| Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses |
The Fair Value of Derivative Instruments is as follows:
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June 30, 2026 |
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December 31, 2025 |
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Risk Exposure/Derivative Type (a) |
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Assets |
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Liabilities |
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Assets |
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Liabilities |
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Commodity risk |
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Commodity Futures Contracts |
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$ |
24,251,692 |
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$ |
(36,701,935 |
) |
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$ |
13,033,497 |
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$ |
(23,862,639 |
) |
(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:
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For the Three Months Ended |
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Location of Gain (Loss) on Derivatives |
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June 30, |
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Risk Exposure/Derivative Type |
Recognized in Income |
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2026 |
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2025 |
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Commodity risk |
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Commodity Futures Contracts |
Net Realized Gain (Loss) |
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$ |
2,426,256 |
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$ |
(33,849,770 |
) |
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Net Change in Unrealized Gain (Loss) |
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(46,626,469 |
) |
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21,767,262 |
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Total |
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$ |
(44,200,213 |
) |
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$ |
(12,082,508 |
) |
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For the Six Months Ended |
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Location of Gain (Loss) on Derivatives |
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June 30, |
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Risk Exposure/Derivative Type |
Recognized in Income |
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2026 |
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2025 |
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Commodity risk |
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Commodity Futures Contracts |
Net Realized Gain (Loss) |
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$ |
7,750,859 |
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$ |
49,878,137 |
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Net Change in Unrealized Gain (Loss) |
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(1,621,101 |
) |
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(79,736,750 |
) |
Total |
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$ |
6,129,758 |
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$ |
(29,858,613 |
) |
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| Summary of Average Monthly Notional Value of Future Contracts Held |
The table below summarizes the average monthly notional value of futures contracts held during the period:
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Average Notional Value |
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$ |
1,247,514,683 |
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$ |
816,416,614 |
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$ |
1,025,533,739 |
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$ |
826,638,999 |
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