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

At June 30, 2026

  ​ ​ ​

Total

  ​ ​ ​

Level I

  ​ ​ ​

Level II

  ​ ​ ​

Level III

Short-Term Investments

$

390,700,000

$

390,700,000

$

$

Exchange-Traded Futures Contracts

Foreign Contracts

 

(43,540,680)

 

(43,540,680)

 

 

At December 31, 2025

  ​ ​ ​

Total

  ​ ​ ​

Level I

  ​ ​ ​

Level II

  ​ ​ ​

Level III

Short-Term Investments

$

62,750,000

$

62,750,000

$

$

Exchange-Traded Futures Contracts

Foreign Contracts

2,337,370

2,337,370

Summary of fair value of derivative instruments

Statements of 

Financial

Fair Value at

Fair Value at

Fair Value of Derivative Instruments

Condition

June 30, 

December 31, 

Derivatives not Accounted for as Hedging Instruments

  ​ ​ ​

Location

  ​ ​ ​

2026

  ​ ​ ​

2025

Futures - Commodity Contracts

 

Unrealized gain(loss) on open commodity futures contracts

$

(43,540,680)

$

2,337,370

Summary of effect of derivative instruments on the statements of operations

For the three months ended

For the three months ended

June 30, 2026

June 30, 2025

Change in Unrealized

Change in Unrealized

Derivatives not

Location of Gain

Realized Gain (Loss)

Gain (Loss) on

Realized Gain (Loss)

Gain (Loss) on

Accounted for as

(Loss) on Derivatives

on Derivatives

Derivatives

in 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 commodity futures contracts

$

(3,268,416)

$

10,453,730

 

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

$

(45,878,050)

$

(13,118,790)