v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2026
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Summary of valuation of securities using fair value hierarchy

At June 30, 2026

  ​ ​ ​

Total

  ​ ​ ​

Level I

  ​ ​ ​

Level II

  ​ ​ ​

Level III

Short-Term Investments

$

240,250,000

$

240,250,000

$

$

Exchange-Traded Futures Contracts

 

 

 

 

United States Contracts

7,579,576

7,579,576

OTC Commodity Swap Contracts

 

(878)

 

(878)

At December 31, 2025

  ​ ​ ​

Total

  ​ ​ ​

Level I

  ​ ​ ​

Level II

  ​ ​ ​

Level III

Short-Term Investments

$

270,950,000

$

270,950,000

$

$

Exchange-Traded Futures Contracts

 

United States Contracts

 

928,964

 

928,964

 

 

OTC Commodity Swap Contracts

(907)

(907)

Summary of fair value of derivative instruments

Statements of

Financial

  ​ ​ ​

Condition

  ​ ​ ​

Fair Value at

  ​ ​ ​

Fair Value at

Derivatives not Accounted for as Hedging Instruments

Location

June 30, 2026

December 31, 2025

Futures – Commodity Contracts

 

Unrealized gain (loss) on open commodity futures contracts

$

7,579,576

$

928,964

Swap – Commodity Contracts

Unrealized gain (loss) on open OTC commodity swap contracts

$

(878)

$

(907)

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

For the six months ended

For the six months ended

June 30, 2026

June 30, 2025

Change in

Change in

Realized Gain

Unrealized

Realized Gain

Unrealized

Derivatives not

(Loss) on

Gain (Loss) on

(Loss) in

Gain (Loss) on

Accounted for as

Location of Gain (Loss)

Derivatives

Derivatives

Derivatives

Derivatives

Hedging

on Derivatives

Recognized

Recognized

Recognized

Recognized

Instruments

  ​ ​ ​

Recognized in Income

  ​ ​ ​

in Income

  ​ ​ ​

in Income

  ​ ​ ​

in Income

  ​ ​ ​

in Income

Futures - Commodity Contracts

Realized gain (loss) on closed commodity futures contracts

$

118,609,712

$

186,693,689

 

Change in unrealized gain (loss) on open commodity futures contracts

$

6,650,612

$

(100,571,249)

OTC Swap - Commodity Contracts

Realized gain (loss) on closed OTC commodity swap contracts

$

(5,164,131)

$

(5,978,323)

Change in unrealized gain (loss) on open OTC commodity swap contracts

$

29

$

1,024