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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2022
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, 2022 using the fair value hierarchy:

At March 31, 2022

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

213,750,000

$

213,750,000

$

$

Exchange-Traded Futures Contracts

Foreign Contracts

 

(8,367,190)

 

(8,367,190)

 

 

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

 

 

Schedule of fair value of derivative instruments

Fair Value of Derivative Instruments

Condensed

Fair Value

Fair Value

Statements of Financial

at March 31,

at December 31, 

Derivatives not Accounted for as Hedging Instruments

    

Condition Location

    

2022

    

2021

Futures - Commodity Contracts

 

Assets

$

(8,367,190)

$

12,482,340

Schedule of effect of derivative instruments on condensed statements of operations

For the three months ended

For the three months ended

March 31, 2022

March 31, 2021

Change in Unrealized

Change in Unrealized

Derivatives not

Location of Gain

Realized gain (Loss)

Gain (Loss) on

Realized Gain (Loss)

Gain (Loss) on

Accounted for as

(Loss) on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

Hedging Instruments

Recognized in Income

Recognized in Income

Recognized in Income

Recognized in Income

Recognized in Income

Futures - Commodity Contracts

 

Realized gain (loss) on

 

  

closed positions

$

111,404,050

$

90,150,900

Change in unrealized

gain (loss) on open

 

positions

$

(20,849,530)

$

(12,779,710)