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v3.25.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Summary of valuation of securities using fair value hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At March 31, 2025 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments | ​ | $ | 492,450,000 | ​ | $ | 492,450,000 | ​ | $ | — | ​ | $ | —
Exchange-Traded Futures Contracts | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
United States Contracts | ​ |  | 38,213,260 | ​ |  | 38,213,260 | ​ |  | — | ​ |  | —
OTC Commodity Swap Contracts | ​ |  | 6,015,701 | ​ |  | — | ​ |  | 6,015,701 | ​ |  | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2024 |  | Total |  | Level I |  | Level II |  | Level III
Short-Term Investments | ​ | $ | 727,450,000 | ​ | $ | 727,450,000 | ​ | $ | — | ​ | $ | —
Exchange-Traded Futures Contracts | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
United States Contracts | ​ |  | 28,431,020 | ​ |  | 28,431,020 | ​ |  | — | ​ |  | —
OTC Commodity Swap Contracts | ​ | ​ | (2,068) | ​ | ​ | — | ​ | ​ | (2,068) | ​ | ​ | —
Summary of fair value of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Fair Value at | ​ | Fair Value at
Derivatives not Accounted for as Hedging Instruments |  | Statements of Financial Condition Location |  | March 31, 2025 |  | December 31, 2024
Futures - Commodity Contracts |  | Unrealized gain (loss) on open commodity futures contracts | ​ | $ | 38,213,260 | ​ | $ | 28,431,020
Swap - Commodity Contracts | ​ | Unrealized gain (loss) on open OTC commodity swap contracts | ​ | $ | 6,015,701 | ​ | $ | (2,068)
​
Summary of derivative instruments on the condensed statements of operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the three months ended | ​ | For the three months ended
​ | ​ | ​ | ​ | March 31, 2025 | ​ | March 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | 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 commodity futures contracts | ​ | $ | 17,505,740 | ​ | ​ | ​ | ​ | $ | 127,430,470 | ​ | ​ | ​
​ |  |  | ​ |  |  |  | ​ |  | ​ |  |  |  | ​ |
​ |  | Change in unrealized gain (loss) on open commodity futures contracts | ​ |  |  | ​ | $ | 9,782,240 | ​ |  |  | ​ | $ | 53,425,880
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OTC Swap - Commodity Contracts | ​ | Realized gain (loss) on closed OTC commodity swap contracts | ​ | $ | (1,068,769) | ​ | ​ | ​ | ​ | $ | 45,287,234 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Change in unrealized gain (loss) on open OTC commodity swap contracts | ​ | ​ | ​ | ​ | $ | 6,017,769 | ​ | ​ | ​ | ​ | $ | (182)
​

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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://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 -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + 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 -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + 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 -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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