XML 37 R23.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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		$	288,950,000		$	288,950,000		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(82,506,416)			(82,506,416)			—			—
OTC Commodity Swap Contracts			(2,004)			—			(2,004)			—


At December 31, 2022		Total			Level I			Level II			Level III
Short-Term Investments		$	317,800,000		$	317,800,000		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(144,765,937)			(144,765,937)			—			—

Summary 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		March 31, 2023			2022
Futures - Commodity Contracts		Assets		$	(82,506,416)		$	(144,765,937)
Swap - Commodity Contracts		Liabilities		$	(2,004)		$	—

Summary of the effect of derivative instruments on the statements of operation

For the three months ended

For the three months ended

March 31, 2023

March 31, 2022

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

in 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

$

(483,293,936)

$

158,130,640

Change in unrealized gain (loss) on open positions

$

62,259,521

$

52,714,517

OTC Swap - Commodity Contracts

Realized gain (loss) on closed positions

$

(31,523,321)

$

—

Change in unrealized gain (loss) on open positions

$

(2,004)

$

—

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.

+ References + Details