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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

Summary of valuation of BNO's securities using fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2022

Total

Level I

Level II

Level III

Short-Term Investments

​

$

97,035,000

​

$

97,035,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

​

​

​

​

​

​

Foreign Contracts

​

15,246,200

​

15,246,200

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

—

​

—

​

Summary 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		2022			2021
Futures - Commodity Contracts		Assets	​	$	15,246,200	​	$	12,482,340

​

Summary of Effect of Derivative Instruments on Statements of Operations

The Effect of Derivative Instruments on the Statements of Operations

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For the year ended

​

For the year ended

​

For the year ended

​

​

​

​

December 31, 2022

​

December 31, 2021

​

December 31, 2020

​

​

​

​

Change in

​

Change in

​

Change in

​

​

Location of

​

Realized

​

Unrealized

​

Realized

​

Unrealized

​

Realized

​

Unrealized

Derivatives not

​

Gain (Loss)

​

Gain (Loss)

​

Gain (Loss) on

​

Gain (Loss)

​

Gain (Loss) on

​

Gain (Loss)

​

Gain (Loss) on

Accounted for

​

on Derivatives

​

on Derivatives

​

Derivatives

​

on Derivatives

​

Derivatives

​

on Derivatives

​

Derivatives

as Hedging

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

​

Recognized in

Instruments

​

Income

​

Income

​

Income

​

Income

​

Income

​

Income

​

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

​

$

79,019,530

​

​

​

​

$

150,117,880

​

​

$

119,917,640

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Change in unrealized gain (loss) on open positions

​

​

​

​

$

2,763,860

​

​

​

​

$

10,285,810

​

​

​

​

$

1,034,920

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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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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