v3.26.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivative Instruments

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

 

 

March 31, 2026

 

 

December 31, 2025

 

Risk Exposure/Derivative Type (a)

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Commodity risk

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Futures Contracts

 

$

26,959,370

 

 

$

—

 

 

$

—

 

 

$

(5,298,394

)
(a)
Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the Statements of Financial Condition, if any.

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

 

2026

 

 

2025

 

Commodity risk

 

 

 

 

 

 

 

Commodity Futures Contracts

Net Realized Gain (Loss)

 

$

100,072,290

 

 

$

32,706

 

 

Net Change in Unrealized Gain (Loss)

 

 

32,257,764

 

 

 

1,015,982

 

Total

 

 

$

132,330,054

 

 

$

1,048,688

 

 

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

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Average Notional Value

 

$

259,285,815

 

 

$

198,572,335