Derivative Instruments

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	December 31, 2024					December 31, 2023
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	27,889,813	$	(48,470,858	)	$	13,652,359	$	(44,215,202	)

(a)

Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the December 31, 2024 and December 31, 2023 Statements of Financial Condition for non-LME Commodity Futures Contracts.

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


		For the Years Ended
	Location of Gain (Loss) on Derivatives	December 31,
Risk Exposure/Derivative Type	Recognized in Income	2024			2023			2022
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	(56,339,164	)	$	(248,497,488	)	$	732,359,785
	Net Change in Unrealized Gain (Loss)		9,981,798			5,796,728			(199,728,345	)
Total		$	(46,357,366	)	$	(242,700,760	)	$	532,631,440

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


	For the Years Ended
	December 31,
	2024		2023		2022
Average Notional Value	$	1,587,554,905	$	2,142,575,195	$	3,525,365,401