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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 using the fair value hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

At June 30, 2022

Total

Level I

Level II

Level III

Short-Term Investments

​

$

133,650,000

​

$

133,650,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

​

​

​

​

​

​

Foreign Contracts

​

(5,422,900)

​

(5,422,900)

​

—

​

—

​

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

​

​	​	​	​	​	​	​	​	​
​	​	Condensed	​	​	​	​	​	​
​	​	Statements of	​	​	​	​	​	​
​	​	Financial	​	Fair Value		​	Fair Value
​	​	Condition	​	at June 30,		​	at December 31,
Derivatives not Accounted for as Hedging Instruments		Location		2022			2021
Futures - Commodity Contracts		Assets	​	$	(5,422,900)	​	$	12,482,340

​

Schedule of effect of derivative instruments on condensed statements of operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the six months ended

​

For the six months ended

​

​

​

​

June 30, 2022

​

June 30, 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

​

$

137,275,610

​

​

​

​

$

137,142,260

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in unrealized

​

​

​

​

​

​

​

​

​

​

​

​

​

​

gain (loss) on open

​

​

​

​

​

​

​

​

​

​

​

​

​

positions

​

​

​

​

$

(17,905,240)

​

​

​

​

$

4,013,120

X

- References

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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.

+ References

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
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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.

+ References

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