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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of valuation of securities using fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At September 30, 2022

Total

Level I

Level II

Level III

Short-Term Investments

​

$

275,850,000

​

$

275,850,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

United States Contracts

​

(101,887,101)

​

(101,887,101)

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2021

Total

Level I

Level II

Level III

Short-Term Investments

​

$

243,443,000

​

$

243,443,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

United States Contracts

​

1,362,413

​

1,362,413

​

—

​

—

Schedule of fair value of derivative instruments

​

​	​	​	​	​	​	​	​	​
​		Condensed		​	​		​	​
​	​	Statements of	​	​	​	​	​	​
​	​	Financial	​	​	​	​	Fair Value at
​	​	Condition	​	Fair Value at		​	December 31,
Derivatives not Accounted for as Hedging Instruments	​	Location	​	September 30, 2022		​	2021
Futures - Commodity Contracts		Assets	​	$	(101,887,101)	​	$	1,362,413

Schedule of the effect 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, 2022

​

September 30, 2021

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​

​

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​

​

​

​

​

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Change in Unrealized

​

​

​

Change in Unrealized

Derivatives not

​

Location of Gain

​

Realized Gain (Loss)

​

Gain (Loss) on

​

Realized Gain (Loss)

​

Gain (Loss) on

Accounted for as

​

(Loss) on Derivatives

​

on Derivatives

​

Derivatives

​

on Derivatives

​

Derivatives

Hedging Instruments

Recognized in Income

Recognized in Income

Recognized in Income

Recognized in Income

Recognized in Income

Futures - Commodity Contracts

​

Realized gain (loss) on closed positions

​

$

373,636,810

​

​

​

$

196,360,570

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open positions

​

​

​

​

$

(103,249,514)

​

​

​

​

$

44,687,969

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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