United States Brent Oil (NYSE:BNO) is an Exchange Traded Fund that invests in seeking daily percentage changes in the net asset value (“NAV”) per share of its shares to reflect Brent Daily changes in the spot price of special crude oil. The benchmark futures contract refers to the Brent crude oil futures contract traded on the Ice Futures European Exchange, that is, the near-month contract expires, except for the recent contract within two weeks of expiration. In this case, the futures contract is immediately closed Month contract expires.
Although the investment objectives stated in the fund’s prospectus may or may not reflect the way the fund actually invests, the Morningstar classification is allocated based on the relevant securities in each investment portfolio. The Morningstar category helps investors and investment professionals make meaningful comparisons between funds. These categories make it easier to build a more diversified investment portfolio, assess potential risks and identify the best performing funds. We (Morningstar) deposit funds into a certain category based on the portfolio statistics and composition of the past three years. If the fund is new and has no portfolio history, we estimate where the fund will fall before giving it a more permanent category allocation. If necessary, we may change the category allocation based on recent changes to the portfolio.