Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

	September 30, 2018					December 31, 2017
Risk Exposure/Derivative Type ^(a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	353,581	$	(20,127,156	)	$	31,489,170	$	—

^(a)	Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the September 30, 2018 and December 31, 2017 Statements of Financial Condition for non-LME commodity futures contracts.

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of September 30, 2018, net by contract:

Financial Derivative Assets

Financial Derivative Liabilities

Net value of

Collateral

(Received)/Pledged^(a)

Counterparty

Futures Contracts

derivatives

Non-Cash

Cash

Net amount

Morgan Stanley & Co. LLC

353,581

(20,127,156

)

(19,773,575

)

19,773,575

—

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2017, net by contract:

Financial Derivative Assets

Financial Derivative Liabilities

Net value of

Collateral

(Received)/Pledged^(a)

Counterparty

Futures Contracts

derivatives

Non-Cash

Cash

Net amount

Morgan Stanley & Co. LLC

31,489,170

—

31,489,170

—

31,489,170

^(a)	As of September 30, 2018 and December 31, 2017, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

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	2018			2017
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	(19,382,968	)	$	15,257,206
	Net Change in Unrealized Gain (Loss)		196,505			12,769,475
Total		$	(19,186,463	)	$	28,026,681

		For the Nine Months Ended
	Location of Gain (Loss) on Derivatives	September 30,
Risk Exposure/Derivative Type	Recognized in Income	2018			2017
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	(1,374,992	)	$	34,000,631
	Net Change in Unrealized Gain (Loss)		(51,262,745	)		16,881,325
Total		$	(52,637,737	)	$	50,881,956

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,
	2018		2017		2018		2017
Average Notional Value	$	236,488,189	$	265,278,528	$	298,465,181	$	274,059,267