BNO

United States Brent Oil Fund

Brent crude oil futures ETF. International oil benchmark alternative to USO (WTI). Same contango drag issues.

Backtest X-Ray Correlation Risk Map Compare vs USO

CommodityTER 0.90%Dist.

TER

0.90%

AUM

$0.2B

CAGR

3.7%

Volatility

35.9%

Sharpe

0.02

Max Drawdown

-84.5%

Data Range

2010-06 → 2026-04

Performance Analysis

Maximum Drawdown History

How far the ETF has fallen from its all-time high at each point. Deeper = more painful.

Current DD-12.6%

Worst DD-84.5%

Worst date2020-04

Rolling Returns

Annualized returns over rolling windows. Shows the range of outcomes depending on when you invested.

Avg return0.6%

Best56.6%

Worst-35.9%

% positive55%

155 periods

Backtest Data Proxy

Futures-based: subject to roll costs and contango drag.

Key Facts

ISIN

US91167Q1004

Issuer

Invesco

Benchmark

Brent Crude Oil (front-month futures)

Total Expense Ratio (TER)

0.90%

Assets Under Management

$0.2B approx.

Inception Date

2010-06-02

Domicile

United States

Legal Structure

Limited Partnership

Dividend Policy

Distributing (pays dividends)

Replication Method

Synthetic (Swap-Based)

UCITS Status

✗ Not UCITS

Fund Currency

USD

Primary Exchange

NYSE Arca

Number of Holdings

N/A

Top 10 Holdings

Top 10 represent 100.0% of the fund.

BRENT-FUT-ABrent Crude Oil Front Month

60.00%

Commodity — Oil

BRENT-FUT-BBrent Crude Oil Next Month

40.00%

Commodity — Oil

Equivalent ETFs

These ETFs track the same or very similar underlying index:

USOUnited States Oil Fund

Backtest this ETF Official Fund Page

Who Is This ETF For?

✓General portfolio building block for the asset class it covers.

Key Risks to Consider

• No cash flows or dividends — returns depend entirely on price appreciation.

• Non-UCITS: may have unfavorable tax treatment for non-US investors (US estate tax, withholding tax).

Similar ETFs

GLD0.40% TER

SPDR Gold Shares

Gold · State Street

DBC0.85% TER

Invesco DB Commodity Index Tracking Fund

Diversified Commodity · Invesco

IAU0.25% TER

iShares Gold Trust

Gold · BlackRock

SLV0.50% TER

iShares Silver Trust

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Correlation Matrix

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Data & Methodology

Metadata sourced from official issuer documentation. Price data from Yahoo Finance (monthly adjusted close, includes reinvested dividends and splits). AUM figures are approximate and updated quarterly.

Data source: Yahoo Finance (adjusted close), USCF (metadata)Last verified: 2026-04-17

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💬 Frequently Asked Questions

Brent crude oil futures ETF. International oil benchmark alternative to USO (WTI). Same contango drag issues.

BNO has a total expense ratio (TER) of 0.90%, which means you pay $90 per year for every $10,000 invested.

Yes, BNO is a distributing ETF that pays dividends to shareholders. The frequency depends on the fund's schedule.

BNO is a US-domiciled ETF (not UCITS). Non-US investors should consider the US estate tax implications (40% on US assets above $60,000) and the 30% dividend withholding tax (reduced by treaty in some countries).

BNO uses synthetic replication via swap contracts, which can reduce tracking error but introduces counterparty risk.

Similar ETFs tracking the same or a very similar index include: USO. These may differ in domicile, currency, dividend policy, or expense ratio.