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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 using the fair value hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At September 30, 2020

Total

Level I

Level II

Level III

Short-Term Investments

​

$

30,347,000

​

$

30,347,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

Foreign Contracts

​

(6,467,200)

​

(6,467,200)

​

—

​

—

​

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

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​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
​	​	Condensed	​	Fair Value		​	Fair Value
​	​	Statements of Financial	​	at September 30,		​	at December 31,
Derivatives not Accounted for as Hedging Instruments		Condition Location		2020			2019
Futures - Commodity Contracts		Assets	​	$	(6,467,200)	​	$	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

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended

​

For the nine months ended

​

​

​

​

September 30, 2020

​

September 30, 2019

​

​

​

​

Change in

​

Change in

​

​

Location of

​

Realized

​

Unrealized

​

Realized

​

Unrealized

​

​

Gain (Loss)

​

gain (Loss)

​

Gain (Loss) on

​

Gain (Loss)

​

Gain (Loss) on

​

​

on Derivatives

​

on Derivatives

​

Derivatives

​

in Derivatives

​

Derivatives

​

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

Derivatives not Accounted for as Hedging Instruments

​

Income

​

Income

​

Income

​

Income

​

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

​

$

63,479,920

​

​

​

​

$

14,459,540

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open positions

​

​

​

​

$

(7,628,810)

​

​

​

​

$

(341,900)

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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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