BNO Forecast 2026: Price Target, Outlook and What Analysts Expect

BNO has no earnings, so there is nothing for analysts to model at the fund level. Its price follows supply and demand for what it tracks, the US dollar, and, for futures-based funds, the cost of rolling contracts. Forecasts for the commodity itself exist, from banks and agencies, and disagree widely.

United States Brent Oil Fund holds near-month ICE Brent crude oil futures rather than physical oil, so its return reflects the futures curve, not the headline spot price. In contango (later-dated contracts priced higher), monthly roll into pricier contracts creates a persistent drag; in backwardation the roll can add to returns. That structure, plus a 1.15% expense ratio, makes BNO better suited to short-term views on Brent than to long-term buy-and-hold. It pays no dividend. Holdings are futures contracts and cash collateral, not equities. 2026 has been an extraordinary year for the fund: as of October 16, 2026, BNO's share price was up 131.2% year to date and 135.1% over one year, including a 29.2% gain over the prior three months, as supply worries tied to Iran tensions and record US diesel prices pushed Brent sharply higher. Moves that large can reverse just as quickly.

BNO pays little or nothing in distributions as of October 2026, so its return comes from price changes. For the payout history and schedule, see BNO dividend: yield and schedule.

• Year to date: +137.8% price change (to 2026-10-16).
• Past year: +141.1% price change.
• Three-year average: +27.1% a year.
• Five-year average: +24.0% a year.
• 52-week range: $27.14 to $67.49, against a last price of $67.19.
• Three-year beta: 2.17 (1.00 moves in line with the market; higher swings more).

History tells you how BNO has behaved, which is useful for sizing a position. It does not tell you what comes next, and periods of strong returns are often followed by weaker ones.

No published one. Analysts do not forecast ETFs, and the targets on the companies inside a fund run about twelve months. Any 2030 figure for BNO is a past return projected forward.

What is certain is the cost. At 1.15% a year, about $115 on every $10,000 every year, it comes off whatever the holdings earn, in good years and bad. Across funds that track similar things, that is one of the few differences you can know in advance.

Supply and demand for what BNO tracks decide most of its result: production, inventories, weather or geopolitics, depending on the commodity, plus the US dollar, since most commodities are priced in it. For a futures-based fund, the shape of the futures curve adds a further effect each month through the cost or gain of rolling contracts.

How to read this page: the analyst figures describe expectations for the holdings, not for the fund; the yield describes current income, not total return; the history describes one path through the market, not the next one. The cost is the only line that is known in advance.

• What is BNO? (holdings, cost, and the themes it covers)
• Is BNO a good investment?
• BNO dividend: yield and schedule