Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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:

	September 30, 2020					December 31, 2019
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	75,614,015	$	(75,157,786	)	$	67,605,844	$	(19,911,449	)

^(a) Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the September 30, 2020 and December 31, 2019 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 Three Months Ended
	Location of Gain (Loss) on Derivatives	September 30,
Risk Exposure/Derivative Type	Recognized in Income	2020			2019
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	(18,219,332	)	$	(40,903,614	)
	Net Change in Unrealized Gain (Loss)		73,823,788			(40,061,347	)
Total		$	55,604,456		$	(80,964,961	)

		For the Nine Months Ended
	Location of Gain (Loss) on Derivatives	September 30,
Risk Exposure/Derivative Type	Recognized in Income	2020			2019
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	(209,756,791	)	$	(102,006,167	)
	Net Change in Unrealized Gain (Loss)		(47,238,166	)		181,974,461
Total		$	(256,994,957	)	$	79,968,294

Summary of Average Monthly Notional Value of Future Contracts Outstanding

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

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Average Notional Value	$	993,908,131	$	1,500,591,832	$	1,011,617,403	$	1,689,903,075