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CONTRACTS AND AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2019

CONTRACTS AND AGREEMENTS

Schedule of brokerage commissions

BNO also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Crude Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

		For the Year Ended			For the Year Ended			For the Year Ended
		December 31, 2019			December 31, 2018			December 31, 2017
Total commissions accrued to brokers		$	101,742		$	98,880		$	132,707
Total commissions as annualized percentage of average total net assets			0.12	%		0.10	%		0.13	%
Commissions accrued as a result of rebalancing		$	99,885		$	95,188		$	127,847
Percentage of commissions accrued as a result of rebalancing			98.17	%		96.27	%		96.34	%
Commissions accrued as a result of creation and redemption activity		$	1,857		$	3,692		$	4,860
Percentage of commissions accrued as a result of creation and redemption activity			1.83	%		3.73	%		3.66	%

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