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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

Summary of valuation of securities using fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

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At September 30, 2024

Total

Level I

Level II

Level III

Short-Term Investments

​

$

727,450,000

​

$

727,450,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

United States Contracts

​

8,045,568

​

8,045,568

​

—

​

—

OTC Commodity Swap Contracts

​

(1,931)

​

—

​

(1,931)

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2023

Total

Level I

Level II

Level III

Short-Term Investments

​

$

327,450,000

​

$

327,450,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

United States Contracts

​

3,051,930

​

3,051,930

​

—

​

—

OTC Commodity Swap Contracts

​

​

(1,906)

​

​

—

​

​

(1,906)

​

​

—

Summary of fair value of derivative instruments

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​	​	​	​	​	​	​	​	​
​	​	​	​	Fair Value at		​	Fair Value at
Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		September 30, 2024			December 31, 2023
Futures - Commodity Contracts		Unrealized gain (loss) on open commodity futures contracts	​	$	8,045,568	​	$	3,051,930
Swap - Commodity Contracts	​	Unrealized gain (loss) on open OTC commodity swap contracts	​	$	(1,931)	​	$	(1,906)

​

Summary of derivative instruments on the condensed statements of operations

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For the nine months ended

​

For the nine months ended

​

​

​

​

September 30, 2024

​

September 30, 2023

​

​

​

​

​

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Change in

​

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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

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Derivatives

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Derivatives

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Derivatives

​

Derivatives

Hedging

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Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

Instruments

Income

Income

Income

Income

Income

Futures - Commodity Contracts

Realized gain (loss) on closed commodity futures contracts

​

$

75,755,922

​

​

​

​

$

142,705,467

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​

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​

​

​

​

​

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Change in unrealized gain (loss) on open commodity futures contracts

​

​

$

4,993,638

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$

28,130,433

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OTC Swap - Commodity Contracts

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Realized gain (loss) on closed OTC commodity swap contracts

​

$

3,001,359

​

​

​

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$

35,089,069

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Change in unrealized gain (loss) on open OTC commodity swap contracts

​

​

​

​

$

(25)

​

​

​

​

$

1,994

​

X

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
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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
-Topic 820
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/820/tableOfContent

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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-Publisher FASB
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