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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2019

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of valuation of securities using fair value hierarchy

The following table summarizes the valuation of BNO’s securities at June 30, 2019 using the fair value hierarchy:

At June 30, 2019		Total			Level I			Level II			Level III
Short-Term Investments		$	88,673,174		$	88,673,174		$	—		$	—
Exchange-Traded Futures Contracts
Foreign Contracts			5,527,370			5,527,370			—			—

During the six months ended June 30, 2019, there were no transfers between Level I and Level II.

The following table summarizes the valuation of BNO’s securities at December 31, 2018 using the fair value hierarchy:

At December 31, 2018		Total			Level I			Level II			Level III
Short-Term Investments		$	67,609,727		$	67,609,727		$	—		$	—
Exchange-Traded Futures Contracts
Foreign Contracts			(6,289,510)			(6,289,510)			—			—

Schedule of fair value of derivative instruments

Fair Value of Derivative Instruments

Derivatives not		Condensed
Accounted for		Statements of		Fair Value			Fair Value
as Hedging		Financial		At June 30, 2019			At December 31, 2018
Instruments		Condition Location		2019			2018
Futures - Commodity Contracts		Assets		$	5,527,370		$	(6,289,510)

Schedule of effect of derivative instruments on Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the six months ended

For the six months ended

June 30, 2019

June 30, 2018

Change in

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Derivatives not

Gain (Loss)

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Accounted for

on Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

as Hedging

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Instruments

Income

Income

Income

Income

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

$

7,447,370

$

17,521,380

Change in unrealized gain (loss) on open positions

$

11,816,880

$

1,048,950

X

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The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

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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.

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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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