XML 36 R22.htm IDEA: XBRL DOCUMENT v3.23.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Summary of valuation of BNO's securities using fair value hierarchy

At September 30, 2023

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

118,035,000

$

118,035,000

$

$

Exchange-Traded Futures Contracts

Foreign Contracts

 

(1,388,400)

 

(1,388,400)

 

 

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

 

 

Summary of fair value of derivative instruments

Condensed

Statements of 

Financial

Fair Value at

Fair Value at

Condition

September 30,

 December 31, 

Derivatives not Accounted for as Hedging Instruments

    

Location

    

2023

    

2022

Futures - Commodity Contracts

 

Assets

$

(1,388,400)

$

15,246,200

Summary of effect of derivative instruments on statements of operations

For the nine months ended

For the nine months ended

September 30, 2023

September 30, 2022

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

on 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

$

30,089,110

$

102,557,650

Change in unrealized

gain (loss) on open

 

positions

$

(16,634,600)

$

(22,983,890)