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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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At June 30, 2024

Total

Level I

Level II

Level III

Short-Term Investments

​

$

55,785,000

​

$

55,785,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

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​

​

​

​

​

​

​

​

​

​

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Foreign Contracts

​

1,845,760

​

1,845,760

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—

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—

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At December 31, 2023

Total

Level I

Level II

Level III

Short-Term Investments

​

$

76,785,000

​

$

76,785,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

​

​

​

​

​

​

Foreign Contracts

​

(1,181,530)

​

(1,181,530)

​

—

​

—

Summary of fair value of derivative instruments

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​	​	​	​	​	​	​	​	​
​	​	Condensed	​	​	​	​	​	​
​	​	Statements of	​	​	​	​	​	​
​	​	Financial	​	Fair Value at		​	Fair Value at
​	​	Condition	​	June 30,		​	December 31,
Derivatives not Accounted for as Hedging Instruments		Location		2024			2023
Futures - Commodity Contracts		Unrealized gain(loss) on open commodity futures contracts	​	$	1,845,760	​	$	(1,181,530)

​

Summary of effect of derivative instruments on the condensed statements of operations

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For the six months ended

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For the six months ended

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​

​

June 30, 2024

​

June 30, 2023

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​

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Change in Unrealized

​

​

​

Change in Unrealized

Derivatives not

​

Location of Gain

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Realized Gain (Loss)

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Gain (Loss) on

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Realized Gain (Loss)

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Gain (Loss) on

Accounted for as

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(Loss) on Derivatives

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on Derivatives

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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

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$

15,298,440

​

​

​

​

$

(6,796,790)

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Change in unrealized

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gain (loss) on open

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positions

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$

3,027,290

​

​

​

​

$

(16,534,500)

​

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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- Definition

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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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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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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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