BNO provides exposure to Brent crude oil, as an alternative to a West Texas Intermediate (WTI) benchmark. BNO exclusively trades front-month futures contracts traded on the ICE Futures Exchange (ICE Futures). The funds exposure is focused on short-term futures thus, it is extremely sensitive to changes in the spot market, as you'd expect, and it can look very different from the returns you'd see in the WTI market. BNO is structured as a commodities pool, so cap gains are taxed at a blended 60% long-term/ 40% short-term rate regardless of the holding period, and investors receive a K-1 at tax time. Overall, BNO is a decent alternative to the WTI benchmark.