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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 using the fair value hierarchy:

At March 31, 2020		Total			Level I			Level II			Level III
Short-Term Investments		$	48,854,518		$	48,854,518		$	—		$	—
Exchange-Traded Futures Contracts
Foreign Contracts			(11,159,970)			(11,159,970)			—			—

The following table summarizes the valuation of BNO’s securities at December 31, 2019 using the fair value hierarchy:

At December 31, 2019		Total			Level I			Level II			Level III
Short-Term Investments		$	78,785,251		$	78,785,251		$	—		$	—
Exchange-Traded Futures Contracts
Foreign Contracts			1,161,610			1,161,610			—			—

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 March 31,			At December 31,
Instruments		Condition Location		2020			2019
Futures - Commodity Contracts		Assets		$	(11,159,970)		$	1,161,610

Schedule of effect of derivative instruments on condensed statements of operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the three months ended

For the three months ended

March 31, 2020

March 31, 2019

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

$

(66,688,930)

$

13,230,840

Change in unrealized gain (loss) on open positions

$

(12,321,580)

$

6,341,280

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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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