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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2012
Fair Value of Financial Instruments [Abstract]  
Valuation of Securities Using the Fair Value Hierarchy

The following table summarizes the valuation of US12NG’s securities at September 30, 2012 using the fair value hierarchy:

 

At September 30, 2012   Total     Level I     Level II     Level III  
Short-Term Investments   $ 23,521,154     $ 23,521,154     $ —     $ —  
Exchange-Traded Futures Contracts                                
United States Contracts     2,965,180       2,965,180       —       —  

 

During the nine months ended September 30, 2012, there were no transfers between Level I and Level II.

 

The following table summarizes the valuation of US12NG’s securities at December 31, 2011 using the fair value hierarchy:

 

At December 31, 2011   Total     Level I     Level II     Level III  
Short-Term Investments   $ 12,278,369     $ 12,278,369     $ —     $ —  
Exchange-Traded Futures Contracts                                
United States Contracts     (8,583,320 )     (8,583,320 )     —       —  
Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

 

Derivatives not
Accounted for
as Hedging
Instruments		   Condensed
Statements of Financial
Condition Location		   Fair Value
At September 30, 2012		     Fair Value
At December 31, 2011		  
Futures - Commodity Contracts   Assets   $ 2,965,180     $ (8,583,320 )
Effect of Derivative Instruments on the Condensed Statements of Operations
 

Fair Value of Derivative Instruments

 

Derivatives not
Accounted for
as Hedging
Instruments		   Condensed
Statements of Financial
Condition Location		   Fair Value
At September 30, 2012		     Fair Value
At December 31, 2011		  
Futures - Commodity Contracts   Assets   $ 2,965,180     $ (8,583,320 )

 

The Effect of Derivative Instruments on the Condensed Statements of Operations

 

        For the nine months ended
September 30, 2012		     For the nine months ended
September 30, 2011		  
Derivatives not
Accounted for
as Hedging
Instruments		   Location of
Gain or
(Loss)
on
Derivatives
Recognized
in
Income		   Realized
Gain or (Loss)
on Derivatives
Recognized in
Income		     Change in
Unrealized
Gain or (Loss)
on Derivatives
Recognized in
Income		     Realized
Gain or (Loss)
on Derivatives
Recognized in
Income		     Change in
Unrealized
Gain or (Loss)
on Derivatives
Recognized in
Income		  
Futures - Commodity Contracts   Realized loss on closed positions   $ (12,562,600 )           $ (4,175,800 )        
                                     
    Change in unrealized gain (loss) on open positions           $ 11,548,500             $ (3,193,030 )