United States Brent Oil Fund LP ETV (BNO)
Market Price (7/11/2026): $42.25
United States Brent Oil Fund LP ETV (BNO)
Market Price (7/11/2026): $42.25
Key Takeaways
- BNO has returned +97.2% YTD vs +11.0% for SPY; +84.9% over the past 12 months (SPY +21.7%). details →
- Priced in gold, BNO has returned -2.6% over the past 3 years, vs +107.7% in dollars — its dollar gains have lagged gold. details →
- Over the past month, BNO has seen net outflows of −$128M (−21.9% of assets). details →
- BNO's +97.2% YTD is ahead of its typical pace — it averaged +23.4% at this point (July 10) over the past 5 years. details →
Asset Allocation with BNO
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BNO Return | 62% | 35% | -3% | 10% | -5% | 97% | 334% |
| Peers Return | 54% | 18% | -24% | 1% | -17% | 38% | 60% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| BNO Win Rate | 75% | 50% | 42% | 58% | 42% | 80% | |
| Peers Win Rate | 72% | 53% | 36% | 47% | 42% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| BNO Max Drawdown | -19% | -31% | -20% | -19% | -24% | -17% | |
| Peers Max Drawdown | -29% | -41% | -37% | -30% | -34% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: USO, UNG, DBO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/10/2026 (YTD)
Sharpe Ratios Compared
One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.
Results as of 6302026.How Low Can It Go
| Event | BNO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.4% | -18.8% |
| % Gain to Breakeven | 22.5% | 23.1% |
| Time to Breakeven | 39 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.1% | -6.7% |
| % Gain to Breakeven | 17.8% | 7.1% |
| Time to Breakeven | 25 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.3% | -33.7% |
| % Gain to Breakeven | 215.1% | 50.9% |
| Time to Breakeven | 419 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -39.3% | -19.2% |
| % Gain to Breakeven | 64.7% | 23.8% |
| Time to Breakeven | 1136 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -16.0% | -3.7% |
| % Gain to Breakeven | 19.0% | 3.9% |
| Time to Breakeven | 77 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -46.0% | -12.2% |
| % Gain to Breakeven | 85.2% | 13.9% |
| Time to Breakeven | 656 days | 62 days |
In The Past
United States Brent Oil Fund LP ETV's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | BNO | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -68.3% | -33.7% |
| % Gain to Breakeven | 215.1% | 50.9% |
| Time to Breakeven | 419 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -39.3% | -19.2% |
| % Gain to Breakeven | 64.7% | 23.8% |
| Time to Breakeven | 1136 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -46.0% | -12.2% |
| % Gain to Breakeven | 85.2% | 13.9% |
| Time to Breakeven | 656 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -77.9% | -6.8% |
| % Gain to Breakeven | 351.8% | 7.3% |
| Time to Breakeven | 3698 days | 15 days |
In The Past
United States Brent Oil Fund LP ETV's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Current Dip Buy Opportunities Across ETFs
ETFs currently down 5% or more from trailing 6M peaks.
| Ticker | Name | Dip % | Mkt Price | Price Date | Peak Price | Peak Date | # Days |
|---|---|---|---|---|---|---|---|
| AKRE | Akre Focus ETF | -16.4% | 55.14 | 7102026 | 65.92 | 1112026 | 180 |
| SCHC | Schwab International Small-Cap Equity ETF | -6.3% | 48.30 | 7102026 | 51.54 | 3012026 | 131 |
| IEMG | iShares Core MSCI Emerging Markets ETF | -5.4% | 81.32 | 7102026 | 86.00 | 6222026 | 18 |
| EEM | iShares MSCI Emerging Markets ETF | -6.1% | 66.90 | 7102026 | 71.21 | 6222026 | 18 |
| ASHR | Xtrackers Harvest CSI 300 China A-Shares ETF | -5.1% | 35.38 | 7102026 | 37.30 | 6222026 | 18 |
| EWY | iShares MSCI South Korea ETF | -16.3% | 183.52 | 7102026 | 219.20 | 6212026 | 19 |
| EWZ | iShares MSCI Brazil ETF | -13.9% | 35.93 | 7102026 | 41.73 | 4142026 | 87 |
| FXI | iShares China Large-Cap ETF | -17.9% | 33.48 | 7102026 | 40.78 | 1292026 | 162 |
| ILF | iShares Latin America 40 ETF | -9.4% | 34.51 | 7102026 | 38.10 | 4142026 | 87 |
| KWEB | KraneShares CSI China Internet ETF | -30.0% | 26.38 | 7102026 | 37.66 | 1122026 | 179 |
| MTUM | iShares MSCI USA Momentum Factor ETF | -6.8% | 321.77 | 7102026 | 345.22 | 6222026 | 18 |
| URA | Global X Uranium ETF | -30.5% | 42.97 | 7102026 | 61.81 | 1282026 | 163 |
| BOTZ | Global X Funds Global X Robotics & Artificial Intelligence ETF | -11.3% | 36.91 | 7102026 | 41.63 | 5132026 | 58 |
| ROBO | ROBO Global Robotics & Automation Index ETF | -8.2% | 82.96 | 7102026 | 90.34 | 6022026 | 38 |
| LIT | Global X Lithium & Battery Tech ETF | -21.1% | 72.32 | 7102026 | 91.62 | 5112026 | 60 |
| ICLN | iShares Global Clean Energy ETF | -18.9% | 19.25 | 7102026 | 23.75 | 6022026 | 38 |
| ARKQ | ARK Autonomous Technology & Robotics ETF | -13.8% | 123.99 | 7102026 | 143.82 | 5282026 | 43 |
| ARKX | ARK Space & Defense Innovation ETF | -15.1% | 32.05 | 7102026 | 37.74 | 5282026 | 43 |
| NASA | Tema Space Innovators ETF | -37.5% | 26.18 | 7102026 | 41.89 | 5272026 | 44 |
| AGIX | KraneShares Artificial Intelligence ETF | -8.0% | 45.44 | 7102026 | 49.40 | 6012026 | 39 |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | -10.6% | 62.91 | 7102026 | 70.39 | 5112026 | 60 |
| RAAX | VanEck Real Assets ETF | -7.6% | 39.47 | 7102026 | 42.70 | 5112026 | 60 |
| VGT | Vanguard Information Technology ETF | -6.0% | 118.08 | 7102026 | 125.62 | 6022026 | 38 |
| XLK | State Street Technology Select Sector SPDR ETF | -6.3% | 185.78 | 7102026 | 198.21 | 6022026 | 38 |
| XLE | State Street Energy Select Sector SPDR ETF | -12.0% | 55.08 | 7102026 | 62.56 | 3292026 | 103 |
| XLC | State Street Communication Services Select Sector SPDR ETF | -6.7% | 111.64 | 7102026 | 119.70 | 2012026 | 159 |
| XLY | State Street Consumer Discretionary Select Sector SPDR ETF | -5.7% | 117.24 | 7102026 | 124.27 | 1122026 | 179 |
| XLP | State Street Consumer Staples Select Sector SPDR ETF | -6.0% | 84.12 | 7102026 | 89.51 | 3012026 | 131 |
| IYM | iShares U.S. Basic Materials ETF | -5.7% | 178.24 | 7102026 | 189.08 | 3022026 | 130 |
| FXN | First Trust Energy AlphaDEX Fund | -11.0% | 20.62 | 7102026 | 23.18 | 3292026 | 103 |
| SMH | VanEck Semiconductor ETF | -8.7% | 611.03 | 7102026 | 668.91 | 6222026 | 18 |
| SOXX | iShares Semiconductor ETF | -11.2% | 581.34 | 7102026 | 655.01 | 6222026 | 18 |
| XOP | State Street SPDR S&P Oil & Gas Exploration & Production ETF | -15.7% | 158.57 | 7102026 | 188.18 | 3292026 | 103 |
| IGV | iShares Expanded Tech-Software Sector ETF | -14.2% | 92.41 | 7102026 | 107.70 | 6012026 | 39 |
| MISL | First Trust Indxx Aerospace & Defense ETF | -12.6% | 44.53 | 7102026 | 50.98 | 1192026 | 172 |
| RING | iShares MSCI Global Gold Miners ETF | -34.7% | 64.89 | 7102026 | 99.42 | 3012026 | 131 |
| SOXQ | Invesco PHLX Semiconductor ETF | -11.3% | 102.06 | 7102026 | 115.11 | 6222026 | 18 |
| BWX | State Street SPDR Bloomberg International Treasury Bond ETF | -5.7% | 21.59 | 7102026 | 22.90 | 2162026 | 144 |
| IGOV | iShares International Treasury Bond ETF | -5.0% | 40.84 | 7102026 | 42.99 | 3012026 | 131 |
| TLT | iShares 20+ Year Treasury Bond ETF | -5.6% | 84.47 | 7102026 | 89.48 | 3012026 | 131 |
| SPTL | State Street SPDR Portfolio Long Term Treasury ETF | -5.2% | 25.69 | 7102026 | 27.09 | 3012026 | 131 |
| EDV | Vanguard World Funds Extended Duration ETF | -7.7% | 62.25 | 7102026 | 67.42 | 3012026 | 131 |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | -13.1% | 16.44 | 7102026 | 18.91 | 5122026 | 59 |
| DBC | Invesco DB Commodity Index Tracking Fund | -13.2% | 27.52 | 7102026 | 31.69 | 5122026 | 59 |
| COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | -14.1% | 31.37 | 7102026 | 36.53 | 5192026 | 52 |
| GSG | iShares GSCI Commodity | -5.8% | 30.01 | 7102026 | 31.85 | 3182026 | 114 |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | -11.3% | 22.99 | 7102026 | 25.91 | 5122026 | 59 |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | -8.2% | 28.02 | 7102026 | 30.53 | 5122026 | 59 |
| HGER | Harbor Commodity All-Weather Strategy ETF | -8.7% | 30.57 | 7102026 | 33.47 | 5122026 | 59 |
| GLD | SPDR Gold Trust | -24.0% | 377.01 | 7102026 | 495.90 | 1292026 | 162 |
| IAU | iShares Gold Trust | -23.9% | 77.26 | 7102026 | 101.57 | 1292026 | 162 |
| GLDM | SPDR Gold MiniShares Trust | -23.9% | 81.29 | 7102026 | 106.77 | 1292026 | 162 |
| SGOL | ETFS Physical Swiss Gold Shares | -13.1% | 44.66 | 7102026 | 51.41 | 1292026 | 162 |
| BAR | Direxion Daily Gold Bull 3X Shares | -16.6% | 44.34 | 7102026 | 53.16 | 1292026 | 162 |
| SLV | iShares Silver Trust | -48.9% | 53.95 | 7102026 | 105.60 | 1282026 | 163 |
| SIVR | ETFS Physical Silver Shares Trust ETF | -24.8% | 83.39 | 7102026 | 110.87 | 1282026 | 163 |
| PPLT | ETFS Physical Platinum Shares | -41.4% | 14.77 | 7102026 | 25.23 | 1252026 | 166 |
| CPER | United States Copper Index Fund ETV | -13.9% | 33.33 | 7102026 | 38.71 | 1292026 | 162 |
| PALL | ETFS Physical Palladium Shares | -38.0% | 23.07 | 7102026 | 37.18 | 1282026 | 163 |
| USO | United States Oil Fund LP | -28.9% | 108.70 | 7102026 | 152.96 | 5192026 | 52 |
| UNG | United States Natural Gas Fund LP | -37.3% | 10.60 | 7102026 | 16.90 | 2012026 | 159 |
| BNO | United States Brent Oil Fund LP ETV | -7.1% | 55.85 | 7102026 | 60.13 | 5042026 | 67 |
| IBIT | iShares Bitcoin Trust ETF | -34.7% | 36.23 | 7102026 | 55.44 | 1142026 | 177 |
| FBTC | Fidelity Wise Origin Bitcoin Fund | -34.7% | 55.62 | 7102026 | 85.12 | 1142026 | 177 |
| GBTC | Grayscale Bitcoin Trust ETF | -19.0% | 61.84 | 7102026 | 76.31 | 1142026 | 177 |
| ETHA | iShares Ethereum Trust ETF | -47.1% | 13.53 | 7102026 | 25.59 | 1142026 | 177 |
ETF Fund Flows
Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.
Asset allocation rotation · Past month
- Equity ETFs drew the largest net inflows (+$66.4B), followed by Bond (+$29.3B), while Commodity (−$3.5B) and Crypto (−$3.0B) saw the largest outflows.
- Within the mix, money rotated into US Large Cap Core (+$12.6B) and out of Gold (−$3.7B).
- Relative to fund size, ARKQ drew the largest inflow (+57.3% of AUM) and FXN the largest outflow (−68.9%).
| # | Ticker | Name | Net flow | % of AUM |
|---|---|---|---|---|
| 1 | IVV | iShares Core S&P 500 ETF | +$56.47B | +6.5% |
| 2 | SPYM | State Street SPDR Portfolio S&P 500 ETF | +$15.25B | +10.1% |
| 3 | DRAM | Roundhill Memory ETF | +$8.81B | +38.2% |
| 4 | LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | +$6.73B | +20.8% |
| 5 | SOXX | iShares Semiconductor ETF | +$6.26B | +14.3% |
| 6 | AVLV | Avantis U.S. Large Cap Value ETF | +$3.75B | +22.7% |
| 7 | VTI | Vanguard Total Stock Market ETF | +$3.63B | +0.5% |
| 8 | QQQM | Invesco NASDAQ 100 ETF | +$3.61B | +3.7% |
| 9 | VXUS | Vanguard Total International Stock ETF | +$3.56B | +2.3% |
| 10 | RSP | Invesco S&P 500 Equal Weight ETF | +$3.25B | +3.5% |
| # | Ticker | Name | Net flow | % of AUM |
|---|---|---|---|---|
| 1 | VOO | Vanguard S&P 500 ETF | -$53.22B | -5.4% |
| 2 | SPY | State Street SPDR S&P 500 ETF | -$6.26B | -0.8% |
| 3 | VLUE | iShares MSCI USA Value Factor ETF | -$4.5B | -40.9% |
| 4 | IAU | iShares Gold Trust | -$2.03B | -3.3% |
| 5 | IBIT | iShares Bitcoin Trust ETF | -$2.0B | -4.3% |
| 6 | GLD | SPDR Gold Shares | -$1.38B | -1.0% |
| 7 | VO | Vanguard Mid-Cap ETF | -$1.06B | -1.0% |
| 8 | NASA | Tema Space Innovators ETF | -$872M | -53.8% |
| 9 | FXI | iShares China Large-Cap ETF | -$846M | -18.2% |
| 10 | BIL | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | -$842M | -1.8% |
Largest ETF fund flows across ~2562 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.
About BNO
| Holdings Count: 1Expense Ratio: 1.0%Inception Date: 2010-06-02 | United States Brent Oil Fund LPThe Benchmark Futures Contract is the futures contract on Brent crude oil as traded on the Ice Futures Europe Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire.Asset Class: Commodities | ETF Website |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Profile
| Median | |
|---|---|
| Name | |
| Asset Class | - |
| AUM ($ Bil) | 0.7 |
| Expense Ratio | 0.91% |
| 10-D Avg Volume (Mil) | 6.00 |
| Latest Day Volume (Mil) | 0.56 |
| Holdings Count | 2 |
| Inception Date | - |
Fundamentals
| Median | |
|---|---|
| Name | |
| Net Asset Value | - |
| Premium/Discount | -19.9% |
| Distribution Yield | 0.0% |
| Sales Yield | - |
| Earnings Yield | - |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.