United States Brent Oil Fund LP
$65.10−0.02 (−0.03%)
- 1.15%
- $752M
- +128.6%
- 2.1M sh
- $65.41
- low $27.14high $65.80
The ETF.net BNO Grade
C
Score 43 out of 100
- 7 of 11
Score 43 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.D30 out of 100Rank 8 of 11Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C46 out of 100Rank 5 of 11Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B61 out of 100Rank 4 of 11Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B67 out of 100Rank 3 of 11
Our read on BNO
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.
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
- Brent, not WTI. It targets daily percentage changes in Brent crude through a specified short-term Brent futures contract, plus collateral interest, less expenses.
- Futures exposure with no oil-company stocks in the middle, so refinery margins and drilling budgets do not sit between you and the barrel price.
- Trading since 2010, a few hundred million dollars in size and actively traded: not a thin, brand-new wrapper on a niche benchmark.
Worth knowing
- The 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.
- A 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.
- The 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
- Other
- 13
- 97%
- BRENT CRUDE FUTR Dec26
Geography
- United States100.00%
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$22,857
Returns run to the Oct 12, 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.
| Period | BNO |
|---|---|
| Year to date | +129.9% |
| 1 month | +6.1% |
| 3 months | +54.5% |
| 1 year | +128.6% |
| 3 years | +29.3% |
| 5 years | +24.3% |
| 10 years | +15.8% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BNO |
|---|---|---|
| 2026 YTD | +129.9% | |
| 2025 | −5.4% | |
| 2024 | +9.7% | |
| 2023 | −3.4% | |
| 2022 | +35.2% | |
| 2021 | +62.3% | |
| 2020 | −38.2% |
BNO in the news
BNO Dividends
No distributions in the last 12 months.
BNO Risk
- 41.0%
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.
- 0.58
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.
- −34.5%
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.
- 2.16
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
1.15%
BNO1.15%
- The middle half of Energy Futures funds
- Median 1.01%
7 of the 11 Energy Futures funds charge less.
Other funds in Energy Futures
- CUSLUnited States 12 Month Oil FundExpense ratio 1.01%1 year return +78.4%
- CUGAUnited States Gasoline Fund, LPExpense ratio 1.08%1 year return +142.4%
- DMWHSSkylar Electricity Futures ETFExpense ratio 0.95%1 year return —
- DUNGUnited States Natural Gas Fund LPExpense ratio 1.17%1 year return −11.4%
- DBWETBreakwave Tanker Shipping ETFExpense ratio 3.50%1 year return +6126.9%