BNO
will be delivered to the Authorized Participant by 3:00 p.m. New York time on the second business day following the redemption
order date if, by 3:00 p.m. New York time on such second business day, BNO’s DTC account has been credited with the baskets
to be redeemed. If BNO’s DTC account has not been credited with all of the baskets to be redeemed by such time, the redemption
distribution will be delivered to the extent of whole baskets received. Any remainder of the redemption distribution will be delivered
on the next business day to the extent of remaining whole baskets received if BNO receives the fee applicable to the extension
of the redemption distribution date which USCF may, from time to time, determine and the remaining baskets to be redeemed are credited
to BNO’s DTC account by 3:00 p.m. New York time on such next business day. Any further outstanding amount of the redemption
order shall be cancelled. Pursuant to information from USCF, the Custodian will also be authorized to deliver the redemption distribution
notwithstanding that the baskets to be redeemed are not credited to BNO’s DTC account by 3:00 p.m. New York time on the second
business day following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the
baskets through DTC’s book entry-system on such terms as USCF may from time to time determine.

 

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Suspension or Rejection of Redemption
Orders

 

USCF may, in its discretion, suspend the
right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca or the NYMEX is
closed other than customary weekend or holiday closings, or trading on the NYSE Arca or the NYMEX is suspended or restricted, (2)
for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Treasuries is not reasonably
practicable, or (3) for such other period as USCF determines to be necessary for the protection of the limited partners or shareholders.
For example, USCF may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of BNO’s
assets at an appropriate value to fund a redemption. If USCF has difficulty liquidating its positions, e.g., because of
a market disruption event in the futures markets, a suspension of trading by the exchange where the futures contracts are listed
or an unanticipated delay in the liquidation of a position in an over the counter contract, it may be appropriate to suspend redemptions
until such time as such circumstances are rectified. None of USCF, the Marketing Agent, the Administrator, or the Custodian will
be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

 

Redemption orders must be made in whole
baskets. USCF will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. USCF may also reject a redemption order if
the number of shares being redeemed would reduce the remaining outstanding shares to 100,000 shares (i.e., one basket) or
less, unless USCF has reason to believe that the placer of the redemption order does in fact possess all the outstanding shares
and can deliver them.

 

Creation and Redemption Transaction
Fee

 

To compensate BNO for its expenses in connection
with the creation and redemption of baskets, an Authorized Participant is required to pay a transaction fee to BNO of $350 per
order to create or redeem baskets, regardless of the number of baskets in such order. An order may include multiple baskets. The
transaction fee may be reduced, increased or otherwise changed by USCF. USCF shall notify DTC of any change in the transaction
fee and will not implement any increase in the fee for the redemption of baskets until thirty (30) days after the date of the notice.

 

Tax Responsibility

 

Authorized Participants are responsible
for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable
to the creation or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized
Participant, and agree to indemnify USCF and BNO if they are required by law to pay any such tax, together with any applicable
penalties, additions to tax and interest thereon.

 

Secondary Market Transactions

 

As noted, BNO creates and redeems shares
from time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only
made in exchange for delivery to BNO or the distribution by BNO of the amount of Treasuries and cash represented by the baskets
being created or redeemed, the amount of which will be based on the aggregate NAV of the number of shares included in the baskets
being created or redeemed determined on the day the order to create or redeem baskets is properly received.

 

As discussed above, Authorized Participants
are the only persons that may place orders to create and redeem baskets. Authorized Participants must be registered broker-dealers
or other securities market participants, such as banks and other financial institutions that are not required to register as broker-dealers
to engage in securities transactions. An Authorized Participant is under no obligation to create or redeem baskets, and an Authorized
Participant is under no obligation to offer to the public shares of any baskets it does create. Authorized Participants that do
offer to the public shares from the baskets they create will do so at per-share offering prices that are expected to reflect,
among other factors, the trading price of the shares on the NYSE Arca, the NAV of BNO at the time the Authorized Participant purchased
the Creation Baskets and the NAV of the shares at the time of the offer of the shares to the public, the supply of and demand
for shares at the time of sale, and the liquidity of the Futures Contract market and the market for Other Crude Oil-Related Investments.

 

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The
prices of shares offered by Authorized Participants are expected to fall between BNO’s NAV and the trading price of the shares
on the NYSE Arca at the time of sale. Shares initially comprising the same basket but offered by Authorized Participants to the
public at different times may have different offering prices. An order for one or more baskets may be placed by an Authorized Participant
on behalf of multiple clients. Authorized Participants who make deposits with BNO in exchange for baskets receive no fees, commissions
or other forms of compensation or inducement of any kind from either BNO or USCF, and no such person has any obligation or responsibility
to USCF or BNO to effect any sale or resale of shares. Shares trade in the secondary market on the NYSE Arca. Shares may trade
in the secondary market at prices that are lower or higher relative to their NAV per share. The amount of the discount or
premium in the trading price relative to the per share NAV may be influenced by various factors, including the number of investors
who seek to purchase or sell shares in the secondary market and the liquidity of the Futures Contracts market and the market for
Other Crude Oil-Related Investments. While the shares trade during the core trading session on the NYSE Arca until 4:00 p.m. New
York time and trading in Futures Contracts on the ICE Futures Exchange continues throughout the entire NYSE Arca trading day, liquidity
in the market for Crude Oil Interests traded on the NYMEX may be reduced after the close of the NYMEX at 2:30 p.m. New York time.
As a result, during this time, particularly if BNO has invested in Futures Contracts and Other Crude Oil-Related Investment traded
on the NYMEX, trading spreads, and the resulting premium or discount, on the shares may widen.

 

Who is our General Partner?

 

USCF is a single member limited liability
company that was formed in the state of Delaware on May 10, 2005. USCF maintains its main business office at 1850 Mt. Diablo Boulevard,
Suite 640, Walnut Creek, California 94596. USCF is a wholly-owned subsidiary of Wainwright Holdings, Inc., a Delaware corporation
(“Wainwright”), which is a wholly owned subsidiary of Concierge Technologies, Inc. (publicly traded under the ticker
CNCG) (“Concierge”). Mr. Nicholas D. Gerber (discussed below), along with certain family members and certain other
shareholders, owns the majority of the shares in Concierge. Wainwright is a holding company that currently holds both USCF, as
well as USCF Advisers LLC, an investment adviser registered under the Investment Advisers Act of 1940, as amended. USCF Advisers
LLC serves as the investment adviser for the USCF SummerHaven SHPEN Index Fund (“BUYN”), the USCF SummerHaven SHPEI
Index Fund (“BUY”) and USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (“SDCI”), each a series
of the USCF ETF Trust. USCF Advisers LLC also served as the investment adviser to the USCF Commodity Strategy Fund, a series of
the USCF Mutual Funds Trust, which liquidated all of its assets and distributed cash pro rata to all remaining shareholders in
March 2019. USCF ETF Trust and USCF Mutual Funds Trust are registered under the Investment Company Act of 1940, as amended (the
 “1940 Act”). The Board of Trustees for USCF ETF Trust and USCF Mutual Funds Trust consist of different independent
trustees than those independent directors who serve on the Board of Directors of USCF. USCF is a member of the National Futures
Association (the “NFA”) and registered as a commodity pool operator (“CPO”) with the Commodity Futures
Trading Commission (the “CFTC”) on December 1, 2005 and as a swaps firm on August 8, 2013.

 

USCF serves as general partner of the United
States Oil Fund, LP (“USO”), the United States Natural Gas Fund, LP (“UNG”), the United States Gasoline
Fund, LP (“UGA”), the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil
Fund, LP (“BNO”). USCF previously served as the general partner for the United States Short Oil Fund, LP (“DNO”)
and the United States Diesel-Heating Oil Fund, LP (“UHN”), both of which were liquidated in 2018.

 

USCF is also the sponsor of the United
States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”), and the USCF Crescent
Crypto Index Fund (“XBET”), each a series of the United States Commodity Index Funds Trust (“USCIFT”).
XBET is currently in registration and has not commenced operations. USCF previously served as the sponsor for the United States
Agriculture Index Fund (“USAG”), which was liquidated in 2018. 

 

In addition, USCF is the sponsor of the
USCF Funds Trust, a Delaware statutory trust, and each of its series, the United States 3x Oil Fund (“USOU”) and the
United States 3x Short Oil Fund (“USOD”), which listed their shares on the NYSE Arca on July 20, 2017 under the ticker
symbols “USOU” and “USOD”, respectively. Each of USOU and USOD liquidated all of its assets and distributed
cash pro rata to all remaining shareholders in December 2019.

 

USO, UNG, UGA, UNL, USL, BNO, USCI and
CPER are referred to collectively herein as the “Related Public Funds.”

 

The Related Public Funds are subject to
reporting requirements under the Exchange Act.

 

USCF is required to evaluate the credit
risk of BNO to the FCM, oversee the purchase and sale of BNO’s shares by the Authorized Participants, review daily positions
and margin requirements of BNO and manage BNO’s investments. USCF also pays the fees of ALPS Distributors, which serves as
the Marketing Agent, and BBH&Co., which serves as the Administrator and the Custodian for BNO.

 

Limited partners have no right to elect
USCF as the general partner on an annual or any other continuing basis. If USCF voluntarily withdraws as general partner, however,
the holders of a majority of BNO’s outstanding shares (excluding for purposes of such determination shares owned, if any,
by the withdrawing USCF and its affiliates) may elect its successor. USCF may not be removed as general partner except upon approval
by the affirmative vote of the holders of at least 66 and 2/3 percent of BNO’s outstanding shares (excluding shares owned,
if any, by USCF and its affiliates), subject to the satisfaction of certain conditions set forth in the Partnership Agreement.

 

    5 

     

    

 

BNO has no executive officers or employees.
Pursuant to the terms of the Partnership Agreement, BNO’s affairs are managed by USCF.

 

The business and affairs of USCF are managed
by the Board, which is comprised of four Management Directors, each of whom are also executive officers or employees of USCF, and
three independent directors who meet the independent director requirements established by the NYSE Arca Equities Rules and the
Sarbanes-Oxley Act of 2002. The Management Directors have the authority to manage USCF pursuant to the terms of the LLC Agreement.
Through its Management Directors, USCF manages the day-to-day operations of BNO. The Board has an audit committee which is made
up of the three independent directors (Gordon L. Ellis, Malcolm R. Fobes III and Peter M. Robinson). For additional information
relating to the audit committee, please see “Item 10. Directors, Executive Officers and Corporate Governance – Audit
Committee” in the Annual Report.

 

    6

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