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BNO

GradeCNew York Stock Exchange Arca

United States Brent Oil Fund LP

Commodities · USCF · Inception 2010-06-02 · SEC filings

$59.87+1.96 (+3.38%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 57.91 to 59.87. Range 59.06 to 60.28. Use the arrow keys to read each point.$59.00$59.5010 AM12 PM2 PM4 PM
Expense ratio
1.15%
Fund size
$725M
1Y return
+93.4%
Yield · Last 12 months
—
Volume · 30D
2.3M sh
NAV per share
$58.93
52W range
low $27.14high $63.98

The ETF.net BNO Grade

C

43/ 100

Rank 7 of 11 in Energy Futures⁠

Confidence Medium

Six-pillar profile for BNO. Scores out of 100: Cost 30, Risk 44, Mission not scored, Tradability 65, Holdings not scored, Durability 67. Strongest: Durability (67). Weakest: Cost (30). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 43 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 30
    Category rank8/11 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 44
    Category rank7/10 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 65
    Category rank3/11 · top 27%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 67
    Category rank3/11 · top 27%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on BNO

ETF.net Research

CMost US oil funds follow WTI. BNO follows Brent, the barrel the rest of the world prices off, through short-term Brent futures. Running since 2010, it is a plain wrapper on that specific price.

Stated mandate

BNO seeks to track daily percentage changes in Brent crude oil’s spot price through a specified short-term Brent crude oil futures contract, plus collateral interest and less expenses.

Why people hold it

  1. 01Brent, not WTI. It targets daily percentage changes in Brent crude through a specified short-term Brent futures contract, plus collateral interest, less expenses.
  2. 02Futures exposure with no oil-company stocks in the middle, so refinery margins and drilling budgets do not sit between you and the barrel price.
  3. 03Trading since 2010, a few hundred million dollars in size and actively traded: not a thin, brand-new wrapper on a niche benchmark.

Worth knowing

  1. 01The 1.15% expense ratio is commodity-pool pricing. WTI-based peers OILK (0.69%) and DBO (0.81%) charge less, though they track a different barrel.
  2. 02A limited partnership commodity pool, so tax paperwork runs through partnership reporting rather than the 1099 most ETFs send. Peer OILK exists as the K-1 free route.
  3. 03The stated objective is daily, using one short-term contract that gets rolled forward. Over longer holds, results can separate from spot Brent as the futures curve shifts.

BNO Holdings

As of Sep 20, 2026, 6:39 AM
Asset class
Other
Holdings
—
Top-10 weight
95%
Largest holding
BRENT CRUDE FUTR Dec2638.2%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—BRENT CRUDE FUTR Dec2638.21%5,654$561M1
002—DREY INST PREF GOV MM INST 654615.15%222,650,000$223M7
003—BRENT CRUDE FUTR Nov2612.73%1,801$187M1
004—MORGAN STANLEY LIQ GOVT INST 83028.14%119,550,000$120M19
005—US DOLLARS6.28%92,318,080$92M67
006—TREASURY BILL 0 11/5/20262.98%44,000,000$44M21
007—TREASURY BILL 0 11/12/20262.98%44,000,000$44M34
008—BNY CASH RESERVE2.71%39,890,128$40M13
009—TREASURY BILL 0 11/19/20262.71%40,000,000$40M19
010—TREASURY BILL 0 12/31/20262.69%40,000,000$40M27
011—TREASURY BILL 0 10/27/20262.03%30,000,000$30M20
012—TREASURY BILL 0 10/22/20261.36%20,000,000$20M21
013—TREASURY BILL 0 12/24/20261.35%20,000,000$20M17
014—TREASURY BILL 0 10/29/20260.68%10,000,000$10M17

Showing 1–14 of 14 holdings

BNO Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BNO$19,336
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BNO $19,336. SPY $11,723. Use the arrow keys to read each point.$8,111$15,152$22,193Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BNO. Periods over one year show the average yearly return.
PeriodBNO
Year to date+104.5%
1 month+7.6%
3 months+34.3%
1 year+93.4%
3 years+21.8%per year
5 years+23.9%per year
10 years+15.3%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BNO
YearReturn barBNO
2026 YTD+104.5%
2025−5.4%
2024+9.7%
2023−3.4%
2022+35.2%
2021+62.3%
2020−38.2%

BNO in the news

View all BNO news

BNO Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

BNO Risk

How much the fund’s monthly returns vary, scaled to a year.
40.6%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.54
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−34.5%
Trough Jul 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.16
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BNO Cost

Expense ratio1.15%
  • The middle half of Energy Futures funds
  • Median 1.01%

7 of the 11 Energy Futures funds charge less.

BNO costs $115.00 a year on $10,000. The median Energy Futures fund costs $101.00.