v3.25.1
Derivative Instruments
3 Months Ended
Mar. 31, 2025
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivative Instruments

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

Risk Exposure/Derivative Type (a)

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Commodity risk

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Futures Contracts

 

$

512,064

 

 

$

(2,798,008

)

 

$

2,345,072

 

 

$

(5,864,184

)

(a)
Includes cumulative appreciation (depreciation) of commodity futures contracts.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

 

 

 

For the Three Months Ended

 

 

Location of Gain (Loss) on Derivatives

 

March 31,

 

Risk Exposure/Derivative Type

Recognized in Income

 

2025

 

 

2024

 

Commodity risk

 

 

 

 

 

 

 

Commodity Futures Contracts

Net Realized Gain (Loss)

 

$

(102,657

)

 

$

(128,847

)

 

Net Change in Unrealized Gain (Loss)

 

 

1,233,168

 

 

 

(3,463,382

)

Total

 

 

$

1,130,511

 

 

$

(3,592,229

)

 

The table below summarizes the average monthly notional value of futures contracts held during the period:

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Average Notional Value

 

$

114,665,520

 

 

$

117,928,418