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v3.23.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Summary of valuation of securities using fair value hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At March 31, 2023 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments | ​ | $ | 195,450,000 | ​ | $ | 195,450,000 | ​ | $ | — | ​ | $ | —
Exchange-Traded Futures Contracts | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
United States Contracts | ​ |  | (14,154,681) | ​ |  | (14,154,681) | ​ |  | — | ​ |  | —
OTC Commodity Swap Contracts | ​ | ​ | (1,951) | ​ | ​ | — | ​ | ​ | (1,951) | ​ | ​ | —
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2022 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments | ​ | $ | 856,400,000 | ​ | $ | 856,400,000 | ​ | $ | — | ​ | $ | —
Exchange-Traded Futures Contracts | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
United States Contracts | ​ |  | 22,185,936 | ​ |  | 22,185,936 | ​ |  | — | ​ |  | —
OTC Commodity Swap Contracts | ​ | ​ | (4,145) | ​ | ​ | — | ​ | ​ | (4,145) | ​ | ​ | —
​
Summary of fair value of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Condensed |  | ​ | ​ |  | ​ | ​
​ |  | Statements of |  | ​ |  | ​
​ | ​ | Financial | ​ | ​ | ​ | ​
​ | ​ | Condition | ​ | Fair Value at | ​ | Fair Value at
Derivatives not Accounted for as Hedging Instruments | ​ | Location | ​ | March 31, 2023 | ​ | December 31, 2022
Futures - Commodity Contracts |  | Assets | ​ | $ | (14,154,681) | ​ | $ | 22,185,936
Swap - Commodity Contracts | ​ | Liabilities | ​ | $ | (1,951) | ​ | $ | (4,145)
​
Summary of derivative instruments on the statements of operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the three months ended | ​ | For the three months ended
​ | ​ | ​ | ​ | March 31, 2023 | ​ | March 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | Change in | ​ | ​ | ​ | Change in
​ | ​ | Location of Gain | ​ | Realized Gain | ​ | Unrealized Gain | ​ | Realized Gain | ​ | Unrealized Gain
Derivatives not | ​ | (Loss) on | ​ | (Loss) on | ​ | (Loss) on | ​ | (Loss) in | ​ | (Loss) on
Accounted for as | ​ | Derivatives | ​ | Derivatives | ​ | Derivatives | ​ | Derivatives | ​ | Derivatives
Hedging | ​ | Recognized in | ​ | Recognized in | ​ | Recognized in | ​ | Recognized in | ​ | Recognized in
Instruments |  | Income |  | Income |  | Income |  | Income |  | Income
Futures - Commodity Contracts |  | Realized gain (loss) on closed positions | ​ | $ | (29,687,453) | ​ | ​ | ​ | ​ | $ | 636,420,317 | ​ | ​ | ​
​ |  |  | ​ |  |  |  | ​ |  | ​ |  |  |  | ​ |
​ |  | Change in unrealized gain (loss) on open positions | ​ |  |  | ​ | $ | (36,340,617) | ​ |  |  | ​ | $ | 154,902,602
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OTC Swap - Commodity Contracts | ​ | Realized gain (loss) on closed positions | ​ | $ | (17,423,934) | ​ | ​ | ​ | ​ | $ | 31,522,990 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change in unrealized gain (loss) on open positions | ​ | ​ | ​ | ​ | $ | 2,194 | ​ | ​ | ​ | ​ | $ | (1,287)

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI https://asc.fasb.org/topic&trid=2155941 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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