BNO vs USO
Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.
United States Brent Oil Fund (BNO) holds Brent crude futures and charges 1.00% a year on $748 million, while United States Oil Fund (USO) holds front-month WTI crude futures and charges 0.60% on $2.04 billion. Neither pays a dividend or holds physical oil. BNO suits investors who want the global Brent benchmark; USO suits those tracking US crude. Educational content, not financial advice.
United States Brent Oil Fund (BNO) holds Brent crude futures and charges 1.00% a year on $748 million, while United States Oil Fund (USO) holds front-month WTI crude futures and charges 0.60% on $2.04...
Investment Analysis
BNO
BNO
Pros
- Tracks Brent crude, the benchmark used for most globally traded oil
- Spreads exposure across two futures months, December and November contracts
- Trading since June 2010 with $748 million in net assets
Considerations
- Expense ratio of 1.00% is the highest in this comparison
- Costs $100 a year per $10,000 invested, $40 more than USO
- Smaller fund than USO, at $748 million versus $2.04 billion
USO
USO
Pros
- Lower expense ratio of 0.60%, or $60 a year per $10,000 invested
- Larger fund with $2.04 billion in net assets and a history back to 2006
- Tracks WTI, the main US crude oil benchmark
Considerations
- Nearly half the fund sits in a single futures contract, the November WTI at 47.81%
- Front-month futures can lose value when rolling contracts in a rising curve
- No dividends or interest, so the fee is a direct drag on returns
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