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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2021
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 December 31, 2021 using the fair value hierarchy:

At December 31, 2021

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

145,447,000

$

145,447,000

$

$

Exchange-Traded Futures Contracts

Foreign Contracts

 

12,482,340

 

12,482,340

 

 

The following table summarizes the valuation of BNO’s securities at December 31, 2020 using the fair value hierarchy:

At December 31, 2020

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

30,347,000

$

30,347,000

$

$

Exchange-Traded Futures Contracts

  

 

  

Foreign Contracts

 

2,196,530

 

2,196,530

 

 

Schedule of fair value of derivative instruments

Fair Value of Derivative Instruments

Derivatives not Accounted

Fair Value

Fair Value

for as Hedging

Statements of Financial

at December 31,

at December 31, 

Instruments

    

Condition Location

    

2021

    

2020

Futures - Commodity Contracts

 

Assets

$

12,482,340

$

2,196,530

Schedule of effect of derivative instruments on condensed statements of operations

The Effect of Derivative Instruments on the Statements of Operations

For the year ended

For the year ended

For the year ended

December 31, 2021

December 31, 2020

December 31, 2019

    

    

    

Change in

    

    

Change in

    

    

    

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Realized

Unrealized

Gain (Loss)

gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

in Derivatives

Derivatives

Derivatives not Accounted

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

for as Hedging Instruments

Income

Income

Income

Income

Income

Income

Income

Futures - Commodity Contracts

 

Realized gain (loss) on closed positions

$

150,117,880

$

119,917,640

 

  

$

18,175,420

 

  

 

Change in unrealized gain (loss) on open positions

$

10,285,810

$

1,034,920

$

7,451,120