What Is BNO? United States Brent Oil Fund, LP

BNO is the United States Brent Oil Fund, a commodity pool issued by USCF Investments that seeks to track the daily price movement of Brent crude oil. It holds near-month ICE Brent crude futures contracts and cash collateral rather than physical oil.

BNO, listed on NYSE Arca. The full legal name is United States Brent Oil Fund, LP. It is structured as a commodity pool (a limited partnership), which affects its tax reporting compared with a standard equity ETF.

No. BNO holds futures contracts on Brent crude, primarily the near-month ICE Brent contract, along with cash and short-term instruments used as collateral. It never takes delivery of physical barrels, so its price tracks the futures market rather than the spot price of oil.

Because BNO holds futures and rolls expiring contracts into later-dated ones each month. When later contracts cost more than expiring ones (contango), the roll creates a drag that causes BNO to lag spot Brent over time. When the curve is in backwardation, the roll can add to returns.

Contango is when longer-dated futures trade above near-term futures. Each month BNO sells a cheaper expiring contract and buys a pricier one, locking in a small loss that compounds. Over long holding periods in a contango market, this roll cost can meaningfully erode BNO's return relative to spot oil.

1.15% per year. On a $10,000 position that is about $115 annually. This is high relative to broad equity ETFs and is one reason BNO is generally used for short-term positioning rather than long-term holding.

No. BNO's reported yield is 0.00%. It holds futures and collateral rather than dividend-paying stocks, so any return comes from price movement in Brent crude futures, not from distributions.

Approximately 543.58M in assets as of July 2026. Commodity futures funds like BNO tend to see assets rise and fall with oil price interest and trader positioning rather than steady long-term accumulation.

BNO tracks Brent crude, the international benchmark priced off North Sea oil, while USO tracks West Texas Intermediate (WTI), the US benchmark. Both use near-month futures and both are exposed to roll costs. The two benchmarks can diverge based on regional supply, demand, and logistics.

It is generally not designed for long-term holding. The monthly futures roll, a contango-prone curve, and a 1.15% fee can erode returns over time even when spot oil is flat or rising. It is more commonly used as a short-term trading vehicle. Walnut is not an investment adviser.

BNO trades like a stock on NYSE Arca during US market hours through brokers such as Robinhood, Fidelity, Schwab, and Public. Note that as a commodity pool it issues a Schedule K-1 for tax purposes rather than a standard 1099, which some investors find more complex.

As a commodity pool limited partnership, BNO issues a Schedule K-1 to investors rather than the 1099 most ETFs use. Gains on the underlying futures are generally taxed under the 60/40 rule regardless of holding period. Consult a tax professional for your situation.

Yes. BNO's price moves with Brent crude oil futures, which can swing sharply on supply shocks, OPEC decisions, geopolitical events, and demand shifts. Single-commodity funds are typically far more volatile than diversified equity funds.

BNO launched in June 2010, issued by USCF Investments. It was designed to give investors exposure to Brent crude, the international oil benchmark, at a time when most oil funds tracked WTI.

Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. BNO's figures are above; the full method is in Walnut's guide on how to compare ETFs.