The United States Brent Oil ETF, LP (BNO)
The United States Brent Oil Fund, LP ("BNO") is a domestic exchange traded security designed to track the movements of Brent crude oil. BNO issues units that may be purchased and sold on the NYSE Arca.
The investment objective of BNO is for the daily changes in percentage terms of its units' net asset value ("NAV") to reflect the daily changes in percentage terms of the spot price of Brent crude oil as measured by the changes in the price of the futures contract on Brent crude oil as traded on the ICE Futures Exchange, less BNO's expenses.
Brent blend is a light crude oil, though not as light as WTI. It contains approximately 0.37% of sulphur, classifying it as sweet crude, yet again not as sweet as WTI. Brent is suitable for production of gasoline and middle distillates. It is typically refined in Northwest Europe.