At a glance
BNO charges 0.94% a year, above the 0.71% average of the 7 funds most like it (the 6th cheapest of 8). It has $544.2M in assets, the 4th largest of that group. Over the past year it returned +134.6% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +30.4% a year. At its worst it fell 53.4% in the 2020 crash (S&P 500: 33.7%) and 27.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 41 months after the lows.
The short version
United States Brent Oil Fund LP (BNO) is a commodity pool that holds Brent crude oil futures traded on ICE Futures Europe, not physical oil. It offers a way to track or hedge daily moves in Brent prices. Its 0.94% expense ratio is higher than the 0.71% average of similar funds. It issues a Schedule K-1 at tax time, and it fell 87% from its 2014 peak to its 2020 low.
Price history
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BNO +134.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BNO price data to Oct 27, 2026 | +146.0% | +134.6% | +30.4% | +25.7% | +16.8% | +6.3% |
- Over the year to Oct 27, 2026, BNO returned +134.6%, 1st of 8 among similar funds.
- Its 5-year annualized return was +25.7% and its 10-year +16.8%.
- In the 2020 COVID crash it fell 53.4% and regained its old high 15.1 months after the low.
- Its worst full calendar year was 2014 (-49.0%); its best was 2021 (+62.3%).
- The deepest fall in its price history was 87.1% (Jun 19, 2014 to Apr 28, 2020), recovered by Mar 12, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +146.0% |
| 2025 | -5.4% |
| 2024 | +9.7% |
| 2023 | -3.4% |
| 2022 | +35.3% |
| 2021 | +62.3% |
| 2020 | -38.2% |
| 2019 | +36.0% |
| 2018 | -15.3% |
| 2017 | +15.4% |
| 2016 | +28.1% |
| 2015 | -46.1% |
| 2014 | -49.0% |
| 2013 | +8.5% |
| 2012 | +9.9% |
| 2011 | +19.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.7% over that stretch · deepest drop along the way 53.4%, back to its old high 15.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 39.8% over that stretch · deepest drop along the way 27%, back to its old high 41.2 months after the low |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $544.2M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
BNO does not track an index. Its general partner is United States Commodity Funds LLC (USCF), which is owned by The Marygold Companies. USCF aims to make the fund's daily percentage change in net asset value (NAV, the per-share value of its holdings) match the daily change in one Brent crude futures contract. Interest earned on the fund's cash and Treasury bill collateral is added, and expenses are subtracted. That contract is the near-month Brent future on ICE Futures Europe. When it is within two weeks of expiring, the fund switches to the next month's contract.
That switch is called the roll, and it matters over time. When later contracts cost more than expiring ones (contango), rolling eats into returns. When they cost less (backwardation), rolling adds to returns. So BNO can drift well away from the spot price of Brent over months or years. The goal applies to single days only. USCF counts it as met if the fund's average daily change over 30 valuation days stays within plus or minus 10% of the benchmark's.
The fund mainly holds oil futures. It may also use other fuel futures, options, forwards, swaps and over-the-counter deals for liquidity or regulatory reasons. As a commodity pool, it is not registered under the 1940 Act, so it lacks some investor protections that regular funds have. Holders get a Schedule K-1, owe tax on their share of gains each year, and have little say in how USCF runs the fund.
What it really costs
- BNO charges 0.94% a year, versus an average of 0.71% for the similar funds below (6th of 8, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
BNO holds only oil futures, its volatility was 48% over the year to October 27, 2026, and it once fell 87%, so it fits at most as a small position next to core holdings.
BNO could add direct exposure to oil prices, which sometimes move differently from stocks. In the 2022 bear market it gained 39.8% while stocks fell. Even so, it dropped 27% from June to September 2022 and didn't regain that high until March 2026. The 2020 COVID crash cut it 53% in a month, and recovery took about 15 months. Its worst calendar year was 2014, at −49%. Its deepest drop, 87% from June 2014 to April 2020, wasn't recovered until March 2026. Anyone who has to raise cash during a bad stretch could lock in steep losses. The fund launched in 2010, so it has no 2008 record. It has paid no distributions, and its 0.94% expense ratio is above the 0.71% average for similar funds.
Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want exposure tied to Brent crude futures on ICE Futures Europe rather than to oil company stocks, like those held by XOP or IEO.
- Those keeping a small position as a hedge against oil price spikes, like 2022, when BNO gained 35.25% for the calendar year.
- Investors who are comfortable handling a Schedule K-1 and owing tax on the fund's gains each year without getting any distributions.
Look elsewhere if
- Anyone who needs income: BNO has recorded no distributions, so its returns depend entirely on futures prices and interest on its collateral.
- Cost-focused investors: its 0.94% expense ratio ranks 6th of 8 among similar funds, above USO's 0.70% and DBO's 0.75%.
- Those who can't sit through deep, long slumps: it fell 87% from 2014 to 2020 and didn't recover until March 2026.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BNO this fund | 0.94% | $544.2M | +134.6% | +30.4% |
| XOP SPDR S&P Oil & Gas Exploration & Production… | 0.35% | $2.20B | +59.0% | +14.2% |
| USO United States Oil Fund LP | 0.7% | $1.10B | +124.1% | +27.9% |
| IEO iShares U.S. Oil & Gas Exploration & Produc… | 0.4% | $567.1M | +67.3% | +18.3% |
| UNG United States Natural Gas Fund LP | 1.01% | $440.3M | -25.2% | -30.6% |
| DBO Invesco DB Oil Fund | 0.75% | $197.5M | +104.3% | +18.9% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 0.6% | $157.3M | +57.0% | +16.5% |
| UGA United States Gasoline Fund LP | 1.17% | $90.0M | +118.7% | +29.3% |
Questions investors ask
Does BNO pay dividends?
No. BNO has recorded no distributions, so it provides no income. Its return comes entirely from changes in the Brent crude futures it holds, plus interest on its cash and Treasury bill collateral, minus expenses. Because it is taxed as a partnership, holders receive a Schedule K-1. They may owe tax on their share of the fund's gains each year, even though no cash is paid out.
What's the difference between BNO and USO?
Both are commodity pools run by United States Commodity Funds LLC, and both hold oil futures rather than oil. BNO's benchmark is the near-month Brent crude contract on ICE Futures Europe. USO is a separate oil fund with its own benchmark. USO costs less: its expense ratio is 0.70%, against BNO's 0.94%. As of October 27, 2026, BNO returned 134.6% over one year, against 124.1% for USO. Over three years, BNO returned 30.4% a year and USO 27.9%.
Does BNO track the price of Brent oil?
Only day to day, and only roughly. BNO aims to match the daily percentage change of a near-month Brent futures contract, not the spot price over longer periods. Rolling from expiring contracts into later ones can add to or take away from returns. That depends on whether later contracts cost more (contango) or less (backwardation). USCF counts the goal as met if the fund's average daily change over 30 valuation days is within plus or minus 10% of the benchmark's.
Is BNO a good long-term investment for retirement?
It is a high-risk holding with an uneven record. As of October 27, 2026, it returned 16.8% a year over 10 years, but only 6.3% a year since its June 2010 launch, about 16.4 years. It fell 87% from June 2014 to April 2020 and didn't recover until March 2026. Its volatility, a measure of how much the price swings, was 48% over the year to October 27, 2026. It pays no income.
What is BNO's expense ratio?
BNO's expense ratio is 0.94%. That ranks 6th of 8 among similar funds and is above their 0.71% average. United States Oil Fund (USO) charges 0.70%, and Invesco DB Oil Fund (DBO) charges 0.75%. Like other commodity pools, BNO also pays brokerage commissions and other costs on top of the sponsor's fee. Rolling futures contracts can also add to or take away from returns in ways the expense ratio doesn't show.