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Launched · SEC filings

United States Brent Oil Fund LP

BNONYSE ArcaUSCFC

$65.96−5.43 (−7.61%)

At close: Nov 2, 2026, 4:00 PM ET

C42/ 100

Rank 7 of 11 in Energy Futures

C42/100Rank 7 of 11inEnergy Futures
Intraday session: down, 79 prints from 71.39 to 65.96. Range 65.66 to 67.60. Use the arrow keys to read each point.67.0068.0069.0070.0010 AM12 PM2 PM4 PM
Expense ratio
1.15%
Fund size
$946M
1Y total return
+141.4%
Yield · Last 12 months
No data
Holdings
10
Avg volume · 30D
1.83M sh
52W range
low $27.14high $72.50
Launched
Filings
SEC EDGAR

The ETF.net BNO Grade

Based on 4 of 6 pillars

C

Score 42 out of 100

Category
Energy Futures⁠
Rank
7 of 11
Six-pillar profile for BNO. Scores out of 100: Cost 30, Risk 46, Mission not scored, Tradability 58, Holdings not scored, Durability 67. Strongest: Durability (67). Weakest: Cost (30). Based on 4 of 6 pillars.

Score 42 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 100
    Rank 8 of 11

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C46 out of 100
    Rank 6 of 11

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B58 out of 100
    Rank 4 of 11

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B67 out of 100
    Rank 4 of 11

Our read on BNO

ETF.net Research

In short

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

  • 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 Performance

Launched Jun 2, 2010

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

BNO$24,143
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BNO $24,143. SPY $11,199. Use the arrow keys to read each point.$10,000$15,000$20,000$25,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+152.1%
1 month+18.8%
3 months+41.7%
1 year+141.4%
3 yearsper year+33.2%
5 yearsper year+26.3%
10 yearsper year+17.8%

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+152.1%
2025−5.4%
2024+9.7%
2023−3.4%
2022+35.2%
2021+62.3%
2020−38.2%

BNO in the news

BNO Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

BNO Risk

Risk pillarC46 out of 100Rank 6 of 11 in Energy Futures
How much the fund’s monthly returns vary, scaled to a year.
41.7%
Annualised · 36 months to Oct 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.
0.77
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

BNO Cost

Compare BNO and OILK

Overpaying vs OILK, cheapest in Energy Futures

$7,471

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BNO 1.15%

    $21,077

  • OILK 0.70% Cheapest

    $13,606

$10,000
30 years

Cost over time

  • BNO 1.15%
  • OILK 0.70%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530BNO $21,077OILK $13,606

Year by year

YearBNOOILKOverpaying
10$2,015$1,250$765
20$7,521$4,760$2,761
30$21,077$13,606$7,471

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