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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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

​

$

145,950,000

​

$

145,950,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

United States Contracts

​

​

1,475,440

​

​

1,475,440

​

​

—

​

​

—

OTC Commodity Swap Contracts

​

(1,631)

​

—

​

(1,631)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2024

Total

Level I

Level II

Level III

Short-Term Investments

​

$

532,370,156

​

$

532,370,156

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

​

​

United States Contracts

​

80,696,279

​

80,696,279

​

—

​

—

OTC Commodity Swap Contracts

​

​

(2,205)

​

​

—

​

​

(2,205)

​

​

—

Summary of fair value of derivative instruments

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​	​	​	​	​	​	​	​	​
​	​	Statements of	​	​	​	​	​	​
​	​	Financial	​	​	​	​	​	​
​		Condition		Fair Value at			Fair Value at
Derivatives not Accounted for as Hedging Instruments	​	Location	​	March 31, 2025		​	December 31, 2024
Futures – Commodity Contracts		Unrealized gain (loss)on open commodity futures contracts	​	$	1,475,440	​	$	80,696,279
Swap – Commodity Contracts	​	Unrealized gain (loss) on open OTC commodity swap contracts	​	$	(1,631)	​	$	(2,205)

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

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For the three months ended

​

For the three months ended

​

​

​

​

March 31, 2025

​

March 31, 2024

​

​

​

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Realized Gain

​

Change in

​

​

​

Change in

​

​

​

​

(Loss) on

​

Unrealized

​

Realized Gain

​

Unrealized

Derivatives not

​

​

​

Derivatives

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Gain (Loss) on

​

(Loss) in

​

Gain (Loss) on

Accounted for as

​

Location of Gain (Loss)

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Recognized

​

Derivatives

​

Derivatives

​

Derivatives

Hedging

​

on Derivatives

​

in

​

Recognized

​

Recognized

​

Recognized

Instruments

Recognized in Income

Income

in Income

in Income

in Income

Futures - Commodity Contracts

​

Realized gain (loss) on closed commodity futures contracts

​

$

228,668,009

​

​

​

​

$

(131,322,770)

​

​

​

​

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

​

​

​

​

$

(79,220,839)

​

​

​

​

$

(59,589,167)

OTC Swap - Commodity Contracts

​

Realized gain (loss) on closed OTC commodity swap contracts

​

$

55,505,217

​

​

​

​

$

33,968,121

​

​

​

​

​

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

​

​

​

​

$

574

​

​

​

​

$

(14,904,042)

​

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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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

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- Definition

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.

+ References

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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