Derivative Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

	December 31, 2021					December 31, 2020
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	877,836	$	(3,024,948	)	$	28,341,350	$	—

^(a) Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the December 31, 2021 and December 31, 2020 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 or (Loss) on Derivatives	December 31,
Risk Exposure/Derivative Type	Recognized in Income	2021			2020		2019
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	21,636,431		$	19,246,763	$	4,661,855
	Net Change in Unrealized Gain (Loss)		(30,488,462	)		13,733,735		11,056,841
Total		$	(8,852,031	)	$	32,980,498	$	15,718,696

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

	For the Years Ended
	December 31,
	2021		2020		2019
Average Notional Value	$	120,366,624	$	150,898,670	$	128,743,233