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Derivative Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Risk Exposure/Derivative Type (a)

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Commodity risk

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Futures Contracts

 

$

40,173,166

 

 

$

(19,485,079

)

 

$

27,889,813

 

 

$

(48,470,858

)

(a)
Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the Statements of Financial Condition for non-LME Commodity Futures Contracts, if any.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

 

 

 

For the Three Months Ended

 

 

Location of Gain (Loss) on Derivatives

 

June 30,

 

Risk Exposure/Derivative Type

Recognized in Income

 

2025

 

 

2024

 

Commodity risk

 

 

 

 

 

 

 

Commodity Futures Contracts

Net Realized Gain (Loss)

 

$

(39,319,900

)

 

$

(39,615,424

)

 

Net Change in Unrealized Gain (Loss)

 

 

(21,613,506

)

 

 

39,774,667

 

Total

 

 

$

(60,933,406

)

 

$

159,243

 

 

 

 

 

 

For the Six Months Ended

 

 

Location of Gain (Loss) on Derivatives

 

June 30,

 

Risk Exposure/Derivative Type

Recognized in Income

 

2025

 

 

2024

 

Commodity risk

 

 

 

 

 

 

 

Commodity Futures Contracts

Net Realized Gain (Loss)

 

$

(43,871,311

)

 

$

(42,185,602

)

 

Net Change in Unrealized Gain (Loss)

 

 

41,269,132

 

 

 

93,565,358

 

Total

 

 

$

(2,602,179

)

 

$

51,379,756

 

The table below summarizes the average monthly notional value of futures contracts held during the period:

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Average Notional Value

 

$

1,223,449,574

 

 

$

1,748,898,626

 

 

$

1,263,933,246

 

 

$

1,715,234,159